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iBuyers, short-term rental owners could see divergence as investor activity plateaus in Q2 - Jacksonville Business Journal

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Investor homebuying activity plateaus in Q2

, Opendoor's president, said there are differences in performances across U.S. markets. East Coast markets, particularly in the Southeast and Florida, are continuing to do well, Low said, while central markets are more mixed. Western markets like Phoenix, Las Vegas and Sacramento, California, are a bit more challenging, he added.Executives at Offerpad Solutions Inc. , another iBuying platform based in Chandler, Arizona, reported similar softening in its Q2 earnings call on Aug. 3.

Bair said, looking ahead, the company will be keeping an eye on affordability. The primary reason for the recent housing-market slowdown has been due to rapidly rising mortgage rates, while home-price appreciation hasn't abated, ultimately pricing out more buyers from the market.Outlook for short-term rentals

"We think the business is benefitting from secular tailwinds," Wimmer said."In particular, the aging millennial wave should continue to drive demand for single-family rentals, especially in relatively more affordable suburban markets." Bokhari said, with slowing investor purchasing activity recently, it's possible some groups are waiting for opportunities later in the year — specifically as homebuilders unload their inventory with concessions.

 

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