It’s the first working day of 2010, what options are there for making this a ‘growth year’ for your personal finances? You’ll likely get lots of advice on the issue from numerous sources. Our advice is specific to the Chico area, and how real estate can contribute to making this a successful year for you.
1. BUY LOW. Butte County home prices are the lowest they’ve been in 5-8 years, and that’s just listed prices. Some bank owned and pre-foreclosure properties are selling well below listed prices. Some cash buyers are purchasing foreclosures at auction for less than their current value and ‘flipping’ them for a profit.
2. BECOME A RESIDENTIAL OR COMMERCIAL LANDLORD. Loans for investors are harder to come by, which has made commercial properties harder to sell and has led to some great deals on investment properties. Business closures over the past two years have left a higher than usual number of commercial buildings available. From apartment houses to automotive shops, if you’re in the position to do so this can be a great time to pick up a building to house your own business or to rent out to others.
3. SELL FAST. There is a common misconception that Chico-area houses are not selling, that’s just not true. Homes priced competitively based on current values and especially those in the ‘entry-level’ home category are regularly receiving multiple offers, over asking-price offers and quick closes. If you’ve owned your home for 10 years or more it’s worth well more than what you paid for it.
4. IMPROVE FOR THE FUTURE. If buying or selling are not in the cards this year perhaps this is a good time to focus on updating or upgrading your property. Adding inexpensive square footage like a family room, adding a bathroom to a one bathroom home or remodeling an outdated kitchen can provide a good return when the time comes to sell down the road. Simple cosmetic fixes like exterior paint and landscaping can do wonders for your homes value. Government programs designed to help the economy contain rebates and incentives for home improvements including energy efficiency and updating. Unless you’re doing it for other than investment purposes you may want to avoid changes that cost more than the return they provide, like a swimming pool.
5. GET ‘FREE MONEY’. Two assistance programs available through April 30 of 2010 provide $6500-$8,000 dollars in incentive money for purchasing a primary residence depending on whether you are a ‘first-time’ or ‘move-up’ buyer.
2009 and it’s limiting economic factors - both real and imagined are old news. Let’s look at 2010 with optimism and make it the year we dream big and make our dreams happen!
1. BUY LOW. Butte County home prices are the lowest they’ve been in 5-8 years, and that’s just listed prices. Some bank owned and pre-foreclosure properties are selling well below listed prices. Some cash buyers are purchasing foreclosures at auction for less than their current value and ‘flipping’ them for a profit.
2. BECOME A RESIDENTIAL OR COMMERCIAL LANDLORD. Loans for investors are harder to come by, which has made commercial properties harder to sell and has led to some great deals on investment properties. Business closures over the past two years have left a higher than usual number of commercial buildings available. From apartment houses to automotive shops, if you’re in the position to do so this can be a great time to pick up a building to house your own business or to rent out to others.
3. SELL FAST. There is a common misconception that Chico-area houses are not selling, that’s just not true. Homes priced competitively based on current values and especially those in the ‘entry-level’ home category are regularly receiving multiple offers, over asking-price offers and quick closes. If you’ve owned your home for 10 years or more it’s worth well more than what you paid for it.
4. IMPROVE FOR THE FUTURE. If buying or selling are not in the cards this year perhaps this is a good time to focus on updating or upgrading your property. Adding inexpensive square footage like a family room, adding a bathroom to a one bathroom home or remodeling an outdated kitchen can provide a good return when the time comes to sell down the road. Simple cosmetic fixes like exterior paint and landscaping can do wonders for your homes value. Government programs designed to help the economy contain rebates and incentives for home improvements including energy efficiency and updating. Unless you’re doing it for other than investment purposes you may want to avoid changes that cost more than the return they provide, like a swimming pool.
5. GET ‘FREE MONEY’. Two assistance programs available through April 30 of 2010 provide $6500-$8,000 dollars in incentive money for purchasing a primary residence depending on whether you are a ‘first-time’ or ‘move-up’ buyer.
2009 and it’s limiting economic factors - both real and imagined are old news. Let’s look at 2010 with optimism and make it the year we dream big and make our dreams happen!
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