The Club Mastermind Blog

Dec
11
2008
So, Have You Heard The News?

I hope that you have been paying close attention, as a real estate investor, to what is happening in our local market. Whether your sources of information are from the print media, the internet, networking... it doesn't matter.
 
This is one activity you must undertake on a daily basis.
 
In our market today you need relevant information regarding:
 
·         Properties sold,
·         Rents and vacancies,
·         Job losses or gains,
·         Days on market... and even...
·         What action the Federal Government is taking today that will impact your business.
 
Today, I want to share with you two articles that give us some insight into just that:
 
The first one, from the Baltimore Sun (click here to see the article) identifies what every Club member already knows - from their collective experience - home prices in our market have dropped around 8% from this time last year.
 
You may recall that I have been predicting between a 5% to 10% decline in overall prices throughout 2008. Looks like we are going to end up within that predicted range.
 
The other, more important part of the Sun article is that properties are staying on the market longer... over 4 months. Well...let's be specific about that - properties that are not priced to sell are staying on the market.
 
Club members, by contrast, are experiencing offers and contracts for their properties that are priced right, within 30 - 60 days. A significant reduction in holding time... and costs. You see how, by planning ahead, you can avoid being one of the statistics - and can maximize your profit.
 
In the other article, this one from CNN (click here to see the article), we learn that mortgage rates are now at their lowest point since 2004. (!) In case you need a reminder - that was when the run-up was getting into full swing.
 
I have also read an article which speculated that, due to further Government action, mortgage rates could fall to around 4.5% or lower in the coming weeks.
 
Why is this significant? As an investor selling into the homeowner market, this is encouraging news for one simple reason... affordability. Buyers will be able to buy more home with fewer dollars.
 
So what do you do with this information? How do you capitalize on it?
 
The best advice I can give you is to join me next Tuesday, at our current market update seminar, where I will lay out a game plan for you to make the most of these trends.
 
Or, stay tuned for an upcoming two-day seminar on how to find and fix deals in this market.
 
Hopefully, I'll see you next Tuesday, at 6:30 PM. If you have not done so, you can register here.
 
Pete
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