Interesting market activity lately! Great time anyone considering selling

[Henry Lazerow]

The market was very slow 2-5 months ago and seems to have rapidly picked back up this is surprising as mortgage rates are still 6s owner occupant and 7s investment loans. I listed a $379k 3 unit Thursday (for 2 BiggerPockets members who I also sold the building to originally) at $150k more then it sold 3 years ago and had 17 attendees to open house and first offer came within an hour. I also noticed a 4 unit go up last week at 108 Roosevelt in Wauconda for $250k my client offered slightly over ask on it and the list agent told me it ended up going at $350k yes a whole $100k over ask, this is a beat up 4 unit of all 400 sq ft 1br units with market rents $900-950 currently all at $700-800s nothing amazing income wise.

Cap rates remain low on 2-4 unit properties. I have had a few clients look at unloading some property during these times as it can be very advantageous freeing up capital for future BRRR projects, etc. It's impossible to predict the future but I would say its safe to say rates will remain elevated as inflation proves to be very persistent in getting to the feds goal of 2% range.