Let's Talk About... IT!!!

[Shannan Bowen]

Hello All!

Let's talk about IT!

A few years ago, investors were sticking to a purchase range of about $50K-$70K. I'd even say up to $85K but most times, staying graciously under $100K per property. Today, I'm seeing a range of $150K-$200K. Obviously, this change is due to the current COVID pandemic. To be clear, this didn't just come from distant observation but from investors that I previously and currently work with.

Although, as a Realtor, I prefer to stay on the investment side of things, I do take on an occasional residential buyer. Unfortunately, for my clients with less purchasing power the current climate is making it extremely difficult for them to purchase a home that they can afford and at best, "like."

I currently have a client with a $170K FHA pre-approval. With the exception of two or three options, every single one of those sellers were not interested in making any repairs or updates that even makes their asking price reasonable.

What are your thoughts? Any strategies you can offer?