Posts with tag 'Real estate market'

Just like any industry, real estate is full of terms to which many folks haven't been exposed. When searching for a new home, you might run across a property for sale that is described as a "short sale" or "foreclosure."

Sometimes you get lucky, but often these homes aren't in the best shape. These types of sales usually accompany some sort of financial hardship on the part of the seller, who hasn't necessarily had the money to spend on maintenance and upgrades.

Still, short sales and foreclosures can be excellent opportunities, particularly for investors who intend to rehab them and then sell or rent them, or buyers who want to take on fixer-uppers for themselves. Either way, it's important to understand the difference between the two before you buy.

Short sale

A shor...

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Even with home prices rising slightly in some areas around Roanoke, there remains a solid demand among buyers to purchase second properties. I'm a big fan of second homes if the purchase makes sense for you. Because no matter how you intend to use the property, the right second home can be an excellent investment in your financial future.

Before you jump in, let's talk about some of things you should do to ensure you have a clear idea of your options.

Determine the purpose of the property

Very often, I'm working with clients from out of the area who are looking for a retirement (or vacation-to-retirement) home. Perhaps they have family in the area and want to get back this way to be closer to children and grandchildren. In fact, it's sometimes the children who contact me first.

In these...

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I work with a lot of homes that have been rehabbed before going on the market, so I'm always interested in home improvements and the effect they have on a home's value.

The National Association of REALTORS put out a Remodeling Impact Report. The report looks at the typical cost of remodeling projects as estimated by members of the National Association of the Remodeling Industry. It also reports what Realtors are seeing in the market regarding home improvements. 

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With fall settling in all around the Roanoke Valley and winter just on the horizon, many potential buyers are asking themselves whether they should buy now or wait until the new year. After all, the next couple of months are a busy time for everyone. Adding a home purchase on top of it all might be more than you want to take on.

Even so, there are good reasons to stay in the market and buy a house before the end of the year. So before you hang up your house-hunting hat, consider these advantages to buying now.

Mortgage rates are still low

After a surge in mortgage rates in late 2016/early 2017, rates on 30-year fixed mortgages largely trended downward until September. Now, they've started to inch upward again, as this graphic from lender FreddieMac shows....

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You've decided to buy a house and are working with a Realtor to find your next dream home. You're in the zone: You've separated your must-haves from your nice-to-haves, you've been prequalified, you've found lots of homes within your budget.

Now, put all that on pause for just a second.

In all the excitement and activity around buying a new home, let's stop for just a minute and think like a seller. When it's time to put this home on the market, what sort of return will you see on your investment? Will you get your money back? Better yet, will you be able to realize enough profit to make your next housing decision?

The potential resale value of your home won't be THE deciding factor...

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