With recent data indicating investment companies now own about one fourth of all single-family homes, with that number quickly rising, and new platforms now allowing small-time investors to buy shares of rental homes and vacation rentals starting from $100, one reader contributed the comment below in italics.
They said they wanted to remain anonymous as they said they are “actively looking for a house and don't want it to be a deal breaker or deterrent,” but are growing increasingly frustrated with their searches on Zillow, and seeing so many out of reach flipped houses on the market.
I want to know how many flippers and investment companies buy houses in town. I am very tired of looking at houses to only see they were purchased within the last couple of years and then they are on the market for over double. I want to know if there is any legislat[ion] in place to prevent institutions from owning too many properties and if there are any rules/laws that help individuals to buy affordable (below 350k) housing. Because it really seems like it is impossible and any property I see below 350k is in contract within days as long as it isn't a tiny condo.
Please, I am looking for answers and help on what city council or the state [are] doing to get people into homes. Please note: I know about all first time home-buyers benefits, but I am not a first time home buyer. Due to unfortunate circumstances, I had to sell and move into an apartment. I have a decent salary, and down payment and can't buy any of the houses on the market. I am not alone in this situation. We need answers.
Comment contributed to Our Town Reno, July 2023