A message to East Contra Costa County Investors…
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The Antioch, Brentwood, Oakley housing market has been tight, especially if you have been searching for investment property. It has not been easy for investors to find properties that make the numbers work for them. Typically, investors use the 70% of market value as a basis, minus repairs & expenses, to calculate if the home is a good purchase. For East Contra Costa County investors, homes with those criteria have been limited. However, be patient! More homes may soon be coming on the market.
New projections on the rate of homeownership are estimated to go as low as 62% by 2012; a rate not seen since 1960. Homeownership numbers have slid since 2006, and an interesting fact is that the numbers even slid during the recent government tax credit! A new poll predicts that 6 million of the 8 million homeowners behind on their mortgage to lose their homes. This could result in more bargains for investors that are willing to take the plunge, and more prospective tenants for those rental properties. (Click here for complete article)