Investors owning rental properties in Colorado Springs recognize that we are experiencing one of the hottest seller markets in the United States history.

Rental properties can be a profitable investment and diversify one’s portfolio by generating a steady income from rent payments if you have renters that stay, care for the property, and pay.

Our unpredictable and stressed economy has many property owners getting out of the landlord business. One reason is that evictions have been on hold for over a year with no end in sight. Many small landlords cannot afford to keep properties that have mortgages without being able to collect regular rents.

It is a great time to have an investment property to sell. This is the type of sellers market an investor dreams of. Supply is at a minimum, making homes that come on the market in demand, and mortgage rates are low, enabling buyers to spend more.

What to Consider When Selling an Investment Property

Selling an investment property in a seller’s market makes sense if the profit you will earn is greater than the future property value growth and the passive rental income you’ll no longer receive. Another intangible expense to consider is the amount of time and money you as an investor spend managing and maintaining the property or the money you pay someone else to manage and maintain the property.

Home Prices Forecasted to Go Down in 2022 and Beyond

Based on a Zillow® Home Price Expectations Survey conducted by Pulsenomics and Zillow, where 104 economists and real estate experts were questioned, home prices are expected to grow 3.7% in 2020. However, the job market and unemployment are creating great concern for the future, most likely beginning in 2022.

Experts do not forecast a resilient bounce back for the labor market recovery. When asked in the survey if they expected the U.S. unemployment rate to match the pre-pandemic low of 3.5% at any point in the next decade, responders gave just 44% odds that unemployment would reach recent lows by 2030 or sooner. Among those that did say unemployment can match its recent lows before 2030, 71% said it was unlikely to happen until 2025 or later.

Challenges of Putting a House on the Market

The Covid 19 pandemic is a major factor responsible for the seller’s market and the low inventory driving home prices up. Many sellers are apprehensive about putting their homes on the market and having people walk through them for fear of spreading or getting Covid. Even with the new ‘virtual tours’ that allow prospective buyers to see the home, and the many precautions of masks, booties, and sometimes even gloves that realtors put into play, have made selling a house a greater challenge than in the past.

It is true that homes sell for top dollar and fast; however, the homes that sell for top dollar have interiors that are newly renovated, feature open floor plans, a nice office space (or two!), beautiful bathrooms and kitchens, and the exterior needs to have curb appeal (think mulch, good lighting, fresh paint). Getting a house renovated and in a presentable state to get a top-dollar sales price takes time and money. The renovation requires investment dollars and time to attain and manage contractors who are busy and in demand, so they’re also charging more than before.

Sell your Investment Property Fast for Cash in Colorado Springs

History shows that seller’s markets only last for a certain amount of time, and the statistics in the Zillow survey support this prediction. Now is the time to take advantage of the seller’s market and sell your house fast.

If you’re ready to cash in on your real estate investment or simply tired of being a landlord and dealing with renters who often do not take care of the property or, even worse, are always in arrears when it comes to paying their rent, you can sell your CO Springs rental property quickly to an investor like Bonnie Buys Houses Fast  ‘as is’ for cash. No need to renovate.