More First-Time Property Investors in the Market

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By MarketWatch
With rents on the rise, property prices at or near lows and favorable financing terms, more Americans are thinking it’s time to buy a rental property. Fifty-one percent of real estate professionals surveyed by ERA Real Estate said they’re seeing an increase in first-time investor activity in their markets, according to results released on Thursday.
All signs point to a strong rental market for the foreseeable future, said Charlie Young, president and CEO of ERA Real Estate, a residential real estate brokerage franchisor, and a subsidiary of Realogy Corp. “You’ve got a segment of the population affected by foreclosure and credit situations, you’ve got unemployment at a rate that is high, which is causing consumer confidence issues, you have other people who are being extremely cautious, and that puts them in the renter pool,” Young said. A couple of the top challenges that a first-time investor faces, according to the ERA survey: Obtaining financing and creating a long-term business plan for the property. Some people simply have trouble pulling the trigger on the purchase, according to the report. Read more real estate news in this week’s pages, including a Realty Q&A about why everyone’s an expert when it comes to real estate and a Home Economics column about why people who work from home commit less misconduct on the job. Plus, find out why mortgage rates hit record lows this week.


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