Industry News

3 ripe real estate opportunities

Tips to capitalize on low rates, bargain-hunters, foreign buyers

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

The tsunami of bad real estate news seems to grow daily. The key to overcoming the tidal wave of bad news is to identify the opportunities in your local market and then target your business to maximize your sales. The National Association of Realtors reported that existing-home sales in July hit a 15-year low. Although NAR still expects existing-home sales to surpass the 5 million mark this year, the annual rate of sales dipped to a seasonally adjusted 3.83 million homes during July, down from June's pace of 5.26 million.If you would like to do more business, here are three opportunities worth investigating for your business. 1. Interest rates are down, making homes even more affordable As of December 2008, interest rates were at 5.1 percent. A year ago they were averaging 5.12 percent. Today's average is 4.42 percent. That's a 13.7 percent decline from 2009. The housing affordability index has also decreased by 5 percent since December 2008. Opportunity: Buyers are often ...