Now is the time to buy

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By Mel Metts

If you are sitting on the sidelines, waiting for the market to change, you may be waiting too long. Why? Right now, we may be experiencing the "perfect storm" – a combination of factors favorable to buyers in today’s market. Consider:

- You can find motivated sellers. Sure, not everybody is motivated, but many owners are. You just have to look. Right now, I’m seeing more motivation in the 1-4 unit properties; not so much in the larger ones.

- Interest rates are still low. Interest rates are still relatively low for borrowers with strong credit scores. Rates are expected to trend upward, so now is a great time to buy and lock in rates for the next few years.

- Rents are rebounding. Yes, since 2000, investors have suffered higher vacancies and lower rents. Today, almost everybody I talk to says the same thing: Vacancies are down and rents are inching upward. That’s why you can buy property and – provided it breaks even now – it will cashflow like crazy in a year or two.

Nobody can predict the exact bottom of the market. Most investors miss the bottom, then jump on board as the market rises. But those who buy now will be ahead of the game.

Mel Metts is a licensed real estate agent with Graff Realty, Inc., specializing in Lake County investment properties. He can be reached at 847-949-6045, or check out www.graffrealty.com. Read Mel's investing blog.