Are corporate investors crowding out buyers? Here in the Coachella Valley, as with most other cities, our housing inventory is very low..in all price points, but in particular in first time home buyer price points. Our entry level has gone up dramatically, as the inventory has dwindled. If you are looking to buy or sell your land, farm, or residential property in the Coachella Valley, call Kim Kelly, local realtor at 760-285-3578.
According to the LA Times, companies snapped up a record number of residential properties in the second quarter. Soaring home prices and rents are fueling real estate companies’ appetite for houses. The number of residential properties bought by companies or institutions hit an all time high of 67,943 in the second quarter according to Redfin. When looking at just single family residences companies accounted for 16% of all purchases in the second quarter. I don’t know the actual numbers for the Coachella Valley cities, and I personally have not dealt with corporate buyers for my land, farms, or houses, but prices are high and inventory is low.
According to the LA Times, most of these corporations are buying blocks of homes, and renting them, not flipping them. Rents are so high, that they are just adding to their inventory of rental homes. Take a tour of 45300 Debbie Dr., which is a single family home in La Quinta, offered for $599,000. Great family neighborhood, this 1850 sf 3 bed/2 bath POOL home on a large corner lot would be perfect for a family, single person, or investor.