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Why Are Investors Buying All The Houses?
Dated: November 17 2021
Real estate investors spent a record $63.6 billion to purchase homes in the third quarter, up 78% from a year earlier, with an intense housing shortage fueling their returns, according to a Redfin report published on Monday.
In total, investors acquired 90,215 homes in the third quarter, an 80.2% increase year-over-year. Redfin defines an investor as any institution or business that purchases residential real estate.
Sheharyar Bokhari, a senior economist at Redfin, said that increasing home prices had created opportunities for investors to reap big profits. “Those same factors have pushed more Americans to rent, which also creates opportunities for investors,” he noted in a statement.
In September, median home sale prices increased 13.9% year-over-year. Meanwhile, average monthly rents rose 10.7% in the same period, the fastest growth in at least two years.
According to the report, it has been challenging for many individual homebuyers to compete with cash-rich real estate investors. In the third quarter, investors purchased more than three-quarters of homes with all cash.
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A Southern CA transplant, Dan has over 11 years in home financing with a multi-faceted background in lending and Real Estate. I have The main objective of providing the highest level of customer servi....
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