Inventory growth fueled by 10 new market openings this year, including the latest in washington d.c.; Fixed and reverse properties bought on the New Western market are selling for up to 31% less than new construction
DALLAS, August 25, 2022 /PRNewswire/ — new westernthe nation’s largest private marketplace for fixed and reversible residential investment properties, today announced that the company has made homeownership accessible to more Americans by increasing U.S. housing inventory by 6,540 units to date in 2022. Without building a single home, New Western achieved this increase through its data, advanced knowledge of local markets and business model, which includes securing inventory among the 16 million vacant homes across United States as well as other off-market properties for less than $250,000 on average. As a result, homes purchased on the New Western market and subsequently renovated sell for up to 31% less than new construction.
New Western’s unprecedented growth in 2022 is driven by its rapid expansion into 10 new markets for a total of 50 locations nationwide. This includes his new office at washington d.c.where New Western set out to revitalize almost $1 billion in properties in this region over the next five years. New Western has identified the District of Colombia and its surrounding towns as a strong opportunity for investors due to the local need for a disruptive force in the residential real estate market: The median selling price of a single-family home in washington d.c.in July was $1.153 millionand only 98 homes sold that month, down 19% from July 2021 by Redfin. With 81.8% of homes in the DC metro area alone built before 2002, New Western will help solve the DC area’s affordable housing crisis by putting older and struggling homes back on the market.
“Our rapid growth continues to allow us to improve the quality of opportunities New Western offers, especially as we enter one of the largest metropolitan markets in United States,” said kurt carlton, co-founder and president of New Western. “Home prices in the DC area have increased for 13 consecutive years. We are in a unique position to provide much-needed inventory to this market and look forward to creating more affordable housing. I would like to express my gratitude to all our employees for their hard work and commitment to delivering on this promise.”
New Western’s model increases residential housing inventory in United States at a time when home ownership is increasingly out of reach for many Americans – in part due to low inventory and low costs. Although housing stock rose 8% in May, it was the first monthly increase since June 2019. When compared to May 2020pending home listings fell 48.5%, driving prices up record highs in many cities from Realtor.com.
“New Western offers substantial opportunities for sellers, buyers and investors, as well as a positive impact in many neighborhoods. Their unique market offers value-added homes that would otherwise not be attractive to most residential home buyers. – something that I really appreciate as Chicago native,” said Joan Kaufmann-Stubebroker manager of Circled Squared Real Estate in New Lenox, Illinois. “In addition to the great value that New Western brings to the real estate ecosystem, one of the main reasons I recommend New Western’s marketplace to my investing clients is that their inventory is available on a first come, first served, eliminating bidding wars and increasing investor profitability.”
Born out of the chaos of the 2008 foreclosure crisis, New Western remains strong as a pillar of economic promise, thriving in times of difficulty. On average, New Western buys a property every 13 minutes, has bought and sold approximately $12 billion in residential real estate. Fueled by more than 100,000 active investors and a belief in making real estate investing more accessible, New Western’s fierce momentum has positioned the company to acquire 10,000 properties and nearly $5 billion in transaction volume by the end of 2022. In addition to washington d.c.New western market openings this year include: Birmingham, Alabama.; Chicago; Fort Myers, Florida.; Greenville, South Carolina; Indianapolis; Jacksonville, Florida.; Orlando, Florida.; Pittsburgh; and Salt Lake City.
For more information about New Western, please visit https://www.newwestern.com.
About the new western
New Western is making real estate investing more accessible to more people. Operating in most major cities, our marketplace connects over 100,000 local investors looking to rehab homes with sellers. As the nation’s largest private source of investment properties, we buy a home every 13 minutes. New Western offers new opportunities for everyone: a fresh start for sellers, exclusive inventory for investors, and affordable homes for buyers. For more information, visit www.newwestern.com.
SOURCE New Western