Existing-Home Sales Tumble in March 📉

Today’s top stories…

• Existing-home sales take a nosedive

• Commercial real estate foreclosures skyrocket 117% in March

• Taylor Swift's billion-dollar real estate portfolio: From pop star to property mogul

• 💰 Deal of the Day!: No deals today!

Today’s mortgage rate (30 Yr. Fixed): 7.43%

March Madness in the Housing Market

The March housing data is in, and it's a wild ride.

• Existing-home sales took a 4.3% nosedive from February, down 3.7% from a year ago.

• But wait, prices are still soaring! The median hit $393,500, up 4.8% from last March.

• Inventory inched up to a 3.2-month supply, but sellers are still in the driver's seat.

What's the deal? Blame it on sky-high mortgage rates and scarce inventory. The average 30-year fixed rate was a whopping 7.33% as of April 17.

But there's hope on the horizon! First-time homebuyers made up 32% of sales in March, a big jump from 26% in February.

Pro tip: Keep a hawk's eye on mortgage rates and the broader economy. They'll make or break the housing market in the coming months.

Regional Roundup:

• West: Sales tanked 8.2% monthly, 3.7% annually

• South: Sales sank 5.9% monthly, 5% annually

• Northeast: Sales up 4.2% monthly, but down 3.8% annually

• Midwest: Sales dipped 1.9% monthly, 1% annually

The bottom line? It's a tight market, and we need more inventory ASAP.

(source)

⏰ Quick Tips

You asked. I answered.

What is the difference between a fixer-upper and a turnkey property?

A fixer-upper is a property that requires significant repairs or renovations before it can be rented or sold, while a turnkey property is move-in ready and requires little to no additional work. Fixer-uppers often come with a lower purchase price but require more time, money, and effort to bring up to rentable or sellable condition. Turnkey properties, while more expensive upfront, allow investors to generate rental income or sell the property immediately. The choice between a fixer-upper and a turnkey property depends on your investment strategy, skills, and available resources.

Learn more

Commercial Real Estate Foreclosures Skyrocket 117% in March

Brace yourselves, investors! The commercial real estate market is starting to crack under the pressure of high interest rates and the work-from-home trend.

• March saw a staggering 625 commercial foreclosures, up 6% from February and a jaw-dropping 117% from last year.

• California led the pack with 187 properties, a mind-boggling 405% increase from the previous year.

• New York, Florida, Texas, and New Jersey also saw significant jumps in foreclosures.

What's behind this alarming trend?

1. Expired forbearance agreements from the pandemic days.

2. Sky-high interest rates, courtesy of the Fed's inflation-fighting measures.

3. Dwindling demand for office space as remote work becomes the new normal.

The clock is ticking! $1.5 trillion in commercial mortgage debt is due by the end of 2025, and $929 billion of that matures this year alone.

Borrowers are caught between a rock and a hard place, forced to refinance at painfully high rates or sell at a loss.

To make matters worse, small and regional banks – the backbone of the commercial real estate market – are still reeling from the Silicon Valley Bank collapse. Expect lending standards to tighten like a vice.

Fed Chair Jerome Powell warns of inevitable bank failures but assures us that the big boys will weather the storm.

The commercial real estate roller coaster is just getting started, and it's going to be a wild ride.

(source)

Taylor Swift's Billion-Dollar Real Estate Portfolio

Taylor Swift's not just topping the charts; she's conquering the real estate market too. Her strategic property investments have played a significant role in her ascent to billionaire status.

Since 2011, Swift has built an impressive real estate empire worth over $125 million. Here's a breakdown of her key acquisitions:

New York City:

• 2014: Two adjacent Tribeca penthouses for $19.95 million

• 2018: Second floor of the same building for nearly $10 million

• 2017: 100-year-old townhouse next door for $18 million

Watch Hill, Rhode Island:

• 12,000-square-foot beachfront mansion on 5 acres for $17.75 million

Nashville, Tennessee:

• Age 20: 3,240-square-foot duplex on Music Row for $1.9 million

• 2011: Northumberland Estate with main house and guest house on 6 acres for $2.5 million

Los Angeles and Beverly Hills, California:

• 2015: 1934 Georgian Revival estate for $25 million, now a historic landmark

Swift's real estate portfolio showcases her keen eye for luxury properties and savvy investment strategies. From historic mansions to modern penthouses, her diverse holdings have contributed significantly to her financial success.

As Swift continues to dominate the music industry, her real estate investments serve as a testament to her business acumen and provide a stable foundation for her ever-growing wealth.

(source)

💰 Deal of the Day!

Price:

Address:

Description.

Airdna data:

Estimated monthly payment: $/month (if financed)

Estimated monthly revenue: $/month

Cashflow excludes additional operating expenses. Always confirm local regulations, HOAs and permits before purchasing a property.

Thanks and have a great weekend!

✍️ Brett