The best way to tell if your area is in a buyer's or seller's market is to check the average number of days homes are on the market before selling. When this number rises above 60 days, it's definitely a buyer's market. That means it's a great time to be a buyer, but not such a great time to be a home seller.
Another method is to look at the number of months' supply of homes for sale at the current sales pace. Just divide the number of local homes sold during the last 30 days into the number of homes listed for sale. If the result is more than a six-month supply of homes, the oversupply of listed homes shows it's a buyer's market.
I was driving through a neighborhood on the southeast side of Chicago this past Saturday and I was amazed at how the area had gone down. The area itself was never the best area to live in, but it was a place where people had a sense of pride. As I drove down one particular block, I slowed my car to witness five houses and multi-units in row that were abandoned. I looked towards the opposite side of the street and noticed numerous other vacant structures. As I continued, I again saw countless pieces of real estate that were without occupants.
Just because they don't know their landlord rights well enough, too many rental property owners suffer from painful mistakes and unnecessary. Find out your rights as a landlord today so that you can manage your tenants easily and smoothly.
What are Your Landlord Rights for Collecting Rent Payments?
Two years ago, most Americans and financial planners did not recognize or prepare for the coming drop in the stock market. Many families lost significant chunks for their savings and retirement. And many think that our economy is approaching that same storm again. What will the Average American do to ensure their financial future?
This will be part one of a series on what to expect from your manager for a Mobile Home Park.
Priority one for any landlord is rent collections. This needs to be done starting on the first of the month and completed by the fifth of each month. All rents received need to be deposited daily, unless a weekend or holiday. For those residents who request a rent receipt â€“ a receipt will be provided. You must have a policy of no cash â€“ only checks, bank checks or money orders to be accepted. Your Manager must never accept cash. All rents received need to be logged on the monthly rent collection record. For those that insist on paying late then there will be the additional duty to collect late rents and all appropriate fees.