Poll: With More Foreclosures Hitting the Market, Do You See Any Opportunities?
Posted on Wed, 28th November, 2007 by Jeremy
It is hard to ignore all of the news surrounding real estate, subprime mortgages, and foreclosure rates, but even with such bad news, is there a bright spot to it all? You can’t deny the fact that this situation is having a significant impact on our economy and many homeowners, but as with everything, with the bad comes possible opportunities for others.
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I voted Other because I’ve owned my home for just one and half years. It would be silly for me to sell now and try to buy something else, so I am staying put.
Plus, I really, really hate moving
Still saving for a downpayment. I’m thinking we’ll buy sometime in late 2008 or 2009. I’m expecting prices to be lower then.
Foreclosure does not necessarily mean that there would be no opportunities. I gues it eill only be limited.
I’m looking for another place in a good neighborhood to rent out.
The ironic thing is that I’m also a renter myself, but I’m not very particular about the neighborhood I live in. It depends on where my skills would take me.
Renting out property is just another source of passive income for me.
I believe prices will fall for another 12 - 18 months, but that doesn’t mean there are great opportunities out there right now. Looking just for pre-foreclosures might not be the best stratgey since most of these don’t have any equity to negotiate.
Other. Put a 5% downpayment on a house less than 6 months ago, as the market was starting to turn downwards. We would have liked to wait longer, but were tired of moving every year or so when leases were up.
Other. My wife and I have only owned our house for 2 years and have no plans to move right now. We also don’t want to become landlords right now because we are not sure how long we will live in this area. Probably a couple more years, but currently onknown.
If I were looking to buy, I think there are opportunities, especially where I live, which has one of the higher foreclosure rates in the US.
I voted Other because this reminds me of the “if a tree falls in the middle of the forest and there’s nobody around to hear it” question.
If you see an opportunity, and lack the money to take advantage of it, is it really an opportunity?