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Archives for August 2008

Real Estate Outlook: Prices Stabilize

August 28, 2008 by Marco Santarelli

For the first time in a long time the real estate market is showing us more positive signals than negative.  Nominal price drops in 883 core based statistical areas have finally stabilized, showing no declines in the past two months.  This is significant because we must see a flattening out in the market before we can see a cyclical turnaround.  We’ve also seen prices hit bottom in even the hardest hit markets in California, Nevada, Florida and Arizona.  Therefore, prices are not likely to drop much further.

In its latest quarterly report, even the National Association of Realtors (NAR) has seen a similar bottoming out in prices.  There are even signs of a turnaround in several key markets.  Year over year, homes sales were up in 26% of all states and 35% of all Metropolitan Statistical Areas.

The biggest prices jumps were in Yakima, WA at 8.9%, Binghampton, NY at 8.7%, and Amarillo, TX at 7.2%.  However, nationally the median sales price is still down by 7.6% from the second quarter of 2007 at $206,500.  And new housing starts fell by 3% last month primarily due to unsold builder inventories.

All this has prompted larger investors to jump in and start buying packages of properties, sometimes 10 or more.  So if you’ve been waiting on the sideline for the real estate bottom to arrive then your opportunity to start buying investment property may finally be here.

Filed Under: Economy Tagged With: Investment Properties, Investment Property, Real Estate Investing, Real Estate Investment

Guide to Setting Rental Rates

August 27, 2008 by Marco Santarelli

Guide to Setting Rental Rates

Setting the right rent can be one of the most difficult areas for many people who are investing in rental property.  If your property rents out in no time, it could be an indication that you are not charging enough rent.  On the other hand, if your property seems to take a long time to rent out, it could be a clear indication that your rent is too high.  So, how do you go about setting a rental rate that is in line with the current market?

One of the best places to start is the local newspaper.  It is imperative that you do some research to find out what rent prices are driving the local market. Location is the most important factor in determining rental rates. For example, a three bedroom, one bath home in one part of town may rent for $1,100 a month while a similar property on the opposite side of town may only be able to draw $900 per month.

[Read more…]

Filed Under: Property Management, Real Estate Investing Tagged With: Landlording, Property Management, Real Estate Investing, Rental Rates

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