I have been in real estate and financing long enough to have seen many ups and downs along with extremes in interest rates. The only sure thing is, things will change. The market will bottom out and turn up. If you are holding out for the bottom, you will find it when you miss it. You can buy a property today and probably rent it to cover the debt service. Just a few years ago you would be looking at what you were loosing every month.
In general real estate has been a good investment over the years. The recent correction is providing an opportunity to invest in a market which should be going up. Now is the time to consider investing in quality real estate.
According to the National Association of Realtors (NAR) and the Arizona Association of Realtors (AAR) the market is improving in specific areas. The improvement is largely in the number of properties sold, not the price. This is in part because a majority of the properties being exchanged are foreclosures or lender owned properties (REO). These properties are providing an opportunity to purchase real estate at a price not seen for years.
Purchasing your property at the best price is just the beginning. Professional property management will preserve the value of your investment. Renting a property is more than putting a one inch classified ad in the newspaper. The property will be promoted for the most exposure to attract quality tenants. The tenants will be screened to determine their ability and willingness to pay the rent. The property will be inspected to insure it is properly maintained. The rent will be collected and funded to your account monthly and the security deposit held in escrow. These are just the basic services a property manager will provide to protect your investment.
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