Well, fall is upon us and as we near the end of October, we have Thanksgiving and Christmas on our minds. As real estate professionals, we are used to a slower market in our area during this time of year. However, this is a great time to invest in real estate in our North MS market! It couldn't be better! There are deals to be had along with great interest rates. In the last 2 months, I've helped several first time home buyers take the step into home ownership. All of these clients of mine purchased and moved into homes that had instant equity. I helped them negotiate the best price and terms for the purchase and because of this, they now have approx. 5% to 7% equity in their homes already, even with only putting 3% down! Wow! What does this mean? It means that if we are close to the bottom in this housing market slump, like alot of real estate professionals believe, these clients and first time homebuyers will make money off of these homes within the next two years. It will be much easier for them to buy a larger or more expensive home in two years after they meet the requirement for not having to pay capital gains taxes. Not only will this be tax free profit from their home sell (if we elect a president that will stand for the capital gains tax to remain the same or lessen) but they will have more than the required 3.5% down payment that is required by FHA. This is a win win situation for the buyer!!! They have lived rent free for 2 years and profited off of the purchase of a home. With a little elbow grease and sweat equity in a foreclosure or short sale home, they've made an excellent investment!
If you'd like to learn how to do this, contact me!!! I'd be happy to help!!!
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