Distressed Real Estate And Losses Mount As Investors Wait For Good Deals
Distressed properties and discounts finally seem to be appearing for investors who have been waiting for better value opportunities.
Investors are still hungry for deals. In fact, the volatility in the stock market will probably bring a lot more capital in search of real estate for safety and income soon.
While not every seller is motivated or in enough of a crunch yet, many are willing to sell at discounts for cash. Real estate wholesalers who get out ahead of the pack will begin to find more deals to fill their pipelines with.
Bill Gates Takes A Loss In NYC
Bill Gates recently listed his daughter’s Fifth Ave. condo in NYC at a quarter of a million dollars less than he paid for it. With many properties now selling for under list price he might take an even deeper loss than that.
If titans like these are that motivated to sell, there are going to be many others too.
Twitter Defaults On HQ Rent
$40B tech company Twitter is being sued for failing to make its rent on its headquarters in San Francisco. That’s after shutting down offices in Seattle.
Amazon has also had to lay off 18,000 workers already this year, and try to sublease warehouse space it recently built after a lack of demand.
Not only will this yield more commercial real estate deals, but plenty of residential properties as tens of thousands of tech workers face unemployment and need to structure their housing expenses.
IRA Balances Nose Dive
According to Fidelity, IRA balances dropped by 25% year over year to November. Similar losses were seen in 401ks. Given the bearish outlook on the economy, expect those losses to compound and snowball in the first half of 2023.
Many individuals may cash out these accounts to put their money somewhere safer like real estate.
Make Offers: There Are Discounts To Be Had
This is a great time to be out there making offers on residential and commercial real estate. Even if owners are not motivated enough to give you the discounts you want now, keep the lines of communication open for later, when they absolutely must sell. You will build up a big pipeline for the rest of the year.
Price Your Deals Right
On the flip side, make sure you are pricing your resales with room on the table for buyers. Everyone wants a deal right now.
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