Updated almost 8 years ago on . Most recent reply
Wading in a flooded market?
My wife and I have recently moved into real estate investing and although we are new we have put in multiple offers since jumping in and its definitely a sellers market. The Houston market is literally flooded with investors willing to pay asking price or above for flooded homes. As newbies its definitely discouraging since using hard money to get started really limits your ability to land deals in a white hot market like Houston.
Don't get me wrong, this wont be one of those "we cant find deals" posts, but more of an appreciation and understanding for the vents unfolding around us. Given that Houston's dropped from #4 to #60 on PWC's best market list, I am considering let everyone duke it out on MLS for these flooded homes and exploring other emerging or under served markets until the insanity subsides.
https://www.pwc.com/us/en/industries/asset-wealth-...
We'll continue to make offers because for every offer we make we learn a bit more about the industry and we like that, but given the market conditions (sellers market) we doubt our hard money requirements will enable us to win many MLS deals. We are giving up on those flooders, and focusing on off-market deals, but we are also looking at other markets in general.
Anyone else dealt with a sellers market or an over saturated market before? What did you do and were you successful in that market in the long run?