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Rich Weese#2 Off Topic Contributor
  • Real Estate Investor
  • the villages, FL
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Anyone else seeing this?

Rich Weese#2 Off Topic Contributor
  • Real Estate Investor
  • the villages, FL
Posted Sep 6 2011, 09:54

A couple months ago Wifey and I decided to move back to Souther Utah. We had sold our home in FL quicker than anticipated and wanted to buy another home in new spot. I was surprised.
We found almost nothing that could actually be bought and moved into RIGHT NOW! I had to play the short sale or foreclosure game and put out numerous offers. Even the new home subdivisions had almost NOTHING to buy NOW and move in now. Had to select a home, determine plans obtain loan/s etc. It started me thinking.
I'm not the only person relocating to a new area. Many are like me, sold a home and want a new one now. I finally bought one in a nice subdivision that would close in 2-3 weeks. Subdivision had 2 homes under const and both were sold before completion. Now, the builder JUST stated 2 new ones that'll be ready in a few months.
This is a very desireable area due to the sunshine and area. I decided there is a niche that no one is covering. Have a home READY to move into. These are the anti-investor type properties. I actually purchased 2 nice lots for almost the same price I bought a couple years ago and built on! These lots reached as high as $120,000 and I bought each for 28.5K
I also found a lot on a golf course to buy, and I have a home designed . There is also a huge Parade of Homes in FEB and I'll joint venture a LARGE home for that lot. I also bought the lot across the street to benefit from all the traffic in Feb.It will be the least expensive home in the subdivision.
Here are my thoughts and questions.
1.Anyone else finding the difficulty to actually find a home to buy and move into?
2. Is your area seeing a rebound and if so, are the spec builders joining in?
3.Median price in your area?
4. Is this only something that will work in 100K population areas?

I really think this is a good process and will work well in many areas. I've seen the inventory in my area go from 2600 homes in inventory to 1700 in last 5 months. This is another good guage to determine strngth of an area, imo. Check your area before you do investing. People have to want to be in your area, or no future (detroit for example).
Interested in additional thoughts on this and experiences you may be having. Rich.

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