I recently had the opportunity to sit down with Rick Geha, the broker/co-owner of a Keller Williams office located in Stockton, California-The #1 location of foreclosed properties in nation. As a matter of fact the day I spoke with him he told me there were 3600 single family homes on the market in his town, 64% of which were either foreclosure or short sale properties. I have been a huge proponent of "your local real estate market is not the national real estate market", but during my conversation with him, he told me four undeniable truths that translate to any market.
- The interest rate is at an all time low which should be bringing buyers out in droves.
- The combination of the interest rate and lower home prices (especially foreclosed properties) are helping first time home buyers out tremendously.
- Its the perfect time to buy up. For buyers looking to sell their home now and buy something larger, now is the perfect opportunity. Remind them that "an incoming tide, raises all ships" meaning if they want to wait to sell when the market is better, the market will be "better" for their new dream home and whatever percent of increase they get on their old home will translate to what increase they will have to pay on their new home costing them possibly 10's of thousands of dollars more.
- It is an investors paradise out there right now. With foreclosures hitting an all time high, investors are coming out of the woodwork. Find them, because they are looking.
Look for every opportunity in your day to day lives, to find new buyers and investors. Take the time to educate the people in your lives that now is the time to buy and explain to them the opportunity they have to save big.
Wishing you the best in life and business,
Comments (7)Subscribe to CommentsComment