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There are private investors who may own a small number of units they rent.
Then there are the corporate, often publicly traded, businesses that target certain areas with so- called affordable homes. They have cash and can close quickly. They tend to buy sight unseen and don’t cloud offers with contingencies.
Investors tend not to be interested in higher end properties or a lot of land. Higher end means different things in different places.
There are also many foreign investors who buy properties here. It certainly drives prices up more.
"Foreign buyers spent $267 billion on U.S. real-estate in 2018 and $183 billion in 2019, before the pandemic, according to the National Association of Realtors"
My daughter and her husband have refinanced in the past year and are thinking of doing it again. I reminded them that it costs money to refinance. Their monthly payments might look better but they are adding to the debt with extra fees to process the mortgage.
Our own mortgage is paying down the principal, finally. We are bombarded with offers to refinance. We worked out the numbers and it just isn't worth it. Having lower payments for a higher mortgage doesn't make any sense unless you have to move for some reason. So, here we'll sit and watch the value of our house go up while we pay down the principal.
I bought one of those "crash" houses in 2010, paid $245K for a house on 5 acres. Sold it end of January this year for $615K, cash buyer. I had only 3 offers, but all were cash. I got one of those "we'll buy your house" letters in the mail...they offered me $114,000.
I bought a house to move to in September 2021 and financed it @ 1.9% interest & 3% down. It's already worth almost $100K more than I paid for it.
Family lives in Hendersonville, NC, and wants me to move up there. A house I owned in 1974 and sold for $17K at that time just resold for $200k and was listed about 4 days. 892 square feet, tiny lot, and I know at the time I sold it the septic tank was under the kitchen addition. There were very few changes to the house, although they did remove the lilac bathroom fixtures. There are currently less than 10 houses listed under $250K in that county.
Last edited by FloridaHappy; 02-28-2022 at 08:41 PM..
Reason: Extra info
Realtors do just want to make a sale. I dont think they care who they make the sale to as long as the person is pre approved
They also don't care a whole lot about the selling price. 3% or 6% of $300K is not a lot different than $250K.
Volume is all that matters. Right now it's a seller's market so this is not an issue. But back when it was a buyer's market, realtors never worked to get the highest sales price possible for their client. They are always more concerned about MOVING the property and on to the next one.
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