Homes are selling at a very brisk pace...We have 6 in escrow ourselves and writing 2 more contracts today. We also got two offers on a listing we have, not bad for February. January was also a great month for Real Estate home sales.
"Existing-home sales stepped out to a fast start in 2017, surpassing a recent cyclical high and increasing in January to the fastest pace in almost a decade, according to the National Association of Realtors®. All major regions except for the Midwest saw sales gains last month."
The northeast and western areas that we buy in are looking to have a great year in 2017. I had a potential tenant call me that is relocating from Texas and is having a very hard time finding a home to lease. He wants to pay $1600 a month and be in a nice are in Cleveland. There is almost no homes at all that are listed in the areas he is wanting.
It is all about supply and demand, and the real estate inventory is very low. 2017 could be a gigantic year for real estate especially if the economy gets strong. The Stock market is signaling that is going to happen.
" "Competition is likely to heat up even more heading into the spring for house hunters looking for homes in the lower- and mid-market price range," added Yun. "NAR and realtor.com®'s new ongoing research — the Realtors® Affordability Distribution Curve and Score — revealed that the combination of higher rates and prices led to households in over half of all states last month being able to afford less of all active inventory on the market based on their income." "
That is not bad news for income real estate, let's face it families need places to live. Until the inventory gets fixed the demand for income real estate in the Cleveland Metro area will be extremely high. The Phoenix Az market has the same issue, finding homes is getting harder especially the mid priced homes. Some of the hottest areas in both states are land locked and cannot build nay new construction without knocking down the old.
"NAR President William E. Brown, a Realtor® from Alamo, California, cautions about another source that could possibly drag down inventory for would-be buyers in coming months. "Supply and demand imbalances continue to be burdensome in many markets, and now Fannie Mae is supporting a Wall Street firm's investment in single-family rentals," he said. "This will only further hamper tight supply and put major investors in direct competition with traditional buyers. Instead, the GSEs should lower overly burdensome fees (link is external) and help qualified borrowers become homeowners."
With all the financing available for real estate, it is time to buy it. Whether your looking for income real estate or just a place to call home I find hard to find homes. Call Brett 216-703-5740 Century 21 Premiere and 602-363-6551 EXP Realty