If you’re tired of the upkeep, dealing with tenants, repairs and maintenance, now is a great time to sell your rental property. If you’ve owned your rental property for approximately 7 years or more, than you’ll still be seeing a profit if you sell. Furthermore, buyers that never thought they could afford to own rental property, are now interested more than ever.

With mortgage interest rates at historic lows, prices low, and an increased demand for rentals due to people that aren’t able to qualify for a home loan these days, it has created a terrific opportunity for real estate investors to begin their portfolio of investment properties.

There is optimism amongst experts based on a new report that provides the strongest evidence yet that buyers are starting to return to the local real-estate market. According to Housing Wire, it looks like the extended and expanded tax credit is truly getting buyers off the fence.

And it’s not just the $8,000 for first time buyers, the new $6,500 move-up Homebuyer Tax Credit is apparently motivating buyers, according to a Campbell Communications survey of 1,500 real estate practitioners. Existing home owners accounted for 41% of home purchases in November, up from 38% in October, the survey found. Survey research director, Thomas Popik, says that current home owners are jumping at the credit.

Existing-home sales rose again in November as first-time buyers rushed to close sales before the original November 30 deadline for the recently extended and expanded tax credit, according to the National Association of Realtors.

Existing home sales, including single-family, townhomes, condominiums and co-ops – rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million units in November from 6.09 million in October, and are 44.1 percent higher than the 4.54 million-unit pace in November 2008. Current sales remain at the highest level since February 2007 when they hit 6.55 million.

This is the best time to sell your house since this housing market crisis began. With inventory declining, record low mortgage rates, and buyer tax credits until Spring, it creates the perfect time to sell your house.

James Tibbetts, Associate Broker, Windermere 206-932-2550