I get this question a lot from clients, “Is now a good time to buy a home, or should I wait?” Well, now more than ever is a great time to buy a home. Whether you are purchasing a home on your own or getting into a lease option, I will show you how you can take advantage of a great market!
When you buy stocks what strategy would you use to get rich, buy high and sell low or buy low and sell high? The same applies for real estate. You see, when everyone was buying homes left and right 2 years ago…it created a sellers market, meaning sellers could get almost anything they asked for on their home, this is the worst time to buy a home.
However, when homes are sitting and sellers are motivated, then the market becomes a buyers market, meaning that buyers now have the control. The control for what…well to get a deal! I will give you a recent example of a lease option that we just completed. The client that we were helping purchased a home, using a lease option, at $260,000. However the home is worth $325,000 easily, maybe even more. You see the seller was also a builder and was extremely motivated to get rid of the property.
Now when our lease option tenant qualifies for financing 2 years from now and purchases the home, even at a 10% markup ($286,000) they will have over $39,000 in equity, even if the home doesn’t appreciate a penny! So you can see that this market works for home buyers and lease option tenants alike.
So if you’re sitting on the fence and thinking that this market is something to stay away from…its time to think twice! To see what kind of deals you have available in your area, send us an email or give us a call and we would be more than happy to help you out.
Showing posts with label Tips for buying a home. Show all posts
Showing posts with label Tips for buying a home. Show all posts
Friday, July 25, 2008
Thursday, December 13, 2007
Tips for buying an existing home
Want to buy a new home or an existing home? Existing doesn't mean old. It just means it's been lived in by a homeowner. Here are some tips on how to shop for an existing home.
1. Look at the house closely, but be open to the possibilities for improvement.
Imagine your furniture sprucing up the interior. With the same eye toward change, think of the houses you are viewing with a fresh coat of paint or updated countertops. The better a home is updated, the better the resale possibilities.
2. If you are interested in a certain vintage, ask your agent where the best selection of such homes is available and consider the neighborhood.
Is it close to work centers, hospitals, shopping centers? City infrastructure will help the home retain its value.
3. An experienced real-estate agent will have a number of contractors, artisans and interior designers who can answer such questions as "How much will it cost to install new cabinets, counters and appliances in the kitchen? Can this bathroom be enlarged? Can we add on a room?"
They want the work and will be happy to come out and view a home you're serious about buying, to help you in your decision.
But remember, it's still your choice who you work with.
— "Guide to Home Buying" by the National Association of Realtors
Copyright © 2007 The Seattle Times Company
Recently the mortgage guidelines have become tighter and tighter to get into financing and more and more of my clients are having trouble experiencing the joys of home ownership. Empire Options was created for that very reason. We provide rent to own opportunities so that you can still get into the home that you desire.
It is estimated that in 2008 renters will see major increases in rent amounts than in previous years. Just think about the supply and demand, since there are more borrowers renting rather than buying it means that landlords can increase their prices and get away with it.
Right now is a great time to buy. There are a lot of beautiful homes on the market at amazing prices. Plus, you will never have to worry about rent increases anymore!
Last week I received a number of great ideas for why it is better to buy than continue renting. Thank you for the great response.
Next week, I am going to be putting together a blog with a friend of mine Kevin Hauglie. He is a local Farmers Insurance Agent and has over 22 years of experience in the industry. We are going to put together some information about renters’ policies and what you need to know to make sure you are FULLY covered. So make sure you watch for that.
As always, thanks for taking the time to read my blog and if you have any comments or questions, feel free to post them. I am more than happy to assist you.
Dedicated to your success,
Kenton Becker
kentonb@empireoptions.com
Managing Partner / Lakemont Mortgage Specialist
http://www.empireoptions.com/
1. Look at the house closely, but be open to the possibilities for improvement.
Imagine your furniture sprucing up the interior. With the same eye toward change, think of the houses you are viewing with a fresh coat of paint or updated countertops. The better a home is updated, the better the resale possibilities.
2. If you are interested in a certain vintage, ask your agent where the best selection of such homes is available and consider the neighborhood.
Is it close to work centers, hospitals, shopping centers? City infrastructure will help the home retain its value.
3. An experienced real-estate agent will have a number of contractors, artisans and interior designers who can answer such questions as "How much will it cost to install new cabinets, counters and appliances in the kitchen? Can this bathroom be enlarged? Can we add on a room?"
They want the work and will be happy to come out and view a home you're serious about buying, to help you in your decision.
But remember, it's still your choice who you work with.
— "Guide to Home Buying" by the National Association of Realtors
Copyright © 2007 The Seattle Times Company
Recently the mortgage guidelines have become tighter and tighter to get into financing and more and more of my clients are having trouble experiencing the joys of home ownership. Empire Options was created for that very reason. We provide rent to own opportunities so that you can still get into the home that you desire.
It is estimated that in 2008 renters will see major increases in rent amounts than in previous years. Just think about the supply and demand, since there are more borrowers renting rather than buying it means that landlords can increase their prices and get away with it.
Right now is a great time to buy. There are a lot of beautiful homes on the market at amazing prices. Plus, you will never have to worry about rent increases anymore!
Last week I received a number of great ideas for why it is better to buy than continue renting. Thank you for the great response.
Next week, I am going to be putting together a blog with a friend of mine Kevin Hauglie. He is a local Farmers Insurance Agent and has over 22 years of experience in the industry. We are going to put together some information about renters’ policies and what you need to know to make sure you are FULLY covered. So make sure you watch for that.
As always, thanks for taking the time to read my blog and if you have any comments or questions, feel free to post them. I am more than happy to assist you.
Dedicated to your success,
Kenton Becker
kentonb@empireoptions.com
Managing Partner / Lakemont Mortgage Specialist
http://www.empireoptions.com/
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