What's So Great About The Real Estate Market In 2009?
Then couple those great prices with phenomenal interest rates! For example the principal and interest payment on a $200,000 mortgage at 6% is $1199.10 monthly, while the payment at 5% is $1073.64. You save over $126/month. If you stay in that home for 10 years that’s a savings of over $15,000, all because you chose to buy while the rates were great! Or maybe you’ll choose to buy based on what monthly payment you can afford.
If you keep your monthly payment the same at $1199, that enables your purchase price to go up $23,000 more! And that means a house that has a lot more of what you want!
Not only will you be able to take advantage of the great rates but so will buyers considering your home. These rates, along with the new $8,000 tax credit for first time buyers, have brought a flood of new buyers into the market.
So, let’s say you do want to move? Where to start? First of all, before you fix or update anything, call me at 262-719-9649! I can give you professional advice about where it’s important to spend time and money improving the condition of your home and where updates would not give you any return on your investment. Your home's condition is one of the biggest factors buyers take into consideration when choosing a home to purchase. I can't tell you enough how often I see buyers purchase homes that are more expensive but are ready to be lived in versus less expensive homes. It used to be that sellers didn’t do upgrades, assuming that the buyer would want to do them with their taste in mind. That no longer applies for two main reasons. First, after buying a home, many buyers do not have the residual cash to upgrade the home; and second, many buyers do not have the time to do the work themselves.
Next, make sure that you get all the market knowledge you can! In order to ensure that your home sells in a reasonable amount of time, you need to be one of the (if not the best) value out there. Buyers look at a range of homes that fit their basic criteria. If you are the most expensive home in that range, chances are, few buyers will even take the time to look at your home. However if you are one of the best values in a group of homes, you can bet that buyers will check your home out. Call me for that market knowledge in the Oconomowoc area. I am even willing to take you out to see some of your competition. What’s really important is not what homes like yours sold for recently, but what homes are listed for that are your current competition.
In summary, if you are unsure about whether now is the time to make a move, give me a call at 262-719-9649, or send an email to ltremaine@shorewest.com. I will provide you with the knowledge necessary for you to make an informed decision that will be best for you.
Posted By:
Lisa Tremaine
