The housing market is hotter than ever, and if you want to turn up the volume on your passion for real estate investment, you need to do two things: Keep your finger on the pulse of housing trends and invest in smart REI software. Staying current on hot real estate trends will keep you ahead of the game, and having the right real estate investment software will help you streamline your workflows and help you quickly land the best properties.
Here are three current housing trends and an explanation of how smart real estate investment software can help you crush it as an investor.
#1: Houses Are Selling Faster.
In June 2018, the amount of available real estate listings were down 4 percent, median home prices were up 9 percent, and homes were selling 10 percent faster than a year earlier. As a real estate investor, this supply-demand imbalance means you have greater competition to land the perfect investment property. On the other hand, once you have the perfect house and have completed renovations, the chances of selling it quickly are extremely high. With more people looking and fewer options available, being able to hone in on the best properties quickly is the only way to succeed.
#2: Everyone Wants to Invest.
According to Tracy Royce, writing for the Forbes Real Estate Council, "The stigma around the average real estate investor seems to have faded with the recession. ... Many home owners won't think twice about entertaining an investor offer alongside considering selling with agents." On top of that, research from Fannie Mae shows that millennials—who outnumber every other generation in the U.S.—are hopping on the real estate investment bandwagon, with 85 percent polled saying that real estate is a good investment. This means competition among real estate investors is heating up right now, so having the tools and insight to stay ahead of other investors is crucial to your success.
#3: Houses Are More Expensive.
Nationally, median home prices came in at $240,000 for Q1 of 2018, putting prices up 9 percent for June, according to ATTOM Data Solutions. More than 50 percent of metro areas are experiencing median home prices above the pre-recession peak of $241,500 from 2005, and the metro areas that have seen the greatest price hikes are Houston, Dallas, and Denver. With home prices continuing to rise 3 to 4 percent every year, you don’t want to be priced out of the perfect fix-and-flip property—nor do you want to battle with other investors in order to land a house. It might make sense to expand your investment criteria and the types of homes you’re looking for, but how can you find out what types of REI properties are hottest right now? That’s where smart, REI software comes in.
How Can Real Estate Investment Software Help?
Now, more than ever, it's important to be able to spot quality deals, sift out those that don't match your specific criteria, and make decisions quickly. With the right software, you can focus on a geographical area for a specific type of property, find something that matches what you’re looking for, and secure the property before other homebuyers get there—or the price goes up.
Although there are countless versions of REI software out there, with Privy, you can work smarter—not harder. Privy is the lone platform that takes all variables into account in order to help you zero in on the right property in minutes. From investor comparisons and refined filtering to smart zones and hot zones, Privy delivers the most precise and comprehensive collection of data so you can find the best deal. Privy works by downloading all of the data from a multiple listing service and then using its proprietary algorithm to sort and identify the best investment deals on the market. Additionally, by tracking investor activity, Privy gives you real-time information about what works so you can make smart decisions fast.
Stand out from other real estate investors with the right REI software. Download REI Master Class: Tools of the Top Investors now to find out more about how Privy can help you transform your REI career.