THE PERFECT HOLIDAY GIFT: REAL ESTATE
by James Foxx , November 29, 2011: 03:30 PM
The holiday season is a time when many Americans engage in gift giving as a way to express their love and appreciate for friends and family members. Especially with the incredible deals offered during Black Friday and Cyber Monday, the holiday season is in full swing.
Some families decide to wait in lines for numerous hours, often cutting into their Thanksgiving dinner time, in an effort to get the best deals on everything from the latest toys to computers and video games. Furthermore, flat screen and 3D televisions are also sold to the masses due to the unbeatable deals. However, it appears as though some parents (and even grandparents) are looking at slightly more expensive gifts for this holiday season – like real estate.
Real estate is apparently the best deal on the market right now, which is leading many parents and grandparents to the real estate market in search a new home for their children and grandchildren.
The S&P/Case-Shiller Index released information indicating now may be the best time for purchasing real estate with home prices falling 3.6% in September 2011 in comparison to September 2010. Clearly, home prices still remain incredibly low. In fact, home prices are not expected to increase anytime before the last half of 2012; therefore, real estate may continue to be gift options throughout the foreseeable future.
Furthermore, high foreclosure inventory offers many exceptional deals on foreclosed homes for sale ranging from multi-family homes to condos. Many parents and grandparents are actually already in the market of purchasing condos when sending their children and grandchildren off to college in an effort to capitalize on their investment, which would cost close to the same amount if the student was staying on campus in a residence hall.
With the continuously falling price of real estate, many other families are considering purchasing real estate for their family members this holiday season.
Imagine waking up on Christmas morning and finding a pair of keys—not to a car, but to your new home!
With the high unemployment rate, many just graduating from college (or even from high school) are having a hard time finding a job that allows them to pay for rent, let alone a mortgage payment. As a result, many Baby Boomers are utilizing their savings to help their children and grandchildren solve this dilemma with holiday real estate purchasing. Fortunately, these purchases help the real estate market while also providing a home for some of those who may be in need.