We’re seeing more properties going under contract, and even multiple offers on some properties.

 

The properties moving are those priced below market. 

 

The money is coming from first-time buyers finally able to afford a home, and investors who see value and opportunity.

 

If you’re thinking about buying a home or rental property but aren’t sure if the time is right, ask:

 

1)      Do you believe Las Vegas real estate prices will increase over the next 2-4 years?

2)      Do you think Las Vegas will continue to be a magnet for transplants looking for work?

3)      Do you have a stable job or source of income?

4)      Do you have a FICO score of 660 or greater?

5)      Have you paid off all your credit card debt?

6)      Do you have money saved for a 20% down payment?

7)      Do you have money put aside for a contingency fund?

If you answered yes to all, the time to buy is now.

Prices are low, and if you know what you want and are willing to do some minimal cosmetic work you can get in for even less.  Some properties are selling for 40% below market.

 

Interest rates are also low, and if you have good credit and money for a down payment, you can get financing.If you’re in the market for an investment property, rental rates are strong and vacancy remains low.  This creates properties that cash flow or at least break even.

 

I don’t know if prices or interest rates will fall even lower but I do know that trying to time the real estate market doesn’t work.  Successful investing in real estate is a matter of sticking to the basics.

 

Buy an average property in a great location below market price.  Keep your carrying costs low and hold on to it for 5 years or longer.  Repeat often.

 

Follow this strategy in good markets and bad and you’ll be on the path to wealth.

 

Posted By: Betty Kincaid