As the housing market continues to decline across the United States, investors are searching the bottom line for indications that the market has officially reached rock bottom. While the bottom of the market is always the best place to make any type of investment purchase, the bottom cannot be determined until prices begin to go back up. By that time, it is too late to take advantage of the “best” prices available. The simple fact is that housing prices are the best for buyers that they have been in decades, and taking advantage of this opportunity can only mean good things for the long term investor.
Prices are low, interest rates are low, and raw materials to conduct any desired remodel work continue to remain low also, although there are indications that the prices of construction goods are beginning to go on the incline. This may be a red flag that the housing crisis is close to being over, and we can expect market values to start going back up. Therefore, a good time to buy would be right now.
The city of Victorville, California is 95 miles northeast of Los Angeles and enjoys more affordable property values than other comparable cities in the High Desert area. If considering purchasing vacant land for future investment, or to plan a new construction project, Victorville area real estate may fulfill your needs, but it is advisable to contract with a local real estate agent who can help you determine all of the parameters of your potential purchase.
Much of the available land in Victorville is industrial or adjacent to industrial property. Considerations to make when attempting to purchase vacant land in this area, especially if trying to secure the purchase from out of state, is what the current zoning of the property is, whether there are railroad tracks on or near the property, if there are utilities available and if there are high power electrical lines crossing the property. As there is a lot of property in the Victorville market that is in foreclosure, the expertise of a licensed real estate agent will be able to navigate the stipulations to the purchasing of a bank owned property and the possibilities of converting the property to meet your needs.
The owning of rental property is becoming a very lucrative market, as more and more people are finding themselves with reduced income due to job loss or relocation. All of the families whose homes are in foreclosure have to be living somewhere. After foreclose on a home, even a gainfully employed person will be unable to obtain a mortgage for a smaller, more affordably priced home, therefore the families affected by these circumstances are moving into rental properties.
If you are able to secure property in the Victorville area, with the intent to convert it to residential property, there may be rezoning issues involved which your real estate agent can help you coordinate before deciding if this type of investment is right for you. Of course, construction costs will be another factor to calculate into your overall budget, but your agent will also be able to recommend and obtain pricing from local contractors so you will be able to reasonably approximate what your bottom line costs will be.
Victorville Foreclosures Homes Specialists Serving: Victorville, Apple Valley, Hesperia, Adelanto, Phelan, Oak Hills, and Pinon Hills. For details visit http://www.victorvillesforeclosures.com/