New Western expands its inventory of affordable housing in the United States without building a single house

new western, the 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 inventory of U.S. homes. of 6,540 units to date in 2022. Without building a single home, New Western has accomplished this increase through its data, advanced knowledge of local markets and business model, which includes inventory among the 16 million vacant homes across the 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 its new office in Washington, DC, where New Western has set a goal to revitalize nearly $1 billion in properties in this region over the next five years. New Western has identified the District of Columbia and its surrounding cities 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 million and 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 offered by New Western, especially as we enter one of the largest metropolitan markets in the 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 want to express my gratitude to all of our employees for their hard work and commitment to delivering on this promise.

New Western’s model increases residential housing inventory in the United States at a time when home ownership is increasingly out of reach for many Americans, in part due to low inventory and low cost . Although home inventory rose 8% in May, it was the first monthly increase since June 2019. Compared to May 2020, active home listings were down 48.5%, pushing prices up. record prices in many cities in 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 be unattractive to most residential home buyers – something I really appreciate as a Chicago native,” said Joan Kaufmann-Stube, Chief Broker of Circled. Squared Real Estate in New Lenox, Illinois. 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 basis, eliminating bidding wars and increasing investor profitability.”

Born out of the chaos of the 2008 foreclosure crisis, New Western still stands strong as a pillar of economic promise, thriving in times of trouble. On average, New Western buys a property every 13 minutes and 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, DC, new western market openings this year include Birmingham, Ala.; 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 a new opportunity for everyone: a fresh start for sellers, exclusive inventory for investors, and affordable homes for buyers. For more information, visit www.newwestern.com.