Great question. The right answer is...."Depends!"
I know, that's a terrible answer and worth absolutely nothing.
As with any real estate purchase, or any investment for that matter, you need to know your PURPOSE for the pruchase.
Some buy real estate and expect to sell in 90 days.
Some buy and expect to rent for five years and sell year six.
Some use real estate at a critical element of their wealth building and/or retirement program.
Some folks are seeking shelter.
Which one are you?
Now, the information you need is revealed in reports like my "Market In A Minute" for specific comminuties. You can see examples of these reports on my Trulia blog.
Knowing the trends and absesnce or existance of the key precursers is essential in selecting the real estate that is suitbable for your purposel.
Your would be well advised to consult a real estate professional who has access to relevent, accurate, timely, comprehenisve data to create this report for you. Aggregate websites are for entertainment purposes. You need REAL data.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Plam Harbor, FL
I would say that this is not happening as often as it was several years ago. most of the markets with these features have had tons of investors buy and sell which have helped these very markets. At least that's what we've seen here in New York.
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
You are in New York and I am in West Los Angeles, CA. I am going to answer based on my area. In West Los Angeles short sales and foreclosures are the minimum and standard sales are the majority of active listings. Combined with the fact the housing inventory is low. Therefore the is more buyer demand than housing supply. Therefore, housing values have increased. On the other hand, areas with majority of short sales and foreclosures and prices are stable or decreasing. In those areas I would investigate the potential for housing apreciation.
- Crime Rate in Area
- Check School Ratings
- Walk or Drive area check for abandon buildings, updated properties and new construction in residential/commercial areas.
There are still deals in areas with a gut of short sales and foreclosures but you have to do some homework. The safe bet is to invest in areas with a minium of short sales/reo that have standard sales density and area is seeing appreciation.
BEST OF LUCK!
Gail Mercedes Cole
Not necessarily. You just have to be extra careful that you are getting a good deal (a very good deal!). If I can be of further assistance, please contact me direct. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
Office: (718) 252-2000/ Cell: (917) 805-0783
Web Site: http://www.MitchellFeldman.com and http://www.Fillmore.com
An excellent way to find out about an area is to go on a weekend and talk to current residents and local shop owners.