There are homes out there in the market that were once priced hundreds of thousands of dollars and more than they are today. The best part is even the prices that they are at right now you are still able to negotiate other items into your deal before you purchase.
The real estate markets in areas like New Jersey have seen many properties come on the market for sale in the last few months, which are available to purchase at prices not seen in many years. Remember in the early 2000's the market was on fire and builders and homeowners were joined at the hip, people were failing over each other to make offers of new homes, condos and even commercial properties. But now that has all changed, there are now homes, building and land being sold at prices in some case that dates back prior 2000.
In many cases it was not uncommon to have multiple offers in minutes after placing a home on the market and people offering thousands more then the asking prices. In the years from 2000 to 2005 many people wanted to bust into real estate to make profits that were unheard of in our history, on homes that they never even took title too.
In many cases the home was not even built yet, they would place a few dollars down and try to sell the home before it was finished and cash in on the boom. Sometimes there would be three or four sellers and buyers at the same closing, just passing the contract forward to the next person. This was where each person made thousands of dollars and never took title to the property, but everyone in line made a profit on the little amount that they had place as a deposit.
Now we move forward in time and those same end buyers who made everyone else money are now trying to just get out of those high priced homes because they got caught in the down slide. When they seen the value of the home is now lower than the home was originally marketed and the mortgage payments have increased since that time they just want out. Sellers wanting out is where today's buyer has a real opportunity to make a really great purchase, in some case 30 to 50 cents on a dollar. Purcahsing a home or any property at these prices, over time will see growth unpresidented in history again. It just won't be a bust over night. I believe that the growth will slow and steady but the real fact is the purchse price IS low enough to see growth.
Its really unfortunate that people used the greed factor in the past, now they have to pay dearly by losing out. But as the saying goes one persons loss is another person gain! Today a person who either was not in the position to purchase then or they were one of the people who actual made money back then, can now come into the market and see larger potential growth in the long run then anyone did in the boom years.
The markets in many areas have seen values of homes that were built just a few years ago, when every place you looked a builder or developer was buying land and building homes like dominoes stacked next to each other. Now the dominoes have fallen over for many of the developers and builders and the buyer of today can really capitalize on this opportunity of a lifetime.
Captializing is here!
30 to 50 cents on a dollar of what they would have tried to sell just a couple of years! A Home that was listed just two years ago for $300,000 could now be selling for $120,000 more or less, this is where the real deal is making a purchase that has room for growth. With current interest rates at an all time low that $300k home payment goes from $2,200 to $1,020 for the same home this is truly a great opportunity.
With interest rates at and all time low and incentives available from sellers, builders, and even real estate agents buyers take advantage of a market that really needs you to buy at this time. Not to mention the Government is until April 30, 2010 offer incentives that have never been seen before any time in history. A First time buyer who purchases a home can receive $8,000 from the government at tax time, the seller in most cases can pay up to 6% of the buyers cost, even today there is still in many areas 100% financing. A person who has owned a home for 5 years or more and would like move up to a new home you can also receive the benefits above with one exception you would receive $6,500 at tax time.
So if you have been sitting back thinking that there may be more to come, you are correct what is going to come in the very near future is inflation. With inflation; comes higher interest rates which can make a small purchase like a hundred thousand dollar home to or three hundred dollars a month more than right now.
With values as low as they are, homes that once sold for two or three hundred thousand just a few years ago can be purchased for zero down and have payments they many can afford. So don't wait another day step up to the plate make the decision to get yourself approved for a mortgage and find a good Real Estate person to help you Make the best purchase of your life before the gates of opportunity closes due to inflation or more changes in the financing industry. The changes in financing could home ownership not an option for people for many years. So get online and start finding homes that interested you or find yourself an Exclusive Buyers Agent who will work for you and find that perfect home, not to mention guide you to your front door of your new investment opportunity of 2010
Tim Robbins, Sr an Exclusive Buyers Broker in New Jersey. My main goal is to provide the best education resources available and to always place my clients interest first and foremost. My website is designed to give you all the available information which you can review either in print or video by visiting http://buyersonestop.com for all your buying needs in New Jersey. Also contact me Toll free at 800-610-3599 for a copy of my Free Report 27 Things You need to Know before You Buy a Home.
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