Companies buying nearly 17% of Ohio homes

On Behalf of | Jul 12, 2022 | Uncategorized |

Investing in real estate, whether in Ohio or some other location, can be a lucrative practice. Real estate values usually increase, particularly over the long term, and everyone has to have a place to live and work so there is also usually a high demand. One of the most common types of real estate investing is purchasing rental properties, and companies across the country are buying up residential homes in Ohio for that very purpose, it seems. 

Market analysis 

When looking at data compiled by the National Association of Realtors, analysts found that Ohio ranks 9th in the country for so-called “institutional buyers.” These investors are actually companies and corporations who buy properties in all-cash transactions and then use the houses as rentals. In 2021, these investors bought 1 out of 6 homes in the Buckeye State, or more than 16% of all homes on the market. 

The region of Northeast Ohio has seen property selling at record prices recently, and homes are typically selling now for $10,000 or more as compared to last year. Compared to some other markets in the United States, the real estate market in Ohio offers a relatively cost-effective investment opportunity for residential housing. An investor who buys several properties at once can buy four or five houses in Ohio for the price they would have to pay for a single house in another market. 

Seeking counsel for any real estate transaction 

Although it can be exciting to think of a corporation offering all cash at market value for one’s home, all real estate transactions are complex legal processes that require the knowledge and services of an experienced real estate attorney. Whether considering an offer from an investment company or a private homebuyer, those in Ohio seeking to sell their houses should consult a real estate lawyer for assistance. An attorney can sit with a client and review all offers and contracts and ensure the seller’s rights are protected and enforced.