Institutional investors continue to buy houses in the Jacksonville area, making us one of the top cities in the country for frequent buyers. In October, 22 percent of all sales were to 'frequent buyers', third in the nation behind Memphis, Tenn. at 25 percent and Atlanta at 23 percent.
While the number of institutional buyers has dropped from 12.1 percent of sales in September to 6.8 percent in October nationally, they are still strong buyers here locally.
Local agents who work with them say these volume buyers are winding down. In October 2012, institutional investors buying houses was 9.7 percent nationally, down to 6.8 percent in October 2013. It doesn't look like that with the number of purchases at 22 percent.
If you see "Invitation Homes for Rent" signs in your neighborhood, that is an institutional investor. The good news about these buyers is they fix up the houses before they rent them and they won't put up with renters who won't pay.
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