The housing market is still red-hot.
As we start the month of July, the summer market is in full swing, and like the weather, this market is hot. We have new inventory coming on every week, which is fantastic for buyers. A few months ago, there just wasn’t much for them to look at, and when there was an available home, there were sometimes as many as 30 competing offers on a single house. Now, the market is still competitive, but there’s a bit more inventory to go around.
Supply and demand are starting to normalize even as society itself begins to approach something close to normal. The only thing that’s really off in the market is the crisis we’re facing with rental properties. Right now, the prices for rental properties are increasing; they’ve gone up so much that landlords are now starting to unload some of their properties. That, in turn, is displacing their tenants, who now need to find other housing options. Additionally, those who have deferred their mortgages for the last year will soon need to decide whether they’re going to sell their houses and enter the rental market, given the difficulty of buying a home today.
"Now is a really good time to be a landlord."
To give you an example of how hot our market is right now, I put a house on the market over a recent weekend. We got 24 applications for the home; most of them were good, but there were a few garbage applications from people with low credit scores. I don’t know what those people are going to do for housing, but I do know that they’ll likely have issues finding homes.
All in all, now is a really good time to be a landlord. If you’re at all interested in an investment property or you have any questions about the real estate market, reach out to me. Let’s have a conversation about what it would take for you to become a rental property owner.