When the Real Estate Market hit it’s peak in 2005 people were buying homes that they could barely afford. During the course of ownership many Home Owners found it difficult to maintain their homes. There was just no money left to upgrade heating systems, put on a new roof, paint the exterior of the home and the list goes on. Some people feel sorry for these Home Buyers, but you have to remember most of them purchased these homes with no money invested so when they foreclosed or short sold their home, they had nothing to lose.
Here comes the Silver Lining. We are now seeing homes being sold at great prices. This has increased the interest of Real Estate Investors buying up these homes. I work with a number of these investors and all of them are buying and updating, repairing and improving these properties. Some of them are reselling these homes after they improve them and others are keeping them as Rental Properties. This, in turn, improves the neighborhood in which they are located, which improves the image of the cities they are in, which increases property values. I know I would prefer driving through a neighborhood, town, city in which the homes are well kept and not dilapidated and falling apart. It is not only the Real Estate Investor who is buying these homes but also qualified First Time Home Buyers who are taking advantage of the low Home prices, low interest rates and have some cash available to improve these properties.
With all the doom & gloom being talked about in the Real Estate Industry I thought this might make people find something positive in all this mess, the proverbial Silver Lining.