A few months ago, I decided that I would keep an eye on properties that came up for sale that would make good rental properties for an investment. I entered my search criteria and saved it so that I could check back and revisit the changes in availability periodically. I wanted to purchase a cute little house that I could rent out and of course in a perfect world, I would build equity as my renter paid the mortgage. I entered my wish list and hit "search." Over 250 listings came up. I was overwhelmed! That was way, way back in May of this year (not even 5 weeks).
Today (June 3), I revisited my rental property search. Using the same criteria, 26 properties came up. I have fewer choices now. I may need to get serious or there will be nothing left for me. Are there still any renters out there or do they all own the 224 properties that sold? Did all those renters take advantage of this market, like I should have? Where did the families that were kicked out of their homes go? Rentals!
Upon doing more research, I discovered that in the last 24 hours here in my county, there were 48 new properties listed, 62 price reductions, 50 pending sales and 41 closed escrows. I have fewer choices now. You have fewer choices now. Think long and hard about this.
Our short sales and foreclosures are disappearing before our very eyes. Families that would like to sell by choice will be able to ask a fair price for their homes and will only be competing with other families in the same situations. Buyers will be able to buy a home and get necessary inspections and request repairs instead of accepting "as is" contracts and getting into bidding wars.
The real estate market is truly returning to a level playing field. Do you want to play?
(www.denisehowellproperties.com)
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