The housing market has felt a pulse recently indicating a possible come back of some kind. But, one should not be over confident until the spring thaw has released its flow of assurance. These times reflect the downed real estate market of the 1980s, where it took a good 8-10 years for the market to rebound. With closer scrutiny we could see an even longer turn around stretching into the year 2012 or beyond. Foreclosures are rising, and home sales in 2008 showed the lowest in a decade. What is clearly indicated, in Fairfield, CT. single family sales are off 32% in 2008 from the same time in the year 2007 and in Westport, CT. the picture is no better, showing a 26% decrease in the number of property sales.
If there is a silver lining anywhere it is with President Barack Obama's 850 billion dollar economic stimulus package. Today people are reluctant to buy because of the weak economy and fear of losing their jobs. For the real estate investor/buyer the best strategy right now, and this is my opinion as well as other seasoned investors, is rentals or buy and hold and that includes lease options as well. Lease options are great right now if you don't lean on them for playing a major role in your real estate sales portfolio. Because you must realize that very few of these lease option tenants actually execute their options and purchase the property. So really it becomes a long-term hold process with the lease option. Right now , with so many people losing their homes in this mortgage crisis coupled with the tighter lending criteria for mortgages, people aren't able to buy houses so rental demand has significantly increased. What a great time to have rental properties! And at the same time home prices have fallen so you can pick up some great deals and get them rented quickly.
Many people are feeling the harsh reality of the real estate market in Fairfield, CT.. But this does not mean we should receded to a closet and not pursue our dreams or abandon our real estate investing strategies altogether. This is a New Year, a time to look back at what we have accomplished over the past twelve months and reevaluate the things that went well, and to access the areas that need improvement on. Let us start the New Year with figor and reassurance that there is nothing we can't accomplish. There hasn't been a better time to succeed in America, so seize the opportune moment. If you can Perceive, and Believe, you can Achieve!
Go to link below to learn how to make
Huge Profits with Information Products:
http://www.1shoppingcart.com/app/?af=881326
Get paid to build your list below:
http://www.mammothlist.net/?r=19964
George Benton Author
http://www.webrealestatebuyers.com
203-354-3089 or
203-451-4860
Wednesday, January 28, 2009
Subscribe to:
Posts (Atom)