November 1st, 2019 2:02 PM by Eric Willner
Radio Show Notes 10/30/19 Wednesday: The Real Estate Show Talks Tax Auctions, Market Conditions, and Why Now May Be A Great Time For Auction Investing
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This week, as The Real Estate Show talks Property Tax Auctions, Market Conditions, and Why Now May Be A Great Time For Auction Investing. With demand outstripping supply, finding good real estate investments is challenging. If finding discounted properties and motivated sellers is making you frustrated, then Now May Be A Great Time For Property Tax Auction Investing.
Homeowner or not, you’re likely familiar with the idea of property taxes. Governments tax property owners to fund benefits and services for the “common good” of the community. Property tax is in addition to income and sales tax.
Property tax revenue typically provides services like police protection, public libraries, recreation centers, roads, schools, and snow removal. Even fireworks displays.
If you have a mortgage on your home, it’s likely that your monthly payment includes funds to pay your property taxes. Your lender holds the money in escrow and pays the taxes on your behalf directly to the county when due.
You might not know how much you’re paying in real estate property taxes. But rest assured you’re paying them if you own a home. All counties collect some sort of personal property tax. When homeowners do not pay their taxes, the government issues liens against those properties, and if not paid, they eventually sell at a public auction to get their money.
This presents an opportunity for investors who are looking for discounts in a tight market. For example, pending home sales grew in September, marking two consecutive months of increases, according to the National Association of Realtors. The four major regions were split last month, as the Midwest and South recorded gains but the Northeast and West reported declines in month-over-month contract activity. Plainly said, demand is still high, and inventory is too low.
The Pending Home Sales Index (PHSI),* www.nar.realtor/pending-home-sales, a forward-looking indicator based on contract signings, rose 1.5% to 108.7 in September. Year-over-year contract signings jumped 3.9%. An index of 100 is equal to the level of contract activity in 2001.
Historically low mortgage rates played a significant role in the two straight months of gains, according to Lawrence Yun, NAR’s chief economist. “Even though home prices are rising faster than income, national buying power has increased by 6% because of better interest rates,” he said. “Furthermore, we’ve seen increased foot traffic as more buyers are evidently eager searching to become homeowners.”
This creates extra competition for good deals, so where do the pros go for less competition and a greater competitive advantage? Property Tax Auctions. We wemt into all he reasons on our Monday and Tuesday shows. Today we back it up with the numbers.
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Interested in making real estate investing a business? Then just log on to www.automaticlandlord.com and transform your business into the income source you dreamed of. Find out more on today’s episode and learn more about Real Estate Investing and learn HOW by listening to The Real Estate Show with Eric Willner , Live every weekday morning at 8 o’clock (EST) on Florida’s Money Talk Radio station WSBR AM740, FM 96.9, and FM 103.9. You can also hear us on the free apps: iHeart Radio and TuneIn. Recorded Rebroadcasts are available 24/7 on Facebook. Please share our Facebook updates.
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