As you may know, most real estate markets are always up and down and speculators are saying we haven't seen the worst yet. So what does that mean for you?
It's a great time to buy real estate!
Why? Plain and simply opportunity, opportunity, opportunity!
For 2008 expect to see...
1. More Selection of Resale Properties. More selection provides you the opportunity to find great investment for pennies on the dollar.
2. No Bidding Wars. Competitive bidding is gone in the buyers market so there's no need for worry.
3. More Buying Power. A few years ago all you could do is pay full price, now sellers are coming to the table with money just to get out! Make them an offer they can't refuse.
4. Foreclosures. We don't see many in our area but you can still find a great steal at a Sheriff Sale. Go to my favorite site to find homes in Pennsylvania at http://pa.mypublicnotices.com
5. Low Interest Rates and Government Loans. In order to help many homeowners the Federal Government is keeping interest rates low and making new government loans like the FHA 203 loan. This is a fantastic loan to make improvements to your own home or to rehab investment properties. Also special programs for teachers, police officer, first time home buyers, medical workers, and many others.
6. New Home Discounts. New home builders are doing anything to get specs sold and move inventory. It's costing them huge amounts of money everyday it sits, so sell that old home and move into something new with tons of upgrades for less.
7. Investments. The State College area is a little different than most markets because we're protected by the University and other great businesses. Finding a good cash flow investment is still a challenge but building equity is a no-brainer. I have seen some condos increase in value by 10% in the same year! Look towards the outskirts of the area such as Bellefonte, Centre Hall, and Philipsburg to find some hidden bargains.
The opportunities to take advantage of the changing real estate market can't be over looked. This is the time to make 2008 the time to build your investment portfolio with the passive income of real estate.
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