Hurricane Irene hit the east coast hard creating many opportunities for real estate investing. As homeowners realize that they are not going to get as much as they need from their insurance companies and they run out of funds they will be even more motivated to sell at discounts and on your terms. With 3 more months and 8 more hurricanes predicted for this year’s Atlantic hurricane season you will also find many other motivated sellers with homes ripe for the picking along the east coast.
Free Homes In Detroit
Detroit has announced it is giving away 200 free and discounted homes to police officers in an effort to revitalize neighborhoods. Not all are taking them up o the opportunity but it clearly signals motivation by cities to improve areas even if it means big concessions and giving away properties. What ideas can you come up with for working with your city to get deals on real estate?
Home Sales Up!
The National Association of Realtors has released new statistics showing nationwide, existing home prices are up 21% over last year. With inventory also down now at 9.4 months supply it is clear that the best real estate investing deals are to be had right now.
5 of the Priciest Towns in the US
Despite continued groans in the news, there are many areas of the country boasting pretty impressive median home prices. CNN Money just released a list of 25 pricey home areas from its list of ‘Best Places to Live’. Here are the top 5, all of which are in California and their median home prices.
1.Hillsborough – $2,277,500
2.Los Altos Hills – $2,273,250
3.Montecito – $1,864,000
4.Beverly Hills – $1,595,000
5.San Marino – $1,560,000
Look Out For The Obama Plan (Or Not)
The Obama administration is poised to announce a new mortgage/ housing plan next week. Rumour is that the plan involves having Fannie Mae, Freddie Mac and FHA loans refinanced at today’s lower rates so that homeowners have more free cash to spend elsewhere. Though by the sounds of it, this plan will probably not do much for most homeowners, following in the trend of the administrations previous plans. Word is that it probably won’t apply to those who over 80% of their home’s value or those who are seriously delinquent. So once homeowners realize that no real help is on the way, they will be back to being desperate to sell. Will they have your phone number in their hands to call for help?