If you have been thinking about investing in real estate, now is the time. Because over 1 million homeowners were foreclosed on in 2010, the rental market has skyrocketed because those former homeowners now need a rental to move into.
The rental vacancy rate (the share of rental housing that is vacant and for rent) plunged from 9.7 percent to 9.2 percent in the second quarter of 2011, and is now at its lowest rate in nine years. As the vacancy rate continues to decline the cost to rent will go up. It’s simple supply and demand, really. With interest rates also at an all-time low, now may be the time to invest in rental homes. Even SmartMoney.com recently posted a story about how with the turmoil going on in the stock market, the place to put your money is in real estate.
A great Realtor can work with an investor’s price range and level of handy-skills (fixer upper versus move-in ready homes) to find the right investment property for them, while providing rental rates in the area. Some of the best deals in the marketplace currently are on bank owned foreclosures – however – beware – these go fast. If you find one you like, get an offer in right away!
If you are thinking about buying investment property, please contact us today and we’d be happy to assist you with your search.