As we get to the conclusion of my steps to Real Estate investing we have just two more issues to review before you run out and make your investment dreams a reality. One important but often over looked step to Real Estate investing is being aware of the market trends that you are facing and entering. Though you may feel that you are aware of everything going on in the market you may be surprised to learn how competitive a market it can really be. You are competing with other investors and families looking to purchase homes for themselves who are also looking for the most value and best possible price. In a lot of situations you will be in the mix with individuals that have been doing this for far longer then you have with lots of experience.
While it is impossible to reproduce this experience overnight you can educate your self on as many issues and trends available. The best way to do this is by asking your Realtor© to keep you up to date with home list prices, terminated listings, and most importantly SOLD prices. By studying the actual sold prices you get an idea of what the values of homes similar to yours are worth, and what the market is getting for them. When investing for rental properties it is best to check classified ad’s for fair rental prices as well as asking your Realtor© to keep you up to date with rental prices. Stay in close touch with your mortgage broker and banks to see what is happening in terms of loan volumes and required down payments. Using this knowledge will prevent you from paying too much for properties, it can help you gauge how much your investment can make you, and finally can help you to list your investment for rent or sale at the right price to attract the right buyer in the least amount of time possible. Education is always the greatest tool when it comes to under-pricing and over-pricing your targets.
Andrew Costa
Sales representative with Signature Service/GMAC Real Estate
www.andrewcosta.ca
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