I just finished reading an article published in Business Week wherein Seattle has the largest drop in rental prices in the country, with the average monthly rent falling 13.8% during 2009. BusinessWeek's report undoubtedly raises some questions. Number one being if rents are still decreasing, what do you do?
For those thinking they might want to sell in the next 2-3 years, sooner than later will be to your advantage. Selling today would allow you to avoid potential future decreases and capitalize on a low capital gain tax rate likely to increase in the near future. The combined differential of rents and taxes could easily be 10-15% of the value of the building.
For those wanting to ride the wave, buying now will be in your best interest since interest rates will likely rise faster than rents which means that the down payment required will increase beyond what is needed today, for example.
Either way, markets have fluctuated throughout history and this just happens to be Seattle’s low moment. But for every loss there is a win, and the winners know how to take advantage of it while they can.
So what does it take to win? You’ll have to call me.
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