Real Estate Market Turnarounds
Recently, Realtor.com® published their top list of “Turnaround Towns.” This list highlighted some towns that generated a shock-factor buzz. With strong economic improvements, the following cities are seeing a real estate comeback.
- Reno, Nevada – Hit hard by the recession, Reno has recently seen median home prices increase by 26-percent within the last year.
- San Diego, California – Ripe for purchasing townhomes, condos and single-family homes, this city has seen an increase of 21-percent.
- Vancouver, Washington and Portland, Oregon – With a 12-percent increase in median home prices and inventory decreasing by 26-percent, this real estate market is ready for investors.
- Long Beach and Los Angeles, California – Prices are up more than 30-percent from last year and the inventory has decreased 27-percent.
- Seattle, Washington – With abundant green-friendly homes, low inventory and an average of 23 days on the market, this city is booming.
- San Jose, California – Inventory has dropped by 35.4-percent and prices have steadily increased to 25-percent.
- Lompoc, Santa Barbara and Santa Maria, California – Home prices are up 33-percent in this super desirable California area.
- Orange County, California – Only years ago this city suffered from record breaking foreclosures. This last year, however, home values have increased 29.4-percent and the housing inventory has declined a staggering 37-percent.
- Oakland, California – With homes having an average of 15 days on the market, this California city has seen home values increase year after year.
My Hard Money Lenders offers a comprehensive compilation of fast money lenders. As a single-source solution for money and bridge loans, these companies offer creative financing loans for real estate investors. They specialize in construction financing, private commercial real estate loans, short-term bridge loans, hard money loans and even 55-percent Loan-to-Value loans on raw land.
Many of these companies offer online applications. Once the application is reviewed, most companies email a custom term quote, which highlights term funding options and conditions. These quotes are non-binding and borrowers are under no obligation to pursue a loan.
If, however, the term sheet is agreed upon, the formal underwriting process begins. Many hard money lenders can close on commercial properties within 45 days and residential investment properties in as few as five days.
With lenders loaning from $50,000 to $25 million, these specialty lending companies generally focus on land development, apartment building loans, mobile home parks, multi-family units, new residential developments, mixed use, conversion and special purpose properties.