We visited with Marie Pettie to get her views of the current Puget Sound real estate market and here is what she had to say:
“Our market right now is a seller’s market.” Marie began with implying that properties don’t stay on the market for long and may have multiple competing offers.
She continues by explaining that ‘Rich Dad/ Poor Dad author Robert Kiyosaki teaches there are three sides to every coin; Good time to buy, bad time to buy and the third-side…the edge of the coin. This is where money is made and where the best investors live. “They don’t go for gimmicks; they go for what works for them regardless of what the crowd thinks,” Marie clarified.
This is especially true in multi-family and apartment buildings. Most investors are not looking at the ‘Class A’ properties that are noted for being in great shape and luxurious. The smart investors are looking for ‘Class C or D’ properties that are mismanaged or need improvements. These properties can increase the rent as soon as the changes are made, bringing the investor a nice return after the initial effort.
Marie has experience taking Class C or D properties and bring them up to Class A level to sell for a tidy profit. She has worked in Class A properties but notes that the largest return comes from the lower-priced properties. Most investors avoid Class A properties because the cost of entry makes for less margin for profit.
“The greatest opportunities exist for people who are willing to be patient and NOT follow the crowd.”
The South Puget Sound is the hottest market in the nation, according to Marie. There are deals out there if someone is ready to be patient and then pounce when the time is right. This market is especially attractive for investors who are ready to hold their properties. Flipping properties can still make money, but right now the money is in the long term. If you do want to flip, we can help discern the right amount of remodeling. We watch many people over-remodel against our advice and regret it later.”
Safe Harbor Property Management company is uniquely positioned to both help people make their purchase decision, as well as help manage the property if needed. Safe Harbor receives calls daily and is able to direct investors to purchase property in high demand areas.
“We give real-life advice based on real phone calls from real potential renters! We are uniquely suited to help all investors maximize their profit.”
Give us a call or fill out the contact us form, l to hear more about buying low and selling…or renting high.