@Cliff T. - nothing has changed to make the market less hot than it was when I posted 10 months ago. If anything, the economy is stronger now than last year. Of course, during the winter months, real estate slows down, only to pick up again when flowers start to bloom in the spring. Depending on what you are planning to do in Forsyth county, and where, will determine the success you have. If trying to wholesale houses- that works regardless of the economy - even in slow periods, since it is price driven to other investors.
Looking at your question, how can one NOT be bullish given new construction? Larger builders do a lot more forecasting and planning, than small real estate investors. So...if they are building, they are forecasting demand for their houses. If they have commercial lenders backing their projects as well, that's good enough for me - in those areas. If new construction, that is a different market than flipping upgraded homes, with a different end buyer as well. There are those people that will only buy new, and many others want upgrades and larger trees, and buy "used" or upgraded homes, which is our market. So yes, I am bullish on Forsyth county, as well as the larger Atlanta MSA.
@Willy Wallace - Forsyth is a great market- for long term buyers. Does not have the appreciation of homes closer to Atlanta. That said, I attended one foreclosure auction a while back - the last one I will attend too. Had 20 properties on the list, a few interested me. Most fell off. Had 7 go through. There were approx 20 investors bidding for these 7 homes. If it were a Hollywood screen play- it couldn't have looked any better... if the movie was about Auction.com and how they get investors to bid against themselves, so nobody makes $ in the end - except Auction.com and their clients - the banks. All properties were overbid, some hotly contested. I was mumbling under my breath- that for each "investor" - this will be his/her last property! Crazy stupid prices. All were above 90% of any FMLS asking price. Better off shopping on FMLS, make 90% offers, and get the seller to repair the home before closing! Very tight auction...not a place to buy homes right now.
If you do a mailing, expect a ton of competition mailing to these same homes.
But...if you do land a wholesale deal- it should be sold same day - depending on the deal of course. If you land a deal- let me know. I can be one of those buyers!
@Cliff T. - nothing has changed to make the market less hot than it was when I posted 10 months ago. If anything, the economy is stronger now than last year. Of course, during the winter months, real estate slows down, only to pick up again when flowers start to bloom in the spring. Depending on what you are planning to do in Forsyth county, and where, will determine the success you have. If trying to wholesale houses- that works regardless of the economy - even in slow periods, since it is price driven to other investors.
Looking at your question, how can one NOT be bullish given new construction? Larger builders do a lot more forecasting and planning, than small real estate investors. So...if they are building, they are forecasting demand for their houses. If they have commercial lenders backing their projects as well, that's good enough for me - in those areas. If new construction, that is a different market than flipping upgraded homes, with a different end buyer as well. There are those people that will only buy new, and many others want upgrades and larger trees, and buy "used" or upgraded homes, which is our market. So yes, I am bullish on Forsyth county, as well as the larger Atlanta MSA.
@Richard Balsam - Eh I don't think what you're saying is entirely true. New construction does not necessarily mean that there will be enough demand. The long gestation period of real estate makes it quite difficult to predict accurately how many folks will be ready to move in once construction is done.
I hear you though that it's could be a good indicator and more importantly, glad that you're still bullish on the market!
Thanks Richard- appreciate the feedback! We're gonna dive in and start our mailers...tweak as we go monthly and see what turns up.
I'll keep you posted.
10 months later,
Any success to share??
Homeowners are too keen on market activity and know its a sellers market, so I'm touching base to see if you have had any luck in trying to get anything under contract to assign or "wholesale"?