It’s time for real estate investors to stop wasting their time worrying about the headlines and time to look at their local markets and other signals which show what is really going on or in the works.
Of course every neighborhood may not be performing great yet, though this doesn’t really matter more many who are flipping houses with the right strategy and certainly there are many areas which are doing far better than the nation averages let on. Take a look at the stats on a zip code level.
There is far more confidence in the market and far more interested buyers out there than many sensational news headlines may lead you to believe. Bank of America recently revealed that a tiny 15% of homeowners who were offered $20,000 to complete short sales showed any interest. Certainly no one is turning away $20,000 to move unless they are confident they can sell their homes or catch up on payments.
We have heard a lot about new construction and rising building permits, though often tempered with pessimism. However, the recent launch of a new GL Homes community shows just how many buyers are out there. Over 600 buyers signed up for the open house in advance with several putting down cash deposits, sight unseen.
Contrary to amateur guesses that builders are going to have to build smaller homes to keep them affordable, less than $600,000 in this Palm Beach, Florida community will bag a brand new 5 bedroom 7 and a half bathroom home at just under 7,000 square feet complete with game room/ home theater and computer retreat.
Many real estate investing pros also only need to open their local newspapers or hop online to find a plethora of jobs now available which are sure to eventually result in more home buyers with more money to put down.