Is it a good idea to buy a real estate property now during recesion?
I am planning to buy a property as an investment and rent it out but not sure if this is the right moment.
Are the values after recesion going to go up or down?
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Tags: Property Investment, Real Estate Property, Right Moment
buy property | , 15 Jun 10
By Cheliebean, June 17, 2010 @ 9:04 pm
This would be a great time to do this. Right now, property values are at about the lowest we may see, however, the trend could continue until 2009. After that, property taxes will once again increase.
By linkus86, June 18, 2010 @ 1:40 pm
This is prime real estate investment time! If history repeats its’ self, and it does, you will be in great shape 10 years down the road as long as your present purchase doesn’t suffer any immdeiate decrease in value. Advice … find a stable market to invest in.
By LL2800, June 20, 2010 @ 11:24 pm
Mortgage rates are low, housing prices are slumping, foreclosures are up, the economy is down. All of which leads to more people renting vs buying and it’s a buyers market. Slowly the housing market will climb as it always has. The last housing boom was a bit of an abnormal spike so the downfall now is just a result of that. Long term thinking makes buying now a great investment.
Be picky. Don’t be afraid to underbid and choose your locations carefully. If you plan on fixing it up to add value, then the golden rule of “buying the worst house in the best neighborhood” still applies.
You mentioned that you’re planning on buying and renting it out. If thats your plan, now is an excellent time. If you have money you’re just looking to invest, solid companies are sitting with low priced stocks also if you’re looking for an investment thats not as costly.
Watch for foreclosures and while shopping make some notes on houses. You might find in a month or 2 the same house is still on the market and empty. Thats a great time to take a 2nd look at it and underbid. In this market you should be able to find some properties that you’re interested in and have some choices so paying top dollar currently isn’t recommended (shop for a great deal!) In my area there are alot of newer homes with the last buying/building spree so it’ll take a bit for things to move up, but it’s leveled out already and many are looking to rent.
- LL