IS THIS A GOOD TIME TO INVEST IN REAL ESTATE?
Interest rates for home ownership are very low today according to Wells Fargo (4.125% for a 30-year fixed rate). With employment still at a low in many states and with the economy somewhere in the middle trying to bounce back from recession, many people are asking the question “Is this a good time to invest in Real Estate?”
Living in a fairly small Ohio town, I see homes for sale and for rent all the time. As a matter of fact, I actually counted the homes I saw while driving through my neighborhood the other day. I counted at least five, one on each street. Now, I’m asking myself the same question, is this a good time to invest in Real Estate?
Here at Point2 Property Management, we have seen a nice increase in sales for our Online Property Management software in the last 30-60 days. This not only tells me that it must be a good time to invest, but it also tells me that people are still buying, selling and renting their properties at an alarming rate. Timing must be good right now, right? I recently read several articles on the Internet and they seem to concur that it’s definitely a good time to invest in Real Estate. In fact, one of the best times in recent history!
Here are the reasons why:
- Bargain home prices – Foreclosed homes are selling for pennies on the dollar.
- Appraisals are lower now than ever before, which can be an advantage to buyers.
- Great security for those looking to own their own home.
- Great Security for those looking to start a business in Real Estate via rental property.
However, MSN states that even though this is an excellent time to buy, we still need to educate ourselves on the process!
Here are a few tips to add to your checklist:
Know and understand your options as far as the type of property that fits your goals.
Seek some sound advice from an experienced investor before jumping in feet first.
Do your homework on locations if you plan to invest in rental property, high-rent areas versus rural areas.
Make sure you have your finances in order whether it’s for purchasing the property or for repairs.
Last but certainly not least, speaking from personal experience, make sure you understand that buying investment property is extremely different from buying a place of residence!
Hopefully this helped to answer the question that you’ve probably been pondering for some time now! Just remember, the only thing that’s really stopping or halting you from investing in Real Estate today may be you!