November 16, 2011
Contributed by Lynn Kimball
Perhaps you have considered investing in real estate if you can find a great deal. Many have said they want to wait until the market bottoms out. The question is “How do you know when it is at the bottom?” The answer is “You don’t know when it has hit bottom until it starts to go back up”.
You will be surprised at the number of incredible buys that have been made in Highlands. There are still only a few foreclosures compared to other areas of the country, but there are some out there. Because there are so few buyers and so many available properties, sellers are getting tired of waiting. Many paid cash for their homes, but their time to be in Highlands has come and gone. With the market dragging for the past 4 years, sellers are realizing that if they want to sell in the current market, they are looking at an average of 30% + less value than 5 years ago. This is driving the market prices down, but creating opportunities we thought we’d never see.
One of the greatest advantages to selling today is when you want to buy another property that suits your wants and needs. If you sell now, you most likely will sell low, however if you re-purchase you will have many exceptional opportunities to buy at the lowest prices we’ve seen in many years. Chances are you will make out better financially in the end and can enjoy what you really want, without waiting.
Do you own investment property? This may include commercial, vacant land or qualifying rental property. Maybe there is another property that has more advantages for income, a more suitable location or a better value today for potential appreciation in the future. If you sell low now, then purchase another qualifying property at an even better value, an additional advantage could be a 1031 Tax Deferred Exchange. (only with advice from your qualified tax professional)
Another important advantage to buying today is that interest rates are lower than they’ve been in this generation. A thirty year fixed rate mortgage can be obtained as low as 3.75%.
Finding the right Realtor is the key to your success. After taking the time to find someone you can trust…who is an experienced professional and knows the Highlands market, you can settle back and allow them to do what they do best…provide the service and expertise you need in buying or selling a property.