Question : 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?
- asked by Lula
All Answers:
Answer #1
This would be a great time to do this. Right now,property values are at about the lowest we maysee, however, the trend could continue until 2009. After that, property taxes will once againincrease.
- answered by Cheliebean
Answer #2
This is prime real estate investment time! Ifhistory repeats its' self, and it does, you willbe in great shape 10 years down the road as longas your present purchase doesn't suffer anyimmdeiate decrease in value. Advice ... find astable market to invest in.
- answered by linkus86
Answer #3
Mortgage rates are low, housing prices areslumping, foreclosures are up, the economy isdown. All of which leads to more people rentingvs buying and it's a buyers market. Slowly thehousing market will climb as it always has. Thelast housing boom was a bit of an abnormal spikeso the downfall now is just a result of that. Long term thinking makes buying now a greatinvestment.Be picky. Don't be afraid to underbidand choose your locations carefully. If you planon fixing it up to add value, then the golden ruleof "buying the worst house in the bestneighborhood" still applies. You mentioned thatyou're planning on buying and renting it out. Ifthats your plan, now is an excellent time. Ifyou have money you're just looking to invest,solid companies are sitting with low priced stocksalso if you're looking for an investment thats notas costly. Watch for foreclosures and whileshopping make some notes on houses. You mightfind in a month or 2 the same house is still onthe market and empty. Thats a great time to takea 2nd look at it and underbid. In this market youshould be able to find some properties that you'reinterested in and have some choices so paying topdollar currently isn't recommended (shop for agreat deal!) In my area there are alot of newerhomes with the last buying/building spree so it'lltake a bit for things to move up, but it's leveledout already and many are looking to rent.- LL
- answered by LL2800
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measure and fulfill your financial needs
