#734 - In a hot market, companies compete with would-be homeowners
News For Reasonable People
English - September 15, 2021 11:00 - 29 minutes - 20.2 MB - ★★★★★ - 7 ratingsInvesting Business Entrepreneurship san francisco trending news protests defund the police antifa blm seattle conservative republican journalism Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Soaring home prices and rents are fueling real estate companies’ appetite for houses, adding unwelcome competition for many would-be homebuyers.
Residential real estate bought by companies or institutions hit an all-time high of 67,943 properties in the second quarter, according to Redfin, a Seattle-based online brokerage.
That’s more than a twofold increase from a year earlier, when the pandemic temporarily stymied the real estate market. It also represents 15.9% of all the properties sold in the April-June quarter, or just below the record high 16.1% share of sales in the first quarter of 2020, Redfin said.
The data, which goes back to 2000, includes all residential property types, including apartment buildings and condos. It excludes purchases by small, individual investors.
Join your host Sean Reynolds, owner of Summit Properties NW, and Reynolds & Kline Appraisal as he takes a look at this developing topic.
https://www.seattletimes.com/business/companies-step-up-buying-houses-bet-on-hot-housing-market/