Larry Buchanan Realtor®

Archive for the ‘Buying Property During a Recession’ Category

The media has been broadcasting this headline for years. There is no doubt that we are in a recession. What you have to answer for yourself now is what are you going to do about it? On your own, you can change it but you can adapt to the situation until things blow over.

Now how do we do that? Well the best thing to do is tighten your belt because the credit market is frozen so you won’t be able to get a loan for personal or for business purposes.

With the money you have, it is best to use it wisely by buying only the important items when you go to the grocery. If there are other items you want to go get, you have to sacrifice in order to get it by buying different brand that is more affordable. Since most supermarkets have special offers, give out free vouchers or samples, you should also avail of it.

Do you drive yourself to work? If you do, has it ever occurred to you how much you spend on gas everyday? If you drive an SUV, chances are you spend a lot on gas just to go to and from work. Part of tightening that belt means trading in your SUV or a smaller car. If it is possible, go for a hybrid because you save on gas and get a tax break from the government.

Most people eat out during their lunch break. Instead of buying food, why don’t prepare it at home and then bring it to the office. That way, you don’t have to spend your hard earned dollars for lunch so you can use this elsewhere.

Your employer is aware of the current financial crisis. You can help him or her by suggesting if it will be possible to do some of the work at home. Some companies allow their employees to do this so just have to check if this scenario can work for you. Just be sure that you are as productive at home like you are in the office.

But because you spend more time at home instead of the office, your electricity bill will surely go up. To try and resolve that, the best thing to do will be to replace your lighting fixtures with those that consume less wattage. Since you have a landline and mobile phone, you should change this with a provider that offers better rates than what you are currently paying for. The same goes for other bills that pay monthly.

With all the money you are able to save, you should use it to pay any outstanding debts that you may have with the bank to ensure you have a good credit rating. You can also use this to take up a training course so you or go back to school so you will be able to shift to another career if the current one you are in right now is not working out.

The current recession isn’t going to end by Christmas since it is forecasted to last until next year. For you to survive, you have to tighten your belt. If you don’t know how to do this or want to learn more, it is best to hire a financial adviser who can come up with a plan so you can just follow it.

I wanted to keep it short and informational. Please feel free to leave your comments. The best comments have their feedback posted in a column next month. Thanks for stopping by.

Best Regards,
Larry
Larry@Larry Buchanan Realtor.com

My cell is always near my ear:) 904-910-0203

Very few days go by where I do not have a conversation with a friend or business contact who must sell their home quickly. The media has done a good job of alerting everyone to the fact that the housing market has taken a dive, which definitely slowed the sale of millions of homes across the country.

If the thought of when to place your home on the market is a concern, as you continue to read, you will find that a few things have changed since the first of the year, especially in the greater Jacksonville and Jacksonville Beaches areas.

According to a recent story in the Associated Press, the fallout in regard to foreclosures seems to be affecting Ohio, Nevada, Arizona, California and Florida with the highest increases in foreclosures in the first quarter of the year.

While it’s easy to miss the positive side of this news, the impact on home buyers is on the up-swing. However, in the City of Jacksonville and the Beaches areas, home sales are gaining ground as well. I’ve been fortunate enough to find a couple of niches that are moving somewhat faster, sales wise, than the market in general.

The circumstances that support this trend are most likely tied to rising foreign interest in the US real estate market, fueled by the current weakness in the dollar. When combined with the rising number of foreclosures and the attractiveness of the US dollar’s purchasing power in many countries, the timing is right for sales to warm up in this area.

My best advice for homeowners interested in selling is to spruce up and liven up interior and external areas of your home. Particularly in the Beaches areas where traffic is becoming noticeably higher.

My advice for buyers, including investors is to shop carefully. While real estate in interior areas of Jacksonville provide good dollar values, Jacksonville’s Beaches are beginning to sell at very attractive levels. With foreign interest warming, don’t hesitate too long before starting your search. There are many hidden values just waiting for an offer.

Please feel free to call me to get your questions answered.

Best Regards,
Larry
Larry Buchanan Realtor, Prudential Network Realty
Phone: 904-910-0203
Email: Larry @LarryBuchananRealtor.com

Purchasing real estate is no laughing matter – whether the economy’s doing well or it’s experiencing recession. It’s a well-known fact that buyers are in a better position to purchase real estate during a recession. However, there are still some risks involved.

So how do you make sure you’re still getting the best real estate deal during the recession times? Here are some tips that you can make use of:

Determining whether you have gotten yourself a good deal in buying real estate, or simply just about anything, depends on your priorities. My years as a Realtor have taught me one thing for certain, all of us have different priorities, that’s a fact.

So if you’d like to make sure you satisfy yourself, get your own expectations in check. Creating a checklist can help you here. Finding a property to buy with a checklist handy can greatly facilitate the process.

I definitely advice about the importance of knowing your priorities and recommend that you create a checklist to guide your decisions. However, flexibility can also get you a long way. Be objective with your judgments and take a hard look at the property you are considering for your purchase.

Think hard and see if you are actually being too choosy to the point of being impractical. Would you like fancy or functional? Is it comfy or uber-elegant? How about trying to meet in the middle? Have you asked for suggestions from family or friends with experience? Do they agree with you?

Although you do not need to wipe your slate clean and accommodate all their opinions, are your expectations realistic enough… and what about your budget? Remember it is recession. Naturally, as a Realtor I can research many of the variables that help you consider your options. There’s no downside to taking advantage of this free service.

Many think that since it is recession, they can just buy and buy and buy properties. Although many property sellers are usually on the lower part of the scale during these times, not all deals are the best ones. You still need to be as careful as ever in purchasing real estate. My listings cover a wide range of choices, and I have access to literally thousands more. Should your schedule open we can set an appointment for a tour that will blow your mind. The market is absolutely perfect for great values at this point.

Many would pursue a short sale trying to grab a good deal. However, before you buy a property with a price that seems too low for the location, check with me about the areas and properties you’ve thought about. I can investigate to make sure you have all the facts. This is important since you should not just make an offer on a pre-foreclosure, short sale property.

Home sellers do know that during a recession, they may not be able to sell their properties for a better price. This means that they would have to wait longer to put their home out on the market. There may be properties for sale, but they get bought quicker, too. It would be helpful if you are prepared enough to make a purchase without dilly-dallying if you really are into it.

Your decision should not be clouded in buying a property. Always shop for the lowest price, which fortunately is more attainable during recession for buyers. However, do not forget that the lowest-priced property is not necessarily the best one.

In summary, there are some advantages to buying a home during recession. However, if you do not really have the budget or are not that well-educated in the real estate industry, do not feel pressured to jump in. There is still time for research and planning to help you make the best choice for the one decision that is a most important investment of your life.

Best Regards,
Larry
Larry Buchanan Realtor
Prudential Network Realty
Call me: 904-910-0203
Email me: Larry@Larry Buchanan Realtor.com

Click here to see my complete listing of homes in the Greater Jacksonville Area