The domestic home market and in particular RE investing has been decimated severely reduced since late 2005. Many “investors” have been financially destroyed by the fear and panick which started in the subprime mortgage market, spread to the overall real estate market, then of course affected job markets in localized areas, and finally the aftershocks which rippled through the credit and financial markets.
This created a perfect financial storm which is still wreaking havoc worldwide today.
But unless you’ve been hiding under a rock you already knew these things.
So the real question is, “how’s real estate faring today? And is it time to get back in to real estate, in other words is it a good time to buy?”
Unequivocally it’s a good time to buy right now whether you’re an investor or just a person looking for a home to live in at pretty close to maximum value for your buying (or mortgage) dollars.
Here are a couple resources for classified ad sites online to get you started taking advantage of this great opportunity.
With investing as with looking for a place to live you’re going to look beyond the local real estate markets. You have to look at micro-local markets down to the neighborhood level.
Certain pockets within a “dead” city can be hugely thriving with prices appreciating rapidly. Maybe the next neighborhood over or two neighborhoods over is cratering and all the rest of the city around it is cratering and still these certain neighborhoods can be thriving.
So when you hear all the doom and gloom on the national news about how bad real estate is in America take it with a grain of salt. Take a step back and remember to get some perspective. Having full and proper context for real property is very important because it is so micro-localized.
While the crippling majority of info in cities like Las Vegas, Detroit, Miami, and most of California say real estate is bad, when you’re in Boise Idaho your real estate market is very good right now. And it’s because the underlying fundamental factors of job growth and people desiring to live in that area and therefore moving there is still strong.
To advise you on specifically real estate investing terms some of the hardest hit areas like Las Vegas and Miami have created excellent and possibly once-in-a-lifetime buying opportunities for you.
No question you have to buy at the right price, the rock-bottom price. But this is really no different than flat markets or appreciating markets.
There is a wise real estate investor adage which says “you make your money on a property when you buy not when you sell”.
The wisdom this is telling you is when you buy any property at a low enough price it’s a good deal no matter how rundown and no matter what area of town it’s in.
This can be more generalized even outside of the housing market to all assets. Any assets when bought at the right price, at a low enough price is a good deal.
So being abreast of what’s going on in your local markets and particularly in the neighborhoods where you’re buying homes or looking to live is extremely critical to your success.
Obviously there are a myriad of things you must look at if you’re an investor as opposed to a home owner.
This could be once-in-a-lifetime undervalued properties and assets and is definitely the time to find good deals on houses at good buy levels which meet your investment criteria. Then just buy them with any financial resources or contacts you have to partner with to secure and acquire them.
A great resource to use to assist your buying spree is a realtor or at least their listing service which is a database of the properties in your market currently for sale. local MLS.
It’s now time… get out there and start buying as many commercial buildings at at a good investment price as you can.
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