For those of you who asked me how my summer went? Well, brace yourself for a little surprise because my summer wasn’t about jet-setting to fancy places or catching up with old friends. This summer was about a different kind of adventure – I’ve been checking out open houses!
Almost every weekend, between 11 AM and 3 PM, you’d find me wandering through these open houses. Whether you’re thinking of buying or selling, trust me, you’ve got to try this. It’s like getting a backstage pass to the real estate world, letting you be the judge.
With a low house inventory due to a number of factors, most common the high interest rates, it’s clear the housing market is currently a seller’s market. The bidding wars are real, with buyers throwing in offers above the asking price, sometimes going over 50k. Some are even willing to waive contingencies, such as home inspections, to secure the house they want.
Regardless, let me share a few anomalies I’ve seen out there. Some price tags on investment properties, like duplex rentals, are so high, it’s like expecting a little fish to swallow a whale. I mean, how can any investor break even, let alone turn a profit? Unless they double the rent price – and you wonder, is that even possible?
I’ve also seen investors turn regular homes into high-end homes and attempt to sell them at a price so much higher than the value of other homes in the same neighborhood. It’s like trying to sell a diamond in a sea of cubic zirconia. Somebody might just strike a lifetime deal if that diamond’s price goes down!