Timing The Sale Of Your Rental Property


Timing The Sale Of Your Rental Property
By Scott Rogers • February 25, 2022
Do you own a property in Harrisonburg occupied by a tenant? When you are ready to sell it, how will you go about that process? In the past, many landlords would try to secure a buyer for the home before their tenant moved out -- because they did not want a potential gap of several months without rental income while they waited to see if the rental property would sell. Things are different now... many properties that are occupied by tenants will be great owner occupied properties for a home buyer once that tenant moves out. These days, if you'd like to sell your rental property, I'd suggest... 1. Give your tenant a notice of the non-renewal of the lease. 2. Once the tenant moves out, do any necessary minor cleaning or repairs and consider whether it would make sense to paint the interior of the property and/or replace any flooring. 3. List your property for sale. 4. Get overwhelmed by an incredibly high number of showings and likely a multitude of offers. 5. Gleefully select the offer with the most favorable terms and the fewest contingencies. 6. Proceed quickly and smoothly to closing. It won't always go this way -- of course -- but the market is starved (!) for new listings right now, especially in the price range where many tenant occupied properties fall. If you have a rental property that you would consider selling in 2022, let's talk! Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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