For homeowners with the means to do so, this could be the best time in recent history to trade-up and buy the home of your dreams. Trade-up buying is something that is taking place more often than you would think. Some reality firms have noticed that since housing crash hit, fewer individuals are out there trying to flip houses. More and more buyers with the financial means to do so are simply looking for the benefits of living in a nicer home.
However, just because they’re not trying to flip the house quickly doesn’t mean that they should ignore the resale potential of a property. They must keep in mind that a job transfer or financial problem could unexpectedly force them to sell the property. When purchasing a home be certain to ensure the marketability of the property for the future.
For those who are looking to trade-up to their dream home, here are a few pointers to help make that easier.
The advantage you have over a first-time homebuyers is your experience. As homeowners, you have at least some idea of what you like and what you don’t like in a home. Make a list of exactly what you want and don’t want in a home.
Unless it’s what you really want, avoid a fixer-up; remodeling is always a huge hassle. When buying a dream home you want it to be exactly how you want it when you move-in. When at all possible, eliminate the stress that comes with getting a home remodeled
Keep in mind that there are great benefits to trading-up in the current market: Let’s start with the fact that home prices are very affordable and interest rates are low. There is also a federal tax credit offered by the government for up to $6,500 for existing homeowners that sign the purchase contract by April 30, 2010. To see if you qualify and for more details go to the Internal Revenue Service web site at www.irs.gov.
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I think this is true, most people try to avoid homes now, but the smart ones buy homes when the prices hit rock bottom.
If you have extra cash to use for an investment, real estate is the best investment. The good thing appreciate as time goes by, so that fact alone is a very good investment.
.-= Maria@pedometers reviews´s last blog ..Bodytronics ProCal Calorie Pedometer Review: An Advanced Pedometer! =-.
As I said earlier now is the time to buy anywhere in a housing market with a proven record over time. Next recession you will meet people who made there money in this recession.
.-= Spanish Hot Properties´s last blog ..Spanish Property Buyers in Costa del Sol Need To Be More Realistic =-.
I would say this is just the right time to buy homes but not through selling the ones you have but if you can afford to have one more. I usually don’t advice to sell the existing land and home which you hold.
You want to be careful about “trading up”…it has its only dangers. For example when that home goes up in value, expect to see the tax man at your door for his cut. Plus they’ll be higher maintenance costs, utilities, etc. Just an FYI, you have a link for reality firms…shouldn’t that be realty?
.-= Chas@Las Vegas Real Estate´s last blog ..A Rise in the Condo Market =-.
It is also an excellent time to buy a vacation home. In the Scottsdale market many homes are sold as second or vacation homes. It seems anyone who has money is in Scottsdale this year to buy a vacation home. With prices down 50% it is the opportunity of a lifetime if you have the cash.
.-= Carmen Brodeur´s last blog ..Maricopa County Real Estate Market Update =-.
Chas is on fire!
Another very good post with excellent points that I have to agree with. However for those who can afford to buy the opportunities from Marbella to Natal and Scotsdale to Brighton are huge.
It’s interesting to think of market cycles as ‘cycles of emotion’ – The times when people feel most concerned about a market, most frightened about moving forward, is often the best time to take the step from a financial opportunity point of view.
.-= Claudia Gonella´s last blog ..5 ways to make your overseas property listing convert like crazy =-.
Home buyers prefer to buy homes when the price are lower and reasonable. But in these economic changing times, the real estate market should know how to balance the process and what’s the trend going on in the market.
.-= Orem Utah Homes´s last blog ..Previewing February’s New Home Sales: The numbers declined! =-.
At this time it is very difficult to buy in UK especially as the property market over here is still trying to recover from the recession.
Even post housing credit, this is definitely still a buyer’s market. Although, I think it will be for quite a while still.
No question that now is the time to buy in most markets, just be wary of over exposure, and the fact that interest rates are likely to rise.
.-= IPIN Live´s last blog ..Volatile European Currency Markets to Remain =-.
Making a list is an excellent way of deciding what you want in a home because you may know what it is that you want in the back of your mind, but when you put in an offer, something important requirement may slip your mind.
Even though the tax credit has gone away, it’s still a great time for buyers that are looking to move up. The interest rates are still incredibly low and, chances are, they won’t get any lower any time soon.