Top 4 Reasons to Invest in Daytona Beach Real Estate Now!
Warren Buffett said recently in Fortune Magazine, “Be fearful when others are greedy. Be greedy when others are fearful.” His advice for stocks, applies equally to the Daytona Beach Real Estate Market.
Real Estate in Daytona Beach has been suffering over the past two years. Jobs have dried up in the building trades. Mortgage defaults and foreclosures are at very high levels and lenders are make loans only to those with the best credit. This is bad news for sellers and Daytona Beach real estate agents, but provides solid reasons to invest now.
- Prices Are Down – The average price and median price of homes sold in the Daytona Beach MLS dropped to $180,000 in April against $210,000 a year ago. Many sellers have adjusted prices to be more in-line with buyer expectations, and opportunities for short sales and distress sales mean that properties can be purchased at exceptional value.
- Inventories are High – Daytona Beach homes for sale inventories are still in the 44 month range, meaning that there are a lot of properties available and a lot of competition among sellers.
- Bank Have Tightened Lending Rules – Many people are unable to qualify for loans. These people cannot purchase a home and must rent. The pool of prospective renters for you investment property is growing.
- Motivated Skilled Construction Workers are Available to Repair and Renovate – Construction and repair workers are available and competing hard for work. You can get repairs or renovations completed at low rates.
The perfect plan is to buy properties low, rent to cover costs, and then sell when prices rebound. Of the three steps, buying low is easiest. Getting enough rent to cover costs is possible, but requires buying the right property so that rents can be set for the highest demand price ranges. Selling when prices rebound may take some time, but will happen. The Daytona Beach Real Estate market is ideal for investors because of the tremendous variety of homes and condos available. Homes in all price ranges are available and for the patient and disciplined investor values can be had.
My team can help you through the entire process. In addition to selling millions of dollars in homes and condos, we have an active property management business. We manage individual properties as well as rentals at the Vantage Point condominiums in Daytona Beach. We know the rental markets, what rents easily and fastest, and, we know the Daytona Beach homes and condos markets. We can help you:
- Buy the right type of property
- Buy at the right price
- Prepare the property for rental
- Find reliable tenants (we credit check and reference check)
- Manage the Property for you
- Advise you regularly on market conditions and the right time to sell
- Help you get the best price when you sell
It’s a great time to buy. The excesses of the sub-prime fueled speculative crash that has given us this market, present a great opportunity for those who are in a position to take advantage.
Investing to hold and rent is a longer term strategy, be prepared for five years. If you are looking for a quick buy and sell, or to flip properties, it can be done, but now is probably not the best time. There are over 6200 Daytona Beach condos and homes on the market making for a lot of re-sell competition. There are opportunities for flipping, but you must be very careful. You must buy the right property in the right price range at a very low price.
The Daytona Beach Real Estate market has been hurt by the real estate crash. Savvy investors profit in all markets. Now is a great time to take advantage of markets built for long-term profit. Give me a call at 386-566-7503 to discuss opportunities.