As an asset class, real estate is a very long term investment. When I counsel investors, the minimum holding time frame is a reasonable 5 to 10 years.
As Warren Buffet once said, an investor should “hold your investment forever.” Indeed, unless there is a compelling reason to sell, my investment philosophy is just that: buy quality properties in high-growth areas; use leverage very judiciously; employ a principal reduction strategy to produce a free and clear investment as quickly as possible; and enjoy a lifetime of benefits that can be part of a family legacy. Continue reading →
Wall Street Greek Real Estate Columnist Michael Douville says now is the time to buy property, that an opportunity of this magnitude presents itself once or twice in a lifetime. Mr. Douville notes that Phoenix area housing continues to benefit from demographic trends, while valuations and “timing, timing, timing” present a special opportunity. Thus, Douville says Phoenix housing is undervalued.
The Phoenix Metropolitan Statistical Area housing market crashed and burned! The overvalued housing bubble burst, correcting the inflated prices that had been driven to unsustainable levels. The prices of Phoenix, Scottsdale and Paradise Valley homes had risen over 50% in 2006. Free and open markets eventually correct, sometimes radically, to adjust to true economic value. Exuberance, mania, and now fear can distort the intrinsic value; sometimes for extended periods. As the bubble pushed prices to levels well above the historic trend, likewise the housing crash coupled with the harshest recession since the Great Depression has pulled prices down well below economic value and historic trend. The Housing Indexes of Case-Shiller and ECRI recognized a national bottom in April of 2009; locally in Phoenix, the Cromford Report confirmed the findings. The adage “Location, Location, Location” used to describe real estate investing needs to be changed to “Timing, Timing, Timing”. Phoenix housing is undervalued in my opinion, and a specialty opportunity exists. Continue reading →
I have seen this before… History repeats itself on a regular basis. This real estate downturn is different from the previous downturns, but the components are the same. Business managers and investors are charged with obtaining the highest return possible, and greater and greater risks are taken to obtain diminishing returns in a crowded marketplace. Investors recognize and exploit the opportunities the market presents, while later in the cycle speculators enter to “get rich quick,” and the cycle ends badly. Continue reading →
Living near a vacant home doesn’t have to mean putting up with overgrown grass and unshoveled snow. Does your community use these eight common local laws, programs, and regulations to force owners to maintain vacant homes?
With the foreclosure crisis, you may have noticed a vacant home or two on your block. Rather than see the home free-fall into disrepair, push local officials to take action before the untended house lowers the value of your own home. Continue reading →
With foreclosure rescue scams widespread as more homeowners fall behind on mortgage payments, be smart if you seek help.
A record high 2.8 million properties were hit with foreclosure notices in 2009, putting even more Americans at risk of facing foreclosure rescue scams. Homeowners who fall behind on mortgage payments need to tread carefully when seeking assistance, since foreclosure rescue scams come in many guises. A day spent researching legitimate options, from a mortgage modification or principal forbearance to a short sale or deed-in-lieu, could keep you from becoming a scam victim. Continue reading →
Buyers only get one first look at a property, and they don’t want to use their imagination. They assume the house they see is as good as it’s going to get. If you want your home to sell, step out of your comfort zone and think like a buyer. Here are three ways to help you turn your house into the home of someone else’s dreams. We’ve broken down each category into low-cost, “Basic” tips and tricks, and an “All-Out” blow-the-budget transformation. How far you take it is up to you. Continue reading →
Have a plan for reviewing purchase offers so you don’t let the best slip through your fingers.
You’ve worked hard to get your home ready for sale and to price it properly. With any luck, offers will come quickly. You’ll need to review each carefully to determine its strengths and drawbacks and pick one to accept. Here’s a plan for evaluating offers. Continue reading →
According to a study conducted by the National Association of Realtors (NAR) and the American Society of Home Inspectors (ASHI) in 2001, 97 percent of home buyers who received home inspections believe they received a good value for their money. A home’s history gives it character and charm, but also takes a toll.
Over time, roofs sag, mortar cracks, and furnaces lose efficiency. Beyond this normal wear and tear, older homes can harbor mold, water damage, termites, or other structural threats that can cost tens of thousands of dollars to fix. Continue reading →
By: G. M. Filisko
Published 2010-02-10 11:12:47
Working to get your home ship-shape for showings will increase its value and shorten your sales time.
Many buyers today want move-in-ready homes and will quickly eliminate an otherwise great home by focusing on a few visible flaws. Unless your home shines, you may endure showing after showing and open house after open house—and end up with a lower sales price. Before the first prospect walks through your door, consider some smart options for casting your home in its best light. Continue reading →
Consider before you ignore or outright refuse a very low purchase offer for your home. A counteroffer and negotiation could turn that low purchase offer into a sale.
When you receive a low offer on your house, the best response is to counter with a price you’re willing to accept.
You just received a purchase offer from someone who wants to buy your home. You’re excited and relieved, until you realize the purchase offer is much lower than your asking price. How should you respond? Set aside your emotions, focus on the facts, and prepare a counteroffer that keeps the buyers involved in the deal. Continue reading →
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More Options
By: Mariwyn Evans
By: Donna Fuscaldo
Buyers only get one first look at a property, and they don’t want to use their imagination. They assume the house they see is as good as it’s going to get. If you want your home to sell, step out of your comfort zone and think like a buyer. Here are three ways to help you turn your house into the home of someone else’s dreams. We’ve broken down each category into low-cost, “Basic” tips and tricks, and an “All-Out” blow-the-budget transformation. How far you take it is up to you.
By: G. M. Filisko
According to a study conducted by the National Association of Realtors (NAR) and the American Society of Home Inspectors (ASHI) in 2001, 97 percent of home buyers who received home inspections believe they received a good value for their money. A home’s history gives it character and charm, but also takes a toll.
By: G. M. Filisko
By: Marcie Geffner
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