So I was talking to a few Davidson Realtors the other day. They were telling me about how investors are starting to come back into the market. Of course, I asked why they thought this was happening. One of them explained that it is a combination of things. Obviously the prices of homes right now are ridiculously good. And the interest rates are good too. But I wasn’t aware that the number of rental properties is way down, but the demand is way up. (This must be why Davidson Property Management is currently looking for houses to rent!) If an investor has the ability to buy St. Augustine, FL homes right now, they may get a great home at a great price and potentially rent it out for a profit! I told them I wanted to write a blog on this and they told me to talk to one of Davidson’s other Realtors because he had a great case study for this.
The agent told me a story that I just love! He showed a home, originally purchased for $370,000, which was listed for $240,000. (I’m not kidding about there being incredible values out there right now!) The potential buyer said she couldn’t go higher than $204,000. The Realtor made the offer and the seller accepted. However, the buyer changed her mind. The Realtor explained to the buyer that this was an amazing opportunity and if she didn’t want to take advantage of it – he did! She still declined to sign the offer, so the Realtor made the same offer and it was accepted.
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