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24 Percent Of Homes Recently Taken Off Market: How To Buy Them

by blogger1
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on Thursday, 08 December 2022
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According to data from Redfin and the NY Post, 24% of home listings have been taken off the market by owners in just the last 12 weeks. How can you find and buy them?


On reporting these latest real estate stats, Redfin says that homeowners are becoming increasingly frustrated and disappointed at having missed the peak of the market. They either aren’t attracting the high offers they expected, or aren’t getting any buyer activity at all.


Overpriced listings aren’t taken seriously by buyers. Then after the first few days of showing up online get buried in the mix, and become stale listings that don’t get noticed.


Of course, these homes aren’t going to sell themselves if owners just give up and sit on them. A poor move which in this phase of the market means that they’ll get less and less for their properties the longer they wait. A vicious downward spiral. In which eventually they will have to sell for a lot less or will lose those properties in foreclosure.


Why Buy Them

There are no bad properties. It’s all about the price and terms.


There is plenty of money to be made by real estate wholesalers on this slope.


In fact, these can be the ideal types of properties for wholesalers. Owners are more motivated, and ready to deal. Once delisted, there are no real estate commissions, which can help net the seller more, even with a lower offer.


How To Find & Buy Them

If you are diligent as an investor you should already be tracking all of the properties in your market, and specific target properties you really want. You should know what comes on the market, when it does, when properties sell, and more.


You can also run regular searches for withdrawn and expired listings.


Before they get pulled off market, and it becomes harder to reach a decision maker, you may target aged listings and listings with price cuts.


There are other properties and sellers you can target too.


Such as by the amount of equity in the property. By who has the most room to deal, or needs the least cash to do a deal.


Or you may find data (if you are legally able to use it) on recent mortgage inquiries, suggesting owners have tried but failed to refinance, those who are late on payments or property taxes, or who have adjustable rate mortgages or large amounts of credit card debt. All people who are suffering from fast rising payments on debt.

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5 Notable Real Estate Stats Of The Week

by blogger1
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on Thursday, 20 October 2022
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Check out these real estate statistics and data points…


$1.7M

That’s the price tag of a single public toilet being built in San Francisco. Construction is expected to take at least three years.


While on one hand it may signal that prime real estate is still demanding a high price tag, it is probably safe to bet that very, very little of this money will actually end up being spent on the toilet. Which could easily be built for 1% of that.


40 Years

One real estate company has made the headlines for their now notorious 40 year listing contract. Clearly not a great sign that they have any confidence in being able to sell the property.


In fact, customers have reported that they were lured in by as little as $900 in emergency cash to sign the listing, only to have their property end up in foreclosure, and owing thousands of dollars to the broker, despite losing their homes.


$870k

That’s how much of a financial loss singer Harry Styles took on his former LA home. He purchased it for $6.87M, then sold it for just $6M. It has now been relisted for an optimistic $8M.


98%

This is how many US based CEOs told the conference board that they are preparing for a recession over the next 12-18 months. That’s up to 99% for CEOs in Europe.


It’s unclear what the remaining 1-2% are basing their optimism on. The fear and reactions being made by these CEOs is almost certain to create a recession by itself. If they are only just beginning to prepare now, most of their businesses probably won’t survive.


The great news is that this is going to bring a lot of deals and negotiability for real estate investors.


50%

The latest data from Zillow shows that over 50% of home sales in SWFL are now completing for less than listing prices.


While prices still seem to be up by double digits over last year, values have peaked and fallen in all major markets in the region on a month over month basis.


It’s certainly time to make new offers and find better value deals than we’ve seen in a decade.

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