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A college town can be a great place to purchase an investment property.  There are numerous positive attributes to living in a college town that can make owning a property there a profitable endeavor. But, as with everything, there are pros and cons.

Pros:

Lots of potential tenants:  A college town has a large population of renters.  Each semester new students are arriving and need to find a place to call home.  You should have no problem keeping your property continuously rented.

Stable rent:  Since the demand for rentals is so high in a college town, it helps to keep rental prices  in the area strong, even when other parts of the housing market aren’t doing so well. Also, consider that it is often the parents of students, or the university itself that pay for off campus housing, so you may be able to charge higher rental prices.

Fewer vacancies: Again, the high demand for rentals in a college town pays off.  There are always new students and faculty members looking for places to live and fewer vacancies mean more competition and ultimately may allow you to get higher rental prices.

The area sells itself:  You don’t have to spend any time “selling” the area. It sells itself with the many attractive amenities that draw people to college towns.

 

Cons:

Tenant turnover:  With a large population of renters, comes frequent turnover.  Most tenants in a college town will be short term. They will live there until they finish school or get a new job and then they move on.  Most of these tenants will not want to sign long leases.  You must be prepared to accept a one year lease and understand that turnover will happen often.

Difficulty in finding tenants during “off season”: Fewer students attend college during the summer, so you may find yourself with a vacancy during the summer months. One way to avoid that is to have tenants sign a 12-month lease verses a 9 month (school year) or month to month lease. 

Excessive Wear & Tear:  College living is hard on property. Young adult students don’t always have a lot of respect for their living space.  Immaturity, alcohol use and parents footing the bill can all contribute to this lack of concern for your property.  Property damage is common and repairs often exceed the amount collected in a security deposit.  This is something to consider when renting to college students.

Time and energy: This is not a passive investment. You will need to be a hands-on property owner. Between the turnover, potential property damage and other issues that might come up (tenants being too loud, renters breaking leases), you will need to be actively involved in the rental process at all times.  If you are not up to that task, owning an investment property in a college town may not be for you.

http://www.desisowers.com/Blog/The-Perks-of-Retiring-in-a-College-Town

http://www.desisowers.com/Blog/Dont-Wait-Buy-Your-Home-in-2017

http://www.desisowers.com/Blog/Buying-Remains-36-Cheaper-than-Renting

Desi brings with her a keen eye for the details of buying or selling a New River Valley home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future – Desi Sowers will help make the most of your New River Valley real estate experience. Give her a call today, 540-320-1328, and discover the difference she can make during your family's move.

Don’t Wait! Buy Your Home in 2017!

by Desi Sowers

If you have been thinking about buying a home, now is the time to do it.  And here are three significant reasons why:

  • Interest rates have begun to rise and will likely continue to do so.  Last year rates on 30 year mortgages bottomed out at 3.55%.  Now that the Federal Reserve finally decided to raise its key interest rate, mortgage rates have begun to slowly climb.  Currently the average rate is just above 4%; by 2019-2020, rates could climb to 6%.  The upside is that when rates go up, competition and housing prices generally go down.  Higher rates can mean that sellers might be more flexible in pricing.

  • Inventory is shrinking. In November, 2016, there were only 1.85 million homes for sale.  That is a 10% drop from the year before. And the number of homes for sale continues to steadily decline since just before the housing crash when inventory peaked.  It is predicted that that inventory will continue to shrink for the foreseeable future.  That means as a homebuyer, you have more homes to choose from today than you will next year. Or even next month.  Winter is commonly considered to be real estate’s off season. So if you get moving now, you’ll have less competition for those homes than you will in the peak spring and summer months.  The longer you wait to look for a home, the more competition you will face for fewer homes.
  • Home prices are still rising. Unfortunately for buyers, home prices now stand higher than before the 2007 crash.  They increased 5% between 2015 and 2016.  It is expected that they will continue to increase and additional 2% to 3% in 2017.  While it’s anyone’s guess how high prices will rise and how long they will remain high, the good news is that if you jump into the market right now you might just get into your home before prices go up! 

http://www.desisowers.com/Blog/Blacksburg-VA-Home-Sales-October-2016

http://www.desisowers.com/Blog/Mortgage-Information

 

 

 

 

If you are interested in buying a New River Valley home, contact Desi Sowers at 540-320-1328, and discover the difference she can make during your family's move. 

New Home New Traditions

by Desi Sowers

 

 

 

 

 

 

 

If this is your first holiday in your new home, it is a perfect time to start some new traditions!  When you move, you don’t leave everything behind.  You bring your belongings and your memories and yes, your traditions.  But a fresh start in an unfamiliar house is just the inspiration you need to begin unique traditions that will make that house feel like your home.

Check out these fun ideas for creating new traditions:

  • Take and annual family photo. Choose a theme or a pose that you can recreate every year.  Label the photos with the date and create a photo book or framed collage with them.  It will be so much fun for your family to see how everyone changes through the years. Creative Family Photo Ideas
  • Incorporate a cultural tradition.  No matter what holiday you celebrate, you will find a cultural tradition to go with it.  Make it a family activity to research your heritage and make new discoveries about how your ancestors celebrated.  Multi-Cultural Holiday Celebrations

     
  • Gratitude. Sometimes we take all that we have for granted. A wonderful way to experience the holiday spirit is to express gratitude.  This can be a fun and meaningful activity for the whole family.  Go outdoors and find a branch to use to hold your “leaves of gratitude”. Cut leaves out of colorful paper and each day have family members write something they are grateful for on a leaf. Then hang the leaves on the “tree” to create a beautiful reminder of all that is right with your world!  Gratitude Tree

If you are still in search of the perfect house to make your new home, contact

Desi Sowers for all your real estate needs! Happy Holidays!

New River Valley VA Real Estate For Sale
1020 Falor Lane, Christiansburg, VA  24073

MLS# 325680

 

View the Tour

Welcome to the desirable Walnut Creek neighborhood where this nearly new picture perfect 3 bedroom colonial is just waiting for you to arrive! Warmly welcoming you with a casual elegance that showcases a symphony of tasteful amenities including a flowing floor plan, easy care flooring, neutral colors, modern fixtures and lighting, low maintenance stone and vinyl siding, 1 car garage and exceptional outdoor space. Setting the scene for comfortable day to day living, these impressive rooms include a sun filled living room with deck access and formal dining for memorable family gatherings. Masterfully outfitted with a full complement of stainless steel appliances, pantry closet, and an abundance of cabinetry, this modern kitchen is sure to whet your appetite. Three generously sized bedrooms including the master suite that is sure to sweep you away featuring plush carpeting, walk in closet and bath with his/her vanities and tub/shower. Enjoy the peace and quiet on this cul de sac lot with a large fenced yard, deck and quality landscaping. Expansion possibilities in the already plumbed basement that could easily be finished. Modern, chic and move in ready; make your appointment today.

Desi Sowers has distinguished herself as a leader in the New River Valley real estate market. Desi assists buyers looking for New River Valley real estate for sale and aggressively markets New River Valley homes for sale.

Desi brings with her a keen eye for the details of buying or selling a New River Valley home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future – Desi Sowers will help make the most of your New River Valley real estate experience. Give her a call today, 540-320-1328, and discover the difference she can make during your family's move.

New River Valley VA Real Estate For Sale
5643 Brush Creek Road, Riner, VA  24149

MLS# 325508

View the Tour

Welcome home to 5643 Brush Creek Road, a charming brick rancher on a sprawling, private and mostly wooded 6.69 acre lot with a bubbling spring and scenic views. Offering so much potential with the chance to add your own personal touches, this 4 bedroom, 2 bath home features a newer roof, full basement, spacious rooms, lots of storage, laundry room, plus located in the desirable Auburn school system. A flowing floor plan built for family enjoyment starts in the expansive living room with many windows filling the space with natural light. Host guests in the dining room with access to the wrap around deck for exceptional indoor/outdoor entertaining! Preparing a meal will be a breeze in this bright kitchen with cabinet and counter space galore, plus a bay windowed breakfast area to sip your morning coffee. Rest easy in the main level master and second bedroom with plentiful closet space and a shared full bathroom. Relax and unwind in the large family room in the basement, plus two bedrooms for privacy and room to grow. Future expansion possibilities in the unfinished basement space. Take advantage of all the opportunities this beautiful setting and home offers, make your appointment today!

Desi Sowers has distinguished herself as a leader in the New River Valley real estate market. Desi assists buyers looking for New River Valley real estate for sale and aggressively markets New River Valley homes for sale.

Desi brings with her a keen eye for the details of buying or selling a New River Valley home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future – Desi Sowers will help make the most of your New River Valley real estate experience. Give her a call today, 540-320-1328, and discover the difference she can make during your family's move.

Displaying blog entries 21-25 of 25

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