Buyers or Sellers Market
As interest rates are rising more houses are available. Why? there are more properties for the demand as they remain on the market longer. There are still investor properties available even in a sellers market ranging at 420-450k. You just need a connection to find them. So while the rental market increases, it is now forming a buyers market. For months sellers were able to price their homes 35% above market prices of COVID. Sellers often receive close to asking prices if not more and receive 5-10 offers on their property.
Most buyers have held out and are now waiting to take control of the market again if they can find a lender to pre-approve them with the higher interest rates.
So what does a buyers market mean? According to Redfin "A buyer’s market occurs when the supply (available homes for sale) exceeds demand (the number of buyers seeking to purchase homes). If you’re buying a new home, a buyer’s market is the ideal time to make your move. You might be able to buy a great home for a lower cost than you would in a seller’s market".
If you’re trying to sell your property in a buyer’s market, your home may remain on the market longer before you’re able to secure a buyer due to the large number of available properties. You may also have to lower your listing price or make other concessions in order to secure a buyer at the price you are asking for."
Also in a buyers market you can probably buy 2 homes and not just one if the cash is available. You might have to hold on to them if you can buy them low enough until the market increases ranging from 5 - 7 years. This is also, a great time to buy multi-family properties to gain that passive income over the next few years until the market spikes.
Many commercial properties are becoming available as many employees are still working from home. Commercial properties are becoming converted to housing units to combat the high rate of homelessness as towns are becoming enlarged with Asylums.
What ever your position or how you are trying align yourself for passive income. Give us a call to help find the best solution for your new venture.
If you have questions, regarding purchasing in a buyers market or selling a property please email me at firstname.lastname@example.org or call 516-385-1880 for your consultation.