Home Price Collapse Brings Opportunity
Much like the internet stock price bubble California real estate prices have experienced a stunning reversal in upward momentum. C.A.R. (the California Association of Realtors) reports prices in California are falling three times faster than the nationwide average price decline. The median California single family home price is currently declining at a rate of $3,000 per week. Median prices have fallen 31% in Sacramento a shocking figure to be sure.
Investors should still use caution when looking at foreclosure investments. Areas that have a lot of foreclosures tend to be on the down trend. Neighborhoods that have a plethora of foreclosed homes are often faced with higher crime levels, lack of property upkeep and other negative features. This can lead to severe price drops in the neighborhood as it becomes less attractive to potential homebuyers. Unless investors are specifically looking for a neighborhood renewal project, they would do well to locate properties in neighborhoods which have not been as negatively affected by the downturn.
The trick? Find the foreclosure or better yet pre foreclosure (short sale) in a great neighborhood with few if any other distressed sales. These opportunities are available in both residential and commercial real estate in Napa, Sonoma, Marin and Solano counties. The best and often the only way to find these properties are with the help of a competent full time Realtor who specializes in commercial and investment real estate.
Contact Mike Bolen at 707-254-9999 or email Mike@MikeBolen.com for a referral to a market expert in your area.
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[...] DWYM Team wrote an interesting post today onHere’s a quick excerptInvestors should still use caution when looking at foreclosure investments. Areas that have a lot of foreclosures tend to be on the down trend. Neighborhoods that have a plethora of foreclosed homes are often faced with higher crime … [...]
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