Millions of Americans have lost jobs and York PA is not immune to these job losses. Local residents are searching far and wide on ways to make money while out of work and they should really consider low-risk Real Estate investing. In fact, a local York site titled www.2days2buy.com is a great place to start if you're looking to buy discounted homes for investing purposes. And yes, despite the real estate bubble bursting, there is still ways to make money investing in York PA homes. In fact you don't need a lot of money - all you need is a smart strategy and the patience to wait for good deals.
Home prices have fallen more than 20% from their peak in 2006. Where are they headed now? In my opinion I believe real estate prices have finally bottomed out in many regions - but that doesn't mean a quick rebound is around the corner. How come? Well, the major component of a strong housing market is a strong lending environment and that unfortunately isn't the case right now. Lenders are making it very difficult to acquire funding right now and on top of this, there's a general lack of confidence in the overall economy among the public. Real estate will not rebound until both these issues have been taken care of and many economists believe this wont happen till late 2010. According to may economists, home prices aren't expected to overtake the 2006 peak prices till about 2015.
Given this bleak outlook, how is it still possible to still make money investing in homes?
This is where patience is a virtue. The truth is, homebuyers are very scare these days and some home owners are so desperate to sell that they are willing to accept very low offers and that's the only way to make money in this real estate market today - buy it so cheap that you can't lose. Most sellers are finding themselves receiving offers 30% to 50% less than the asking price. Now, not all sellers will accept an offer that low but 1 in 25 will.
Once you find that seller who accepts your offer, here's what you can do next. This is actually called "wholesaling" and it's a very low-risk way of investing in homes. First thing you must do is put together a list of local real estate investors. To find them, you can check and visit your area for local real estate investing clubs. To start, type in nationalreia in your internet search and you should be able to find local clubs in your area. This is where investors hang out. Go there and visit and start gathering names of people looking to buy homes in your area. Once you have this list, all you do next is find a seller that you get under contract and then "assign" that contrat to one of these investors. If you've been successful in getting the seller to accept a low offer, they'd be more than happy to pay you an assignment fee and take over your contract and buy the home from that seller. Investors routinely get paid anywhere from $2,000 to $20,000 just simply wholesaling homes.
This is an easy way to still make money in real estate today. The biggest lesson is finding a seller who's willing to accept a low enough price and finding a hungry buyer (which in today's market are real estate investors - not your normal 1st time homebuyers). Pay attention to this technique and you'll do just fine. In fact here's a brilliant idea - buy your good deals from other wholesalers instead of homeowners!
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