I am often asked, "How long can we keep buying deeply discounted properties?" My best guess: At least three years.
Why?
1. A large current inventory. That should last a year or so!
2. A large number of foreclosures are already in process and they are taking up to two years to process. That means new bank-owned inventory coming on the market for at least two more years. (Take a look at this article and keep reading- things are not getting better, the banks are just slowing down.)
3. We are still in a period of high unemployment so we can expect ongoing high foreclosure rates for at least another year.
Add it all up and we are talking 3-4 years of high levels of bank-owned inventory.
Is it a good time to invest in real estate today? Yes.
Will it be a good time to invest in a year? Yes.
Will it be a good time to invest 2, 3, 4, 5...10 years from now? Yes, yes, yes, yes... YES!
Want to invest in Northern Utah but don't know where to begin? Contact me!
Already investing in real estate and want to work with another experienced investor? Contact me!
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