Trend of investors buying homes, impacting local home buyers
DELMARVA- Many Eastern Shore home buyers are struggling to get their purchase offers accepted as they compete with property investors.
Brandon Brittingham, CEO and team leader at the Maryland & Delaware Group of Long & Foster Real Estate, says Delmarva is an attractive place for investors because interest rates are so cheap.
With that being said, Brittingham said he’s seeing an increase in investors wanting to run year-round vacation rentals.
But, the trend is having an impact on people looking to live here as they’re now having to pay against the professionals.
So, Brittingham said he has some advice for home buyers.
“Be prepared before you go out and look for a house, so if you find a house that you really like, you know you’re pre-qualified you understand everything, you have the ability to make an offer, because right now with the market being so strong, timing is everything,” Brittingham said
Brittingham said people should keep those tips in mind for the future because he doesn’t think the trend will stop any time soon.