Hey guys & girls,
Does anyone deal with real estate in the Orem-Provo area of Utah?
I'd like to know any information about that area. Where about is it in the market cycle, how are the returns on rental properties, etc.
@Frank Vafaei Yes I know the area well. I'm a Realtor and investor in the area. On the market cycle, we have slowed down a little. Homes went from selling in 48 hours to 15 days. It's been nice as a Realtor to breath a little. With rates going up we are running into affordability issues for buyers. However, because there wasn't a lot of building done in 07-14 we are behind on the amount of needed inventory so buyers are just moving further out from the main business areas and commenting which is putting pressure on transposition to keep things moving well.
A lot of the companies moving here are higher income jobs which should help offset the issues.
Returns on rentals are never the 1% rule. Most of the time it's a .70-.8 return. The cash flow is nice and rental vacancy is just enough time to screen new renters and clean.
Thanks @Becca Summers ! I'm doing research about properties that are outside of my vicinity and trying to learn about different markets. Seeing as you're a realtor and investor, I'd love to talk to you. Could you please message me your number or I could send you mine?
@Frank I'd be happy to send you my number.