If you are thinking about investing in real estate experts say low home prices combined with low interest rates make this the best time in years to become a real estate investor.
With property values at an all time low, investors are looking at homes to renovate to become landlords or to flip them. There are a large number of homes that are foreclosure properties on the market. These properties are a fantastic opportunity for investors to attract a lot of capital. Foreclosed properties most often sell at significant discounts. This gives the investor an opportunity to start building a profit.
According to Wells Fargo Home Mortgage interest rates are hovering around 5%. It’s an excellent time to finance your purchase before the interest rates start to climb again. When the money is cheap to borrow and the houses are cheap to buy, it’s absolutely the best time to invest.
However, when you are searching for a foreclosure home it will depend on the area where you can find them. According to the local MLS Northern New England Real Estate Network when searching the City of Portsmouth there were only 2 foreclosures for 86 residential listings but in the City of Dover there was a total of 13 foreclosures listed for 164 residential listings.
What’s more is that the real estate market is starting to recover in the United States. US houses lost $489 billion in value during the first 11 months of 2009, but that was significantly lower than the $3.6 trillion lost during 2008, according to real estate website Zillow.com.
Real estate is still a good investment and this is a great time to buy. If you are looking for a second home or investment property in the Seacoast area of New Hampshire and Maine our experienced agents are ready to find your perfect property.