The lack of foreclosures is killing the housing market. That is right! Think about it who buys the foreclosures? Investors. And then in turn the investor renovates the home and sells it. Most often in our area this is to first time homebuyers. This is also the reason affordable housing is disappearing.
There is a high demand for homes that need renovation since the supply is so low. So much so that the price investors are having to pay has been greatly increased. So then in turn investors need to charge a higher sales price. Thus, leading to the disappearance of affordable housing.
So why are there no foreclosures?
The government put a freeze on foreclosures back in April of 2020 in an attempt to help homeowners. And it has been extended till the end of this month. Which on the surface sounds understandable. Yet, what people do not realize is that it takes YEARS for a foreclosure to happen. Most often, these homes are vacant for a long time before the bank foreclosures.
If you have a home you want to sell yet for cash that needs work, give me a call. I have trustworthy investors I work with.
We are in a real estate market like never seen before. I never imagined inventory could get this low. A home comes on the market in a nice neighborhood at a fair price and it has 22 offers and will get $40K-$50K over asking price often with no inspections and it is a cash deal. House prices are just jumping and when it comes down to it it is because there is NO inventory. No inventory is greatly increasing the demand. So if you are thinking about selling now is an ideal time, reach out to me. If you are not sure where to go, don’t let that stop you. I am more than happy to discuss your options with you. I have creative solutions so that you find your next home and then move.
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