For the last several days it has been very depressing to see the stock market go down because of the Sub-Prime woes. Well, I'm not really that depressed because now the stocks are cheaper to buy than 2-3 months ago. That is if you're an investor or day trader. Don't you agree? Now, let's apply that same mentality to Real Estate. Some may say, "no way" or other will say "hell ya!"
With so much houses for sale, prices have gone down already in majority of the market. Then, of couse, Foreclosure have increased as well. So, what does this mean? Why should people pay attention to this and not so much on the negative media that we constantly see everyday? Let me tell you. It's really simple. If you are looking to invest your money and want a really good return on investment, you want to buy a real estate. That's it!
Since the real estate market is cyclical, now is the time to invest. Now it's the time to buy a house when the price is low because when the upward trend starts happening then you will immediately see the the return on your investment when you realize the how much equity the house have gained. It's that simple. Mortgage lending maybe tightening up and more strict now but if you have the credit score, the income, and low debt ratio, guess what? YOU CAN BUY A HOUSE!
Here is what I suggest to do for the people that are qualified to purchase a house. 1) Do your own homework in your own local real market or the area that you want to buy from. Ask a couple of Realtors to give you a Market Analysis and Trend Report regarding your local area. Also, ask the Realtor about the Foreclosure rate in the area. 2) Check out the job market in your local area. Check out the local unemployment rate. Is the local newspaper reporting company layoffs or reorg? Are there new companies opening up and bringing new jobs in your local area? 3) Check out what the banks are offering - if they have new special programs for home buyers. 4) Checkout the communities - if family oriented and business friendly. Check out the local schools. And finally, 6) check out the crime rate in the area.
If each of these items come out positive result then I suggest that you invest in a home in that community because it will give you a good return in your investment. You like it so far? Then, maybe it's time to look into buying a home instead of renting. Did I mention the tax benefit when you own a home? Well, that's for another blog.
Btw, for those of you who have purchased from the last 3 years, would you be interested in paying off your mortgage and accelerate the equity of your home in a fraction of the time? I have the program and the tool for you. Please see how you can take advantage of this. Go to my website www.ChrisManlapaz.com and select Money Merge Account under "For Sellers". Sign up for your FREE Mortgage Payoff Analsysis. You're one step away from becoming mortgage debt free.