This report is an analysis of insights based on New Western market sales data and opinion polling from October to November 2023 of 1,280 real estate investors.
New Western surveyed investors ages 18+ who have previously purchased property through its marketplace or plan to in the future.
Additionally, an external survey was conducted during the same time frame among consumers who are looking for a new home from Gutcheck, a global market research company. The external survey includes over 820 participants ages 18+ who have considered purchasing a house in the last 12 months or who have purchased one.
These solopreneurs and career-rehabbers continue to buy outdated properties and bring a fresh supply of homes back into the market.
In this report, we reveal how these SFR investors do it and the variance that exists between the investment market and the traditional real estate market.
Demand will remain. And home prices will moderate to make room in buyer’s budgets for rising rates.
The outlook for mortgage rates has changed since the peak of just over 7% in November 2022. With 85% of existing mortgages carrying a rate below 5%, expect homeowners to remain in place, limiting new listing inventory.
Mortgage applications will pick up but it will take time to educate consumers on the new rate environment. Useful tools like mortgage rate buy-downs will offer consumers more options when financing and allow lenders to become competitive.
We can expect traditional real estate market headlines to focus on the macro environment, which
won’t appear favorable.