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Free Articles Online » Top 12 Reasons Why TODAY is the Best Time in Years For Investing in Real Estate Top 12 Reasons Why TODAY is the Best Time in Years For Investing in Real Estate Published: 26.10.2008 | Author: daleserbousek | Category: Real Estate
Once upon a time saucony shadow 6000 uk , in the seemingly unending real estate booms of the 1980s and 1990s, everybody who could scrape together a down payment and keep the payments up for about three months could flip the house for a profit. Homes in the Sunland-Tujunga area of Los Angeles County, the northwest corner where high-priced Southern California price inflation hadn鈥檛 gone hog-wild quite as fast, more than tripled in value between 1997 and 2007 (average $165,000 to an average of nearly $500,000).
Those times are gone, probably never to return. Instead of being able to fall over your own feet and make money in real estate, you will actually have to use your brains and your other talents. And now is a great time to start. Home prices are in a long-term fall, deals are popping up all over, the country is in a recession, and a lot of people just have no clue what to do. With falling prices comes opportunity for smart investors. Here are the top 12 reasons why today is the best time in years for investing in real estate:
1. You鈥檒l get no scoffers if you make an offer. During boom years, in a seller鈥檚 market, it was almost an unwritten rule in some areas that making an offer was just plain bad form. In today鈥檚 market the average home is selling for 93-96% of list price according to the U.S. Chamber of Commerce. While this ratio constantly fluctuates, it has been trending down noticeably recently. Sellers know that they are not going to sell their house for full 鈥渓ist鈥?price, however they define that. Attitudes have completely changed in this regard, and making offers under the listing price is back in a strong way for the smart buyer.
2. Patience is (almost) a virtue again. Naturally, a booming seller鈥檚 market is a hyper-accelerated environment, where everything from house hunting, negotiating, inspections and deal closings were rushed and even frantic at times. Buyers can take their time now, perusing the listings saucony shadow 5000 grey , surfing the Internet and visiting various homes. The deal, if it gets done, will be at their pace.
3. There seem to be quite a few spec homes. A spec home is one that is built without having an identified buyer. A huge number of spec homes were built during the housing boom. The change in the market left plenty of spec homes unsold, so you can forget about overnight campouts on the sidewalk or entering lotteries to get a shot at a home in a new development. A top housing economist and commentator, R.L. Brown, said recently that U.S. builders have 鈥渢housands鈥?of spec homes completed and awaiting buyers.
4. You can expect action on repair requests. The psychology of a boom market (remember the Dutch with their tulip mania?) makes people act strangely at times. In a hot seller鈥檚 market, sometimes people would buy homes 鈥渁s is鈥?because they knew that the next person in line would do so. Now when you read your inspection reports, you can actually ask that repairs be made and not worry about someone swooping down and stealing the deal.
5. Investment buyers have dried up. As recently as 2005, fully one-third of all homes were sold to investors. Some analyst blame non-occupant buyers for helping to cause the home inflation of 2005-2006, not to mention the sub-prime mortgage debacle and resulting financial carnage. Now, buyers are finding more (and more affordable) homes since the investment buyers have gone off to lick their wounds.
6. Due diligence lives again. Buyers in this market, for the most part, are not competing quite so avidly for a home against other buyers, so they have stopped waiving inspections as a way of adding a deal sweetener. There is no reason at all not to have a general home inspection and a termite inspection, or to inquire about any questionable fixtures or other items.
7. It is still all about 鈥渓ocation, location, location.鈥?During the housing boom you often had to settle on a second, third, or fourth choice area to find an affordable place to buy. With the change in the market, homes in more desirable first choice areas have come back in range for many buyers. For instance, in the Phoenix saucony shadow 5000 black , Arizona area in 2004 and 2005, buyers looking for affordable homes would shop around in Maricopa and Queen Creek, where there were 鈥渓ow-priced鈥?neighborhoods. Today there are even affordable houses across the very desirable Valley region, mere minutes from downtown Phoenix.
8. Excellent financing is back. And fixed rates are back, too, as well as first-time buyer programs of various kinds. Once again lenders are offering special programs for public service employees, teachers, nurses and policemen.
9. Super selections are everywhere. There are tens of thousands of listings in large metropolitan areas, and plenty in the wide open spaces, too, so you have choices that buyers in a hot market couldn鈥檛 dream of. In some areas, there are ten times as many homes on the market as three years ago. In addition, the number of foreclosures, bank sales and seizures means that another source of listings is coming online, and should be ongoing.
10. A truce has been declared in the bidding wars. During the hot market years, there could be as many as 20 offers on homes in the desirable neighborhoods of L.A.鈥檚 San Fernando Valley. What this suggests is that a lot of people were buying their second picks, or even settle for their third or fourth favorite homes. Now there is much less competition for homes, so the jackboots and body armor can go back into storage.
11. The flippers are taking a breather. Despite the proliferation of TV shows about buying and selling real estate, the flipping sensation has McGrady Gets.
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