Should I Sell My House Now - House Prices Expected To Decline

Should I Sell My House Now - House Prices Expected To Decline
According to an analysis conducted by Moodys Economy much of the nations housing prices will see a decline over the next couple of years. The analysis showed a projected decline in national house price of 7.7 percent over the next two years. The projected decline is over 4 percent higher than the projection in October 2007. The 7.7 percent decline in housing prices is an average, so some areas of the country will see a much higher decline. Areas like Stockton California were close to the top of the list with an expected housing decline of 25 percent that is expected to last until the later part of 2008. The Sunbelt areas of the country are expected to see the larges declines, but the Midwest is not far behind. With the many job layoffs from auto makers and other production facilities the local economy in many of the Midwest towns is struggling. Detroit Michigan is not expected to recover from its projected 21.3 percent decline until the early part of 2009. Cities like Nampa, Caldwell, Star, Eagle, and Kuna are Idaho metro cities and are also expected to see declines. Boise, the capital city of Idaho is slated to see a decrease of 7.7 percent in the housing market. The Boise real estate market is not expected to rebound until the later part of 2008. The news is not bad for everyone. Some smaller cities in Texas are expected to see a mild increase of 4.6 percent where the median house price is $129,000. Other areas of the country where the median house price is below the national average should have good chances of dodging the storm. If you are considering selling your house today or holding out for price appreciation, do your homework. In most cases you may be better off selling your house now to avoid even larger declines in the future months. Most areas of the country will not see house prices start to recoup their losses until 2008. Even after home prices start to appreciate it is going to take some time before they are back to where they once were. So many areas around the nation are continuing to see declining housing prices. The declining housing prices cause financial hardship on people needing to sell their house. There are many reasons why people need to sell their house and sell it quickly; divorce, to stop foreclosure, sell investment property, moving out of state, bankruptcy, etc. If you need to sell your house fast your best option is to sell it to your local home buyer. Local home buyers purchase many houses each month in your local area. The process is simple and free. You complete a confidential short seller form on-line and you are then contacted by your local home buyer. The process is the best way to sell your house quick. <a href="http://www.experthomeoffers.com">Sell My House</a> to a local home buyer
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How You Can Use Rehab, Refinance and Cash Out as Long-Term Wealth Building Real Estate Investing
Today we are discussing a somewhat advanced strategy for you to use after you have been in the creative real estate investing business for a while. I call this Rehab, Refinance, and Cash Out . This strategy can lead to true long term wealth and financial independence. This works very well in a buyers market like Memphis where prices have been quite flat for some time. You need to use this to augment your wholesaling for immediate income and retailing for bigger short term profits. Rehab, Refinance and Cash Out is a long term wealth building strategy and will be something you will be glad you did as it is a long term buy and hold strategy, and those are the strategies that lead to true wealth accumulation and financial independence. Let me explain how this works. You find a good middle to low end 3 bedroom home that you are able to buy from an out of state owner or other motivated seller that needs a little work and you buy at 60% of after repaired value. You buy the house using a hard money lender like http://www.pleaseclose.com/memphistrading and do your fix up and have a property management firm manage the property and put a renter in the house. The hard money lender will typically loan you up to 65% of the after repaired value to purchase the house which you use to buy the house and then repair it. Now that the home is repaired you obtain an investor friendly mortgage and cash out by refinancing at 80-90% of after repaired retail value and you should be doing this with properties where this strategy gives you back at least $10,000 at the refinance that you can use in your business any way you need. Do not use this money to live on, use it solely to grow your real estate business. Once you have done this strategy on 10 homes you should be able to keep finding better and better deals because you can close quickly as you have cash in hand to make things happen. More cash equals better deals and more opportunities. By the time you repeat this strategy 20 times you should have at least $200,000 cash plus about $200,000 equity and 20 homes giving you at least $2000 per month positive cash flow whether you decide to work this month or not since you have a property management company handling things for you. With average annual rent increases, within five years that $2,000 a month should grow to $4,000 a month. In 30 years you should have $2 to 3 million plus in paid off real estate. It s a good solid long term strategy to add to your immediate selling from wholesaling, retailing and lease options that the extra $200,000 in cash will help grow tremendously. The rent minus the management fees and all loan and other costs must leave you with positive cash flow or this strategy should be avoided. If you cannot cash out on the property I don t recommend holding it long term as you want to be able to use your best mortgages to cash out. You can purchase using http://www.pleaseclose.com/memphistrading if your Equifax credit score is above 550(which is bad credit) or you have a co-borrower who has an Equifax score over 550. A good investor friendly mortgage company will give you good rates if you are at 660 middle score or above and the very best rates if your middle score is 720 or above. Your first 10 investor mortgages in your name and 10 in your spouses name are the easiest to qualify and get the best deals. After those you really need a good investor mortgage company to work with. Take the time to find the real investor friendly mortgage companies that can help you get loans for 100 properties and not just the first ten and let them have the easy ones and the tougher ones. I do recommend having more than one good lender available though, but stick to the ones that specialize in investor loans. Find out from other investors who the most investor friendly mortgage companies are to use to refinance the repaired home. I do not advocate becoming a landlord as I do not believe this is a valuable usage of your time and energy. I highly recommend asking around and finding a good property management company that will charge you 10% or less to start out with and gradually lower that % as you add more and more properties. I feel this is an advanced strategy as you won t see any cash in your pocket from this strategy for 4-6 months after you find the deal which is a long time to work and not see any pay. If you are wholesaling and making consistent money each month then it shouldn t matter. This strategy will magnify the profits you make in your investing business in ways you might not have imagined. This strategy is a natural progression from wholesaling as you are already helping others find these kinds of deals, now you will be able to get the cash out typical of probably 2 wholesale deals, just paid slower, and at the same time building a nice future nest egg.David offers a free E-course on quick start strategies for getting started in real estate investing that is delivered free via email and tele-clinic at: http://www.FreeRealEstateInvestingCourses.com
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Real Estate Investing and Goal Setting
What is the primary reason for success most people have that seems to elude unsuccessful people? Goal setting is the primary reason for success. Lack of proper planning is the number one reason for failure. Proper goal setting involves setting a business plan in place for your life. Too many people this doesn t sound fun or sounds tedious. In practice though, goal setters have more time freedom, more money, and more success in all areas of their lives than those who don t. Well it s no different with real estate investing. Real Estate Investing must be treated as a business and it requires planning that anyone can do. Much like an airplane pilot who goes through a pre-flight checklist, the real estate investor must go through many steps for every real estate deal. You must market to find the deal, do your research on the property to establish a value, have your contracts ready, make your offer, schedule a closing, have title work done, prepare your financing, get property insurance, etc. The reason the doers make money is because so many people aren t ready to make money. Real estate investing seems like pie in the sky until you put your plan down on paper and it starts to crystallize. The planning process itself should give you renewed energy. Before I daily setup my plan I didn t want to get out of bed each day, but now I get up ready to work on knocking out my plan every day. Set your plan up into baby steps that you can review and knock out every single day. Your daily plan must include marketing to get motivated sellers to contact you. Regardless of the deals you have in the works, if your marketing stops, you will go through long dry spells. Even with consistent marketing you will have periods with few leads and periods where you are just swamped with sellers offering you great deals. Constant daily review of your goals is critical. This is why so many suggest taping your goals on your bathroom mirror so you see it when you wake up and again before you go to bed. You can even buy giant poster sized post it notes that you can write your goals on and stick them on your wall. Reviewing your goals before going to sleep at night causes your brain to dream about your goals and program them into memory. So put your goals down on paper and start putting your real estate investing plan into action.David Neese is a real estate investing author who offers a free course for real estate investors delivered by email, audio and Tele-seminar which you can get for free at:http://www.FreeRealEstateInvestingCourses.com You can find more information about David at http://www.DigitalSuccessCoach.com
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