Selling rental property in Santa Barbara is a decision that should be made based on the current state of the market and your property asset. It’s a subject we discuss a lot with our clients at Santa Barbara Property Management. It’s important to analyze the property and determine whether it’s a good time to consider selling. We recommend that these 8 simple questions be answered when you’re making the decision about whether to sell your rental or hold onto it.
1: Should you sell as soon as possible and exchange your home for a higher value property before interest rates rise?
2: Should you hold onto the property and enhance its value with capital improvements, and then sell? We have lots of expertise and success with this option, and we can help you.
3: How long have you owned the home, and what is its current market value? This is something we can quickly analyze for our clients to help them make the best decision.
4: What is the current debt service on the property, and is that debt variable? You’ll also need to know if there are any prepayment penalties on your loan.
5: Is the current market conducive to receiving the best sales price?
6: Is there a lot of inventory for sale, and what similar properties will you be competing against if you do put it on the sales market?
7: Are the tax implications in your favor? Sometimes, a 1031 exchange will be a better course of action if you decide to sell.
8: Do you have a source of highly qualified buyers who will pay fair market value for your property today without a lot of run around, stress and drama involved with traditionally brokered sales deal?
At Santa Barbara Property Management, we have an extensive book of clients, some with an excess of $150 million in assets who are highly qualified and actively seeking residential income properties to acquire. We deal with these clients directly, and eliminate the usual broker drama.
If you want to discuss feasibility and current market value, please contact us at Santa Barbara Property Management. We’d love the opportunity to help you decide whether you should sell or hold your Santa Barbara rental property.