How Long Before The Market Is Projected To Recover?
If I were to buy a fixer upper, how long before the market is projected to recover? Is real estate flipping going to come back? Is it better to just be a landlord? What are your views on still being able to make real estate a career? Looking to fix and flip in florida, the market is really bad now for selling, but prices have come down some.
Are you referring to the New York market? Or the market as a whole? Commercial I presume?
Quote:
On 2007-10-24 09:52, erica222 wrote:
If I were to buy a fixer upper, how long before the market is projected to recover? Is real estate flipping going to come back? Is it better to just be a landlord? What are your views on still being able to make real estate a career? Looking to fix and flip in florida, the market is really bad now for selling, but prices have come down some.
[addsig]
thank you, I think you are right... i can just be so impatient sometimes, I really want to live in Florida!!!
This well respected analyst says possibly 5-10 years before depreciation ceases.
http://www.boston.com/realestate/news/articles/2007/11/13/economist_housing_slide_may_last_years/
You can make money even in this market IF you buy at the right price. If you pay too much then there is nothing you can do in this hard to sell market. But if you buy right then it will work out.
The problem we are running into is that the prospective buyers are not qualifying for mortgages even when their credit is fairly good. We are looking at lease-option and have been doing more renting.
If you have the money to buy and hold then there are still many opportunities.
The big thing here in Florida is property tax. Tax rates on all our properties more than doubled. In a real estate bust like this I cannot understand where they are getting their figures from
with rate going down, I would look at a cash-out refi.