SELL YOUR ORLANDO FLORIDA SHORT TERM RENTAL
Should I Consider Selling My Orlando FL Short-Term Rental Property?
The travel industry has changed significantly over the past decade. With the popularity of vacation rentals advertised by such sites as Airbnb, VRBO, and Home Away, travelers have more options than ever for lodging during their vacation. Unfortunately, 2020 has seen a serious decline in travel due to the COVID-19 crisis and many owners of these short-term rental properties are wondering what to do.
If you have a short-term rental property, you might be wondering if this is the right time to sell. Here are a few considerations as you weigh your options:
Long-Term Goals – While travel is down significantly right now, this slump won’t last forever. If this property is part of your overall investment portfolio which makes sense for the long run, consider other strategies to keep the rental. If you have a mortgage, speak to your lender about payment options during this time.
Housing Inventory and Local Home Prices – Housing inventory is down about 20% year-over-year according to the National Association of Realtors®. Lower inventory has also prevented home prices from falling in most areas. Historically Lower Interest Rates – Interest rates have dropped significantly since the beginning of the year. It might be time to refinance the property. In addition, if you do decide to sell, buyers are better positioned to buy.
This is a confusing time for everyone. If you own a short-term rental, consider all your options as you decide whether it’s the right time to sell your property and consult Susan Benante REALTOR today. Please give me a call on 407.259.6211 to get the most up-to-date Orlando FL market information.
If you are looking to purchase a vacation home close to the fantastic Orlando FL theme parks and local area attractions, go to www.homesneardisneyorlando.com or call me today on 407.259.6211
Susan Benante | REALTOR | Signature Collection Realty