San Francisco Area Sells 5,000 To Investors & Home Buyers
March 31, 2009
The market is totally dead, right?
Wrong! Would you believe that about 5,000 homes are selling MONTHLY in the bay area right now. Does not sound like the market is totally dead to me.
One of the interesting stats is that most of these homes sales are going to one of two categories of people:
- Investors; or
- First Time Home Buyers.
Let’s look at the first time home buyers first. One of the things that has happened in the Bay area is the ability to use FHA financing for first time buyers. Previously, the price points made this impossible but today, the FHA limit goes all the way to $729,250. Personally I believe that is a bit ridiculous but that is besides the point. So, with FHA financing, the buyer can put little money down and get into a fantastic deal.
The price points have changed dramatically as well in the area. A couple of years ago, less than 10% of the homes in the area sold for under $300K…… Today, it is over 51%.
Investors are also finding good deals. A recent article in the San Francisco Chronicle described how a real estate agent turned a quick $77,600 profit by buying a house with cash and the reselling. While most investors are buying, then renting, then planning to sell in a few years, there is still a few flip type opportunities that exist.
This Is A Link To The Chronicle Article
Foreclosure Auctions? Are You Really Getting A Good Deal?
March 24, 2009
Have you heard about all the foreclosure auctions that are ongoing these days?
These are auctions that are conducted in the final stages of a foreclosure, with the bank hoping to liquidate the property and recover its losses. Generally this is referred to as “selling on the court house steps”. Like any auction, you get a lot of people together, some sophisticated some not, get everybody excited with a good auctioneer, and let the bidding begin.
As these first began in a few areas of the country, you could get some AWESOME deals. Of course as the news spread and the crowds crew, the banks saw a great opportunity to really get top dollar for their foreclosures.
What this means to you, the real estate investor, is that you really have to know your value BEFORE you go to the auction. It is to be determined if the auctions will remain a viable strategy for foreclosure investors.
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Who Is "REALLY" Making $ In Today's Real Estate Market?
Our 29,689 Members Tend To Agree...
It's Usually Not The GURUs
Have you ever noticed that every "Guru" real estate pitch sounds the same........
They once were poor, but now are rich working only 5 hours per week, and you can be rich too if you just buy their "can't fail system".
Or have you noticed that every property promote has a can't miss proposition, if you just buy TONIGHT.
At the NoBullRE club, we are huge believers in real estate investing...... but we also know that every approach has two sides: Nothing is perfect.
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