Getting Ready for Spring 2022 Real Estate Investing – There is a lot of opportunities as far as investing in real estate goes right now. The average price of rent increased 19% in December of 2021 with the typical short-term rental earning 26% more than the year prior.
The downside to trying to purchase investment properties right now is that the supply of residential properties remains very low. The limited supply and continued high number of buyers is not seeing a huge relief just yet. This means the market is still very competitive where buying is concerned.
Here is How to Successfully Invest in Residential Property in the Spring of 2022 Amidst a Hot Seller’s Market. Getting Ready for Spring 2022 Real Estate Investing
Be Ready to Move Super Fast
Homes are selling at a record pace these days. The average home is selling 10 days faster than the year before. You will need to act very quickly if you hope to invest in a property right now. The best plan of attack is to have an expert real estate agent on your side looking for possible investment properties with potential. This means making sure that your agent is well-versed in the aspects of a great investment property.
You also want to be readily available to put in a purchase offer on a property as soon as you are aware of it and are interested. It is a good idea to be flexible in your availability such as making time for a zoom or FaceTime call tour and having E-signing tools ready on your phone or laptop to go through all necessary paperwork as quickly as possible.
Start a Plan Now for Success in a Few Months
If you were hoping to take advantage of the fact that traditionally more homeowners list their homes in the spring now is not the time to relax until spring gets here. You want to ensure that you are in great shape and ready to make a move right when spring gets here as competition is expected to heat up as well.
Make moves like getting all of your financing together and ready for the next step, having your real estate agent on call and ready to go, and maybe even preparing by blocking out more of your schedule for the purchasing process.
Have Cash at the Ready
A cash offer gives the best chance at purchasing success. According to data gathered from Redfin, a cash offer increases the chances of winning a bidding war by a whopping 290%. A cash offer could even give you the opportunity to purchase a property for less money than competing buyers.
Right now, sellers are looking for the ability to sell a home as quickly as possible, for at least the list price, with a sure guarantee that the sale will actually close.
Look for homes outside of your normal shopping circles
The larger the net you cast in the current market the more chance you have of securing an investment property. This could mean expanding the area in which you are searching or the niche in the types of property you were hoping to purchase. It could also mean looking at non-MLS sources for available homes like auctions, short sales, wholesalers, and more.
For more information on purchasing real estate in Snohomish County, both residential and commercial, please contact us anytime.