The Time to Cash Out of an Underperforming Investment Home in the Tri Cities WA Area is NOW
Market signals and tenant preferences suggest now is the time to sell an underperforming rental home in the Tri Cities WA .
With monthly rent for a single family home in the Tri Cities WA area reaching record highs, owning a residential investment property that is not generating higher cash flow than in years past is a source of frustration for many owners. The rapid economic growth in Kennewick, Richland, and Pasco, especially in the tech and airline sectors, means the area has the fastest growing job market in the state with employers paying wages that make most rental homes in the Tri Cities affordable. Given the current market conditions for residential investment properties in Pasco, Richland, and Kennewick, WA so favorable, what might be the causes of your underperforming rental home in the Tri Cities WA area?
Reasons A Rental Home in the Tri Cities WA Area May Underperform
Even with high demand for single-family rental homes in Richland, Kennewick, and Pasco areas, today’s prospective tenants tend to be pickier and more discerning than those in the past. For example, since Gen Y tends to be highly tech oriented, they look for smart home features in the houses they are considering to rent. If you are listing your rental home for the going market rate, but do not have at least a digital programmable thermostat installed in the house, chances are it will linger on the local rental listings for much longer than 30 days. In addition, a 20 or 30 something who is willing to rent a home without high-tech features or super high-speed Internet service is likely going to want you to discount the rent significantly.
Another reason your rental home in the Tri Cities WA may generate less than optimal income is that it does not have a fenced in backyard. Most Millennials are pet owners who dote on Fido like he is a child. The last thing they want to do is tie up their dog on a lead for exercise. If your rental property does not have a fenced area or it is near a dog park, you’ll likely have a difficult time finding tenants.
Now is the Time to Sell Your Investment Home in the Tri Cities WA Area
If you are experiencing difficulty renting your investment home in Tri Cities WA, you will likely find the house is even more challenging to sell. Even though Tri City area homes are very affordable, Gen Y homebuyers demand eco-friendly high-tech homes and they are loath to sacrifice the items on their must-have lists. Most property owners who have older homes find upgrading their homes with high-tech features to be cost-prohibitive if they plan to sell the home soon. With mortgage interest rates climbing, making buyers scarce, the best time to sell for cash is NOW.
Escape the trap of an underperforming investment home in the Tri Cities WA area by selling it to Path Forward Homes, LLC for cash today!