Discount Properties Like Foreclosures and Fixers Are Better Buys as US Housing Sales Data Reveals Soft Sales
Real estate housing market update
The pace of used home sales in March was the slowest since June of 2003, and the drop was the largest since January 1989. US existing home sales ran at a 6.12 million annualized pace in March, down from 6.68 million in February. Expectations had centered around 6.40 – 6.50 million. Single-family unit sales ran at a 5.32 million pace vs. a prior 5.88 million. The median price of homes sold in the month was $217,000 vs. a prior $213,600. The inventory ratio increased from 6.8 months to 7.3 months. That is the highest ratio since November, and well up into the range at which price erosion is typically seen. The National Association of Realtors says that the housing market will not recover until Q2 of this year and even then it will be sluggish. That is the optimistic view. March is usually a far stronger month that January or February, prior to seasonal adjustments. With March figures showing up far worse than the two prior months, that is not encouraging.
Buying Discount Property Like Foreclosures and Fixer-Uppers Is the Way to Go
With new new homes prices softening as well as "retail prices" on resale homes, buying a pre foreclosure looks like a much better way to buy your home or investment property. You should be buying discount property right now. As I wrote yesterday, according to a leading foreclosure listing service, Find Foreclosures Nationwide there are currently 2,326,602 foreclosure listings across the country.
You can learn the skills needed to buy property on the cheap. Many of the best and most successful investors in pre-foreclosures have written step-by-step guides to help someone just getting started or someone who wants to improve their skills to make even more money. So find yourself a mentor, either in your area or a “virtual” mentor and start learning how to buy discount property and make money in pre-foreclosure homes.
For more information on buying below market foreclosures, fixer-uppers and other discount properties and working with a “virtual mentor,” visit the Real Estate Investing Guide Center.
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