MyHouseDeals (www.myhousedeals.com), a leading digital platform for real estate investors, today released the results of a survey it conducted to measure the impact of the coronavirus pandemic in the residential real estate investing sector.
“The pandemic escalated so quickly, we wanted to measure how it immediately impacted investors and take their temperature for how quick or painful the recovery will be,” said Alex Soares, President of the platform. Among other questions, the survey assessed how the COVID-19 pandemic impacted real estate investors’ ability to do business and the financial toll it took on the investing community.
The survey reveals that although a sizable group of investors has been negatively impacted by these unprecedented times, a considerable population has not been affected at all or has experienced a positive impact from the pandemic in their business, citing less competition and more motivated sellers among the factors contributing to a strong market.
Primarily composed of an audience of residential real estate investors, fix and flippers chief among them, survey respondents predominantly anticipate a quick recovery and positive outlook for the housing market both short-term (1–6 months) and mid-term (6–12 months), despite the fear and uncertainty that economic upheaval and a likely recession have sparked in the national economy. Investors highlight tight inventory and median house prices holding steady and in some markets showing a slight increase as factors that lead them to believe that a recovery is in sight.
“It’s proof of the resilience and creativity of our industry that most of our members have stayed active through the pandemic and found creative ways to buy and sell houses. Even though most of us had flashbacks to the Great Recession when the stock market hit bottom, real estate benefitted from a much more stable housing market that was very competitive before the virus. The more strict lending practices and investing regulations established after the housing crash of 2008 also probably helped the industry to remain stable through all this,” adds Soares, a real estate investor himself, before adding “we’re seeing healthy levels of search activity and networking, in some markets surpassing pre-COVID times. Investors adapted to an online-first model very quickly and are looking to make deals.”
The investor outlook survey was sent to members of MyHouseDeals over a two-week period. The survey consisted of 18 questions and 344 responses were gathered. The survey asked real estate investors how the coronavirus has impacted their real estate investing business, their outlook in both the short-term and long-term, as well as what investment strategies are of interest during the pandemic.
Founded in 2005, MyHouseDeals is the premier online community for residential real estate investors, providing networking tools, on-demand training, and property lead generation, including access to wholesale deals, motivated seller leads, and investor-ready foreclosures nationwide.
REI Network, L.P.