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Feb. 29, 2024

Navigating Real Estate Investments: Short vs. Long Term Rentals - Pros and Cons Explained

Navigating Real Estate Investments: Short vs. Long Term Rentals - Pros and Cons Explained

Real estate investments offer a promising opportunity to grow wealth and secure financial stability. However, when it comes to deciding between short-term and long-term rentals, investors face a crucial decision that can significantly impact their returns. Understanding the pros and cons of each rental strategy is essential for making informed choices in the real estate market. In this comprehensive blog post, we will delve into the intricacies of short-term and long-term rentals, exploring the advantages and disadvantages of each to help you navigate the realm of real estate investments with confidence.

1. Short-Term Rentals: Pros and Cons

Short-term rentals have become a popular option for real estate investors looking to maximize their profits. One of the main advantages of short-term rentals is the potential for higher rental income compared to long-term rentals. By renting out your property on a short-term basis, you have the opportunity to charge a higher nightly rate, especially in popular tourist destinations or during peak seasons. This flexibility allows you to adjust your pricing based on market demand, potentially resulting in greater overall returns.

Another benefit of short-term rentals is the ability to use the property for personal use when it is not rented out. This can be appealing for investors who want the option to enjoy their property for vacations or getaways while still generating rental income during other times.

However, short-term rentals also come with their own set of challenges. One of the main drawbacks is the higher turnover and vacancy rates associated with short-term rentals. Constantly managing check-ins, check-outs, cleaning, and maintenance can be more time-consuming and labor-intensive compared to long-term rentals. Additionally, short-term rental properties may be subject to more wear and tear due to the higher frequency of guest turnover.

Furthermore, short-term rentals can be more susceptible to market fluctuations and seasonality. Demand for short-term rentals may vary throughout the year, leading to potential income instability during off-peak periods. Additionally, short-term rentals may be subject to more stringent regulations and compliance requirements, especially in areas with strict zoning laws or homeowner association rules.

Ultimately, when considering short-term rentals as a real estate investment strategy, it is essential to weigh the potential benefits of higher rental income and flexibility against the challenges of managing turnover, vacancy, market fluctuations, and regulatory compliance. Conducting thorough market research and assessing your investment goals can help you determine whether short-term rentals align with your overall real estate investment strategy.

2. Long-Term Rentals: Pros and Cons

Long-term rentals can be a lucrative real estate investment strategy with numerous benefits. One of the significant advantages of long-term rentals is the steady and reliable income stream they provide. By signing a lease agreement with tenants for an extended period, such as a year or more, landlords can count on a regular monthly rental income, offering stability and predictability. Additionally, long-term rentals typically require less intensive management compared to short-term rentals, as tenants are responsible for maintaining the property during their lease period.

Another advantage of long-term rentals is that they often result in lower turnover rates. With tenants staying for longer durations, landlords can avoid the costs and hassles associated with frequent vacancies and turnovers. Furthermore, long-term rentals tend to offer more consistent occupancy rates, reducing the risk of income fluctuations that can occur with short-term rental properties.

On the downside, long-term rentals may limit the potential for higher rental income compared to short-term rentals, particularly in areas with high demand for short stays, such as vacation destinations or business hubs. Additionally, long-term leases can tie up a property for an extended period, limiting the landlord's flexibility in adjusting rental rates or making changes to the property.

Overall, long-term rentals can be a reliable and low-maintenance investment option for those looking for steady rental income and minimal turnover. However, investors should carefully consider their goals, market conditions, and property location before deciding on the best rental strategy for their real estate investments.

3. Factors to Consider When Choosing Between Short-Term and Long-Term Rentals

When deciding between short-term and long-term rentals in real estate investments, there are several key factors to consider. Firstly, location plays a significant role. In tourist destinations or high-demand areas, short-term rentals may yield higher returns due to seasonal demand. However, long-term rentals in stable markets can provide a consistent income stream. Secondly, the level of involvement required is crucial to consider. Short-term rentals often demand more hands-on management, including cleaning between guests and handling bookings, while long-term rentals offer more stability and less frequent turnover. Additionally, regulatory considerations are vital. Some areas have restrictions on short-term rentals, which could impact your investment strategy. Lastly, the financial aspect is paramount. Short-term rentals may generate higher rental income but can also incur higher operational costs. On the other hand, long-term rentals offer steady cash flow with lower turnover expenses. By carefully weighing these factors, investors can make an informed decision between short-term and long-term rental properties to suit their investment goals.

4. Conclusion and Summary

In conclusion, when it comes to real estate investments, whether to pursue short-term rentals or long-term rentals depends on your financial goals, risk tolerance, and personal preferences. Short-term rentals offer the potential for higher rental income, flexibility, and the ability to use the property for personal use, but they also come with higher management costs, more frequent turnovers, and the risk of seasonal fluctuations. On the other hand, long-term rentals provide stable, consistent income, lower management requirements, and more predictable cash flow, but may offer lower rental yields and less flexibility for personal use. Ultimately, the decision between short-term and long-term rentals should be based on your individual investment strategy and objectives. Whichever option you choose, thorough research, due diligence, and a clear understanding of the market dynamics are key to a successful real estate investment venture.

Posted in News
Feb. 22, 2024

Here's Why Right Now Is the Time to Buy Investors, Don't Worry About Interest Rates

For novice investors, navigating the landscape of the year 2024 may seem like a complex endeavor. You've got the funds, a solid strategy in place, and thorough research under your belt. However, there's a significant hurdle to overcome: the prevailing high interest rates compared to the historically low rates pre-2022.

Delving into the realm of investment financing reveals that investors are burdened with even steeper mortgage interest rates than regular homebuyers (typically ranging between 0.75% and 1.5% higher). The current scenario is indeed intimidating, with usual mortgage rates still teetering slightly below 7%.

While it might appear wise to hold off until the anticipated rate reductions, expected to kick in around mid-2024 according to various real estate pundits, what if we shared that postponing may not be the best decision despite the current interest rates? Furthermore, what if we disclosed that mortgage rates hold less significance when it comes to real estate investments?

Let's explore some reasons behind this rationale.

 

1. Current Mortgage Rates Don’t Reflect the Value of Your Loan Over Time

When you take out a mortgage on your investment property, ask yourself: Will your mortgage loan be worth the same in a year? How about in five, 10, or 15 years? 

The answer is a definite no. Inflation inevitably means that the dollar devalues over time, so the amount of money you borrow in 2024 will actually be worth less as time goes on. There are online tools and apps that can help you calculate the true value of your mortgage loan over the fixed 30-year term (QJO Investment Tool is one and will tell you how much you will actually pay over time). Trust us, you’ll be surprised.

When you see that your mortgage loan depreciates over time (unlike the value of your investment property), you will start to worry less about current interest rates. That seemingly horrendous current 8% just won’t be that big a deal once you’re past the five-year mark.

And we haven’t even touched on property appreciation yet. We’re just talking about the gradual devaluation of the loan.

2. Real Estate Investing Will Pay Off

Investing in real estate offers lucrative rewards in the long term. While some may aim to quickly buy and sell properties for profit, real estate investing is not a get-rich-quick scheme.

The key advantage of real estate as an investment is its tendency to increase in value over time. By having tenants who pay off your mortgage, along with interest, and eventually selling the property at a higher price, the process is straightforward. Despite potential fluctuations in home values, the current high market values indicate that real estate will likely remain a profitable investment in the foreseeable future.

Contrary to paying off a mortgage swiftly, as one would with their own residence, the focus here is on a long-term commitment and maximizing resale value. In the United States, property values consistently appreciate annually, with some regions seeing increases of up to 9%.

Comparatively, even slight variations in mortgage interest rates, such as 0.25% to 1%, may result in negligible differences in monthly payments, usually around $10, depending on the loan terms. These minor fluctuations are insignificant when considering the substantial profits that can be generated through property appreciation. Additionally, as your rental property appreciates in value, so will your rental income.

3. Rates May Not Go Down

Should you anticipate a return to the favorable 4% interest rates from before 2022, prepare for a prolonged wait. Forecasts suggest a potential decrease in rates in 2024, but it may only result in a minor reduction. The likelihood of rates dropping below 6% by year-end remains minimal.

Economists predominantly project that rates will not dip below 6% until 2025. This aligns with the historical trend of rates decreasing more gradually than increasing.

Consider the opportunity cost of delaying your investment and missing out on rental income and equity growth. Acting sooner by purchasing your first investment property could expedite potential profits and allow for diversification of your property portfolio.

4. If the rates do come down prepare for competition

Currently, the level of home sales is the lowest it has been in 28 years. This situation actually presents a positive opportunity for investors. The issue is not the lack of properties available in the market, but rather the decreasing number of buyers.

So, why is this happening? Potential buyers are holding off on making purchases in anticipation of a decline in interest rates. If you have the financial capacity to venture into real estate at this moment, you will encounter significantly less competition for reasonably priced properties compared to what you may face in the future when buyers regain confidence and trigger intense buying activity.

Posted in News
Feb. 9, 2024

7 Easy Tips for Discovering Off-Market Distressed Properties

One of the most challenging aspects of real estate investment is actually locating properties, particularly if you are searching for properties in need of renovation. While MLS listings and foreclosures offer great opportunities for purchasing below-market fix-and-flip properties, finding deals with a high return on investment (ROI) often requires active searching.

Real estate investors often refer to this practice as "driving for dollars," which involves visiting specific neighborhoods with the goal of finding distressed or abandoned properties. This technique is used by real estate investors, wholesalers, and bird dogs alike, and it is particularly valuable in today's competitive real estate market, where listed properties receive multiple offers and are under contract within hours.

Driving for dollars allows you to discover distressed properties that are not on the market, giving you the opportunity to make the initial (and potentially the only) offer.

What Does "Driving for Dollars" Mean?

"Driving for dollars" is a term commonly used in the real estate industry, specifically in real estate investment, to describe a strategy for identifying potential investment properties.

This approach involves physically driving around neighborhoods, actively searching for off-market properties that exhibit signs of distress, vacancy, or the need for repairs. The objective is to find undervalued or distressed properties that can be purchased below market value and subsequently sold for a profit, either after renovating them or selling them as-is to another real estate investor.

Driving for dollars is an integral part of wholesaling strategy, as it assists real estate investors in identifying potential leads that could result in profitable deals. 

To learn more about real estate investing, book a strategy call and see how you can buy discounted real estate in your backyard.

 

Posted in News
Feb. 3, 2024

What does it mean for the CRE industry that $2 trillion in commercial debt is coming due?

The commercial real estate industry has encountered a series of challenging years and it appears that the situation will not improve in the near future. Due to the surge in interest rates, the sector is expected to experience a potential increase in defaults as the costs of refinancing have escalated.

With a total of $2.8 trillion outstanding debt to be repaid within the timeframe of now to 2028, there is a growing possibility that more landlords will face financial difficulties. Data from Trepp, a firm specializing in collecting and analyzing information, indicates that commercial debt maturities are projected to expand over the coming years. Although numerous loans have been granted extensions or undergone refinancing, the clock is gradually ticking for the commercial real estate sector as these extensions are nearing their expiration dates.

The commercial real estate market, particularly in office spaces, has been grappling to recover from the worst slump it has encountered in the past 50 years, which started with the onset of the pandemic. As the pandemic struck, many office spaces were left vacant, thereby compelling landlords to negotiate arrangements for deferring rent payments until the situation improved.

Over the past few years, the souring CRE market has had a significant impact on the office sector, with the entire market feeling the effects. According to CBRE, multifamily homes are experiencing increased vacancy rates, and rent growth is expected to decline in the near future. Even industrial spaces are showing signs of weakening.

However, amidst this challenging landscape, the retail sector is proving to be a potential bright spot. Demand for outdoor shopping centers has been driven by robust consumer spending and suburban migration.

While interest rates have decreased slightly, The Wall Street Journal reports that many borrowers are still refinancing at rates that are higher than when they initially took out their loans. This has put pressure on the Federal Reserve to implement rate cuts. Some economists predict a cut to 3.75%-4% by the end of the year, with further cuts anticipated in the first half of 2026 until the rate reaches 1.75%-2%. Nevertheless, these cuts may not be swift enough to alleviate the concerns of the CRE sector. Fitch Ratings projects an increase in delinquency rates to 4.5% in commercial real estate this year, raising concerns among regulators about potential spillover effects.

In its annual report for 2023, the Financial Stability Oversight Council (FSOC) expressed worry about financial institutions' exposure to commercial real estate and emphasized the need for a better understanding of the associated risks. Approximately 50% of CRE's outstanding debt is held by banks. The FSOC stated in its report that as losses accumulate from a CRE loan portfolio, they can have a broader impact on the financial system. Distressed property sales may lead to a downward spiral in CRE valuations.

Looking ahead, real estate investors should prepare for a turbulent period in the commercial real estate market. While there is still some time for landlords to negotiate, the pressure on the CRE space has caused a devaluation of properties, making it difficult for lenders and borrowers to agree on their worth.

With banks exhibiting increased risk aversion towards CRE and facing closer regulatory scrutiny, there may be opportunities for non-bank lenders, such as private credit, to step in. Savvy investors could potentially take advantage of the stress in the CRE market to find distressed properties at attractive values.

In summary, while the next few years may be challenging, there are opportunities for investors to capitalize on distressed properties if they are willing to navigate through uncertainty.

Posted in News
Jan. 26, 2024

Tips for Each Step of the BRRRR Method: Buy, Rehab, Rent, Refinance, Repeat

In order to effectively apply the BRRRR Method, it is essential to follow the specified steps in their precise order. Here, we present several recommendations for each stage of the process.

 

Buy

The essence of the BRRRR Strategy lies in acquiring a distressed property that requires updates and repairs, making it challenging to secure a conventional mortgage for the home. There are several reasons for this. Most lenders insist on conducting an appraisal of the property, but evaluating its value proves difficult in this scenario. Additionally, depending on the loan type, the property must meet specific criteria to qualify. Given its distressed nature, the property is unlikely to fulfill these requirements.

Before completely dismissing the possibility of financing, it is advisable to consult with a lender to explore potential options. It may be viable to utilize a home equity line of credit (HELOC) or a hard money loan for the purchase, although these options carry high risks and are often not recommended.

When purchasing a distressed property, it is crucial to calculate its after-repair value (ARV). The ARV represents the estimated value of the home after renovating or rehabilitating it. To determine the ARV, one must compare the intended final state of the property with similar homes, or comparables, that have recently sold in the vicinity. These properties should share similarities in terms of size, number of bedrooms and bathrooms, age, construction type, and condition.

When determining the appropriate offer for the home, adhere to the 70% rule in real estate. Avoid investing more than 70% of the property's ARV. For instance, if the ARV is $300,000, refrain from paying more than $210,000 for the home.

 

Rehab

When rehabilitating a home, the initial priority is to address any deficiencies that do not comply with building codes and ensure the property is safe for occupancy. Subsequently, identify the renovations that will genuinely enhance its value. These may encompass kitchen and bathroom upgrades, enhancing the property's curb appeal, and installing energy-efficient windows, appliances, and other features.

 

Prior to commencing the project, it is imperative to establish a realistic budget and timeline.

Rent

Securing tenants before proceeding to the next step, refinancing, is crucial since lenders typically require the property to be occupied before considering refinancing.

 

When selecting tenants, prioritize certain qualities, including:

- Consistent on-time payment history

- Stable employment with a steady income

- A positive credit report

- No prior criminal activity or eviction records

- Positive references

 

The information can be obtained by arranging a meeting with the prospective tenant, having them complete an application, evaluating their credit report, requesting references, and conducting a background check. It is essential to ensure you obtain their consent and abide by all housing laws.

 

When determining the rental amount, it is crucial to strike a balance that is fair to the renter while also generating a positive cash flow for yourself. You can ascertain this by deducting the total expenses associated with owning the property from the monthly rental income you plan to charge. For instance, if you set the rent at $1,500 per month and your mortgage payment is $800, your monthly cash flow would amount to $700. Consulting comparable rental rates can assist in determining the optimal price.

Refinancing

In the BRRRR method, you engage in a cash-out refinance on your investment property to acquire funds for purchasing another distressed property to renovate and rent out. To accomplish this, you must locate a lender who offers cash-out refinancing and meet their specific eligibility requirements.

 

Although the lender might have their own distinct criteria, you will need to meet a minimum credit score requirement (usually around 620 for a cash-out refinance), adhere to a maximum debt-to-income ratio (typically 50% or lower), and have equity in your property. Additionally, there may be a waiting period before you can pursue a cash-out refinance.

 

It is important to keep in mind that an appraisal will also be necessary, and there might be additional expenses such as closing costs associated with securing the loan.

Repeat

In the final stage of the BRRRR Method, you revisit and repeat the previous steps in the same sequential order. Taking notes throughout the process is advisable if you intend to continue repeating these steps, as it allows you to learn from past errors.

 

 

Posted in News
Jan. 18, 2024

Here's a comprehensive guide on how to reduce your closing costs and minimize the amount of fees you need to pay.

The search for the perfect house is finally over, marking the completion of the most challenging phase. The next step entails engaging in negotiations and determining the closing costs associated with purchasing the house.

Closing costs, which typically range from 2% to 5% of the loan's value, are expenses incurred during the process of buying a home. These costs can be quite substantial when dealing with expensive properties.

However, skilled negotiation tactics can potentially lower the burden of closing costs. Are you curious about effective methods to reduce these expenses? Below, you will find a variety of tips to consider before finalizing your purchase.

Definition of closing costs

Closing costs encompass the fees incurred during the finalization of a real estate transaction for the sale or purchase of a house. Once the property is legally transferred to you, these fees become due. Both buyers and sellers are responsible for paying closing costs, although the specific amount and who pays may vary.

Several factors contribute to the total amount of closing costs, such as the loan amount, the location of the property, and the buyer's credit score. Additionally, certain state laws may require the involvement of professional services, resulting in an increase in closing costs.

Fortunately, many of the closing costs can be subject to negotiation between buyers, sellers, and mortgage lenders. Consequently, it is crucial for buyers to conduct thorough research and explore different home loan options before selecting a lender.

 

Posted in Home Buyer Tips
Nov. 11, 2023

Will the Biden Administration's strategy to convert commercial properties into residential units effectively enhance affordability?

A set of initiatives aimed at facilitating the transformation of vacant office properties into residential units was announced by the Biden-Harris administration last month. CBRE data indicates that in the second quarter of this year, the nationwide office vacancy rate reached its highest level in 30 years, at 18.2%.

Simultaneously, the United States is experiencing a severe shortage of available housing. According to Freddie Mac's estimations for the fourth quarter of 2020, there is a deficit of 3.8 million units necessary to meet housing demand and maintain the target vacancy rate. The National Low Income Housing Coalition also approximates that there is a shortage of 7.3 million affordable rental homes for extremely low-income renters in the country.

Providing federal funding and guidance to support office conversions appears to be a potential solution for both issues. However, numerous challenges make it impractical to convert many commercial properties into residential buildings. Even if it were feasible, both logistically and financially, to repurpose every office building, it would only contribute a small portion of the housing needed in the country. While the newly allocated funding, low-cost financing, and guidance may facilitate the redevelopment of some vacant properties, additional measures will likely be necessary to significantly increase the housing supply.

 

Plans of the Biden-Harris Administration


In order to support the revitalization of office buildings, the following measures will be taken:

Providing affordable financing for housing developments in close proximity to public transportation: The Department of Transportation has issued guidelines on how to access $35 billion in loans for housing projects near public transit, including the repurposing of office spaces. The fact sheet from the White House highlights that the affordable financing on offer may encourage state and local governments to make improvements to zoning regulations.


Facilitating the transfer of properties from transit agencies to affordable housing developers at no cost: Transit agencies, which frequently own real estate near transportation hubs, will be permitted by the DOT to transfer unused properties to affordable housing developers free of charge.


Allocation of HUD funds for converting office spaces into residential units: Through a new program, $10 billion of funding from the Community Development Block Grant will now be made available for the acquisition and conversion of commercial properties into housing and mixed-use projects. Furthermore, conversion projects can now benefit from the Pathways to Removing Obstacles to Housing program, which has allocated $85 million to eliminate barriers to the development of affordable housing.


Provision of resources, training opportunities, and technical support: The White House has published a guidebook called "Commercial to Residential Conversions," which outlines 20 federal programs that can assist developers with grants, low-cost loans, loan guarantees, and tax incentives to make conversion projects financially feasible. This fall, accompanying training workshops will be organized.

Additionally, a report from the Treasury provides information on available tax incentives for redevelopment, including deductions for energy improvements. However, the incentives currently available do not go as far as offering a credit for conversion expenses, as previously proposed in the Revitalizing Downtowns Act, which failed to pass in Congress.

Posted in News
Oct. 20, 2023

Is Airbnb In Trouble?

The cracks in Airbnb's foundation are becoming apparent.

The CEO of Airbnb, Brian Chesky, has confessed that the company is struggling and needs to reorganize itself. According to Chesky, the company grew rapidly without properly developing its infrastructure. He compared it to building a house without a solid foundation, as Airbnb only had four pillars when it needed ten.

 

In order to address these issues, Airbnb recently introduced several new features to fix its foundation. However, the question remains: will these changes be enough to sustain the short-term rental platform? Or is this a sign of broader changes in the industry that could affect real estate investors?

 

Airbnb has experienced challenges in the past, such as dealing with fake listings, disputes over overcrowding in cities, and opposition from hotel lobby groups. However, these growing pains seem to have intensified in recent months. New York City, for instance, has tightened regulations on short-term rentals, raising concerns that other major cities in the United States might follow suit. Similarly, Florence, Italy has implemented restrictions on Airbnb rentals due to complaints about locals being priced out of the city.

 

Despite global backlash, the number of available listings on Airbnb has increased by 13.7% compared to the previous year, reaching 1.53 million by August, according to AirDNA data. However, demand has cooled down after a busy summer season, with a 7.6% year-over-year growth in August compared to a record 9.3% growth in July. Nevertheless, August marked the highest number of nights booked, with a total of 21.2 million. Occupancy rates have dropped by 4.2% from the previous year, standing at 60.4%.

 

Moreover, cracks can also be seen within the broader housing market. As mortgage rates rise and housing inventory declines across the country, Nick Gerli, CEO of Reventure Consulting, suggests that the collapse of Airbnb is a real possibility. Gerli analyzed data from AllTheRooms and found that revenue in major cities in the U.S. has significantly declined over the past year, with places like Phoenix and Austin seeing a nearly 50% decrease. However, it is worth noting that this data has been subject to controversy.

 

Investor Implications of Airbnb's Modifications

CEO Chesky's strategy for addressing issues within Airbnb involved introducing several features targeted towards guests. One of these features involves signaling to hosts the importance of prioritizing affordability.

 

In essence, Chesky emphasized that the more affordable the Airbnb options are, the higher the number of bookings the platform receives. He intends for hosts to decrease their profit margins, which he believes can be advantageous in areas with a high concentration of hotels. He supported this claim with Airbnb data, which revealed that while hotel prices increased by 10% in 2022, prices for one-bedroom Airbnbs decreased by 1%. To assist hosts in maintaining competitiveness, the platform aims to provide them with insights on dynamic pricing.

 

Despite Chesky's assertion that hosts can earn more money by offering competitive deals that rival those of hotels, hosts have expressed concerns about diminishing profit margins. AirDNA data indicates a 4% decline in Revenue per Available Room (RevPAR) in August compared to the previous year, with a value of $235.50. KeyData's findings further support this trend, as certain areas experienced reductions in both occupancy rates and average daily rates, with declines as significant as 37%.

 

Airbnb is reevaluating its approach to experiences, even though they are currently not accepting new experience applications. Although this feature does not appear to be highly favored on the platform, Chesky mentioned that experiences could potentially offset the income loss caused by recent regulations imposed on the short-term rental market in New York City.

 

Chesky seems to be considering expanding Airbnb beyond its original purpose as a travel accommodation provider. He has hinted at diversification into other sectors, such as dining and car rentals. This shift indicates a potential transformation of Airbnb into a comprehensive app resembling a concierge service. This could entail hosts offering additional services beyond providing a comfortable and enjoyable stay. The Airbnb website already allows guests to search for unique stays, such as boats, tree houses, tiny homes, castles, and even luxurious properties labeled as OMG!

 

Is it Still Worth it for Real Estate Investors to Focus on Airbnb?

Airbnb is gearing up to introduce more upgrades in November, with a particular focus on enhancing core services. While this may be advantageous for guests, it will entail changes for hosts. Although the implementation of a price comparison tool is a smart move, Airbnb is essentially encouraging hosts to become more competitive by reducing their prices in an already saturated market.

 

Considering the persistently high inflation rates and the ever-increasing mortgage rates, individuals may start cutting back on expenses such as travel. In such a scenario, hosts may have no option but to lower prices or even contemplate selling their short-term rental properties. Additionally, the continuous growth of the short-term rental market is bound to result in an oversupply, further impacting revenue.

 

Over time, investors who have seen significant returns on their Airbnb properties might have to adapt and provide more than just a place to stay. They will need to cater to a new breed of travelers who prioritize the overall experience and cleanliness of the property. Whether this signifies the end of the short-term rental market or if investors (and travelers) will have to explore alternative solutions remains to be seen.

Posted in News
July 24, 2023

Days to Sell a Single Family Home in La Mirada Drops 30% in June

La Mirada Real Estate Market Update June 2023

June witnessed the sale of a total of 32 single-family homes, with a median price standing at approximately $902 thousand. This reflects a 4.9% increase compared to the previous year. Additionally, sellers in La Mirada received 103.7% of their original list price in June, marking a 2.3% increase from the previous year. It is worth mentioning that the arrival of new listings in the market reduced significantly, with only 33 new single-family homes entering the La Mirada market in June. This represents a decline of 2.9% in comparison to the previous year. Consequently, the scarcity of available properties is steadily stabilizing prices. However, the higher rates are also impacting potential buyers, making it more challenging for them to qualify and afford housing.

Video Update

 

Market Update (PDF)

Considering Selling Your La Mirada Home?

Maximize your profits effortlessly. Discover the 3 foolproof techniques to sell your La Mirada home for the highest price and keep more money in your pocket. Click HERE to unlock your success!

 

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Posted in Market Updates
June 5, 2023

BREAKING: Stunning East Whittier Pool Home Just Listed (Video)

East Whittier Gem: 3 Bed, 2 Bath Pool Home on a Spacious Lot with Upgraded Features.

If you're in the market for a new home, you won't want to miss out on this East Whittier gem. Located in one of the most desirable neighborhoods in the area, this 3 bed, 2 bath pool home is the perfect blend of style, comfort, and luxury. Boasting a spacious lot and upgraded features, every detail of this house has been carefully thought out to provide the ideal living experience. From the stunning backyard oasis complete with a sparkling pool and lush landscaping, to the modern and stylish interior, this home is sure to impress. Whether you're looking for a place to raise a family or simply want to enjoy the Southern California lifestyle, this East Whittier gem is the perfect place to call home.

Stunning East Whittier Gem

What a wonderful chance to acquire a pool home in East Whittier just in time for summer! This stunning property is move-in ready and is situated on a spacious lot, covering almost 7,000 SqFt, surrounded by a lovely backyard that offers complete privacy and a well-sized front yard for early morning and late evening enjoyment. An oversized, attached 2-car garage with direct entrance is also included, as well as a workshop located in the covered side yard. As soon as you step into this beautiful home, you will admire the naturally lit open floor plan owing to the abundance of windows. Additionally, you will be fascinated by the custom cabinetry with quartz counters, tile flooring and recess lighting with skylight in the remodeled kitchen. Exiting the kitchen, you will walk into the open living room and will be delighted to discover the bonus room with a grand window and double door that grants easy access to the entertaining backyard which is cleverly enclosed by newly installed vinyl fencing surrounding the property. Moreover, this superb property has central air & heat, dual pane windows, newer roof, culligan soft water system, copper plumbing and many other features. It is conveniently located near many remarkable restaurants, shopping opportunities and high-quality schools, therefore, don't hesitate to seize the opportunity!

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Click here for the full property Details. If you would like to schedule a private showing please call us at (800)-431-7942 to schedule. 

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Posted in News