Chances are if you’re a Minneapolis or St Paul duplex owner who’s been wanting to sell once the market rebounded, recent good news has you thinking about doing just that.
And odds are if you’re like almost every duplex and homeowner I’ve ever met, you’re thinking about waiting until spring.
That’s a problem.
After all, if everyone’s thinking about it, won’t you have a lot of competition?
Right now, there’s little to none.
Last year, there were 128 new duplex, triplex and fourplex listings that came on the market in the month of October.
This year, there were just 91. That’s a 29 percent decline in new listings.
Meanwhile, falling interest rates once again have inspired many buyers to jump back in the market. Once again, they’re doing so and finding very little to buy.
There are a number of advantages to selling your duplex in the fall. The biggest, especially this year, are:
- Less Competition – with the number of active listings on the market dwindling, your property will stand out to buyers vs. being lost in the crowd.
- Buyers Are Serious – Think about it. If you’re out looking for property in the fall and winter, would it be fair to say you’re very determined to buy?
- Tax Advantages of Buying At Year’s End – Even if an investor closes on a duplex purchase on December 31, he or she may depreciate it for the entire year. If a buyer is looking for strategies to reduce tax obligations, real estate investment is one of her options.
- Less Competition May Mean Higher Prices – If there are 100 buyers looking for a great duplex, and only one on the market, wouldn’t those buyers do everything they could to secure it? Compare this to the spring and summer months, when buyers are lulled into a bit of complacency. After all, they believe another one will come along.
- If You’re Doing A 1031 Exchange, You’ll Have More To Choose From – time it right and you’ll close in the winter market, but be looking for your replacement property in the spring market.
- Properties Look Better During The Holidays – With the holidays being a time for gathering family and friends, tenants are more likely pick up and decorate. This creates a more favorable impression for buyers.
If you’re thinking of selling, please reach out to me. Not only do I have a long list of buyers waiting for your property to appear on the market, odds are so do a lot of other Realtors.