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“Buyers Will Come If The Price is Right…”
By Sherman Ragland | September 26, 2007
If you were an alien who just landed in the United States who chose to get all of your information from general media outlets, such as the New York Times, or Washington Post, you would believe that the US Economy is now firmly headed into a recession, and that ALL of the US Homebuilders were about to file for bankruptcy.
You might also be led to believe that no one in America will ever again buy a house, or invest in a piece of real estate. That all of the investment capital out there has decided to go 100% back into the stock market, and that only a COMPLETE BAFOON would even consider making an investment in real estate, because “there are no buyers anywhere to be found.”
Thank goodness you are not an alien, and YOU do not get your investment advice from reading general interest media publications offered to the masses!
Becuase if you do, then you would have missed this one little piece of information, that is critical to your success as we end probably the “worst year ever” for many homebuilders and investors.
READY??
Here it is: Last week KHovnanian Enterprises (http://www.khov.com) announced a 3-day (72-hour) “Deal of The Century Sale”. During this weekend sale, K-Hov offered a 30% discount on many of their existing homes. Or to be more precise, they offered a 30% discount on houses that had already been built, but where the BUYERS FAILED TO CLOSE. Many failed to close because their lenders refused to lend, or in very rare cases, because they were owned by the last remaining “Speculators” who put houses under contract (pre-construction deals) and then walked away from their deposits because they could not flip the houses for a quick profit when it came time to settle.
So what was the result of K-HOV’s “Deal of the Century” sale??
Was it a complete failure, as many people predicted it would be – with ZERO buyers able to actually qualify?
Not HARDLY!
K-Hov SOLD 2,100 homes in 72 hours, or about 10 times the usual weekly number.
YOU GOT THAT! THEY SOLD in 3 days TEN TIMES What they normally sell in a week!
In the words of Ara Hovnanian, and his crew, “Buyers will come if the price is right!”
So what’s the message – SAME AS IT HAS ALWAYS BEEN FROM ME!
“YOU Make your MONEY, WHEN YOU BUY!”
If you are using the strategies we teach. If you are sticking to your guns when the Realtor(R) tells you to “Increase the size of your offer”, then you are still out there investing in deals for 40%-50% on the dollar! and Making MONEY!
Or, you can listen to the folks who do not have a clue, OVERPAY and sit on properties that may take years to recoup your investment.
I plan on going more into this very topic at the upcoming DCREIA Super Meeting in Bowie NEXT WEEK.
If you are not registered, then you want to go to http://www.DCREIASuperMeeting.com and grab one of the remaining seats before they are all gone.
YES, you can still make money as a real estate investor. But you have to know what you are doing!
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Tags: dcreia, dc real estate, dc real estate investor, homebuilders, khovnanian, k hov, quick profit, sherman ragland, speculators, washington post
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