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If you know people in your sphere of influence that own investment property, I've got some good news. Also, if you own an investment property, I've got good news. And if you're trying to sell investment property, I've got good news:
The investment property side of our business is going through a real resurgence right now. We knew during COVID they got kinda hit. We know the eviction moratoriums made it really tough for them. But now we're starting to see people come back out of that.
So here's a few good numbers in that arena that come from us from the NAR economist blog:
Two of them are dealing with absorption rates. Absorption rates, meaning how many units are being absorbed by the market.
In Q2 and Q3 of this year, 700,000 units were absorbed by this market. It's a lot of units, but completely instantly absorbed by the market.
Vacancy rates have fallen in 2011-ish from 6.9 back then all the way down to 4.6 now. That's a nationwide...
This week, we got some great information from NAR and some good news for the market.
We've had this kind of trending downline with home sales across the country. Now we've had a sharp turn in sales:
Sales are up 7% compared to September.
So why would we have this kind of dramatic increase in sales right now coming into fall?
There's a couple of key reasons:
1. There's more listings coming to market
We're seeing more listings coming to market every single month. The market is building with listings right now, which means buyers can finally find what they're looking for. So if you've got buyers on the sidelines, encourage them to come back in, because now there's more and more listings piling in. And there's listings coming back on the market as well.
2. Interest rates have stayed low
But the biggest reason why buyers are coming back to the market?
3. Prices are moderating
People are finally bringing their prices down to meet the market. And...
This is an amazing number:
63% of home buyers that are out shopping today believe that the homes that they're looking at should look like the homes that they see on TV on HGTV and other shows like that.
That is interesting because that's something we've got to educate our sellers about. Because if that's the buyer's expectation, if we don't meet that expectation, we may not get top dollar.
So when we're sitting with sellers, how do we have those conversations? There's another study that might help with that conversation that will actually incentivize them to want to do this.
The new study shows that of 13,000 homes in the country that were studied in 2020 -- a very recent study -- 85% of those got between 6% and 23% more for their home because they were staged compared to the competitors in the neighborhood.
Those are powerful numbers to motivate your sellers. And then we have to define what staging actually means anyway.
I have some good news for people that already own a home that are in your database.
Here's the stats:
According to the KCM blog, home equity is up 29.3% across the board — which equals $51,500 in added equity over the past 12 months.
So then the question is:
Well, what can people do with that equity?
And there are a lot of things they could do:
They could pull it out in cash with a refinance, of course. They could take that equity and use it as a way to move into their dream home by stepping up — and there's a lot of people out there that may not realize that they can step up into their dream home with very little changes in their payment because of their equity.
There are tons of conversations you can have here.
Take that data, repackage it, and push it out to your people in your sphere of influence and start having conversations with them.
You could say, "Hey, would you like to get a specific number for how much equity build...
Is the market in a bubble situation? Is the market about ready to collapse?
Some people say that they're waiting for the market to collapse.
Well, that's not going to happen.
Here's the number one reason why:
When we look at the last market collapse that we had, which was 2008 and is still fresh in everybody's memory, it was caused by credit running amuck.
Credit was being given to people that shouldn't have been able to get a loan. In other words, there was a credit issue there.
People were getting liar loans and no doc loans. So the credit markets were out of control. They were bundling these junk mortgages and selling them on the stock market as derivatives. When that collapsed, it caused Lehman brothers and all these others to start collapsing, which caused the massive 2008 collapse in the marketplace.
Are we in that same situation today?
Absolutely not! Nothing compares to that.
In fact, right now, we have is super strict...
One question that you might get, or a comment that you might get about the market is everybody's talking about home prices being very high.
They might say, "You know, I don't think I'm going to enter the market because the prices are so high. Or I don't think this is sustainable, that these prices are so high."
And home prices have gone up over the last couple of years. But another measurement to take a look at when we're analyzing the market is something called affordability. It's actually something that's tracked by the National Association of REALTORS.
Affordability is key because it takes into account several key factors.
1. Your income — the median income of families across the country.
2. It takes into account the median interest rate being paid by mortgage borrowers across the country
3. And median pricing
When you combine those three factors, you fid affordability is better than it's been in decades.
Now, how could that...
Zillow announced recently that they've stopped buying homes!
In their press release, they said they had supply chain issues and labor shortages, which is interesting because when you look at what they actually did in Q2 and Q3, where we've had kind of the same issues going on, they actually doubled the amount of homes that they purchased during that time compared to last year.
So why would they go from twice the amount they were buying last year to stopping on October 18th?
Some people are saying that one reason might be they're seeing market changes, just like we've been talking about. They're seeing a lot more listings coming to market which creates pricing pressure and competition. So they may not be able to come in and pay these high prices and then resell it at an even higher price. Because Zillow runs a flipping operation, right?
So we're actually seeing that. I've got a lot of students and a lot of parts of the country that...
Brian Bogaert is an active real estate investor who also loves working with REALTORS. During this podcast Brian explains why leveraging your talents is the key to building long term success. He also dives into why real estate agents have an unfair advantage in the investment world compared to stock brokers and why financial freedom isn’t just good for you it’s good for your clients. During the conversation we also dive into how working in the investment side of the business can lead to creating “serial clients” that have the potential to buy and sell multiple properties over the year. Don’t miss this podcast!
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