Do You Have What It Takes To Be A Realtor?
“Normal” people often ask me, “Cathy, could I make it if I’m not genetically predisposed to being a Realtor as you were?” Heredity did play
A lot of prospective buyers aren’t feeling like now is a great time to buy real estate and are either hoping for a major crash, or a huge price correction.
Only time will tell if either of those will happen to the extent some buyers are hoping for, but while they’re waiting it out, it might be the perfect time for real estate investors to get themselves a deal on a rental property.
It’s never a good time to buy real estate for everybody, and over the past few years it wasn’t ideal for investors. A seasoned real estate investor can typically find a deal, regardless of the current real estate market, but the extremely low mortgage rates caused a lot of buyer competition for the limited number of houses for sale, which made it virtually impossible for investors to buy a property at a profitable price. With rates rising and the market slowly shifting, investors will start to see more opportunities.
Here are a few reasons why it may shape up to be a great time to buy a rental property, beyond having less competition:
While there will likely be more opportunities to buy a rental property, they probably won’t be a no-brainer that just falls in your lap. Here are a few things to do and keep in mind if you want to capitalize on the shifting market:
The Takeaway:
It hasn’t been easy for real estate investors to find a decent deal over the past few years, let alone be able to buy a property at a profitable price due to competition from other buyers. But with many buyers sidelined because of the rising mortgage rates, and some property owners negatively impacted by the economy, 2023 looks like a promising year for investors to find a rental property where the numbers make sense.
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