Homefield Homebuyers Supports Homeowners Needing To Sell Minnesota Short-Term Rentals Fast
Published August 14, 2023
Following a slowdown in post-pandemic travel, many Airbnb and short-term rental owners are facing significant revenue declines. In what could be an impending “Airbnb bust,” many vacation rental owners may be forced to sell their properties to offset lost revenue from a lack of bookings.
During the pandemic, interest rates were low, and money was cheap. Many Americans decided to purchase a second or third home to rent out on a short-term rental platform. This led to a sudden increase in the supply of short-term rental properties. Short-term rental rates held steady during this time due to increased travel, remote work, and inflation.
However, now that more employers are requiring employees to return to the office, and many Americans are cutting costs on “extras,” like themed vacation rentals, revenue for many short-term rentals has plummeted. These two factors have combined to make it difficult for short-term rental investors to turn a monthly profit.
Knowing Minnesota real estate investors face a dilemma of holding onto rental properties that are no longer profitable vs. trying to sell homes at a time when other short-term rental hosts are doing the same, Homefield Homebuyers is poised to offer fast cash offers for former short-term rentals.
Hosting Airbnbs May No Longer Be Profitable in the Twin Cities Area
Some short-term rental investors may choose to ride out the increase in Airbnb homes hitting the market, while others may shift their properties from vacation rentals to long-term rentals to recover some lost income while retaining the asset and hoping the short-term rental inventory comes down at a later date.
However, for property owners facing significant revenue losses with no better options than to sell, a traditional approach to listing a home with a real estate agent with an influx of inventory can be dangerous.
Homefield Homebuyers understands the current decline in the short-term rental market. Therefore, the company is prepared to help investors needing a quick sale to minimize ongoing financial losses.
The team is local to the Minneapolis area, has a long and reputable history of paying cash for houses in the market, and can act quickly with fast cash offers and quick closings after a property tour. Homefield Homebuyers buys properties as-is, meaning Airbnb owners can avoid property repairs, cleaning, or updates when liquidating short-term rentals.
Who Are Homefield Homebuyers?
The team at Homefield Homebuyers has over 50 years of cumulative experience in the real estate industry. Their connections as friends and family ultimately brought them together to create Homefield Homebuyers and bring that same family-oriented attitude to helping owners solve home-related issues.
The company prides itself on treating each customer with respect and integrity — like an extended member of the “family.” By delivering the “Homefield Advantage,” the team makes it easy for local homeowners to receive a fast and fair cash offer on homes with special memories. In addition, because the company understands Midwestern values and the local Minnesota market, homeowners have a better experience than other iBuyers lacking a local connection to the area.
To learn more about Homefield Homebuyers in the Twin Cities area, click this link.