Multi Sales Picking Up

“I’d compare the transaction market this year to a middle school dance, with everyone hesitant to engage,” said Kevin Crook of Investors’ Management. But this is changing as sellers and buyers are just now beginning to close the bid/ask gap. There is a boatload of statistics in the attached article measuring market tightness, sales volume, equity financing and debt financing. Each of those categories are still below the ‘break even’ threshold in terms of activity but signs of improvement are beginning take hold. Transaction volume has fallen for the fifth consecutive quarter but many respondents to the survey said the market is loosening.  Some are saying the second half of 2023 ‘will be explosive’ in terms of multi sales. I’m in Salt Lake City and I haven’t seen it here to any great extent (yet). It does ‘feel’ different but Salt Lake was on such an incredible tear of deals getting done over the past 3 years or so, most felt when it stopped, it would harsh. It’s been harsh. But it’s changing. Stay tuned.
Svikhart & Associates, a Salt Lake City-based real estate services company, focuses on asset management, brokerage listings and sales, and all aspects of a multifamily investment. Specific diligence regards property operations and strategies to maximize asset performance and value. Additionally, the firm assists owners regarding economic, financial and market factors that impact returns on investment. The firm targets ‘Mid-Tier’ assets which it defines generally as 10-to-60-unit properties.
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