Homes Now Selling For Less Than The Dollar Store
Although some commentators in the media are extremely bullish about how strong the housing market is right now, there is no question that more deals are becoming available to investors.
Sellers are becoming increasingly stressed and motivated. Which means more cheap house deals.
Distressed Sellers
Between inflation, squatters, new property tax bills, higher interest rates, and a deteriorating employment market, owners are under a lot of pressure to sell. In many cases, they feel they need to not only beat creditors in selling fast, but to race against what may be a declining market in some parts of the country.
A surge in foreclosures and abandoned properties also means that local authorities once again need to get ahead of a potential zombie home crisis. In Baltimore, MD, this means that homes are being offered to buyers for as little as $1. A common strategy in times like these.
Contrast this with inflation at retailers. The Dollar Tree says they will now begin targeting prices at $7 an item. Along with some closing stores.
So, we have this interesting market dynamic where distressed sellers are selling cheaper, and yet on the other hand, retail end prices are going up. Those are ideal conditions for wholesalers.
Buyers Are Being More Selective
While real estate is an ideal and essential investment at this time, and buyers still have plenty of cash, they are being more selective.
Expect buyers to be a little more cautious, more selective in their acquisitions, and to conduct more due diligence.
Wholesalers should stay ahead of this, and keep their pipeline moving by providing as much upfront detail as possible.
Squash concerns and objections in advance with information on flood zones, rehab estimates, and realistic market data.
Not All Cheap Houses Are Good Deals
Whether a house costs $1 or $1M is really irrelevant in terms of it being a deal, or profitable.
Look at the margins and dollar potential for your end buyers, along with their perceived needed room for error.
It’s a great time to buy low, and sell low to serious investors who are still financially strong. Many of them have been sidling capital just for this moment. Show up, give them confidence in your inventory, and you can win some new high volume clients.
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