Why Your Pinella’s Park Investment Home Isn’t Making You Money
If you invested in a property in Pinella’s Park a few years ago, thinking that you could take advantage of the growing population and increasing number of people wanting to come live in the area, your thoughts were valid. But with things not continuing to trend in that way, you may find that your investment property isn’t making you money and that you would be wise to sell your house fast in Pinella’s Park.
Tenant Rent Prices are Decreasing
Research indicates that rent prices have dropped by 6% in the last few months, dropping back down to near where they were in early 20171. The start of 2018 saw strong rent prices, making it a good option for you to rent out an investment property and get a return on it that was sustainable and profitable. With these latest declines, however, this may no longer be the case and there is a good chance your property isn’t making you money and will potentially soon start costing you money. Think about whether it may be better to start the process to sell your house fast in Pinella’s Park before it puts you further into debt.
Residents Have the Means to Purchase Instead
Home values in the last ten years have been in the red, with housing prices dropping by nearly 17%2. Not only is this a problem for you as an owner, trying to get a return on your property, but it also makes properties more attractive for people to buy. While rent may be getting cheaper, so too are the costs of purchasing a home. With a 1.63% increase in jobs over the last year, and a strong economy, residents are becoming more and more able to save: they are saving from paying less in rent, making more money, and then needing a smaller downpayment for their home. Collectively, this sets them up for a perfect reason to buy instead of rent, and they aren’t interested in renting out your investment property as a result. It may be hard to hear, but if these conditions continue, your property will start costing you a lot of money and not be a profitable investment. While you could wait it out and hope the market turns around, it may also be wise to contact HomeGo and set up to sell your house fast in Pinella’s Park. HomeGo will take care of all of the necessary details of the sale, and it will be completely stress-free for you, letting you simply rest at ease and not have to worry about losing money.