It will take some time to the market to even out, but there should be no fear in the market that we are coming up on.
Some homes have been sitting on the market for several months now, not because someone doesn’t want them, but perhaps because they haven’t adapted to the new market conditions.
In my opinion, investment properties for buyers who can put a downpayment is a good buy now, a lot of investment owners are selling now and the market is looking for new breed of investment owners. When I talk about investment properties I am talking about multi-unit properties that can generate rental income to cover your mortgage payments and bring you some positive cash flow.
For homeowners, first time or move up buyers you should be like a kid in the candy store with all the selections out there in the market for you to choose from. Not only that, you also can name your price, right?
Here are my 5 Top Reasons why you should buy real estate now and how to buy them. BONUS!!!
1) $8,000 tax credit before end of the year!!! Cash back when you file for taxes, meaning- Uncle Sam gives you $8,000.
You have plenty choices but the market listings are drying up, so no time to waste Look around find something you can buy for the price where you don’t have to fix anything. Also find all you can about the history of the property and the seller, why they are selling and how long they have owned it.
Find desperate sellers who have they baits out for a couple of months who will be ready to negotiate with you. I would offer 20-25 percent below listing price just to get a feel. Work with a Realtor that will listen to you and give informative decision to help you decide.
Rates are at an all time low, a range for conventional loans (loan amounts under $417,000) are around 5.00 to 5.25 percent and that will allow you to buy more for your money. Take funds out of a 2 percent earning money market, make your money work for you. With this market trying correct itself, within 3-5 years we should see real estate starting to rise again.
Prices are affordable now, medium home prices in LA County is around low $300’s which is definitely back down from its inflated high’s.
No money loans are coming back thru government funded agencies, but you have to qualify for them. Call us for more details.
My advise about a year ago that cash is King, now take that cash and make it work for you. For those who have properties that are in declining market or who is upside down with the value. Try everything you can to buy and unload your current property. Stop paying for mortgage that you will loose anyways, if you have to sell or short sell your property do it now.
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For my honest opinion, call me direct be prepared to listen to my truthful and very direct advice. Call Ken Go at 1st Innovative Finance (888) 822- 5363 or write to: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Please be understanding to yourself, mistake can be made to better yourself in the future.
( Published on June 24, 2009 in Asian Journal Los Angeles p. B2 )
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