Tuesday, May 25, 2021 / by Ken Couture
Investor According to Business Insider, it has set a $ 77 billion record for homes in the last six months. Redfin report. Compared to the $ 55 billion spent on housing in the second and third quarters of 2020, Covid’s cases surged and purchases fell due to city restrictions.
Overall, the number of homes acquired by investors increased by 2.7% in the first quarter compared to the same period last year.
Large-scale purchases have spurred a national housing crisis in the context of the past Bright red market..
Investors are most focused on single-family homes, which account for the largest share of acquisitions and first-quarter growth. Of the 55,000 homes that investors bought in the first quarter, nearly 39,000 were single-family homes, up 4.8% from last year.
Some of the investors cited in the Redfin report Invitation house And American Homes 4 Rent, both giants of single-family rentals.Also in the list is iBuyer Open door Business Insider reported a surge in 55,000 homes in the first quarter. Others like Offerpad and Zillow are working on devouring their homes.
Small real estate companies and individuals looking for Flip property It accounts for some of the investors in cities such as Miami, Atlanta, Las Vegas, Phoenix and Charlotte, North Carolina.
Redfin Chief Economist Darryl Fairweather said he expects buying momentum to accelerate.
“Investors made a big pause during the pandemic, and they haven’t yet made up for all the homes they didn’t buy during that period,” she told the publication.
With a larger institutional presence, the already tight housing market could grow tighter. Single-family rental companies can also mask small buyers with all cash transactions and a more aggressive approach to closing.
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