YES, The Market is Really Changing!
I work with many investors and they have been aggressively bidding on low end condominiums with the goal of upgrading and renting them out. Up until now, the strategy has been working, as the offers are cash, without contingencies. Of course we have been at the mercy of the bank's decisions, but in a majority of the cases the banks have agreed or at least countered. But that was the last 18 months.
Times have changed, this strategy is no longer working. The last 9 offers I presented have been met with additional offers on the table. Now it's a bidding war. Last week, the realtor for one unit came back 3 times asking for the highest and best. In reality it was an auction and the property sold will sell for well over asking price.
So investors beware, the time for slipping in and stealing investment condos has come to an end. It's time to come in prepared to offer your highest and best and be happy that you are getting a good deal with great cash flow. The times have changed. No more steals ... just good deals.
RE/MAX Unlimited Real Estate
Serving Greater Danbury, CT