I’m considering moving to a rural area….The subdivision that I checked out had 8 more lots open and the subdivision couldn’t be no more than a 1.5yr old and there were about 8 homes that was bought and up for sale by owner. What does that mean?
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Wade Morris, Realtor - CRS, ABR
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It could mean that the same owner is buying them up and then reselling them at higher price. Or it could mean that someone had bought them before being built and have decided for whatever reason that they want out of it.
or it could also mean there is something wrong with the economy in that area. It is rural, is there some type of economy that many people are in – like a plant or mining – that just went out of business? Maybe the homes they were being rented to those families.
Here is what I would do: call every single for rent by owner and ask about the house. During the convo, you can ask if the home was being lived in previously by the owner or by someone renting. You could also knock on doors of neighbors. I know it sounds silly, but this is something they suggest in books. I’m currently looking to buy a home in a very new community. I plan on going out next weekend and knocking on neighbors doors and asking how they liked the builder, how the repairs needed went, etc. It is research that you just can not get on line or from an agent. Yeah, it sound like I’m a stalker, but it is something I’ve read in a couple of books. (And you also get to check out your neighbors!)