Rising Rates Are Scaring Investors

As mortgage rates rise, buyers can afford less and less of a home. Because of this, prices begin to drop and real estate investors can’t flip houses as easy as previous years. Due to the rising rates and lowering prices, investors are turning the homes into rental properties. This all sounds like it will be a better situation for the first-time home buyer, but ironically not. Since these homes are being converted to rentals rather than reselling, this turns an already low inventory level to an even smaller one. Hopefully, if investors continue to pull back, inventory rises and home prices begin to lower, some buyers could be in a good position to buy.
So good luck with your home search. #mikeblackrealtor @sellingarizonanet