- Michael Zuber is currently focusing on one thing when buying real estate. It’s the number of days in the market.
- Specifically, he only looks at the houses listed for at least 15 days.
- If you want to trade in today’s market, he said it wouldn’t come from the list on the first day.
The real estate market is constantly changing — and adaptability is important to being a successful investor.
When it comes to buying real estate, investor Michael Zuber’s strategy is quite different from the beginning of 2022.
“Six months ago, I bought the list for the first day. I was using cash because speed was everything,” an investment veteran told insiders.
Olivia of him and his wife for the past 20 years Built a real estate empire in Fresno, California It allowed them to retire early. They bought their first rental home for $ 107,000 in 2002 and have been gradually added to their portfolio ever since. Today, Zubers owns over 100 units and earns over $ 100,000 in monthly rental income. Insider has reviewed the overview of the real estate portfolio, examining these details.
In response to today’s market trends, Zuber no longer wants to jump to the list for the first day. In fact, he doesn’t even see properties on the market within 15 days. Soon, he said, he probably wouldn’t see anything listed within 30 days.
He focuses on “days in the market” or “DOM”. Because that’s how you get the best deal right now. “On the 15th, the sellers are nervous. They are thinking.” No one is showing. They may accept lower offers, saying “in my open house.” “
Since the beginning of the pandemic, especially from the summer of 2021 to the beginning of 2022, the national real estate market has been very supportive of sellers. Homes have been put up for sale, and as a result, “many sellers have been conditioned to accept more than the asking price,” Zubar said. “It’s changing rapidly.”
Now is the time to be more competitive with the offer, Zubah suggests, hoping to get the property at a lower price this year than last year. He also doesn’t expect to make a full price offer in the near future.
“I think this market downturn will take years, so I’ll make sure all the deals I make are better than before,” he said. “I don’t know where the bottom is.”
Any knowledgeable investor can filter the list by “days in market” and use this strategy to find the next property.
“When it comes to real estate investment, you have to find a motivated seller to get a good deal,” Zuber said. “Why do you compete with the first day list unless you are a homeowner who has to buy today or that way? If you need a deal, the deal comes from the first day list. No. Will come from the old list. “
Keep in mind that the “old list” looks different depending on the market. In Fresno, where Zuber is investing, we’ve noticed that prices start to fall after the location has been listed for about 15 days. It may be different in Los Angeles, Austin and New York.
“All markets are slowing, just at different speeds and speeds,” he said.
Also pay attention to changes in the market. Mr. Zuba, who spends his time browsing the list every day, said his deadline could be close to 30 days in four months.