Over 70% Say It’s A Bad Time To Buy A Home
The overwhelming majority of US households now say they believe it is not a good time to buy a home. What does that mean for real estate investors?
According to the latest data from the Fannie Mae National Housing Survey more than 70% of respondents said they thought it was either not a good time, or it was a bad time to buy a home.
The percentage of those who thought it was a good time to buy has reportedly dropped to an all time low.
Those surveyed still said they would prefer to own a home instead of renting if they were to move, but they appear to have become worn out by bidding wars and see prices as just being far too high. So, if you’ve been frustrated in trying to find deals, you are certainly not alone.
Pending home sales also began sliding in early 2021. A leading indicator that closed homes sales and home prices may follow that trend in the coming months.
Talk of interest rate hikes could also accelerate this trend, making current prices unaffordable for millions more, and disqualifying many for mortgage loans. As we know, it was the timing of rate hikes which really pierced the real estate bubble of 2008.
For real estate investors, it is probably past peak time to list and sell properties on hand. Now is the time to get that done before there is any further cooling in home buyer appetite.
Investors who plan to keep using real estate as a source of income are also going to have to put in a little more effort to finding deals. There may still be a short window of opportunity in which even retail priced properties can be quickly flipped for profits in white hot markets.
Yet, those looking for better value deals and built in profit margins should be ramping up networking, marketing direct to owners, and building investor buyers lists, who will keep buying and rent units out if the retail market vaporizes.
There are still plenty of profits to be made in wholesaling houses. It is all about finding real deals at the right prices, and having qualified buyers lined up to take them right away.
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