All the frustration and angst in the world isn't going to change the way market works. Sure, for maybe a few years when the government steps in and oils the pump with money the nation doesn't have the market may act a certain way for sure. With a basic understanding of Economics you would know that it's the Buyers that set the market , not all the wishing and hoping and frustration posted on this blog. You should have sold during the Bubble.... more
The best investment that you can make is a pre-listing home inspection and a pre-listing appraisal. It's important for your home to look presentable. More importantly, are the working components of your home functioning properly? Have your furnace serviced and make any recommended repairs. This way if you get an offer on your home, you won't have any surprises from the buyers' home inspection. I've seen many deals fall apart because of home inspection issues. Under the current economic conditions, banks have tightened their credit criteria and the appraisal is more importantly examined. Both of these two investment should not cost you more than $1,000. Good Luck!... more
The problem you may run into is that when you try to sell it, the buyer may have a hard time getting financing. Condo projects are either considered insurable or uninsurable by fannie mae. This makes a difference because Fannie Mae & Freddie Mac are the largest purchasers of loans on the secondary mortgage market and without their blessing, it can be difficult to find an entity to purchase the loan. Especially with the recent changes in mortgage guidelines, it will be more difficult to get financing for an uninsurable condo. Projects that are less than 50% owner occupied are considered uninsurable. You can check with the property management company as to whether or not the property is Fannie Mae insurable, they should be able to tell you.
It is certainly possible to get financing on an uninsured condo, but your buyer has to be in excellent financial shape, and could be required to put more down than usual, so you might end up with a smaller pool of potential buyers. All of that could certainly hurt property values some.... more