I feel like I’ve been left behind on the REI. All of my friends have bought homes in the past few years and have made great investments. Am I too late? I live in the VA suburbs, a hot real estate area. Should I still consider purchasing a new home? If so, please let me know the best sites/info for newbies.
Personally your reason of doing it because everyone else did, is a poor one at that. That is how people lose tons of money. Don’t listen the hype on tv or from friends who bought a few years ago. You should be doing research in your area to figure out if you can enter now and make a profit.
Thanks, Dan. Maybe I didn’t ask the right question. You posted:
“You should be doing research in your area to figure out if you can enter now and make a profit.”
Where are the best places to go for the research?
There is tons of research right here! As far as Va I personally do not know but Dan hit the nail right on the head! Call your friends that are doing so well ask them what they think about it and if it is to late! also call some other people in the industry realtors, Loan officers, See what they have to say about it! If not look into other areas if you really want to invest on real estate!
Have a Great day!
When buying you should think about how the purchase fits into your living situation and also how it positions you within your financials goals. To your question as to making money in this market: you can’t count on hot appreciation, but you CAN count on tax breaks for interest on mortgage, investment in your own equity not a landlord’s, and a certain amount of appreciation… But whether you buy depends on your own situation… do you have money in the bank or in stocks that isn’t making money? would that money be better put into a home or into a different investment? start asking those questions and you’ll figure it out…
Good luck,
Enn