As prices have dropped it has created an opportunity for real estate investors to gobble up great buyers with all cash offers. This often makes it difficult for many home buyers, not investors, to compete. So the question is ” if investors are buying up homes in neighborhoods with high inventory of homes for sale will it change the neighborhood”.
Well, in many cases the answer is yes. Most neighborhoods go through changing cycles as the markets change and as the demographics change. Some neighborhoods will change as investors come in and buy up homes for sale at low prices and convert them form owner occupied homes to rentals. This is the business of the investors and many will do the minimum to keep the home up and not be too concerned of keeping up with the consistency of the neighborhood as the bottom line is the cash flow in not out. Renting to renter that don’t care about the neighborhood and just want a place to rent and feel that they really aren’t a part of that neighborhood begins the decay of the neighborhood and when the market changes the value of the homes in those areas don’t keep up with other near by neighborhoods.
There is hope though and that is for the neighborhood to be involved. Let the investor know the neighbors care and will be vigilant as to how the rentals are being cared for and reporting trouble right away. Talk to your local Realtors selling in your neighborhood and share with them your concerns as many of them end up being the manager for those investors. Meet the new renter and make them feel welcomed into the neighborhood so they have a sense of belonging and will be more apt to treating their place as a home and not a rental unit they just live in.
Yes, all neighborhoods go through the different cycles but that only means we just have to keep a positive attitude, care for your neighborhood and stay involved.