Low inventory and Record Sales mean YIKES!!!!!. Getting a good deal on real estate today is not as easy as it used to be. Finding the Diamond in the ruff needs a trained eye to find them.
Just today we found a nice property and received a really nice deal on it. It takes a daily effort of looking at all the new stock and the ones that are older to get these types of properties.
As a home buyer or investor you need to know all the projected cost and what that property can perform at. Below is a Video that talks about two properties that we purchased 2 years ago.
The other information needed is how the real estate market is going to do in the future. Being a Realtor for 22 years and an investor since 1985 I have seen a lot of different real estate markets.
In a bad real estate market there are usually too many homes on the market and mortgage money is hard to get. With the interest rates and foreclosures low the real estate market looks like it has a lot of legs for the future.
With the covid issues over the last few years you also have to look at the freedom of movement in each area. In Ohio there are no restrictions on anything and the area is really getting back to normal. That makes it very attractive to out of state home buyers and renters.
In other states that is not always the case and there are a lot of those families moving to states with low to no restrictions. That will be another factor in the future of real estate in a lot of areas. This will put pressure on prices and inventory in those states.
Lastly in 2006-2016 medium priced homes were rarely built and that to me is why we are having an inventory issue today. Luxury homes were built at that time but Medium priced homes were almost non-existent.
The good news id if your buying in Cleveland Ohio Metro check me out and
call me (Brett) 216-703-5740 Fathom Realty
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Thank you