Wollam said more of the county’s distressed properties have been sold to willing buyers, such as investors who aim to build up real estate equity and turn a profit from rents that increased by about 15 percent this year, compared to last year.
“One of the strongest aspects (of the housing recovery) is the investor market,” Wollam said, describing the group as investors seeking houses priced around $220,000 and less.
“That’s where it’s easy to purchase a home and make a cash flow,” he said.
Wollam also is seeing fewer bank-owned houses and fewer short sales — in which the sellers negotiate with their lender to sell the house for less than is owed.
Interest rates that have remained low — at less than 4 percent for a 30-year fixed-rate loan — also are enticing buyers, Suomala said.
“People are comfortable buying with rates where they’re at and the range of upgrades we’re able to offer,” he said.
Homes in the company’s High Meadow community are priced from $209,000 to $270,000, with floor plans from 1,400 to 2,850 square feet.
Suomala also pointed out that rising rent payments are partly responsible for the resurgence in buyers who are also becoming more confident as consumers.
“When people look at the rental market, they say, ‘Now I can buy what I want,'” he said.
