There aren’t many homes for sale and the prices are really high. That's just the state of affairs in home-buying. Whether you’re in Houston or any other major city, the pressures on flippers – those investors who buy homes and fix them up for profitable resale – have been challenging.
That has caused Zillow Offers to stop offering to buy homes.
But all is not lost, says Jennifer Wauhob, the new Chair-elect of the Houston Association of Realtors, offering encouragement to those still putting in the sweat equity. “Investors have struggled this past year since we have such low inventory people were able to sell their homes for top dollar, even sometimes homes that were not in the best shape.”
The market in Houston is showing no signs of cooling soon. The HAR Report for September is out and it looks like 2021 is heading for the record books. With pressures of a lack of inventory and marginally higher mortgage interest rates sales of single-family homes in Houston continued rising, up another 1.5% year over year. “On a year-to-date basis, local home sales are 15.3 percent ahead of 2020’s record pace and up 21.6 percent when compared to 2019,” the report reads. Check it out here.
Wauhob says flippers are challenged, but resilient. “It’s been hard for them to find those deals, but they are still out there and we are still seeing investors having good luck finding houses and flipping them.”
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