Anyone else worried about the LLC Investors (especially the out of towners) making it tough for regular homebuyers here? (rental homes, how much)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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Over the past several months, I've been getting at least two mailouts a month (give or take) from an investment group looking to buy my property... after some research of those groups, I discovered some are listed in the county/state, and others are outside the county and state...
And what's even more troubling is that I know of a some people who are being priced out of getting their starter home (even with aggressive offers) by these investors/investment groups...
Should we be concerned...
Something doesn't seem right about well-intentioned, tax paying regular folks looking to finally get their slice of the American Pie, the American Dream having their hopes dashed by this influx of aggressive investors into OUR county...
I don't like it. I think it makes it harder to buy a home.
I think its a symptom of vast wealth inequality. Rich folks buy out land at vastly higher prices than the little man can afford. I think that's why land prices have skyrocketed over past 20 years, because of rich wall street folk buying it all up.
The worst part in my mind is they just buy it and let it sit, they dont do anything with it other than sit on it. You give me 100 acres and I'll work my butt off to farm it, they get 100 acres and they just sit on it and never visit it. It's part of their 'portfolio'.
Well, yes it is a problem for many buyers, whether seasoned or first timers.
Is it a problem that needs a statutory fix? I dunno.
I dunno either... just using that word "statutory" in regard to the free market and free enterprise of this nature still seems to be too much... however, it seems some regular hardworking people are feeling the effects of this influx...
In a free market economy, which is at least the current status of the country, I see no issue with this. If when I go to sell my current home, a faceless investor from out of the area wants to pay me $1000 more than a "local" buyer awesome. I just made $1000. The last thing we need is the government stepping in to tell me who I can / can't sell my home to. If you think this is a problem, and want to sell your house for less money to a local buyer, you are free to do so.
Would you propose the government dictates what your house is worth? In my best Big Brother voice, "I'm sorry, I understand that ACME Investments LLC has offered you $300,000 for your property, but you have to sell it to Joe and Jane Smith for $150,000 because we think that is a fair price."
Does it suck if you are on the losing end of this, and end up having to live further out, or in less desirable areas? Absolutely. But regulatory efforts to somehow make life "fair", rarely help.
In a free market economy, which is at least the current status of the country, I see no issue with this. If when I go to sell my current home, a faceless investor from out of the area wants to pay me $1000 more than a "local" buyer awesome. I just made $1000. The last thing we need is the government stepping in to tell me who I can / can't sell my home to. If you think this is a problem, and want to sell your house for less money to a local buyer, you are free to do so.
Would you propose the government dictates what your house is worth? In my best Big Brother voice, "I'm sorry, I understand that ACME Investments LLC has offered you $300,000 for your property, but you have to sell it to Joe and Jane Smith for $150,000 because we think that is a fair price."
Does it suck if you are on the losing end of this, and end up having to live further out, or in less desirable areas? Absolutely. But regulatory efforts to somehow make life "fair", rarely help.
Very valid points...
...but as a city... a county... what cumulative effect will this have?
Affordable housing here is already super scarce.
And I'm not even talking about the "most modest" of "affordable" housing... I'm telling you, I know people getting priced out of the 175-200k range by investment groups. Right now. In real time.
Well, yes it is a problem for many buyers, whether seasoned or first timers.
Is it a problem that needs a statutory fix? I dunno.
Quote:
Originally Posted by UserNamesake
I dunno either... just using that word "statutory" in regard to the free market and free enterprise of this nature still seems to be too much... however, it seems some regular hardworking people are feeling the effects of this influx...
I dunno, Mike...
Certainly people are feeling the effects. I wish I knew a reasonable fix. I threw in "statutory fix" only because I figured someone might lean that way. There are housing markets in the U.S. that are flooded with foreign money driving housing costs to the stratosphere.
And, neighbors feel the effects, when neighborhoods have poorly maintained rental homes hurting valuations.
Location: Chapel Hill, NC, formerly NoVA and Phila
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Quote:
Originally Posted by wake74
In a free market economy, which is at least the current status of the country, I see no issue with this. If when I go to sell my current home, a faceless investor from out of the area wants to pay me $1000 more than a "local" buyer awesome. I just made $1000. The last thing we need is the government stepping in to tell me who I can / can't sell my home to. If you think this is a problem, and want to sell your house for less money to a local buyer, you are free to do so.
Would you propose the government dictates what your house is worth? In my best Big Brother voice, "I'm sorry, I understand that ACME Investments LLC has offered you $300,000 for your property, but you have to sell it to Joe and Jane Smith for $150,000 because we think that is a fair price."
Does it suck if you are on the losing end of this, and end up having to live further out, or in less desirable areas? Absolutely. But regulatory efforts to somehow make life "fair", rarely help.
I agree with this. Just think how much it would suck if "out of staters" were restricted in buying land/homes in other states. Then what has this country become? There are places in this world where you are forced to stay where you were born or restricted on where you can live - either through law or through limitations on job opportunities/social class/access to wealth. And in fact, there were laws in the US within the past 100 years that some people couldn't buy property or live in certain places.
I would never want to see the US become one of those places or back to those times, even if some of the ramifications of not having those laws don't always lead to the greatest results.
If you take the argument of leaving it alone to the extreme then the extreme is LLC or hedgefunds own all land in the U.S while the plebians own nothing. Would folks still think that is ok?
I dont know the solution. Everything the govt touches turns into junk, so I dont know that regulation is the answer. But it's frustrating. Land is freedom.
Perhaps when we master interplanetary travel, we can expand to Mars and this will alleviate land issues.
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Dont like it
