photo credit to MiamiAmia, via StockExchange.
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Not much going on this week compared to the past 2 or 3 weeks. We're in a holding pattern, which isn't surprising given the current economic news. The future of the American economy is as clear as mud, and when consumers see mud they bury their heads in it and hope for something that looks and smells better in the future.
The one bright spot for sellers continues to be ZIP 85024. While 85027 has slowed a from it's previous quick sales pace, it's still a good place to be a seller. Inventory is selling, and quickly. Sellers don't have to agree to every buyer demand. Of course, most of the properties sold here in the past few months have been lender owned, or at least priced at the low lender owned fire sale prices. A competitive price rules the day in these ZIPs. Listing priced even a smidge above the last sold comp will be sporting their sold signs till next holiday season.
The nice news is that ZIPs 85024 and 85027 are also good places to be buyers! There are lots of little condos and patio homes in these ZIPs that can be bought up for under $125,000 or so, fixed a bit (paint, carpet, good cleaning, minor repairs) and then rented for an immediate cash flow!
Interested in jumping into the real estate investing pond? These ZIPs are good for that. Most investor loans these days require at least 10% down, sometimes more like 20% or 30%. But for folks with decent credit, a bit of money put by, and an adventurous spirit can make a go of it. I forget who said it, but it's true that you can make money buying real estate when there's blood in the streets. The Motley Fool doesn't have an investment strategy called "Contrarian" for no good reason:
"We simply attempt to be fearful when others are greedy
and to be greedy only when others are fearful."
-- Warren Buffett
Of all the Oracle of Omaha's orations, this one holds a special place in Foolish investors' hearts. When looking to bag a bargain, a panicked sell-off by jittery investors offers you a great chance to snap up stocks on the cheap.
Substitute "real estate" for "stocks" in the above quote from the Fool's website, and you've got a recipe for getting rich slowly with real estate investments that pay you over the years.
The average sold price over the past 30 days in ZIPs 85024 and 85027, respectively, are $158,000 and $111,000. Want to drive an even harder bargain? Properties in ZIP 85012 have been selling like molasses in Alaska for months. With absorption rates in the triple digits, buyers can call all the shots, and with the average sold price in the past 30 days at a mere $84,933, it's not even painful to come up with the down money.
Intrigued? Call or email me.