Is This a Good Time to Buy Real Estate? YES! Here’s Why:

Is this a good time to buy real estate? Yes. Here's Why:

I’ve had several book signings lately (please check out The Essential Handbook for Buying a Home) and the first question most people ask always fascinates me: “is this a good time to buy real estate?” Or, I hear, “oh, real estate. This isn’t the time to be buying real estate.”

I blame the media for this kind of ignorance. It’s not stupidity, simply mis-information. Actually, this is a FABULOUS time to buy real estate and, if you aren’t buying, you WILL be kicking yourself 10 years from now.

Real estate is cyclical. Values go down from time to time, but they always come back up. In fact, unlike stocks that can go all the way down to ZERO value (and companies simply cease to exist), real estate goes down but never to zero. Even in “blighted” areas that are filled with crime, the land itself always maintains value and will be worth more in the future.

Why? For one thing, no more real estate is being made. For another, the population continues to grow and, therefore, the need/demand for available real estate continues to increase.

But, that’s an even bigger picture.

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We always have lots of available properties – to buy, rent, lease-to-own, owner finance, manage, sell – whatever your real estate needs, we can help!

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Pros and Cons: Home Ownership, Condo Ownership and Apartment Rentals

Guest Post

Thanks to Derek Dasher for the following post.

Home ownership is indeed the American dream. Many people dream of owning a two-story house with an attached garage and a white picket fence. Home ownership has been the American ideal since the 1950s and many people still go to college and save for years in hopes of eventually being able to purchase a home for themselves and their family.

But home ownership comes with certain challenges and is not for everyone. Some people-depending on their location, preferences and financial situation-are better suited to own a condo or rent an apartment. Do your research and evaluate your lifestyle to determine which option is best for you.

Home Ownership

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Let’s Go Girls..

daffodils

According to the National Association of Realtors, in 2010, single women made up 20 percent of all home buyers while single men accounted for only 12 percent.

The Joint Center for Housing Studies listed the three main reasons single women are buying homes in record numbers as: to relocate closer to a job or family; because they need more space; and, the number 1 reason is that nurturing female instinct, a strong desire to nest.

Women are a force in the workplace and make better salaries than previous generations. They understand the need for creating their own security and, divorce rates being what they are, no longer sit back hoping someone else will provide for themselves, their children and their future.

Later in their careers, divorced women and female retirees are downsizing on their own.

When buying or selling, the fact that single women account for one fifth of all buyers is a valuable number to have. In sales, it is critical to know your target audience and craft your product to meet their needs. Have you noticed automobiles with flower holders built into the dash? The automotive industry studies who their buyers are and so should you.

Armed with this knowledge, how will you market and stage your properties differently?

30 Tenant Questions

house for rent

Since the housing meltdown, nearly 3 million new households have become renters. At least 3 million more are expected by 2015. If you’re new to the rental market, you’re not alone. Rentals are on the rise! So, if you’re planning to rent, just as with buying, you need to do some homework. Here are some things to consider before you sign a contract.

Questions to ask your landlord:

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House Not Selling?

All Property Solutions

This is a really tough time to be selling a house. If you have your house for sale, you already know that.

  • There are tons of homes on the market meaning you have lots of competition for qualified buyers.
  • Buyers want foreclosure prices even if your home is in perfect condition.
  • Buyers have so much to choose from that they want all the bells and whistles – hard surface countertops, hardwood floors, fireplace, deck, fenced yard, fresh paint, new carpets.
  • And, again, they want foreclosure prices!

Add to that the decline in housing prices. Are you “upside down” on your mortgage? (Do you owe more than your house is worth?) Or, even beyond that, can you sell your home for enough that you don’t have to write a check at the closing table?

Selling a house is expensive! First, you have to discount to compete, then there’s the real estate commission, closing costs, survey, inspection, repairs after it’s been inspected, current year property taxes, attorney costs, recording fees – where’s the profit?

I feel your pain because we buy and sell real estate every month. Selling has always been the hardest part but now it’s harder than ever.

May I make a suggestion? If you don’t HAVE to sell, don’t. Here’s How.

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RUCO vs. House Bill 554

inspections

RUCO – Rental Unit Certificate of Occupancy – Since January 1, 2009, a certificate of inspection that is required on all rental properties here in Greensboro, North Carolina.  Housing features covered by RUCO include:

  • Premises – The housing premises must be structurally sound and must be waterproof and weatherproof.
  • Equipment and furnishings – Occupants must have adequate heating facilities, potable water, sanitary facilities, and adequate space for sleeping.
  • Sanitation – All rooms used by the occupants must be maintained in a clean and sanitary condition.

New legislation and budget challenges may eliminate mandatory certification this year.

Does every rental property need to be RUCO inspected and certified?

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Rents Are on the Rise

Good Stuff I Learned this Week
Greensboro

Rents are on the rise in Greensboro, NC.  According to a report by CNBC,  in Greensboro-High Point, NC.  The rise in renters is more than 11%.  The number of homes for sale in Greensboro has decreased by 12% from a year ago, and the number of newly listed homes is down by 22%

According to the Triad BizJournal, the average vacancy rate for apartments in the Triad is 9 percent as of March. That’s down from last March when the rate was 12.6 percent.  In another BizJournal article,  I read that long-term mortgage rates have fallen to their lowest level in six weeks on more weak housing news.  A 30-year fixed-rate mortgage averaged an incredible 4.78 percent last week!

Home prices have double dipped nationwide. Well, actually, that’s something we have been aware of for weeks but we knew the national media would be a bit behind investors in confirming it.  According to CNBC, however, the announcement is now official.  Their article ends by stating; “The last time home prices fell at this rate, three years ago, they were then boosted by government stimulus in the form of a home buyer tax credit. A note of caution to those looking for a strong end to 2011: The last time no incentives were in place and distressed inventories were this high, home prices fell sharply.“  Ugh!  When will this end??

REO’s accounted for more than one third of all national real estate sales in the past year. National home prices have fallen 11.5 percent in the past nine months, a rate not seen since 2008.  Add short sales to the mix, where the bank allows the borrower to sell for less than the value of the mortgage, and you have some explanation for the second dip.

40 percent of the Chicago market is foreclosures, 43 percent in Cleveland and 51 percent in Minneapolis.

Broccoli takes about 48 days from planting to producing!

Our new website went live though it’s not complete yet!  AllPropertySolutions.com

“Many of life’s failures are people who did not realize how close they were to success when they gave up.” Thomas A. Edison

Things are tough out there and it looks like they will be for some time to come.  But always remember Thomas Edison and his 10,000 failed attempts at the lightbulb.  As long as you don’t give up, you haven’t failed!

 

 

 

Rent Prices are on the Rise – Should You Rent or Should You Own?

Reis Apartment Vacancy Rate

This great graph comes from Calculated Risk.  It is yet another confirmation that rental vacancy rates are plummeting so we can expect rental prices to be on the rise.

In Good Stuff I learned this Week, I wrote that roughly 10 million more individuals will be renting in the next 5 years as more people lose their homes and become renters.

So what does all this mean to you? As a landlord, your monthly rental amounts will increase; as a seller it will be more difficult to find a buyer as many people now have a fear of homeownership; as a buyer you should continue to find discounted prices because there are fewer of you out there; as a tenant well, sorry, but rents are going up.

So, should you buy or should you rent? 

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State of the Real Estate Economy

House

Facts and figures are coming at us from everywhere.  The important thing for you to know is what’s happening in your market, in your economy.  Those are the numbers that will really affect your property values, what you can pay when you buy and what you can expect when you sell.

That being said, here are some interesting recent figures from Standard and Poor’s and the US Census Bureau.

According to David M. Blitzer, chairman of the index committee at Standard & Poor’s, average home prices across the country are now at the levels they were in the fall of 2003.

“It still looks possible that the housing market might bounce along the bottom for the foreseeable future before showing any real improvement that will filter through to the rest of the economy,” Blitzer stated.  This statement, by the way, seems to be the one that I read most consistently, no matter what the source.  I, personally, believe it will be three more years before we see a measurable turn around in the real estate market.

Data just released by the US Census Bureau states that the U.S. homeownership rate dropped to 66.9 percent during the second quarter of this year, hitting its lowest mark in more than 10 years.

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