YES, THERE IS A BRIGHT SPOT IN THE TURMOIL!
Out Clients Are Getting Their New-Builds and Rehabs, Preleased
Before Closing on the Loan
Hey Friend, Steve here with some really good news for real estate investors. Rental rates and occupancies are strong across the country, largely fueled by the single-family home, affordability gap
There is a nationwide shift to renting happening right now! There are build-to-rent homes going up all across the country with over 14,000 build-to-rent homes being built now just in the DFW metro area, because of the demand for rentals.
24 months ago the average 30-year fixed-rate mortgage was 3.18% and the average home sales price was $418,600.
In June of this year, the 30-year fixed-rate mortgage for a single-family home on average is over 7%! Home sales price jumped to $535,800. Yikes!!
So, mortgage rates have more than doubled, home prices jumped to 28% in about a two-year period.
Homeowners with existing low rates are just staying put, and not that excited about selling their homes and having to face higher interest rates today.
More would-be homebuyers than ever before are renting.
When financing to build or rehab, our clients are getting properties pre-leased before closing on the loan. YA!
We are glad to help if you need advice on what to do next, what not to do if you are upside down, if you want to expand, buy, or refi. I’ve been there.
Print this now because you are going to need it. We can help!
