Prices Have Increased 45% Over The Last 6 Months. What Are You Waiting For?
"The home you look at today and offer on tomorrow is the same home someone else looked at yesterday and is offering on today."
-Author Unknown
One thing that Bob and I have in common is that we're not followers. What other people are doing has no bearing on the decisions we make, especially when it comes to buying real estate. It's always better to be a leader because by the time all the followers arrive, the "Supply & Demand See-Saw" will tip in the other direction, which drives the prices up.
(Photo courtesy Joe Shlabotnik ~ flickr)
Here's my example:
7 months ago, we bought a condo for $44,000. Last month, the same condo two doors down from that one sold for $64,000.
- The condo we bought had been sitting on the market for a little while. It fell out of escrow twice before we made an offer. Since the condo is located in an area we're familiar with, it didn't matter to us why this property seemed to have a tough time selling or why no one else was interested. The numbers worked, so we bought it.
- Although I can't explain why, the condos in this complex have been selling like hotcakes since then...and of course, prices have shot up significantly due to supply and demand. Appraisals aren't an issue, as all buyers have been cash. Even at $64,000 it's still a good investment property...but it was just much better at $44,000.
BOB & LEILANI SOUZA
Real Estate Investment Specialists
Southwest Placer County, CA
Bob Souza - 925.513.3400 - bob@souzarealty.com
Leilani Souza - 916.408.5500 - leilani@souzarealty.com
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I totally agree -- this is the time to invest. Yeah you.
Leilani,
Great investor story. I also wanted to congratulate you on reaching 500K points!
Well done,
Steve
Leilani, your market is rebounding very nicely! Hope you get LOTS of properties closed before others see the new trends!
Bud & Beth, thanks for stopping by to read and comment on my blog! :)
Leilani
Thanks, Steve! Also wanted to thank you for noticing that I've reached 500,000 points...it seems like so much, but that's what consistent blogging and commenting (and entering contests) will do for you. :)
Leilani
Joan, so far I've sold three more condos in this complex since then...WOO-HOO! :)
Leilani