Secondary-home and investment-property buyers are a rising share of homebuyers in many major cities, real estate data shows. Experts say the effect these deep-pocketed shoppers are having in housing markets is muscling out first-time homebuyers.
The share of home sales going to absentee owners doubled from 18% to 36% between June 2019 and December 2020 in Austin, Texas. It has since decreased to 20%.Jasmine Cui
Through December 2022, absentee sales in most of these areas remained higher than before the pandemic.— propping up prices and keeping competition tight. Ryan Pavlich, a marketing analyst in San Antonio, spent 18 months trying to buy a house beginning in 2018. Pavlich, 29, said he placed offers on nine homes, including a three-bedroom starter home with a new fence that he offered $5,000 above asking price.“Each time we lost out, the common denominator was cash,” Pavlich said.
Absentee buying increased in 40 out of 55 San Antonio ZIP codes with measurable buyer activity. Often, the greatest increases occurred in entry level-priced areas.
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