People often think that real estate agents are a good resource when they are buying or selling real estate, but REALTORS can be a great resource at many other times. Here are two examples:
Having coffee recently with a business friend, he asked my opinion. His family member was soon to have their home sold via Sherriff Sale. (Not going to bore you with any details.) He can afford this investment, wants to help family stay in their home and wanted to know if I thought it a good investment.
My questions to him:
- Do you have funds available?
- Will you qualify for an investment loan?
- How will he cover mortgage payment or shortage from what family can afford today?
- How long can he wait to see a return on his investment?
- Does he feel one of his own 4 children could purchase that home in 4-6 years?
We all have heard the saying "buy low and sell high". We already know since 1929 real estate is a peek/valley industry. YES, Virginia, this (real estate market) "too shall pass"!! Not to say tomorrow, in 9 months or 2 years but it WILL get better.
YES, investing TODAY in real estate is a very wise choice. Lowest interest rates in more years than I have been a REALTOR. Bargain prices!
A previous client asked about purchasing a recently listed REO property at $359,000. I did some research and found 6 years ago the home sold for $622,000. His present home cost him $198,000 seven years ago. My suggestions: talk to a lender; with interest rates this low your payment may not be that much different. Of course, he will need to sell his present home for less but getting a larger home, better location and a bargain price should offset that amount.
REALTORS are a great resource when discussing your future investment snapshot. Many investors have gotten out of the stock market as they are seeing less than 1% interest return on those funds. If you are one of those investors and wondering what other options you have, here are some questions:
- When do you need those funds?
- Do you have children, nieces, nephews, grandchildren that will be homeowners in 5-7 years?
Bargain prices today! Low mortgage interest rates! Large supply of inventory! More homes coming out of banking industry inventory available for sale! NOW is a good time to make a real estate decision. Move up, downsize, or investment for your children's future!!!
I can help guide you through these situations and more - put my 30 years of real estate experience to work for you!
Keller Williams Greater Cleveland
Avon Lake Homes for Sale