Why the News Has the Housing Market all Wrong
Why is it that the media and some real estate portals seem to have the housing market all wrong, what’s really going on with inventory and the direction of the market and does it even matter for those flipping houses?
Why is the News and Other Real Estate Investors So Out of touch with the Market?
For a start the media often relies on faulted data for its stories and is also clearly influenced by the bias of an array of different motives. On top of this, while national housing statistics present a (really) rough picture of what trends are on a countrywide level they balance out the disparity in some many different markets.
Publicly available inventory is way down in some regions and foreclosures may even be falling in some zip codes, pushing up home prices. In others quite the opposite may still be true and new waves of foreclosures and masses of distressed properties are causing the ‘average’ home price to slide. So what you may be seeing on the street in your market may really be completely different to an investor somewhere else.
However, the real question real estate investors should be asking is…
“Does it even matter?”
Clearly the direction of the market has proven to mean very little to those flipping houses. It may affect buyer confidence but the last 7 years have proven that big money can be made from wholesaling real estate, even in rapidly declining markets.
What about foreclosures? Investors must remember that foreclosures are just one part of inventory. How do you think so many millions were made in the last boom when foreclosures were virtually unheard of and were essentially non-existent?
3 Strategies for Beating the Market
1. Where You Look for Properties
Tight inventory can make it feel tougher but maybe you just aren’t looking at it in the right way? Tight inventory = rapidly appreciating home prices.
2. Diversify
Contemplate how can you get ahead of competition or find other sources of different types of distressed property besides those being foreclosed on for not paying their mortgages.
3. Create Your Own Market
Truly talented and savvy investors know how to create a market for their product, whatever it is.
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