It might not sound like good news but according to the latest numbers, institutional investors, defined as those who purchase at least 10 pieces of real estate in a calendar year, are leaving the market.
In the first quarter of 2015, those investors accounted for 3.4 percent of all single-family home sales, down 2.8 percentage points from the previous year. The total number of houses purchased by investors was 14,600 in the first three months of the year. That's the lowest level in four years.
While it sounds like that means decreased demand, what it actually means is a bit of decreased competition from cash purchasers. Many first time home buyers have been frustrated by the prevalence of cash offers in the market and now they may have a better opportunity at snagging that coveted house.
Read more at Chicago Agent Magazine here.