Santa Rosa Beach, Florida
Similar to stocks, the best time to buy real estate, is when the prices are low. If you're liquid and or have good credit, it would be well worth your time and energy to look into real estate as a means of creating wealth, that would also provide a second home or favorite vacation spot for the family, and or simply a place to live full time, while getting built in tax write offs, in the process.
Now having said that, real estate is a fixed asset that doesn't move. That's why the old saying is the 3 most important things to consider when buying real estate is "location, location, location". This can't be overstated, especially in today's market where there is so...... much to choose from. Not all homes are equal, even though the price may be the same or less.
My first recommendation is to research an area you like that meets your personal needs either as a favorite vacation spot, second or primary home, that you wouldn't mind living for the next 5 years minimum. The second variable is to stay in a price range that is realistic for your budget, with that time frame in mind. The third recommendation is to research the area thoroughly and the surrounding comps. Simply stated, what are the majority of the surrounding homes selling for presently and or in the recent past, and is the area free of external diseconomies, that would affect the home's value in the future.
If you need help researching an area or homes, find a good buyer's agent that works for you . If not, the internet is a great place to start which has a host of web sites that can give you detailed information about most of the properties you would be considering.
Real estate if chosen properly, will always be a good investment, provided you follow these guidelines and have realistic expectations. Consultation with a tax attorney is always recommended, to help you make informed decisions, based on your personal situation.
Happy house hunting!
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