Strike While the Iron is Hot!
February 1st, 2008
If there ever was a time for someone to get your attention it would be now. You have been watching the real estate market and wondering, "when is the right time to buy? Have prices reached the bottom yet? Can the interest rates get any lower?"
It is easier to bend iron when it is hot.
Interest rates have dropped just to put it mildly. Housing prices have dropped, short sales are on the rise and inventories are high. This is the Perfect Storm! It is what you have been waiting for. Are you going to wait to see what happens? The best time to buy real estate is when everyone else isn't! Tire kicking days are done. Test drives are over.
Putting in low offers now will work....today. Tomorrow, the lower end market from $150 to $250 will start selling. Monthly payments around the $300's and up will start to look reasonable to more people. After a few weeks the inventories will reduce and then the prices will begin to stabilize and then Oh My Gosh!-They will begin to rise... again! It can't get any better then this.
"Flip this House", may get popular again. It won't be the glory days of '04 and '05 but it should get interesting. Your ROI should look brighter and rents should cover the mortgage payment. Look at it this way: you can see it, touch it, taste it feel it and smell it. The risk is low. This is not stock speculation.
Don't wait for Spring.
#1. Call your Lender and get pre-qualified.
#2, Get your Realtor out of their winter hibernation and have him email you listings priced about $10k above your comfort zone and below.
#3. Go see them all in the area of best equity potential.
#4. Make an offer factoring in repairs and updating, plus six months worth of payments.
#5. Keep making offers and answering counter offers until you get one.
Don't let me say I told you so. http://www.therealmccoyofrealestate.com/
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