Consider Jumping into the Residential Real Estate Market Again
With some small improvements in the economy, many investors are starting to consider jumping into the residential real estate market again. And low prices make it a good time to do so.
According to figures from the National Association of Realtors, most metropolitan areas within the U.S. reported lower median sale prices on existing single-family homes during the second quarter of 2009 compared to the second quarter of 2008. Sales in Florida and California appeared to post some of the highest price drops, while prices on homes in the South, Midwest and Texas were less affected.
But while prices are good, the days of quick-and-easy financing are over, and the tightened credit market can make it tough to secure loans for investment properties. However, there is some good news: A little creativity and preparation can bring loans within reach of many real estate investors.