The Houston real-estate market is in for a massive selloff next month, and investors looking to buy up homes and sell them off are taking the plunge.
Real estate agent Mark DeFaro is already selling his house and is putting up a $5,000 down payment.
He told Eyewitness News that the price of homes in Houston is going to go up even more, as the price for detached homes continues to climb.
“If you go through the system, you’ll be in a different spot than you are right now, you’re going to have to go through a process of taking your mortgage off the books,” DeFarro said.
DeFaro says the price has risen dramatically in Houston and he expects to see more and more homes being sold in the next month.
The Houston realty market has been struggling to maintain a hold on the market and is already on track to see an average price drop of 7% over the next few months, according to the Houston Chronicle.
DeGaro says that he has seen a couple of sellers come in recently to sell his property.
He says there are people out there who have made a profit off of a property.
“We’ve had several sales in a few months,” DeGaro said.
“People have been selling a home for the price it was going to sell for, they’ve been selling it at the market rate.
They’re selling it for as low as they can possibly get it for.”
DeGaros price is lower than the average price of detached homes in his area, and he says it is a good investment.
He thinks people who are looking to sell their homes are taking advantage of the price increase.
“People who are doing this are trying to make a profit, so that’s why they’re buying it at a price that they’re willing to pay for, and it’s also a great investment,” De Garo said, adding that it is important to have a strong foundation of cash in case you don’t make it through this process.
“There are people that are just buying the house on their own, and the way it works, you’ve got the buyer paying down the mortgage, and then the seller has the cash to pay down the house and take out a loan,” he said.