It looks like it doesn't matter where I am, people are saying the same thing. "How do I sell my house?" I was in St. Louis last week. When I was holding a one-day seminar, the biggest concern was the increase in the market, which has now reached 180 days!
Almost every investor in the room is sitting on the property, you can almost feel the pain in the room.
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Last week, I had an investor from New England calling two investment companies in Florida. The prices of the two companies rose by $40,000 to $60,000!
My heart bleed for these people. Not just investors, but everyone who buys too late and is trying or needing to sell too early. Real estate is not intentional, you should make sure you lose before you start.
I think many people see other people making a lot of profits in real estate investment. What they did not see was the era when they suffered huge losses. I only lost twice, only a few thousand times at a time, and did not suffer much damage, but for the second time, I can definitely feel nearly $100,000 in my pocket book. This is a long story, but you can be sure that I made multiple mistakes, believe in all the wrong people, and when I decided to leave, it felt like this was the best $100,000 I lost. Don't let me start. The money is not as bad as losing the relationship involved.
What I want to say is that real estate is not a sure thing, and many people are failing now. You should not purchase more than 70% of the LTV period. Real estate is falling, not rising, not even keeping steady. In fact, it fell 8.5% last quarter, averaging $19,600 per house! So, every day you hold on to your house, you are losing money. An average of $91.65 per day. If this doesn't scare you, then it should. Days can speed up if you are in the national average DOM, which means you will be sitting in your house for 163.7 days. The total cost of ownership alone is less than $15,400! Are you willing to lose so much? In addition, when you hold it, your house will fall again.
Your chances of selling now at full market value are very slim, because no one can really define what it is. As the market is declining every day, you must make sure that the right price is taken into account at the outset or will eventually be retained.
The beauty of the huge gains in fast sales has disappeared at least for a while. Now you have to pay attention to your numbers. As I said, I will treat the highest purchase price as an investor in 70% LTV, and then I still want to make sure it can become unforgivable so that I can sell it quickly.
So when you are there now, ready to list, sell or even buy, make sure you run these numbers. If necessary, you must purchase a low enough for at least six months. Make sure you take into account the price decline of the property and make sure you have multiple exit strategies in case it is not sold or rented.
One of the biggest mistakes most investors make is the lack of multiple exit strategies. One of the biggest mistakes of brokers and agents is over pricing at the beginning.
Both errors are fatal in the final sale of homes for investors, agents and sellers.
One of the few markets to appreciate is Seattle, and of course small pockets elsewhere in the country. In most cases, the market has stopped or is in a tight state.
So what is the solution? Buy it right and learn to sell it. If you can't let others fall in love with this hotel, all the best paperwork in the world won't help.
Keep in mind that almost every financial expert says that the market will decline steadily in the next two years. So if you decide to hold it, get the best tenant buyer or renter by offering them the property they like... I hope they will stay that way. If you decide to sell, buy a low price and make every property unforgettable.
Orignal From: Stage your home - how to sell quickly
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