Unless you're living under a rock, you've heard the hype that the economy is on the road to recovery. But is it hype? While many Americans are unemployed, and others are living at near poverty levels, in some regions the prices of homes are beginning to slowly rise for the first time in years while demand continues to increase. There are areas where this demand has outpaced the inventory of available homes; sometimes you need to wait until a home is listed for sale to be able to buy in these developments. As soon as good listings become available, they are under contract within days. Some Realtors have "wait lists" of potential buyers that get first dibs when there is even a rumor that a home will become available.
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Surprisingly, one of these areas is near Walt Disney World in Central Florida. The one-time abundance of homes listed as foreclosures and short sales in Kissimmee, Florida has dwindled in recent months. The homes that at one time sold at or near the $300,000 mark were down to just over $100,000 in the fourth quarter of 2011. They are now starting to climb upwards of $125,000, with some properties listed as high as $150,000 - and there are only a handful of foreclosures and short sales to be found. Check out the Zillow or Realtor websites regularly and watch the trends.
There could be several reasons for this sudden burst of interest. First, a number of homes are being bought by offshore individuals that realize the decline of the dollar means they can afford a vacation home in the United States. Second, some people believe that the market has reached the bottom and want to scoop up the deals before they're gone.
Another, more creative way to afford one of these homes is to purchase it, then rent it out to transient tourists. This is a bit risky since you need a guaranteed rental base - and there is a lot of competition. You will need to hire a management company, build a website, advertise, pay taxes, etc. The effort may help pay the bills, or may put you deeper in debt! And you will never know who is staying in your home.
No matter what you choose to do, one thing is certain: no matter how hard you try, you cannot predict the future. Remember that 401K you thought was such a great idea?
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