Let’s dive into coastal markets like California and the Pacific Northwest.
It’s interesting how one buyer’s decision can trigger a domino effect. When interest rates rise, everyone waits for a market crash, causing houses to sit unsold. But when rates drop slightly, a frenzy of offers floods in.
Now, let’s talk about a handy process I use as a real estate agent. I analyze the market by looking at the number of active, pending, and sold properties. A strong market has lots of sold and pending homes with only a few actives. Conversely, an upside-down pyramid indicates a slower market.
To gather insights, I connect with agents representing pending and active listings, asking about showings and buyer feedback. This helps me gauge pricing strategies.
If showings are low and offers are scarce, the property may be overpriced. Conversely, high interest and multiple showings suggest a higher selling price.
I’m excited to announce that I’ll be giving away a complimentary retreat space to one lucky attendee of our upcoming retreat info session tonight. Imagine joining me in Florida for free! This is an incredible opportunity you don’t want to miss. Click the link here to register.
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When it comes to maximizing your real estate investments, it’s essential to zoom out and consider the big picture. Ask yourself which levers you can pull that will make the most significant difference in your returns.
While increasing rent per room may seem like an obvious choice, it’s a relatively small lever. Instead, focus on a more impactful lever—adding another bedroom. Even if adjusting the rent per room means a slight decrease from $600 to $500, the addition of an extra bedroom brings in more overall income. This larger lever can significantly boost your profitability.
Once you have a grasp of this concept, start searching for properties that offer potential for easy unit expansion. Consider factors such as the floor plan, square footage, and existing property setup. Properties with favorable characteristics can provide opportunities for adding additional units, further amplifying your revenue potential.
By strategically pulling the right levers and identifying properties conducive to expansion, you’ll be well on your way to building substantial wealth through real estate.
Don’t forget to set a reminder in your phone that I’ll be on YouTube live tonight at 5 PM PST with Kyle. We’ll be talking about Elon Musk’s housing market predictions.
Come join and ask us questions!
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In this week’s newsletter, we have a clip from this week’s Mastermind call with Kyle. This week we talked about the BRRRR method, creative ways to improve your rehab, and implementing systems into your business with Pasha Maleknia.
Despite a slight decrease in mortgage rates to 6.67%, homebuyers continue to face challenges due to a record-low number of available properties.
The limited supply has hindered sales and resulted in elevated prices. While the dip in rates provided some opportunity, the scarcity of affordable inventory constrained buyer activity.
First-time homebuyers using FHA loans showed a slight increase, but overall purchase activity was down by 32% compared to the same period last year. Additionally, sellers have been hesitant to list their homes, further reducing the number of available properties.
This article from Yahoo!Finance states homebuilders are seeing increased demand as buyers turn to new construction options. Construction rates reached a near two-decade high, indicating potential expansion for buyers later this year.
