Ask Gerald: 10 ways to find a new tenant fast
Real Estate Tip:
Never use a seller’s asking price as a gauge of market value for a property. A property owner may request any price for his property-this may or may not be anywhere near market value. The current market value of a residential property is based primarily on what a similar property has sold for in the last 6 months.
Real Estate Insights:
The forecast for housing in 2014: Higher prices, rates [View Article]: It’s anyone’s guess where rates or housing prices are going to go over the next year. You don’t need to be Nostradamus, you need to be like Macgyver. The key is to try to be as prepared as you can for whatever the market throws at you. Mortgage rate increases will definitely reduce the amount of house you can buy—about a 9% reduction in purchase potential for every 1% mortgage rate increase. You should also consider non-traditional sources of financing, like seller financing, financing from private individuals and ‘hard money’ lenders for short term real estate rehab projects. It’s not one size fits all—the type of financing you’ll need or can qualify for will depend on the amount of time you’ll need the money and your exit strategy.