Need a realtor to sell a home in this market?

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I Shrugged
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Need a realtor to sell a home in this market?

Post by I Shrugged » Tue Apr 13, 2021 1:18 pm

I'm a believer in using a realtor to sell.
Today, at this moment, I'm not sure I see the value.

We are planning to sell our main house. I could sell it on Facebook in 48 hours, I think.
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Re: Need a realtor to sell a home in this market?

Post by flyingpylon » Tue Apr 13, 2021 1:54 pm

The relative of an acquaintance of mine recently put their "nothing special" house in a suburb of Buffalo, NY on the market at $415k. Within 4 days they had 11 offers, 4 were all cash, and the accepted offer was $500k all cash with a quick close.

I really would like to see a breakdown of who is buying these homes and what they plan to do with them compared to more "normal" times.
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Re: Need a realtor to sell a home in this market?

Post by doodle » Tue Apr 13, 2021 2:19 pm

We keep rehashing real estate over and over here but no one talks about the hundreds of places in this country where housing hasn't gotten stupid expensive. There are places all over america that are completely affordable. Is there a reason why these places are being ignored?
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Re: Need a realtor to sell a home in this market?

Post by whatchamacallit » Tue Apr 13, 2021 2:39 pm

flyingpylon wrote:
Tue Apr 13, 2021 1:54 pm
The relative of an acquaintance of mine recently put their "nothing special" house in a suburb of Buffalo, NY on the market at $415k. Within 4 days they had 11 offers, 4 were all cash, and the accepted offer was $500k all cash with a quick close.

I really would like to see a breakdown of who is buying these homes and what they plan to do with them compared to more "normal" times.
Wow. I would question whether you could pay me $500k to live in Buffalo NY for to long. Must be a nice suburb.
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Re: Need a realtor to sell a home in this market?

Post by doodle » Tue Apr 13, 2021 2:50 pm

tomfoolery wrote:
Tue Apr 13, 2021 2:28 pm
doodle wrote:
Tue Apr 13, 2021 2:19 pm
We keep rehashing real estate over and over here but no one talks about the hundreds of places in this country where housing hasn't gotten stupid expensive. There are places all over america that are completely affordable. Is there a reason why these places are being ignored?
I keep hearing about these mythical places and no one has listed any specifics.
Seriously???? There are literally hundreds of nice cities and towns in this country that are very affordable.

This one happens to be good enough for one of the richest men in America. But I'm sure you can think of many others that don't show up on the covers of travel magazines.

https://www.realtor.com/realestateandh ... 342-24336
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Re: Need a realtor to sell a home in this market?

Post by doodle » Tue Apr 13, 2021 3:04 pm

Just noticed it backs up to gerald ford conservation center and gardens....that might be a bit uncomfortable for a liberal like yourself...
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Re: Need a realtor to sell a home in this market?

Post by murphy_p_t » Tue Apr 13, 2021 3:26 pm

Who knows if there's any truth behind this rumor...

http://voxday.blogspot.com/2021/04/mail ... ouses.html
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Re: Need a realtor to sell a home in this market?

Post by glennds » Tue Apr 13, 2021 4:37 pm

Apparently the herd extends well beyond Wall Street hedge funds. Include pension funds, and foreign investors (institutional foreign investors and sovereign wealth funds).

https://www.wsj.com/articles/that-subur ... 1618306380
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Re: Need a realtor to sell a home in this market?

Post by doodle » Tue Apr 13, 2021 4:43 pm

Why aren't they buying all those homes in omaha for under $100 a square foot then?
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Re: Need a realtor to sell a home in this market?

Post by glennds » Tue Apr 13, 2021 4:51 pm

doodle wrote:
Tue Apr 13, 2021 4:43 pm
Why aren't they buying all those homes in omaha for under $100 a square foot then?
When they're done with the large metro areas mentioned like Atlanta, Las Vegas, Phoenix, that may be where they go next. Usually the low hanging fruit is the first to go.
On the other hand, this opportunistic SFH institutional buying may be limited to the high population growth markets, for now at least. I think they're looking for a combination of renter market and growth, more than bargain prices.
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Re: Need a realtor to sell a home in this market?

Post by doodle » Tue Apr 13, 2021 7:53 pm

tomfoolery wrote:
Tue Apr 13, 2021 4:53 pm
doodle wrote:
Tue Apr 13, 2021 4:43 pm
Why aren't they buying all those homes in omaha for under $100 a square foot then?
They will be. Wait until next year.
So what are you waiting for???

I mean, I know these are red states with conservative politicians and all...that might be uncomfortable for a liberal like you...but still
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Re: Need a realtor to sell a home in this market?

Post by vnatale » Tue Apr 13, 2021 9:07 pm

West Virginia wants YOU!

Vinny


Wanna move to West Virginia?
The State of West Virginia launched a program yesterday in which it’s offering a cash payment of $12,000 and is giving away thousands of dollars worth of free passes for outdoor recreation activities like whitewater rafting, golf, ziplining, rock climbing, and horseback riding. The catch: you have to move there:

The coronavirus pandemic sent the work-from-home concept into the stratosphere over the past year with tens of millions of employees temporarily or permanently pushed out of their offices. West Virginia officials are counting on that to continue.

Participants whose employers are based elsewhere will be given access to work spaces set up in three communities selected earlier this year as remote networking hubs. These hubs will connect them with entrepreneurs and state business leaders.

They are accepting applications for the first round now. In that round, you’ll be asked to move to the Morgantown hub. In the later two rounds they’ll be asking people to move to the hubs in Shepherdstown and then the one in Lewisburg. Personally, I’d take the Lewsiburg one. It’s closer to cooler, prettier stuff. And the town is kind of funky too. If I didn’t have kids in school here I’d do it in a second.

You should. What the hell else are you doing with your life?



https://apnews.com/article/west-virgini ... 47530bb1c4


https://ascendwv.com/
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
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Re: Need a realtor to sell a home in this market?

Post by WiseOne » Tue Apr 13, 2021 9:49 pm

Unless you really know what you're doing you should probably get a realtor.

I'm buying an apartment for my mother direct from a seller in my coop. No brokers involved, and for cash. The price the seller asked is so low, I'm afraid the board might not be pleased about it. I was expecting an ask of more than $100K higher, and on the open market the unit would probably get another $100K beyond that - at least!

TomFoolery, if you're at all into the idea of NYC, there is at least one other internal, no broker sale going on in my coop. There are a lot of elderly relatives moving in - I'm not the only one.
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Re: Need a realtor to sell a home in this market?

Post by glennds » Tue Apr 13, 2021 10:36 pm

tomfoolery wrote:
Tue Apr 13, 2021 5:38 pm
There's some conspiracy theorists who believe this is part of "The Great Reset" where housing becomes unaffordable which allows the government to institute UBI and digital currency that depreciates if unspent.
Then there are others who run the numbers and realize what the hedge funds have figured out. Compared to multi-family housing and apartment investments, they can acquire rental stream for a lower capital cost by aggregating single family home purchases on a large scale.
Plus complete elimination of load factor, which by itself is huge.
Just a good old fashioned business opportunity, and a clever one.

Not to take away from a good conspiracy theory though because yes, OTOH it might all be a governmental plot to take away people's rights.
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Re: Need a realtor to sell a home in this market?

Post by flyingpylon » Wed Apr 14, 2021 4:26 am

glennds wrote:
Tue Apr 13, 2021 10:36 pm
tomfoolery wrote:
Tue Apr 13, 2021 5:38 pm
There's some conspiracy theorists who believe this is part of "The Great Reset" where housing becomes unaffordable which allows the government to institute UBI and digital currency that depreciates if unspent.
Then there are others who run the numbers and realize what the hedge funds have figured out. Compared to multi-family housing and apartment investments, they can acquire rental stream for a lower capital cost by aggregating single family home purchases on a large scale.
Plus complete elimination of load factor, which by itself is huge.
Just a good old fashioned business opportunity, and a clever one.

Not to take away from a good conspiracy theory though because yes, OTOH it might all be a governmental plot to take away people's rights.
One’s perspective on this probably depends on whether they’re looking for a place to live.
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Re: Need a realtor to sell a home in this market?

Post by Kriegsspiel » Wed Apr 14, 2021 7:18 am

vnatale wrote:
Tue Apr 13, 2021 9:07 pm
West Virginia wants YOU!

Vinny


Wanna move to West Virginia?
It's rare that I hear about WV-related news from Vinny before I hear it from my parents ;D We talked about the income tax proposal, and at the time I guessed that Morgantown and Martinsburg (DC exurb) would be the big winners. It looks like the incentive is all going to Morgantown right now, which is just as well because Morgantown fucking rocks. I can see this being a big pull from Pittsburgh, with its large number of software and hostpital/banking people who can work remote.
You there, Ephialtes. May you live forever.
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Re: Need a realtor to sell a home in this market?

Post by I Shrugged » Wed Apr 14, 2021 10:26 am

glennds wrote:
Tue Apr 13, 2021 10:36 pm
tomfoolery wrote:
Tue Apr 13, 2021 5:38 pm
There's some conspiracy theorists who believe this is part of "The Great Reset" where housing becomes unaffordable which allows the government to institute UBI and digital currency that depreciates if unspent.
Then there are others who run the numbers and realize what the hedge funds have figured out. Compared to multi-family housing and apartment investments, they can acquire rental stream for a lower capital cost by aggregating single family home purchases on a large scale.
Plus complete elimination of load factor, which by itself is huge.
Just a good old fashioned business opportunity, and a clever one.

Not to take away from a good conspiracy theory though because yes, OTOH it might all be a governmental plot to take away people's rights.
What is load factor as it applies to rental property? In airlines it means the percentage of seats filled.
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Re: Need a realtor to sell a home in this market?

Post by glennds » Wed Apr 14, 2021 7:37 pm

I Shrugged wrote:
Wed Apr 14, 2021 10:26 am
glennds wrote:
Tue Apr 13, 2021 10:36 pm
tomfoolery wrote:
Tue Apr 13, 2021 5:38 pm
There's some conspiracy theorists who believe this is part of "The Great Reset" where housing becomes unaffordable which allows the government to institute UBI and digital currency that depreciates if unspent.
Then there are others who run the numbers and realize what the hedge funds have figured out. Compared to multi-family housing and apartment investments, they can acquire rental stream for a lower capital cost by aggregating single family home purchases on a large scale.
Plus complete elimination of load factor, which by itself is huge.
Just a good old fashioned business opportunity, and a clever one.

Not to take away from a good conspiracy theory though because yes, OTOH it might all be a governmental plot to take away people's rights.
What is load factor as it applies to rental property? In airlines it means the percentage of seats filled.
It refers to non-leasable space, such as common areas and circulation. In an apartment complex or shopping center there is a considerable amount of it, sometimes 20-30%. The load factor refers to the cost associated with these common area expenses being shared on a pro rata basis among tenants. But in an apartment complex, the load factor is simply estimated and built into the rent rather than a true known accounting pass-through. For a landlord this is an issue because the market rent may not cover the load factor and also vacancy (and the associated pro-rata load factor) is on the owner's dime.

These scale single family home purchases are brilliant because it's like creating a synthetic non-contiguous multi-family housing portfolio with no common areas or load factor. The rent is truly net to both parties.
I ran the numbers today, using a large 582 unit apartment for sale in my metro market which is listed at $155MM. Based on the quoted cap rate, and a quick Zillow search of rent and sale prices for single family homes, I estimate you could achieve the same rent stream by purchasing 147 homes and do so for 27% less capital cost with a management fee to a third party management company. And your risk is diversified among 147 properties as opposed to one. And you have the appreciation on 147 smaller properties compared to one and a much more liquid buyer market when it comes time to unload.

This is why I thought it was absurd to find a conspiracy theory in any of it. Crunching the numbers, it's a pure business opportunity due to the spread between rent and home prices at a given investment cap rate. This is why institutional money is pouring in, and unless rent drops, home values will escalate to a value based not just on comps, but on an investment value driven by implied rate x cap rate. And if interest rates drop into negative territory, this will go wild.

BTW, this may not work in all markets, it really depends on the rent levels, demand, inventory and forecasted growth in that market. This must be by the funds have been strategic in market selection.

Of course the fallout will be an affordability disconnect, especially for younger buyers who will be mostly trapped in a renting situation, which ironically, also works to the institutional buyer's advantage. Price escalation not only improves the value of their portfolio, but it also reduces affordability hence forces many people into a trapped rent cycle where they cannot afford to buy.

Just wait until they start packaging these portfolios, rating them, and selling bonds against them if they aren't already. It will be like 2008 all over again. Maybe AIG will sell credit default swaps if you want to bet against them. Long post, sorry.
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Re: Need a realtor to sell a home in this market?

Post by I Shrugged » Wed Apr 14, 2021 8:24 pm

Thanks Glenn. Very interesting analysis.
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Re: Need a realtor to sell a home in this market?

Post by glennds » Wed Apr 14, 2021 10:22 pm

tomfoolery wrote:
Wed Apr 14, 2021 9:59 pm
glennds wrote:
Wed Apr 14, 2021 7:37 pm


This is why I thought it was absurd to find a conspiracy theory in any of it. Crunching the numbers, it's a pure business opportunity due to the spread between rent and home prices at a given investment cap rate. This is why institutional money is pouring in, and unless rent drops, home values will escalate to a value based not just on comps, but on an investment value driven by implied rate x cap rate. And if interest rates drop into negative territory, this will go wild.
Here's where my conspiracy theory comes into play.

And I know this is going to sound really absurd and impossible, but play along.

What if Blackrock has agents that somehow can have secret meetings with high ranking US Government officials. I know, ridiculous, but let's say it could happen.

And Blackrock said, "you know it would be a fantastic opportunity for us to buy up more single family homes, if interest rates could come down a bit on mortgage-backed securities so we can buy properties with cash, close in 14 days, and then equity strip with a mortgage. Any chance you can get the Fed to buy a ton of Mortgage Backed Securities to drive the rates down?"

And this hypothetical politician/power broker laughed and said, yeah, "We'll say that the Fed needs to buy $20B of mortgage backed securities every month, indefinitely, to keep the housing market solvent, and even when the housing market has gone up 30%, we'll keep doing it HAHAH"
I'm not seeing where mortgage backed securities or mortgages come into play. The investment here is hedge funds buying cash flow producing assets in the form of single family homes as investment property with private capital, and doing so on a large aggregate scale. Nobody is getting a conventional mortgage either on the front end or as a take-out because the property is not owner occupied. The model is effectively a conversion of residential property into institutionally owned investment property.

Besides, Blackrock is only one (big) player among an increasingly crowded field that now includes foreign insurance companies like Allianz and sovereign wealth funds. Even if your conspiracy theory was sensical on the funding model level, it would be a real stretch for a whole crowd of institutions even offshore, to be in on it.

Don't get me wrong though. I'm not necessarily saying this is good. If the single family home market, beyond a few opportunistic markets, is in the process of being institutionalized, it has huge implications depending on how far it goes. Even if the parties doing it are just private concerns practicing good old fashioned capitalism.

Then again if you're a Libertarian, this is just the free market doing it's thing, so live by the sword, die by the sword. Then again, you're a long time registered Democrat, so that last part you can save for your Libertarian friend that you're always trying to talk sense into.
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Re: Need a realtor to sell a home in this market?

Post by D1984 » Thu Apr 15, 2021 12:33 am

tomfoolery wrote:
Wed Apr 14, 2021 11:01 pm
glennds wrote:
Wed Apr 14, 2021 10:22 pm

I'm not seeing where mortgage backed securities or mortgages come into play. The investment here is hedge funds buying cash flow producing assets in the form of single family homes as investment property with private capital, and doing so on a large aggregate scale. Nobody is getting a conventional mortgage either on the front end or as a take-out because the property is not owner occupied. The model is effectively a conversion of residential property into institutionally owned investment property.
So you don't think the Fed's behavior creates a greater market for Blackrock et al to securitize their property mortgages and sell them? While they may not be owner-occupied, there seems to be some fungibility to it.

Such that if the Fed's behavior causes related assets, such as owner-occupied mortgages to have lower rates, then Blackrock's Investment Property Mortgages should come down as well.

Imagine an environment where owner-occupied is a 4% rate. Blackrock would maybe have to sell their mortgages at a 5% rate, since investment property is riskier.

But if Fed manipulates rates down to 2.5%, then Blackrock should be able to sell their non-owner occupied for 3.5% because investors are hurting for yield and willing to assume riskier assets to get that yield.

The Fed's behavior incentivizes riskier investment yield-seeking behaviors. Also, there's no opportunity for price discovery because if the mortgage rate is 2.5%, screw it, let the entry-level home in Las Vegas where there's 30% unemployment and median income is $35k shoot up to $500k for an entry level shack because the monthly payment is so low.

If there was free market price discovery, mortgages might be a 10% or 15% rate right now due to how large of a bubble the market is in. All else equal, without Fannie and Freddie to backstop a mortgage, what rate of interest would you require if I wanted to buy a single family 1400 sq 3/2 home in Las Vegas, in a crap neighborhood, that was built in 1972 for $500k with $20k downpayment.

Would you lend me $480k to buy this craphole shack at 3% interest? I promise I'll pay you back, and if I dont, you get to keep the house! Doesn't that sound like a steal?

Absent government manipulation of backstopping absurdly appraised mortgages and the Fed forcing rates down, I would only lend this person $480k if the interest rate were around 50% or greater.

So in an actual free market, price discovery would occur and the seller of this Vegas Craptacular Shack would have to drop their price to $150k to find a buyer who can find an investor who is willing to lend them the money to buy the house at a reasonable rate. I would only charge maybe 8% interest to lend this person $150k to buy the same house. But at $480k, I need 50% interest rate because if you default, I don't think I can sell the house for anywhere near 480k and will lose a ton of money.

One of the main benefits of the free market is price discovery.
Unemployment in Las Vegas is (as of Mar 2021) is 9.3%. It is nowhere near 30% It was around 28% or 29% IIRC back in April 2020 but you are almost a year out of date if you think it's anywhere close to 30% now.

Also, if Fannie/Freddie/FHA backing up mortgages causes sky-high appreciation beyond what economic fundamentals justify, then why is this only occurring now? We've had Fannie Mae since what....the late 1930s? FHA (and its predecessor HOLC) since 1934 or 1935, government-backed VA loans since 1944, and Freddie Mac since 1971. Explicitly-government backed (backed under Federal Law by the full faith and credit of the US government) mortgage-backed securities were first authorized by Federal law in 1968 and were common by the early 1970s.....and CMOs have been around since the very early 80s.

If you wish to say that Federal backing of mortgages combined with "too low" of rates causes bubbly prices, then why did it not cause bubbly prices in the mid-40s to early 50s (when we had sharply negative real rates--sometimes close to negative 7 or 8% after inflation) when we had high inflation first in the immediate post-WWII period and then again from mid-1950 to 1951 during the Korean War? Or for that matter, why did it not cause bubbles during the 1970s when real rates were negative or almost negative for several years until Volcker came along?

Finally, why do you think investors would only be willing to lend money at a rate as high as 8% for a mortgage against a reasonably priced (i.e. reasonably priced by a price-to-income and/or price-to-rent ratio) home? Even if we get 3% inflation on a sustained basis (which is not at all assured) then that represents a "real" return of 5%; if inflation over the short to medium term term averages only 2.5% then that represents a real return of 5.5%. Historically (at least over the last hundred years or so) mortgage rates have almost never been anywhere close to 5% or 5.5% real (or higher than that) except for a brief blip in the 1980s and a few years in the 90s after investors were so shell-shocked from the inflation of 1973-1981 that they demanded high rates to compensate. Given that expected inflation is nowhere near 8%, nominal GDP growth and population growth are lower than in the 1950-75 period, productivity growth is also lower than during this period (and indeed lower than it was from circa 1995-2004 as well) and thus investment and consumption demand on loanable funds is also commensurately low, why should investors have any right to expect 5% or 5.5% real or so on a reasonably safe asset? Where is the booming demand for capital that would bid rates up that high?
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Re: Need a realtor to sell a home in this market?

Post by boglerdude » Thu Apr 15, 2021 3:17 am

"QE doesnt do anything"
"IOER doesnt do anything"

Well, they should just shut off the spigot then. Or shift it to my mouth...
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Re: Need a realtor to sell a home in this market?

Post by Tortoise » Thu Apr 15, 2021 12:45 pm

tomfoolery wrote:
Thu Apr 15, 2021 12:21 pm
You're correct. The official U3 numbers are around 9% for Vegas. And the official CPI-U is hovering around 2%.

I don't know why I thought unemployment is 30% and Inflation is 15%. I think QAnon has gotten to my grocery store, landlord, health insurance company, gas station and gun store.
There are simple substitutions for all of those things.

Forage and grow your own food instead of shopping at a grocery store. Build your own house out of sticks and mud instead of renting from a landlord. Stay healthy so you never need health care. Walk instead of driving a vehicle. Carry a big stick instead of a gun.

If you make all of those simple substitutions, you reach the correct conclusion that inflation is quite low, which agrees with CPI-U.
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Re: Need a realtor to sell a home in this market?

Post by Tortoise » Thu Apr 15, 2021 2:56 pm

tomfoolery wrote:
Thu Apr 15, 2021 12:55 pm
Can you recommend something other than sticks for housing and self defense? Lumber is up another 20% month-over-month.
I guess replace sticks with rocks?
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Re: Need a realtor to sell a home in this market?

Post by glennds » Thu Apr 15, 2021 5:08 pm

tomfoolery wrote:
Wed Apr 14, 2021 11:01 pm
glennds wrote:
Wed Apr 14, 2021 10:22 pm

I'm not seeing where mortgage backed securities or mortgages come into play. The investment here is hedge funds buying cash flow producing assets in the form of single family homes as investment property with private capital, and doing so on a large aggregate scale. Nobody is getting a conventional mortgage either on the front end or as a take-out because the property is not owner occupied. The model is effectively a conversion of residential property into institutionally owned investment property.
So you don't think the Fed's behavior creates a greater market for Blackrock et al to securitize their property mortgages and sell them? While they may not be owner-occupied, there seems to be some fungibility to it.

Such that if the Fed's behavior causes related assets, such as owner-occupied mortgages to have lower rates, then Blackrock's Investment Property Mortgages should come down as well.

Imagine an environment where owner-occupied is a 4% rate. Blackrock would maybe have to sell their mortgages at a 5% rate, since investment property is riskier.

But if Fed manipulates rates down to 2.5%, then Blackrock should be able to sell their non-owner occupied for 3.5% because investors are hurting for yield and willing to assume riskier assets to get that yield.

The Fed's behavior incentivizes riskier investment yield-seeking behaviors. Also, there's no opportunity for price discovery because if the mortgage rate is 2.5%, screw it, let the entry-level home in Las Vegas where there's 30% unemployment and median income is $35k shoot up to $500k for an entry level shack because the monthly payment is so low.
Tom,
I think there is still a bit of a disconnect here.
Let's say Blackrock, or any institutional fund for that matter, sets up a fund from their own capital or their own funding sources whatever they may be. And that fund goes out and acquires existing shopping centers. Now they are the landlord of these acquired properties. Then they contract with local management companies and real estate brokers to manage the tenanting, maintenance and property accounting of the shopping centers. Let's say they eventually assemble a portfolio of say 200 shopping centers.
Once they have this portfolio assembled, they can underwrite bonds based on the underlying rental cash flow coming in from the 200 properties. In that underwriting will be reserves and allowances for vacancy, lease turnover, defaults, re-tenanting costs, assumptions for rent escalations over time and let's not forget asset management fees to themselves. They will also make assumptions on the appreciation of the value of the underlying shopping centers themselves and figure that into a disposition unwind at the end of a chosen term for the investment. All this will shake out to a quality rating on the portfolio and a yield. They now have a fixed income security that they can go out and sell. Or not, maybe instead they'll hold the portfolio for themselves and simply collect the cash flow.

Now substitute shopping centers for apartment complexes. No problem. Happens every day.
Now substitute apartment complexes for single family homes, a lot of them. Now we're getting novel. See where I'm going?

Mortgages as you know them are not part of this scenario. No Fannie, no Freddie. It is basically a sophisticated commercial real estate financing model applied to single family homes. The brilliance in the model is that you can acquire the same rent stream for lower cost because single family homes are inexpensive in comparison to other rent generating forms of real estate at this time, at least in certain markets.
Surprising to you and I as individuals because we think homes are expensive and getting more so, but in the context of this financing model they are not.
So long as you consider a dollar of rent to be equivalent to a dollar of rent and you are agnostic to the product type it comes from, then you see how this evolved.

The secondary residential mortgage market is irrelevant (FNMA, FMCC). And the Fed's interest rate policy is of no special impact to this scenario, rather it is a universal condition affecting the yield market for all marketable investments.

The big question that I do not have an answer for is what implications this model has for the housing market at large. If the activity is limited to a few markets and for a limited time, then not much. But if Wall Street does what Wall Street likes to do, which is scale things up to the moon, then it could be impactful to the nationwide housing market, certainly from a supply standpoint.

If you're interested enough, head over to the St. Louis Fed FRED site and look at the Case-Shiller graphs for certain markets like PHX, Las Vegas, and the 20 City Metro composite. It's stunning how steep the escalations are.
Last edited by glennds on Thu Apr 15, 2021 7:13 pm, edited 2 times in total.
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