If you own a rental property, you need to stay up to date with the market, as that greatly affects your rental. As we enter the spring season, a lot is happening in the market. Two of the biggest changes were the Silicon Valley Bank collapse and the dip in interest rates. Overall, we can assure you that the market is healthy.
There are about 2,400 homes on the MLS currently, which is lower than the average of about 4,000 to 6,000. Despite the low inventory, buying remains steady, which is good for keeping the market stable. This means buyers are accepting the higher rates. Also, the median sales price is around $460,000.
If you’re trying to decide whether you should sell your home or continue renting it out, the biggest thing you should consider is your interest rate. If you’re locked in at a rate around 2% or 3%, it may make more sense for you to hold onto that home since you won’t be able to refinance down that low.
“We can assure you that the market is healthy.”
Since the rates are higher, buyers are taking a little longer to find the perfect home. While they figure that out, they’ll need a place to stay, which is why owning a rental property will continue to be a great investment.
To continue to stay updated on the market, we recommend working with a property manager who understands the market and can keep you updated. If you would like our help with that, please reach out; we would be happy to hear from you! You can call or email us anytime, and we would love to help you.
