The elimination of the regulation that required investors to hold on to a property for at least 90 days before an FHA insured mortgage could be used for a future purchase has resulted in significantly more activity in the under $100,000 price range in Coweta County Georgia.
As a result, the supply of homes that appeal the most to first-time buyers seeking to cash in of the $8000 tax credit has dwindled to a scant few.
But all property owners will ultimately benefit as the investors refurbish these home for profit and improve the comparable sales values for the neighborhood.
As more money in infused into the communities with the highest numbers of foreclosures, the net result will revitalize the area and stabilize prices.
It’s private sector capitalism its finest. And it works.
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I love your descriptive commentary "It's private sector capitalism its finest. And it works." I happen to agree.
These flips make more value for hard hit neighborhoods, Vickie paraphrased your word precisely. I hope this practise continues
Richard, this is such a good thing for the neighborhoods. I know it knocks some buyers out of the running, but with these foreclosed homes they need lots of money and sweat to put them back together anyway.
Healing the market!
This is what the markets needed - someone to turn these affordable investments!
Richard,
The FHA giveth, and the FHA taketh away. Another good example of unintended consequences.
Rich
"But all property owners will ultimately benefit as the investors refurbish these home for profit and improve the comparable sales values for the neighborhood." Hello - why is it rocket science to realize this? Everyone wins with the investors help here.
Richard.....eventually it all levels off.....we should be thankful that there are investors to go through this process.....it helps everyone.
This is a no-brainer. Anything to help a community and get the values back up!
Richard, I'm not sure that many of these first time buyers would have improved the homes as much as investors will. In the long run, it may very well be a good thing.
The investors are slowly but surely creeping back into the picture, I see it as a good thing all the way around.
Richard i don't know about you but I like things when the government stays out of the loop.