The Lubbock real estate market shifted in 2013 to a seller's market. That means there are less homes on the market to choose from and more competition trying to buy what's available. It is not uncommon for us to see a home go on the market for sale and have multiple offers within the first two days. As an investor, that means we have to adapt to today's market. How do you adapt to this market?
1. Good deals are harder to find, so when you do find one be ready to move fast.
2. Homes are bringing higher prices, so your offer needs to be reasonable.
3. Understand that you are probably not going to buy many houses at 80% of their value in this market, but you can still have a great deal because of the low interest rates. If you look ahead five years, investors buying properties then will most likely be paying much higher prices and much higher interest rates than what you can get today. Those that take advantage of the opportunity we have now will have a significant advantage over those that wait a few years and then buy investment properties.
It's always a good time to buy real estate, but now is a great time!