Real Estate
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Anyone here in any of the Real Estate professions (currently or in past), such as sales agent, loan processor, appraiser, broker, property management, etc.?
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Tay, thanks for the offer. I am already in the Real Estate profession. I simply wanted to discuss market trends, loan programs, supply/demand, buyer/seller and valuations along with the cons and pros of Real Estate and also mortgage brokers, lenders, loan officers/agents, appraisers and the like in general.
Peace!
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Peace Genteel,
Gotcha...if it's any consolation, we're looking to evolve our business into real estate. We have a few clients who've flipped homes and apartments in NYC and NJ after our remodels and we have an investor looking to do something with us. I'm actually very interested in any advice you may have to offer. We try to keep our fingers on the pulse of the local market, which, I'm sure you're aware, was insane until just recently. Prices seem to have settled down and the higher end homes are sitting on the market longer than before. We'll probably look to build from scratch in the lower end. Any tips?
Peace,
Tay -
Hello Tay,
Pardon me for this belated reply since I was pretty much engulfed in my work for the last few days. May I ask what field of Real Estate are you folks evolving into? I am a licensed appraiser and a loan processor in the state of CA.
Since the last year, in general, Real Estate markets in the USA has taken a drastic turn downhill; pretty much slump. This is mainly due to sub-prime loans and over-inflated valuations, where the lower and middle class have hit hard on, one of many reasons of foreclosures, short sales and pre-foreclosed purchases. Not only that there is overabundance of competition in all areas, but the fact that people are becoming "cut throats" which needs to be stopped. I believe the FBI is now involved in catching up and penalizing the cultprits. I presume that the market trend will remain somewhat similar for sometime until the Real Estate industry as a whole smooths out a bit. Several new policies and conditions are being implemented and will affect the 2008, hopefully for the better. California seems to be the hardest hit due to its strategically geographic, demographic and economic overtures in relations to Real Estate.
Unless the pricing structure is parallel with current market conditions, new contruction in similar neighborhoods is likely to fall out, for the simple reason that when market is down the cost to contruct is up (progression vs regression in an inflated economy). Mind you, it also depends upon location, appeal and supply/demand. Currently, as an average individual, I would not want to purchase a high priced brand new home when I could easily buy an equally good or better "older" home for far less in the same subdivision or neighborhood. I'm not much familiar with NYC and NJ in particular, but do know that the trends are generally similar. If people have steady income and are reasonably well off, this is the time to get into property investments which may pay off well in the near future or perhaps wait till the end of this year when purchasing seems strongest and bargaining effective, as in buyer's market.
Hope to hear from you more.
Peace!