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Rentals

June 11th, 2011 at 06:39 am

Homes have been selling fast in our neighborhood. $200k is the tipping point for the smaller homes. Anything priced $199k will apparently sell in minutes. Even short sales.

I saw a house sell like ours for $286k or so (exactly what we paid?). I couldn't see an extra large yard or anything that would set it apart. Price seemed very high. Others maybe sold $250k-ish. Usually $250k is pretty safe if the smaller ones sell $200k. So, weird.

Anyway, all that said, don't think I can count on a property tax decrease this year. But, who knows.

I have mentioned over and over how I keep reading that most buyers in the region are investors. MANY foreign investors. They pay cash for homes. Ironically, this was very similar to things in the real estate run up. Few around here actually buy homes to live in.

Though I have the feeling the housing market is very heavy in rentals at the moment, I am just starting to see the evidence of that in our own neighborhood. The short sales that all just sold are now all up for rent. Immediate neighbor who has never had problem finding tenants? Will see this time around. Her price is still cheaper than the rest, so bodes well for her. $2000 to rent a 4-bedroom home? Really??? Will see on that one. These things continue to surprise me. In the short run. (I expect disaster in the long run).

2 Responses to “Rentals”

  1. librarylady Says:

    That is disturbing to me. The foreign investor part who pay cash for the homes.
    It makes me think our country is being owned more and more by foreign investors.

  2. MonkeyMama Says:

    I am also thinking largely to "out of the area" investors, which makes up a huge chunk of real estate here (since prices are so cheap compared to most the state most affordable area of state to people outside thinking all CA real estate is "equal.")

    So I am throwing around the word "foreign" liberally, but have read several articles about there is a lot of foreign investing in CA real estate. I should link some of the articles.

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