Where you live and buy real estate is different in this Economy

 

When your Looking at all the news on real estate today I think there are a lot of people who can profit from a bad housing market and they are hoping it happens. That is sad

The key is looking at the data and understanding there are many facets to real estate and one is location. I saw this @ https://medium.com/

" The report found that renters are increasingly interested in moving to the South and Midwest, as many are being priced out of the West and Northeast due to high rents. In Chicago, which ranked as the most expensive city in the Midwest, high rents may be driving residents to look for housing elsewhere. The city’s high crime rate and cold winters could also be contributing factors. Rent prices in New York have increased nearly 25% year-over-year, making it a relatively expensive option compared to other cities in the Northeast. In Atlanta, rents have gone up almost 14% year-over-year, which could also be causing residents to seek housing in more affordable areas."

People want to live in nice areas they can call home. They don't want to spend all their income on living in an area. Chicago and New York have crazy rents and people just do not like the direction of the communities. They also want more disposable income.

Cleveland is a great community and very affordable. I was talking to a potential client that used to live in California and made very good money. He moved to another state because of the cost and the direction of the downtown.

Investors need to consider where the best communities that are going to be sustained. Is your property's surroundings going in the right direction?

That is the key to success is having a property that is affordable and has all the amenities.

" The slowdown in the housing market is also affecting vacation rentals, as property owners are experiencing a decline in demand. According to a report from The Wall Street Journal, the steady revenue that vacation rental properties generated during the pandemic is no longer a given. Many property owners have seen a decrease in demand, leading them to lower their rates in order to attract guests. This decrease in demand comes despite an increase in the number of nights stayed in vacation rentals, which was up 21.3% as of October 2021 compared to the previous year. The main reason for the decline in revenue is an oversupply of rental properties. The demand for second homes nearly doubled during the pandemic due to low interest rates and the desire for more space, which led to an increase in the number of homes listed on Airbnb. In addition, the record revenue data in 2021 encouraged a new group of real estate investors to buy homes exclusively as rentals. Airbnb’s revenue growth has also slowed, from 58% in the second quarter to 29% in the third quarter. Furthermore, local governments are cracking down on short-term rentals in order to preserve affordability and make it harder for those looking to invest in the space."

I like to keep it simple and lease a property and let the equity grow more and more and sell. I like single family homes because they have more people that want to buy them. Homes are much more liquid and purchased correctly makes money.

Want to keep your real estate simple? Call me (Brett) 216-703-5740 Fathom Realty or Whatsapp me

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