I think flipping is a dangerous game right now and wouldn't recommend it to anyone who diersn't have money to lose, or can afford to lose.

Christopher..thanks for stopping by to read my post. You definitely need to know what you are doing.

We need to know our market so we can be straightforward with our clients. Good post....(and love your outside blog!) Very nice.

Neil,

I myself have seen alot of great deals around, right now, I agree it's a great time to buy. I do know of a few investors eating up many properties..

Tom Weiss

Neal - Excellent work, homeowners and investors should take heed to this post.  I need to check out your outside blog too!

Sally,

I'm not sure where the outside blog will go..as I just started to try it. As far as the post we see too many people buying for the right reason.

Tom,

As long as the investors know they better do their homework.

Jason,

Homeowners number one priority should be for them to be able to live comfortably and then worry about how much their property will or will not appreciate.

 Great blog and good information for potential buyers - what is the plan and how does the plan work?

Kathleen,

Thanks...I hope the consmuer picks up on this as well.

Neal, good advice.  You always need to know what your goals and intentions are, before you can make an intelligent decision on what you are going to do.  It is a good time to buy, but not a very good time to sell, which means to me that if someone is planning on flipping properties, this might not be the right time for them.

Good information and plenty to digest. The problem I am seeing now is that so many home buyers are afraid to "pull the trigger" because they think that the market is going to continue to decline. It is really hard for them to make a decision one way or another. Many are over-thinking the situation. Instead of looking at the purchase as buying a home for their family to live in, they are weighing heavy on the investment aspect instead.

Buying a home should be about settling down and putting down some roots...sadly every 5 years or so...people seem to think they need to -- Upgrade.....

And so they move and uproot thier kids.....

Then they downgrade when the kids are all gone and the house is empty.... another 5 years later...

What about KEEPING the house till it is paid off and living in it...maybe renovating it.....and leaving it in your will for the kids??

I think that is a better thing to do..... no mortgage after a while...just property taxes to pay...hehehehe

=-)

Well done Neal. I also like the new blogsite. Looks good. Hey I love cheap properties. They really are the only ones that make sense if you want to rent them and them pay for themselves. We've been in our personal home for 7 years and if I have my way I'll never move.

Neal, I love your new site. Don't forget us here. You were smart and sold and moved up before the market changed. I wish I has as my house is worth 70K less than 2 years ago. :(

George,

Advice that should be followed if you do not want to be swallowed alive:)

Donna,

Some sellers are confused ...they think they are still back in 2003.....whatever happened to old fashion ownership?

Alex,

Read my comment above...but I agree ..the problem in Florida is that it is a very transient state unlike NY where I was born and raised and sold Real Estate. It was weired coming here to see the difference.

BB,

Same here...Thanks about the new blog...I'm not sure whether it will be effective yet...I'm still experimenting.

Missy,

Thanks..hopefully it will give me some benefit when I figure it all out.

Neal,

I have had the fortune of helping a few new families move to the Wilkes-Barre area, to put odwn some roots and stick around a while. Only recently have I really begun working with investors and it's a whole different ball park, indeed. I'd much rather work with the family that's buying to live in the house for a while than with the investor whose future plans aren't so clear. Thanks for the post.

Andrew,

As an investor...I try not to fall in love with the property. Or I might end up living in it:)

That is the difference...investors do not really have any sentimental outlook on property as they just want to move on to the next so there in not much feeling there. Sure we can say we care and we do but all in all in the end it is all about money. The traditional family who buy a home to live in it ..make it a real home for the family. There is more of the warmth to experience and not to expect to make money...just to live. and survive without lifestyle.

Neal - This is excellent "REAL" knowledge for today's home buyer. You're right, people used to buy to have a place to call home and the advantages of doing so are still available today. Many bought into the hype, went overboard and now can't afford to do anything or are afraid to. We need to keep educating!

Neal - this is a great point, and one that I try to convey to potential homebuyers.  Buy because you need a place to live not because you think that the market has finally "bottomed out."  By the same token, you should buy because you need a place to live and stop waiting for the market to finally "bottom out."  No one knows when the market will hit bottom in any given locality.  However, history has shown us that the market tends to rise over time and 7 years is a good amount of time.  My advice to buyers is to not wait for when a bottom is officially called because it will be too late by then.  If prices truly hit value levels, investors will scoop up these homes and flip them for a profit.

Paula,

A want to be investor better know that loan seasoning could come into play...usually they have to hold for at least 3-6 months so the Banks can justify the arms length transaction.

Adam,

People should think about saving their primary instead of just investing...there should be some sort of diversified choices..just an opinion. It is funny because when I sold RE on long Island in the 90's we never talked about it as investment property. They always seemd to move in.

Neal,

As you know I live in California.  We are taking a bath here in listings.  But buyers....now that is something different.  With the advent here of the changes in loan programs the money is harder for the buyer to come by and they are facing qualifying like they had to 15 years ago.  There is no more 100% financing, no more stated, and programs disappears so fast that you can have a loan in the morning of closing but by late afternoon your closing is on hold because your loan program has been discontinued.  So the inventory grows.  This is a wonderful time to do just what you did.  Buy small (cheaper), don't try to make a killing on the property, and be happy with the little steps to prosperity.

This was a great post and I have to agree with you.  I had this talk with my son about 2 years ago.  But what does mom know?  lol

Roberta,

I just wish the old fashion way to buy a home would come back or work in some programs for the less fortunate. Not just for the banks to flourish...help the buyers out of a jam now and if they have to sell later.Thanks!

Neal

I agree with you.  When I bought my first home (in FL) I signed one piece of paper.  Small down payment and I was in.  I didn't have a lot of money. That was 41 years ago.  Believe it or not there were less foreclosures and BK's back then too.  The little guy, like I was then, got a home, the bank got their money and we were all happy.

Roberta,

Old times are gone. People are trying to live the dream and the only way for some is to do it with creative financing...the problem is that it is easy to be the king but hard to stay the king.