Nearly half of homes sold in Bexar went to investors in 2021; at 28%, state rate was highest in U.S.
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Investors snapped up nearly half the homes sold in the San Antonio area last year, drawn to rising populations, prices and rents. That meant more competition for prospective buyers in a market where demand was already outpacing the supply of homes for sale.
Forty-six percent of homes sold in Bexar County in 2021 were bought by institutional buyers, up from 11 percent in 2020, according to a new report from the National Association of Realtors.
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The association surveyed about 3,644 real estate agents and found that homeowners sold to investors because they offered cash and bought property “as is.”
About 76 percent of respondents said they saw more investors in their markets in 2021 compared to three years ago, and 42 percent said those buyers usually acquired homes needing rehabilitation.
Of the homes bought, respondents said about 42 percent were rented out and 45 percent were resold.
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She expects institutional buyers to purchase more properties because interest rates and inflation are still rising and there’s plenty of demand for housing, particularly among millennials.
“I think for the next two years at least we will continue to see an increase in institutional buyer share,” she said.