Investors Are Back, Buying 26% Of America’s Most Affordable Homes

With mortgage rates beginning to moderate, investors are back and snapping up the most wanted homes on the market. Investors bought 26% of America’s lowest-priced homes in Q4 2023, according to a new report from Redfin, a record-high share and up from 24% at the same time last year. By comparison, they bought 13.6% of mid-priced homes that sold and 15.9% of high-priced homes, both increases. Investors are more choosey now than they have been in recent memory, looking for lower-cost homes they can rent or flip for better profits. “I get tons of emails every day from investors looking for properties, but of course, they only want homes that are under market value, which are hard to come by.…

Bill Introduced To Crack Down On Corporate Investors Who Profit From Buying Homes

By KIMBERLEY HAAS Democratic lawmakers introduced a bill this week that would restrict tax breaks for corporate investors that purchase large quantities of homes. If passed, the Stop Predatory Investing Act would prohibit investors who acquire 50 or more single-family homes for rental purposes from deducting interest or depreciation on those properties. U.S. Sen. Sherrod Brown (D-Ohio), chair of the Senate Banking, Housing, and Urban Affairs Committee, says investors funded by Wall Street buy up homes that could have been sold to first-time homebuyers. He claims they rent them out at higher rates, neglect repairs, and then threaten families with eviction. “Our bill will help prevent corporate landlords from driving up local housing prices and put power back in the…

Market Insights: Salt Lake City Slowing, Offering Opportunities For Buyers

Salt Lake City was a pandemic hot spot but as the housing market evens out across the nation, one senior loan officer who works in the metropolitan area says buyers are seeing some relief. According to data from Redfin, home prices in Salt Lake City were down 8.5% in March compared to last year, selling for a median price of $540,000. The city was ranked fifth on a recent Realtor.com list of the 10 U.S. cities where home sales were down the most, in part because fewer out-of-state buyers are relocating to the “Silicon Slopes.” In November 2021, there were 1,506 sales, compared to 708 in November of 2022. Cory Ure works at SecurityNational Mortgage Company in Salt Lake City.…