Asked 4/6/2011
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Who is buying homes in this market? Anyone have demographics on who has been buying in the last year or so? Gender, races, socio-economic criterias? I am wondering who they are and how mortgages are even functional lately. |
Answer 1/7 - Submitted 4/6/2011
Answer 2/7 - Submitted 4/9/2011
Most of the people buying in this market are either people with very good credit moving up or actually groups of people in investment funds that are buying real estate as an investment. They are grouping their money together and walking in with cash offers and taking the monthly rent as income and paying it to the investors.
Answer 3/7 - Submitted 4/9/2011
Most homes are being bought by investors and hedge funds - banks included.
The government even has a loan program specifically set up for them.
Yupper, the government gives the banks money, loans banks money, and all sorts of good stuff.
Any break for people who want to keep their homes?
Naw, that would be free loading - they should have not bought the home to begin with.
In 5 years, we will just be a bunch of renters from big banks and hedge funds - they will own most of the property in the U.S.A.
Just go down at the local auction in your area - you'll see groups of investors who have pooled monies, banks and other organizations bidding on the homes.
Very few individuals.
Cheers,
thebigmozey
Answer 4/7 - Submitted 4/17/2011
Answer 5/7 - Submitted 4/25/2011
In my area, Southeast Michigan, home sales have been quite stagnant up until the past six months I would say, and although it's not a big turn-around, I am noticing the bulk of homes being purchased are from young recent college graduates. It actually is a perfect opportunity once they establish a job in their field, for them to begin home ownership. I hope it continues and helps to start turn things around.
Answer 6/7 - Submitted 6/2/2011
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