The housing market has undergone some fundamental changes over the past few months. With the mortgage industry debacle still haunting our thoughts and the resultant increase in foreclosure properties, now, more than ever, is a time for thoughtful deliberation.
Credit is tighter, inventory is higher, and with inflation eroding our finances, it’s a time to move carefully.
Today’s market is definitely not a good one for those wishing to “flip” properties. The rules and timetables have changed quite dramatically and that requires a more conservative strategy.
For first time home buyers, the time is generally right for you to enter the housing market; if you’re looking at investment properties, not so true. While there are and likely will always be, good deals on the market, this particular market is going to require a more deliberate and calculated approach.
For investors, we recommend rather than flipping, a strategy of refurbishment and renting / leasing at this time. There are many foreclosure properties that can make this an attractive course to pursue presently.
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