Real Estate Myths In Riverside: You Cannot Buy With No Money Down By Ruby Frazier
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ccording to the latest figures from Zillow, the typical home value for homes in Riverside is $608,078 with some companies pegging this figure to a high of $618K. Approximately, home prices in Riverside have risen 22.5% compared to last year with an average of 26 days on the market. Looking at the above, it is clear that we are in a seller’s market, and many buyers wanting to get into this market are oftentimes misguided. Many believe that they cannot buy without a downpayment. But, I want to dive into that misguided concept about our market. Regardless of what you see on TV shows like Fixer Upper: reality often presents a different story. Riverside has always presented itself as a county for the average citizen and therefore, buying a home here makes so much sense for a firsttime buyer. While you may be assuming that homeownership in Riverside is out of your reach, you may want to rethink that, the reality is, you do not have to have a lot of money down if you want to get into the real estate market in Riverside. On the other hand, is it still possible to get into this market as an investor… still with little to no money down?
The good news is, it is possible! Real estate investing simply refers to all operations that go on in the business with the intention of making a profit in the long run, including the purchase and management of properties for future sales or rentals.
This definition cuts across all categories of the diverse real estate market including; residential properties to commercial, special-use, and land properties. Two well-known characteristics of real estate that investors take into consideration are that: zz It has relatively limited liquidity. zz It is capital intensive. For that reason, beginners and persons unfamiliar with the terrain presume that one needs massive funds down before one can invest in the industry. However, moguls would tell you otherwise: that such isn’t impossible. All you need is the know-how, and that is what you would be learning here. It is important to understand that if you are going into this market as an investor that is totally different from buying as your primary residence.
APRIL 2022 | 49
