There is much to consider the timing of the buying and selling of Real Estate. Is it the right time to buy? How do I know if this is the right time to sell?
Buy and Sell Real Estate at the Right Time
In all investments
, timing is very important however unlike other investments such as bonds, mutual funds, stocks, and to name a few - there are two specific characteristics to real estate investing.
1. Most Real Estate transactions are a lengthy process.
2. There is a uniqueness to each piece of real estate.
In order to buy or sell property it takes a long time, and while the transaction is taking place, the market is constantly changing. This makes timing the purchase or sale of real estate tricky. When you are investing in real estate, you are trying to sell high and then jump back into the market by buying low. Timing the market in such a way
is a challenge.
You need to look for property that is a "fixer upper" to get a good deal. If you know an inexpensive worker or have experience for home repair, you can increase the value of a home by over 10%-12%. Search for foreclosure auctions and Notice of Default alerts in the area newspapers and online. Fsbo's and REO's. Find a good deal on property by anticipating positive change in depressed areas. Up-and-coming neighborhoods, in areas where people have been leaving tend to have lower prices. Find areas where the government is involved in development efforts. Check with your local Planning Commission.
Some investors I know, say that if a "Starbucks" is coming into the area, it is a safe bet that the area is up and coming. Now of course there's much more to it than that, however it just may be a starting point. For myself, I would rather purchase before that.
The key to putting to use any of these strategies is having access to funding or capital. This doesn't mean having an account with huge sums of money in it. Instead, you need to have access to money. By maintaining a high credit score, nurturing an efficient relationship with your lender for quick approval for financing, and having access to liquid assets, you'll be prepared to jump when the right deal comes along. Do not forget your family and friends. These people may have the cash or credit you need. How about your's or their Self Directed IRA's.
Even in a slow market, the chance to make a profit investing in real estate is still likely. To do this, however, you'll need to do your
homework, have a long-term outlook Article Submission, and be able to walk away from any deal.
Many buyers search for South Carolina real estate but don’t know where exactly in the state to live. I’ve listed below 5 of the most popular places to relocate in South Carolina.
Columbia is South Carolina’s capital, and a lot of people choose to live here. It’s centrally located to the beach and the mountains. It’s one of the biggest cities in the state, and the population has grown to just over 120,000. Some of the biggest employers in the area are the University of South Carolina, the state government, and the hospital systems. Columbia (and Greenville) are the most affordable places to live in South Carolina that are also relatively good sized cities.
Greenville is located at the foot of the Blue Ridge Mountains and has cooler weather than the coastal areas of South Carolina. It snows usually about once or twice a year in the uppermost part of the state, and Greenville is the largest city in the upstate. It has an estimate of about 60,000 residents. This area has seen some of the largest growth for non-coastal areas in South Carolina, and it’s expected to grow even more in coming years. The city has plenty to do and lots of nice areas, but it’s also considered an up and coming area simply because of its past and projected growth.
Myrtle Beach is one of the most popular tourist areas in South Carolina. Every year, more than 15 million people visit South Carolina’s coast, and Myrtle Beach is at the top of the list of beaches, statistically speaking. Although a lot of people in Myrtle Beach live there year round, it’s considered more of a vacation spot. You’ll find putt-putt courses and beach shops sprinkled throughout the area. It also has a lot of large hotels and condo complexes right on the beach. Myrtle Beach is the most coastal city on this list. The residential population is estimated around 23,000.
Charleston is known for its history and culture. Its economy is also based largely on tourism, and it has started to make its way into the international tourism and real estate markets as it’s become the cultural hub of the state. You’ll find historic sites, museums, and art galleries throughout the main peninsula and surrounding areas. Charleston is considered more of an upscale port city and has 6 beaches along its coast (plus several islands and towns further inland). Charleston is comparable to Columbia in size, at just under 118,000.
Hilton Head does not attract as many tourists, and it’s known as a smaller and quieter coastal area. The AARP often lists Hilton Head in its top places to retire, but you’ll find a mix of people there. Its population is estimated at about 33,000. Real estate prices are relatively high Business Management Articles, as the town has strict development and commercial guidelines. The town incorporated these rules in an effort to preserve the natural setting that people associate with Hilton Head.