From Personal Perspective.
Florida Multi Family Sales seems to not have been affected in any negative way. We are continuing to see Highest and Best called on listings that are put live at competitive pricing. Also, With the influx of new buyers coming from California and New York. Prices continue to rise and Cap % continues to drop.
We are encouraging a lot of our clients who were not initially thinking of selling, to start considering it. Reasoning for this is simple, If they have equity, they need to cash it in before a potential dip does come.
The way we have approached the conversation is if they were considering selling within the next 5 years than to do it now. Right now their properties will pull in pricing far above what they were expecting to sell for. Instead of listing at an 8 Cap, In a lot of areas properties are consistently selling for 5-6% which is huge for their overall return. If a dip comes, They will be able to turn that right into more properties, if a dip does not reveal itself than we wait patiently for a bigger investment that makes sense as an upgrade to their portfolio.
Patience is everything!
What do all of you investors out their think of the current markets that you are looking at or actively investing in? Pros and Cons would be great.