U.S. sales of existing homes rebounded in February after declining for the previous two months, a sign that many Americans are still looking to buy despite rising prices and a shrinking number of homes available on the market.
The National Association of Realtors said Wednesday that sales rose 3 percent last month to a seasonally adjusted annual rate of 5.54 million. This increase after declining sales in January and December suggests that competition will be heated during the traditional spring home-buying season.
The shortage of properties for sale is creating a challenge for would-be homebuyers. As sales listings have steadily declined, prices have been climbing at the same time as a stronger job market has elevated demand — and, also, competition — for purchasing homes. Higher mortgage rates this year might also cause even fewer people to list their homes for sale, which would make the current supply squeeze worse.
Yesterday, I submitted a quote for San Jose home with 250k+ over list price around 1150k, but it went to somewhere beyond $1500k. It is a tear down, but someone (looks like builder) is taking it with full cash offer.
Please do not ask the address or location, it is San Jose.
There is a 94 unit building in South Lake Tahoe for sale $15 m. $155k/unit. The one bedrooms are going for $1400/m …great potential.
I believe 40 units are renovated. 54 more at $10k each would add a lot of potential rent increase.
Offer $13m…
We just need 4 investors with a million each. Great cash flow. It is on loopnet
Guys…from a no investor. Get out of your comfort zone. Drive around, get lost in those streets you never wanted to drive in, surprises are around. Basically go away from the downtown areas.
In my hood, I know of 3 homes that eventually are going to be sold. 2 of them, owner never painted the units since 1982 when they were brand new!
No, it’s not an investor, a tight arse like…well…never mind. I am talking about individual home owners.