Coldwell Banker CEO says investors buying homes not driving force

0
26

Institutional investors rushing in to buy properties is not a main reason for the ultra-hot U.S. housing market, Coldwell Banker CEO Ryan Gorman told CNBC on Tuesday.

In an interview on “The Exchange,” the real estate executive acknowledged the potential for institutional buyers to add further pressure on prices, as they look for potential hedges against inflation, for example.

“Today, though, it’s a very, very small percentage of the overall market,” said Gorman, whose company, Coldwell Banker, is part of Realogy Holdings Corp. “Yes, cash offers are very high, but the vast majority of cash offers — even in multiple-offer situations — are coming from individuals who are looking to occupy the home and own the home just as they would any other.”

In the first quarter, investor home purchases rose on a year-over-year basis for the first time since the start of the Covid pandemic, according to a May report from real estate brokerage Redfin.

Gorman said…

Read more…