🔥 (19) STR Homes for Sale | Scouting Report 8-3-24

Hello STR Scouts,

🔥 Here is what is trending:

• Mortgage Rates are Falling Like a Rock: If you’ve been waiting, you might want to re-explore your STR loan options.

• STR Homes for Sale: The top 19 new STR Homes for Sale are spread across these 9 STR markets.

• Big News Headlines: Major economic news this week impacting mortgage and housing market. What you need to know.

Best regards,

Andy Thoms
STR Scout

📉 Mortgage Rates Are Falling Like a Rock!

Mortgage Rates Hit Yearly Low Amid Job Slump: The 30-year fixed mortgage rate fell to 6.4%, its lowest since April 2023, following a weak employment report.

This decline boosts purchase power and refinancing activities—key for short-term rental investors to expand or refinance properties.

This trend, combined with cooling inflation and anticipated rate cuts, creates more opportunities for short-term rental investments.

8-Acre Retreat in Cashiers, NC - Perfect for Group Getaways

🏡 $1.695M | Cashiers, NC: Spacious 4BD, 5BA retreat, 2224 sqft, ideal for large gatherings.

• Private Waterfall Trails: Enjoy exclusive access to private trails just a mile away from the property!

• Sold fully furnished, making it ready for immediate use as a rental property or private retreat, including a pond with kayaks!

• Superb property layout with two cabins, a kids bunkhouse, and three fully equipped kitchens.

View Property Details
STR Agent: Tyler Coon
Text or Call: (828) 620-2541
Website

STR CLASSIFIEDS | OFF-MARKET PROPERTIES

💰 STR Loan Quote: Get an STR loan pre-approval letter, DSCR loan, cash-out refi, or rehab loan in minutes.

$279K | Gulfport, MS: 3BD, 2BA house with pool, 2 blocks from Gulfport beaches. 1.2 miles to Island View Casino. View Post

$479K | Panama City Beach, FL: 3BD, 2BA home in Laguna Beach area. Brand new modern kitchen, HVAC, and luxury LVP. Roof 3 years old. Fenced yard on a large .56-acre lot. View Post

$799K | Gatlinburg, TN: 4BD, 2BA, 2 half BA cabin. Turnkey STR with 3-year rental history. 5 mins from downtown. Game room, theater, hot tub, fire pit. View Post

$1.195M | Whitefish, MT: 4BD, 2BA home zoned for STR with a city permit. Convenient location between downtown and Whitefish Mountain Resort. Access to Whitefish Lake amenities. View Post

STR CLASSIFIEDS | LISTED PROPERTIES  

💸 STR Insurance Quote in seconds to see how much you can save! What are you waiting for?

$225K | Englewood, FL: 2BD, 1.5BA turn-key condo, 936 sqft. Low HOA fees, private pool, indoor laundry. Near Manasota Key Beach, Boca Grande, and Downtown Englewood. 2 Available at this price. View Post

$310K | Punta Gorda, FL: 2BD, 1BA remodeled home, 1192 sqft. Formerly a fully booked Airbnb. Features hurricane impact windows, tankless water heater, indoor washer/dryer. View Post

$390K | Scottsdale, AZ: 2BD, 2BA fully upgraded condo, 1140 sqft. Features quartz countertops, stainless steel appliances, and handmade Saltillo tile. View Post

$525K | Inlet Beach, FL: Top-floor condo with 1BA. Located 400 feet from the beach in Inlet Sands complex. Features quartz countertops, community pool, and picnic area. Fully furnished. View Post

$550K | Cottontown, TN: 3BD, 2BA home on 5 acres. 2340 sqft with upgraded kitchen, new appliances, granite countertops, pickleball court. Fully furnished. Easy access to I-65. View Post

$575K | Stanton, KY: STR opportunity with two cabins on one property. Main cabin fully furnished, grossed $72K in its first year. Total annual rental projection $125K for both. View Post

$575K | Sevierville, TN: 2BD, 2BA cabin, 1687 sqft on 1.62 acres. Loft with additional bed and pool table. Wraparound porch, outdoor fireplace, hot tub. Near Great Smoky Mountain National Park. View Post

$575K | Stanton, KY: Excellent STR near Red River Gorge. Gross revenue of $71,928 with 48% occupancy and $358 ADR. View Post

$659K | North Myrtle Beach, SC: 4BD, 3BA home, 1792 sqft. Recently remodeled with two living areas and updated kitchen. Located a few blocks from the Atlantic. View Post

$745K | Panama City Beach, FL: 5BD, 2BA beach house, 1742 sqft. Fully furnished, turnkey, successful STR. Features screened-in porch, arcade games, outdoor shower, and room for hot tub. View Post

$750K | Sevierville, TN: 3BD, 3BA home in Sky Harbor neighborhood. 1747 sqft with theater room, loft game space. 4.9 rating with 80+ reviews, guest favorite on Airbnb. View Post

$949K | Keystone, CO: 2BD, 2.5BA townhome-style condo near Keystone Ski Resort. 1247 sqft with remodeled kitchen, gas fireplace, and mountain views. Resort amenities included. View Post

$1M | Sevierville, TN: 3BD, 2.5BA newer constructed cabin, 1808 sqft. High-end finishes, vaulted ceilings, large windows with mountain views. Wrap-around porch with hot tub. Near Pigeon Forge. View Post

$1.4M | Sevierville, TN: 4BD, 4.5BA high-end cabin, 2696 sqft. Newly constructed with panoramic mountain views, modern rustic interior, and vaulted ceilings. Near Pigeon Forge. View Post

Stock Market Sell-Off: Weak Jobs Data and Tech Woes

📉 Stocks Plunge Amid Grim Labor Data

Weak economic indicators, including the lowest manufacturing activity since 2023 and a spike in unemployment claims, sent the S&P 500 and Nasdaq Composite tumbling this week.

As recession fears rise and sale inventory grows, rates are falling, more short-term rental (STR) deals are surfacing. We are also closely monitoring the potential impacts on consumer spending and travel.

1. Weak Jobs Data: The U.S. Labor Department reported a disappointing addition of just 114,000 jobs in July, much below the 175,000 anticipated. This has raised concerns about a potential economic slowdown.

2. Tech Sector Woes: Major tech companies like Amazon and Intel have reported weaker-than-expected earnings, leading to substantial declines in their stock prices. Amazon dropped nearly 10%, and Intel fell over 27%.

3. Market Volatility: The Nasdaq Composite has fallen more than 10% from its recent peak, entering correction territory. The S&P 500 and Dow Jones Industrial Average have also seen significant declines.

4. Federal Reserve: The Federal Reserve is expected to hint at upcoming rate cuts during their meeting on July 30-31. This follows a period of aggressive rate hikes to combat inflation.

5. Global Impact: The sell-off has also affected global markets, with significant declines in European and Japanese stocks. The Topix index in Japan saw a 6% drop, the worst since 2016.

TRENDING NEWS NUGGETS

🔥 $1 Trillion Time Bomb Ticks in Housing Market: Millions of US homes are underinsured by $28.7 billion annually due to climate risks like wildfires and floods. As insurers hike premiums, real estate investors need to reassess property values and coverage to mitigate financial impacts. — Bloomberg

📝 7 Lessons for New VRBO Owners: From permitting delays and contractor woes to budget overruns and finding first guests, the Walkers’ journey in the Poconos highlights essential tips for aspiring rental hosts. Ensuring a standout guest experience and building a reliable local network are crucial for success — Yahoo Finance

🏗️ California's Construction Costs Worsen Housing Crisis: Soaring expenses for materials and labor are crippling housing projects, with units costing up to $1 million each in San Francisco. This exacerbates the housing shortage, pushing potential residents and investors out of state and worsening homelessness — CalMatters

🏠 Record Inventory as Home Sales Drop: With a 5.4% decline in June sales and a surge in unsold inventory, the market is shifting towards buyers. Prices hit a new high at $426,900, but potential buyers are holding off, anticipating lower mortgage rates later this year — HousingWire

💸 Cash Crash: All-Cash Offers Decline: Investor cash purchases fell to 64% in Q1 2024, down from 69.7% in 2021, signaling a shift in the housing market. With fewer cash offers, regular buyers using mortgages gain a better chance, reducing bidding wars and price surges — Yahoo Finance

❄️ Buyer Cold Feet, Record Cancellations: About 56,000 home deals were canceled, with prices hitting an all-time high of $442,525. Elevated mortgage rates and rising costs are deterring buyers, leading to 20% of homes having price cuts and a 12.8% annual increase in active listings — Redfin

💸 Nashville Housing Market Plummets: A record number of price cuts in June indicates Nashville’s housing bubble has burst, with over a third of sellers reducing prices. As sales drop and inventory rises, buyers gain leverage. Experts predict further declines in home prices throughout 2024 — Yahoo Finance