Tis the season to buy bank owned property in San Diego
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Published: Monday, December 08, 2008
Friday kicked off the holiday spending frenzy. Retail sales were better than forecasters anticipated. But did you know this is also the perfect time to purchase bank owned property in San Diego? Here are three reasons it makes perfect sense to add an REO property to your wish list.
~Reason One~
The holiday seasons is a notorious slow period for real estate sales. Primarily because people are consumed with festivities. Who really wants to deal with finding a loan and moving during this time of year. Nevertheless, smart investors know that this is the best time to strike. The lack of activity breeds a sense of urgency, many sellers are willing to entertain offers they may not considered in the months prior; including banks. Electing to purchase during this time of year affords buyers the leverage to negotiate a more attractive sales price.
~Reason Two~
As we approach the new year forecasts for home sales are grim. It is predicted that the 2009 median home price in San Diego will drop as much as 12.5% from 2008. It is not clear if we have reached the bottom yet, but we are closely hovering around it. And while the median price did drop, the number of resale home sales are up. If investors continue buying REO property in San Diego it could trigger the rise in home prices. This is something to consider if you have been sitting on the sidelines. Now would be a wise time to jump in and buy in order to take advantage of the low prices.
~Reason Three~
The third argument for adding a bank owned home to your wish list this holiday season are the tax benefits. Closing escrow before the new year might be a stretch. But just because you miss the write offs for the 2008 tax season doesn't mean you can't take advantage of them for the 2009 season. Consulting a tax professional is strongly recommended.
The holiday season, this one in particular is an excellent time to purchase a bank owned home in San Diego because this is a typical slow period for real estate sales, the median price of homes are down, and purchasing bank owned property entitles certain tax benefits. Waiting for the right time may prove to be a costly mistake if people continue to snag deals on foreclosures.
If you are ready to start taking advantage of the real estate market, contact a professional. Richard Elias is an authority when it comes to negotiating real estate contracts. Mr. Elias and his team welcome your inquiries. To learn more about the benefits of purchasing bank owned property in San Diego call 800-474-1919 ext 5001.
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Tis the season to buy bank owned property in San Diego
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