| Are you looking for an investment? Do
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| | decision to purchase should be well
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| you need a place to live? Are you trying
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| | researched and timed to maximize your
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| to reduce your tax bill? Is income
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| | return on investment.
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| producing property for you? Is this the
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| | Real Estate is primarily local in nature.
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| right time to buy? Are property values
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| | If demand is high in Las Vegas and
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| going up or down or staying the same?
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| | availability is low and prices are
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| There are lots of questions but where do
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| | rapidly appreciating, does not mean than
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| you get the answers? Do you talk to a
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| | the same will be true for Boston or
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| realtor, accountant, lawyer, financial
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| | Phoenix or even Lake Tahoe. You have to
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| advisor, uncle Bill or Suze Orman?
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| | research your target market and get some
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| The answers to each question will vary
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| | historical prospective on changes in the
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| from person to person, depending upon
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| | market conditions. What is the available
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| each individuals current situation. Why
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| | inventory level now versus 3 months, 6
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| are you considering a property purchase
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| | months, 1 year or 2 years past. What
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| at this time? Your specific objectives
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| | have prices done during that periord?
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| and your situation are the primary
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| | What were average marketing times for
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| concern. It is not important why someone
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| | properties sold. Lots and vacant land
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| else is buying, that's their business,
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| | prices, while related, do not necessarily
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| but what will a real estate purchase do
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| | equate with completed homes or condos.
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| for you? When I travel I usually rent a
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| | (There may be an excess of condos while a
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| car for a day or week. It doesn't make
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| | shortage of lots or homes.) This type of
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| much sense to buy a car for a few days or
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| | information can usually be obtained from
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| a week, but when home it is much more
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| | a realtor but be sure that the data is
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| convenient and cost effective to own my
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| | statistically accurate from MLS reports
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| car and I can accomodate my tastes and
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| | or property tax recordings and not an
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| prefernces for continual use. Buying or
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| | opinion or sales pitch by the agent.
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| renting a car are both expenses, but with
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| | In a perfect world you would always buy
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| real estate you add the dimension of
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| | low and sell high. In real estate other
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| investment and the possiblility of
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| | conditions are also important. Some
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| appreciation.
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| | buyers never plan to sell. Location,
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| Real Estate is a commodity much like any
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| | convenience or features may be more
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| other commodity. Prices generally
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| | important that the investment aspects of
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| fluctuate up and down based on supply and
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| | a purchase. Whatever your situation, do
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| demand fundamentals and production costs.
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| | your homework, understand the local
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| Remember that fluctuations in supply and
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| | market and use that knowledge to your
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| demand precede fluctutations in price.
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| | benefit. If there is lots of inventory
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| Prices appreciate most rapidly when
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| | and you are one of very few buyers, be
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| demand is high and available supply is
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| | patient and negotiate for the best
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| less than the demand. When supply far
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| | possible deal. If the inventory is tight
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| exceeds demand, then prices will decline.
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| | and you are competing with other buyer's
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| It is important to thoroughly research
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| | for a property, you may have to pay a
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| the market and exercise due diligence
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| | premium; just remember that it may be a
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| before making a purchase decision. You
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| | while before you can turn the property.
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| can usually rent a place to live, the
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