SIMONE DEL ROSARIO: IT’S STIFF COMPETITION BUYING A HOME IN AMERICA – ESPECIALLY WHEN YOU’RE UP AGAINST MORE THAN JUST YOUR NEIGHBORS. AS FAMILIES SCRAMBLE TO LOCK IN A MORTGAGE BEFORE RATES GET HIGHER – INVESTORS ARE SQUEEZING MANY OUT OF THE AMERICAN DREAM… REAL ESTATE INVESTORS BOUGHT NEARLY ONE IN FIVE HOMES THAT SOLD IN LATE 2021. THAT’S ACCORDING TO A NEW REDFIN REPORT. IT’S ALSO 44% HIGHER THAN A YEAR PRIOR – AND A RECORD SHARE OF HOMES SINCE REDFIN STARTED KEEPING TRACK. THREE FOURTHS OF THE HOMES INVESTORS PURCHASED – WERE PAID FOR ALL CASH – HOW DO YOU COMPETE WITH THAT? INVESTORS MEAN ANY INSTITUTION OR BUSINESS BUYING HOMES – AND LATELY, EVEN HEDGE FUNDS HAVE BEEN GETTING IN ON THE ACTION. IN MORE AFFORDABLE CITIES LIKE ATLANTA AND CHARLOTTE – ABOUT A THIRD OF HOMES ARE GOING TO INVESTORS. ACROSS THE COUNTRY HOME PRICES ARE AT RECORD HIGHS – AND WHILE THAT’S TOUGH FOR INDIVIDUAL HOMEBUYERS, ONE REDFIN ECONOMIST SAID THERE’S A REASON INVESTOR DEMAND IS “STRONGER THAN EVER.” SAYING “INVESTORS ARE CHASING RISING PRICES BECAUSE RENTAL PAYMENTS ARE ALSO SKYROCKETING…”AND THE FAMILIES THAT GET BEAT OUT TRYING TO BUY ARE FORCED TO PAY THOSE RENTS. I’M SIMONE DEL ROSARIO AND FROM NEW YORK IT’S JUST BUSINESS.
Tags: Society at Large