Interest rates have never been this low and doubtfully will be again in our lifetime. If you are ready, willing and able to buy, now is the time.
On the flip side, sellers are wanting to wait until the market hits a peak before selling; but yet again you will only know where the peak is after it has passed by you!
When you select a Realtor to help you buy your next home, remember that they work for you with your best interests in mind. When we represent a buyer, typically we do it for "free", the buyer normally doesn't pay for our services! We are paid by the seller once we find you the home you love and the transaction closes. Be sure to ask your Realtor about compensation so you know if you will be expected to pay anything or not.
Realtor, Keller Williams Realty
I agree with the realtor professionals that have answered you so far. I want you to be aware of our conventional loan program that allows you to build in any repair or remodel costs into your 30 year fixed loan. I would also like you to be aware of our pre-approval process & how it will give you the advantage in a multiple offer situation. Buyers that go through our full approval process have a competitive edge when submitting an offer with multiple offers on the table. The human underwritten borrower has a loan commitment before a property has been found contingent upon the appraisal & clear title work. This allows us the ability in most cases to close within 7 business days of a full loan submission. The human underwriting turn time in most circumstances is 6 hours after full loan submission.
You may also want to check out the website
There is a good discussion about the current market and interest ratesl.
Or you could call me at 612-720-2549 and I would be happy to chat with you. No cost and absolutely no obligation.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Right now is a fantastic time to purchase a home based on the current market conditions and how far prices have come down since 2006. I will say that if the home you're looking to purchase is above the $300,000 price point you may want to consider waiting until the end of the year. Homes in that price range and above are still decreasing in price and it is expected it will take a little longer for that price range to hit the "bottom" and level out. Another benefit to purchasing a home right now is the fantastic interest rates and I don't believe they will stay this low for years to come, in fact we could see a slight increase in the interest rates over the next couple of months and by the end of the year you might notice a significant difference.
With regards to your home improvements, depending on what you want to do to the basement I would recommend first doing sheet rock and possibly finishing the basement to add square footage to the home. Adding square footage will help increase your potential selling price down the road (when you're ready to sell). I wouldn't shy way from a deck as well but make sure it is done properly and attractive. The fence is nice but most of my buyer's say it is not a make or break item for them, it is just something that is nice to have. I hope I have answered all of your questions, if you have additional questions or need help starting your home search please don't hesitate to contact me, I am more than happy to help. Have a great day
Metropolitan Home Team at ReMax Results
Regarding home equity building; I would recommend a deck. That is a universal expectation for buyers. If you wish to make other improvements consider the length of time you wish to remain in the home as very few improvemenst are returning 100% per the National Association of Realtors 2010 report. And of course adding square footage adds return on investment with a couple caveats. 1) The materials and workmanship should be consistent with the current quality of your home. 2) Have a comparative market analysis by a real estate agent to determine your likely return on investment before beginning your lower level project. If you are looking primarily for return on investment, consider making double principal payments to reduce your mortgage. If you do the calculations on the interest savings you may gain as much or greater without the work. Investing your time in chosing a realtor to assist you with their experience will benefit your bottom line. See before for a link to the full Cost Vs. Return Analysis.
Make sure you hire an experienced Realtor who not only explains the CMA to you but can also calculate a market trend analysis for your area. I am finding in my negotiations with sellers that our Trend Analysis Tool is more compelling to them then the standard CMA and more helpful in negotiating a lower price for my buyers.
Updates that return the highest value: kitchen and bathrooms. Finishing a family room gives you more total square feet to market. Plan any improvements with your Realtor to make sure the return is there. Any improvements that don't have at least an 80% return should be considered carefully.
Another important thing to consider is having an agent on YOUR side representing your best interests. It will not cost you anything out of pocket because agents get paid from the proceeds of the transaction. Consider talking to a good buyer agent if it's not too late. If you've already been to several "open houses" at the location where you're considering buying, it maybe too late for you to have your own agent. You must have your agent with you at your first visit to the location to have your own representation. Otherwise, you must allow the agent representing the builder to represent you, too. It's not an ideal situation since they are there to get the best price and terms they can for their boss, the builder, not you.
The only losers in this market are those individuals that are not staying current and exploring real estate options....this doesn't mean that it's the right time for every individual to buy, but if you aren't actively looking, the perfect opportunity is likely not going to find you.
Is it the right time......absolutely, for the right people.
Our best recommendation, keep your options open by remaining current with your local market.