Investment Opportunities Not Going Away

A recent CNNMoney article entitled, "Foreclosures Make Up 26% of Home Sales" states that even though home prices are down, sales are up and deals are getting done.  That is because 26% of all homes sold last year were foreclosures or short sales.  Bargain hunters are buying and holding properties.  They buy at a good price and then rent it out.  These investment opportunities are not going away.  Nearly 30% of mortgage borrowers are underwater on their loans.  These owners are vulnerable to foreclosure so the number of distressed properties that will go on the market in the next year or two will probably remain high.  Read the entire article at this link.

In a somewhat contradictory article, CNN Money also reports that the number of foreclosure notices filed in February 2011 dropped 14% compared to a month earlier and 27% compared with a year ago according to RealtyTrac.  This could be an artificial drop as some mortgage servicers have slowed their foreclosures as they wait to see how settlement talks surrounding the robo-signing mess play out.  The good news out of this is that even if the decline is artificial, new home builders will find it easier to compete in the market.  New home builders have had trouble competing with the low prices on repossessed homes.  Home building contributes significantly to the overall economy more so than the sale of existing homes.  Read more here and make up your own mind of where it is all headed.

Marc

Marc Austin Highfill
Exit First Realty
Office:  804-527-3948
Cell:  804-840-9824
Email:  marc@marcshomes.com
Visit our website to find out more about my 99 Day Guarantee at www.ExitFirstGuarantee.info

I came across this Google Map function that you might find interesting.    I know you are most interested in Richmond distressed properties and foreclosures (which you can find on our website at www.RichmondDistressProperties.com), but this Google Map feature lets you see what is going on all over the country. 

http://www.theatlantic.com/business/archive/2010/12/using-google-maps-to-find-foreclosures/67773/

Marc

Marc Austin Highfill

Exit First Realty

Office:  (804) 527-3948

Cell:  (804)  840-9824

Email me:  marc@marcshomes.net

*To learn more about my 99 Day Guarantee, visit:  www.ExitFirstGuarantee.info

I survived our 23^rd annual Turkey Bowl and I am proud to say I am walking around today without a limp or any other noticeable injuries.  In past years it’s been a different story.  I have always thought of myself as a pretty fit, 40-something guy.  I work out and watch what I eat.  But that one day of the year, Thanksgiving morning, when I try to go out and relive the athletic glory of my youth, I have been sadly reminded that I am not 21 anymore.  I go out with the same enthusiasm as the old days, but the old body just doesn’t get it.  Usually my legs are sore, my back, and just about every other part of my body.  I take the next few days off to recover and then get back to the gym.  This year, I decided to try something different and I think its working.  Instead of taking time off and hitting the couch for some R&R, I went right back out the next few days and played racquetball and got back in the gym.  I’m less sore and haven’t gained the extra pound I usually gain when I sit on the couch, watch football, eat, and drink my root beer.  Hitting it hard seems to have been what the old body needed to kick it into gear.

That’s what I intend to do with work this month.  Typically December can be a down time in real estate.  Everybody wants to coast into the end of the year and thinks nobody is doing anything because “it’s the holidays”.   I think this is the best time to hit it hard.  There are great deals out there that are too good to pass up and motivated sellers who want to wrap things up before the end of the year.  Its a great time to pick up an investment property, distressed property or fixer upper. 

Marc

Marc Austin Highfill
Exit First Realty
Office:  (804) 527-3948
Cell:  (804) 840-9824

http://marc@marcshomes.com