Nor is right about the activity, bread last longer at the store than houses these days, listings can’t be measured in days, but should be in hours sometimes.
How many of those homes are being “snapped up” by other investors who are looking at the same numbers you are? I’m hearing enough stories to believe that many of today’s sales are NOT to owner-occupants, but to investors. This is potential “pent-up” supply, either as rentals or new foreclosures/sales down the road that will drop the value of your new rental. This could reduce rents, too, because people will opt to buy the new, cheap houses instead of rent.
The point of the thread was the smaller places in cruddier hoods more than 20 years old without hoa’s are being overlooked and as Russell pointed out from his past experience, sometimes that is where the better investments are located. If you look at my example, prices are more than half off, that is why the glut isn’t there.
Agree that these homes are the bread-and-butter of the smart investors. There will ALWAYS be a demand for low-priced housing, no matter what the economy does, and dollar-for-dollar, even if prices do drop, your potential loss is less than if you would have bought a $500K house.
I think it’s a good idea to wait. Good luck, either way. 🙂
