Buy now?

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newowner

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I was thinking about purchasing a rental property but lately I have been told the market is about the bust.

Any thoughts on the 1-2 year future of the market? Should I wait?
 

bpierce

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What are you waiting for? A lot of people wait for the rates to go down or the price to go down and my favorite> wait to get enough money. While you are waiting, prices are increasing, rates are fluctuating. Buy now and start making the money now. If the rates lower, you can refinance later for a better rate in a year.Meanwhile you are having someone else pay your mortgage and establishing that equity.
By the way> I am a mortgage loan officer> not a realtor
 

AustinDC

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Newowner, depends on you market. Where are you thinking about buying?
 

inspectorD

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I was cruising through some of the older posts, to see what has changed. Mostly the folks who posted here...:(
But I came across this one. So here is the question again, In your area what is happening to land and home values?
Here in CT it is staying just below the peak. We have a lot of NY city money around, and folks like to buy when the market stalls. Since their money is doing nothing in stocks, land is usually a sure thing for long term ...in this area.
With the rates low and prices coming down in other areas of the country, now is the time to start paying attention if you have that home-ownership dream.
I was checking out the Land between the lakes in KY because of a magazine article I read. The prices for some homes are in the $25,000 range. To me that is unbelievable. Now I do not know the area, however I am sure I could rent to someone who is interested, if that where my ways of earning a living.
I'm sure Glenn or Square Eye would know. But this is also a great vacation spot, I may visit with my family some day.

Realty and construction have slowed a little in my area, nothing to get excited about for me yet, but I do have a real idea of what may be on it's way.
What is happening in your area? What are your plans?:)
 

Daryl in Nanoose

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Construction had slowed here to but property values keep going up, our plan is to sell after we put a new roof and vinyle deck on and get a fixer upper that's more sqft but a smaller flater yard.
 

guyod

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The guy i sub for flips house in eastern pa. we finish about a house a month.

The market has pretty bad here. We mostly renovate sub 150k houses. This market is flooded with houses for sale. the interest rates did drop a little but it is alot harder for people to get mortages now. it used to be anyone with a 600+ credit score and job could get 100% financing. Now you need 720 or 20% + down. alot of people in this price bracket do not have this.
Prices dropped about 20% in the last year and the houses need to be in perfect shape to sell. We have 3 houses under contract right now all which are being practically given away. and every week the buyers are adding more things they want done to the house or they are backing out.
 

Square Eye

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I spend a lot of time in the KY lake area in the summer :)
BUT
In the winter, it's a dead economy. Very few jobs in the area, very rural. A good place to pass through on your way to somewhere else lol

Western KY has been dead for a couple of years now. Starts are down to nothing, many if not most small-time builders are out of business or doing sub-contract or remodels. I've been doing ok, but I've been doing everything from storm repair and barn work to interior painting. Some of the larger commercial/industrial contractors have lost their bonding. For the economy to rebound around here, we're going to have to see something change. As of this past week, I'd just like to see the flood waters recede:)
 

guyod

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Flood damage could mean work for you though...Cleaning up after a flood is *nasty* work but work is work..
 

inspectorD

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Well, sorry to hear about your economy in KY. I'm sure the slow down is on it's way here. Probably on the express.:)

Ther are also pro's to that kind of lifestyle, it keeps the population moving through, and when it does come back, you reap some serious benefits by being the one still stuck around.

I'm still thinkin about buying up some properties though, sometimes you need to take an "educated" risk to make it work.
Hmmmm.:)
 
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