Tom Kelly wrote a really nice article in yesterday's Inman News about how converting a home into rental is getting to be more difficult.
Here's a good question: Who can afford to pay cash for an additional home without first selling their primary residence?
Take a look at what he wrote:
"Surprisingly, more than four out of 10 investment buyers and more than three in 10 vacation-home buyers paid cash for their properties, with large percentages indicating that portfolio diversification was a factor in their purchase decision, according to recent study by the National Association of Realtors."
All cash for real estate, now who could do that?
Investors!
You may have noticed a large number of cash deals for homes under $100,000 between September and February – these were probably investors who weren't able to finance the properties because of Fannie Mae's limits, but couldn’t afford to pass up the great deals. Sales for those months probably would have been higher if the limits for investors weren't so stringent.
What kind of marketing tools are you using to use to grow your business with them?
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