I’m looking to buy more investment property and the zips I watch are still WAY down in inventory from the last 3 yeas.
Also an anecdotal note is that almost every property I go and see has other buyers there looking at it. The last few years I almost never saw other buyers at properties. Some properties are like Grand Central Station!
I personally think the deals are the worst I’ve seen since the tax credit. But remember the tax credit caused a period of multiple offers and craziness, and then when it went away, prices dropped 10-15% in a lot of places. So if this really tight inventory situation goes away and more stuff comes on, maybe we will see something similar?
But it just feels like there is more demand right now. People are less fearful about jumping in, less fearful that that “other shoe” is still waiting to drop, the local economy appears to be improving and sellers seem a little cockier with price than I have seen. A bummer if you are a buyer looking for a deal.
I hear even Phoenix is WAY down in inventory and getting 20 offers on many properties.
