US Home Prices Hit New Record High
The S&P Case Shiller Index reports US home prices have hit a new record high, after posting 8 straight months of consecutive gains.
Just how high are home prices in the US now? Why are they going up so much? What does it mean for property investors?
Record High Home Prices
While all real estate is local, and there seem to be many ways to calculate ‘average’, Forbes recently put the average home price in America at over $495k.
Including interest for retail buyers that use financing that means the average home can now cost homebuyers well over $1M.
The average rent households can expect to pay in their lifetimes may well be over $500k as well.
The Ideal Conditions For Real Estate Wholesalers
The mainstream media say that house prices keep going up due to a lack of homes for sale. Of course, high inflation on everything is certainly adding fuel to the fire as well.
Many industry experts, Realtors, veteran investors, and home sellers may disagree with these findings too. Some are certainly seeing transaction volume down, longer marketing times, and buyers wanting to pay less.
Recent bank data shows that there is a mountain of distressed debt growing. Including defaulting credit card payments, auto loan repos, business loan delinquencies, and construction and commercial mortgage defaults.
This signals great distress behind the scenes, with many ripe to be motivated sellers. Together with fast rising prices, and a shortage of publicly marketed units to meet demand, these are the ideal conditions for wholesaling real estate.
Connecting The Dots
There is great need out there. With millions of individuals, households, and businesses needing help. Real estate investors that can help bridge this divide stand to be very well compensated in this market.
While many motivated sellers have not listed their homes, they are out there. Many more would love to, and need to sell, if they can get a reasonable offer. Consider how to identify their distress, and reach and and connect with your purchase offers.
There is plenty of investment capital that needs to be put to work as well. In the form of transactional funding, this money can be very cheap. With current deals on jumbo sized loans coming with as low as 1% interest.
Then it is about presenting this inventory to end buyers. These may be other professional investors, movers seeking to downsize and find more affordable housing, or affluent families looking to protect their wealth in real estate. Find out where they are, and market to them.
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