Real Estate Investors: Impact and Implications for Buyers

The latest data from Redfin reveals a 0.5% increase in real estate investor activity compared to the previous year. This marks the first rise in investor activity since mid-2022. While this growth may have implications for buyers in the market, it is important to understand what investor home purchases truly signify.

According to Redfin, investors encompass various institutions and businesses that acquire residential properties. These investors often make purchases through limited liability companies (LLCs), trusts, or other forms of companies. Their primary motivation for buying homes is to generate income or profit. Some investors may utilize these properties as part-time residences or vacation homes.

In the first quarter of 2024, approximately 19% of homes were purchased by investors, as reported by Redfin. This implies that the remaining 81% were purchased by non-investors, with the intention of making them their primary residences. Notably, institutional operators—real estate investors who own at least 1,000 single-family homes—own just about 1% of the total housing stock in the United States, according to ResiClub and Parcl Labs.

Moody’s Analytics conducted a metro-level analysis to explore the relationship between investors’ share of home sales and homeownership rates. Surprisingly, the study found a weak correlation between the two factors, suggesting that investors do not significantly hinder traditional homebuyers. Although investors may purchase existing homes at high rates, potentially accounting for up to one-third of sales in some areas, this does not necessarily affect non-investor buyers.

Determining the true impact of investor activity on the housing market is a complex task. Redfin’s Chen Zhao emphasizes that it cannot be measured solely through straightforward data analysis. Factors such as seasonality and fluctuating mortgage interest rates play a part in the ebb and flow of investor activity. Higher home sales during the spring and changes in interest rates can both influence investor behavior.

For buyers in the market, competition with investors is an additional hurdle to overcome. However, it is essential to consider the nuanced implications of investor behavior. Many investors contribute to the rental market by leasing out single-family homes, which can benefit renters by increasing the supply of available properties. Additionally, some investors purchase uninhabitable properties, renovate them, and reintroduce them to the housing market. This ultimately improves the overall housing supply.

It is clear that the impact of investor activity on the housing market is multifaceted. Therefore, a comprehensive understanding of investor behavior and its implications is crucial for both buyers and renters.




2024年第1四半期には、Redfinによれば約19%の住宅が投資家によって購入されました。これは残りの81%が非投資家によって購入されたことを意味し、それらは主な居住地として活用されるために購入されたものです。特筆すべきは、ResiClubとParcl Labsによると、アメリカ合衆国の住宅供給総数において、少なくとも1,000軒の単一家族住宅を所有する不動産投資家として知られる機関が全体の約1%を所有していることです。

Moody’s Analyticsは、投資家による住宅販売のシェアと住宅所有率の関係を調査するために都市レベルの分析を行いました。意外にも、この調査では、投資家と従来の住宅購入者の間には弱い相関関係があることが分かりました。投資家が一部の地域で売上の約3分の1を占めることがある高い割合で既存住宅を購入しているかもしれませんが、これは必ずしも非投資家の購入者に影響を与えるわけではありません。

投資家活動が住宅市場に与える真の影響を判断することは困難な課題です。RedfinのChen Zhaoは、単純なデータ分析だけで測定することはできないと強調しています。季節性や変動する住宅ローン金利などの要因が投資家活動の増減に影響を与えます。春の住宅販売の増加や金利の変動は、いずれも投資家の行動に影響を与える可能性があります。