The real estate market has been difficult for REALTORS and for buyers and sellers since the economic downturn. There has never been a better time to buy properties for those who have cash for a home purchase, or who can secure a mortgage. Real Estate is, and will be, a buyer’s market for some time.
Sellers are still adapting to this change, and when planning their home for the auction, they need to be rational about what that entails.
House Buyers: What are they waiting for in the real estate market at present?
Since consumers are a select group of enough options today, they can afford to be picky about the property they purchase. Now I notice that many of my customers in the house they are purchasing want to step into immediate equity. There are ways to acquire short sales or foreclosed properties where the borrower will step through equity— provided the land is in good condition. Such forms of home purchases will most often require upgrades and/or maintenance.If you wish to learn more about this, visit Memphis Home Buyers.
Home sellers looking to receive ‘instant equity’ in a home acquisition need to plan in two ways. First, it would include an down payment of 5-20 per cent based on the form of loan they apply for. Home buyers do need to make sure their credit ratings are good enough to gain approved for lending.
Many investors would prefer to buy property that are not held by the bank will want to make the investment on the basis of an average current value. A smart home buyer should aim for a pristine house. This sort of buyer will most definitely expect to move in on the property and not have to do much research on it. Such forms of standards are particularly true for acquisitions of real estate where individuals are downsizing from bigger to smaller homes.
While it might not be needed by certain states, consumers may rely on home inspections when buying. I warn my home buyers not to get too wrapped up in a real estate’s aesthetics (i.e. rugs need to be patched, dry wall cracks, staircase wood rot). Many small home problems are easy to fix. Then I advise home buyers to concentrate on household structural integrity. It ensures that there must be ventilation, electricity, lighting, air conditioning, and roofs in good condition. Such home issues impact the quality of the house, and involve time-consuming and costly repairs. Keep in mind that some FHA and VA lenders will not support mortgages unless the house is solid in construction.
Home buyers nowadays can not rely on buying and selling a home a year or two hence. A home buyer will expect to own the land for three years or more, even if it is a rental property that has to be changed. Today’s consumer of immovable property has a lot of demands than three or more years ago.