Housing Recovery? Or Just Hype?
Ok, so you just read an article about the housing market and it says that we are in the “calm before the storm”. Then you read another story that says we’re in “recovery” and that sales are up nationwide.
What do you believe?
The answer is… I don’t know! Maybe both.
It’s pretty much too early to tell right now. Yes, sales are up, and yes, sales are down. It depends on where you’re getting your information from. It’s always good to remember that real estate is local. What’s happening in the real estate market in Detroit, Michigan is definitely different from what’s happening in the Lodi, CA real estate market.
You can buy an investment property in some towns for under $10,000, but who are you going to rent it out to? What kind of neighborhood is it in? How many other vacant homes are in that area? Will a renter take good care of your home if it’s only worth $10,000?
I feel that it is a good time to buy real estate in the areas of Lodi, Stockton, Galt, etc, no matter what you read in the paper or hear on the news. Just be a smart buyer and get the assistance of a good Realtor® to assist you with knowing what to look for and where to find it. It’s just as smart to make sure that you get hooked-up with a great mortgage lender as well.
I don’t know for certain what will happen with real estate pricing tomorrow, but I do know that we will see a housing recovery in the somewhat near future. And when home prices start rising again, and believe me they will, I’d make darn sure that I owned a home instead of still renting one.
If you own a home that you purchased for $150,000 and in a few years it rises by only 10%, then you now have increased your net worth by $15,000. That’s good money! Think about it for a moment…how much has your net worth grown from other purchases you’ve made? How much has that $30 – $40,000 car you bought in the last 10 years increased in value?
Good deals are out there. Seek and ye shall find.
Make it a great day!
Great article. I’d buy all the decent 3-2 houses I could find in Lodi at $200,000 or less. And I know the best Realtor in town to use.
Detroit can keep their $10,000 money pits.