Vacation Real Estate: Is it a Good Time to Invest?
September 23, 2009
Now could be the perfect time to invest in vacation real estate
Now could be the perfect time to invest in vacation real estate
There are many questions when it comes to investing in real estate today one of which is, is it a good time to invest in vacation real estate? Currently it is a buyer’s market almost anywhere in the Country, as well as many locations overseas. If you can acquire financing or have the extra cash to invest real estate has always been seen as a good investment because while it may take its dips, historically it has always rebounded. Many signs point to it being a great time to invest in vacation real estate. These signs include:
• Low interest rates
• A drop in home values
• Fewer buyers, therefore less competitive market place
• Lower property taxes due to drop in home values
• Higher inventory, therefore more homes to choose from
If you have been wanting to purchase or invest in a second home there hasn’t been a more attractive time to purchase vacation real estate in quite some time.
For more information on investing in vacation real estate visit the Realty Times web site.
A Bargain Isn’t Always A Bargain – REOs in Chicago and the Surrounding Areas
September 23, 2009
Investing in Chicagoland REO properties may seem like the thing to do these days but just because a property is being sold at a bargain price doesn’t necessarily mean it is a bargain. The number of foreclosed properties nationally and in the Chicago area has increased dramatically over the past year and the number of bank owned properties is not yet diminished. It is important to remember that the banks or lenders that have the property on there books want to unload it. What does this mean to you? Cash offer wins.
If you need to get a loan to purchase the property then you could be waiting a few weeks to acquire financing. If someone else has their eye on the property and walks in with cash you will be out of luck. No money, no property. The bank doesn’t care if you get the property or not, they just want the property off their hands.
If you are looking to buy an REO property for an investment in Chicago be aware of two factors: condition and location. Just because a property is inexpensive does not mean that it will make a good investment. Is it in a good location? Remember that location matters, whether you will be living in it or not.
What is the condition of the house. When it comes to REO property 9 times out of 10 you will not be allowed in for an inspection and buying sight unseen can be a real gamble. Do some research and find out what you can about the property before committing to buying it.
Certainly buying REO property can be a good investment but it can also be a risky one. Do your homework to make your Chicago real estate purchase a success.
