Transcript:
If you’re looking to buy a house in this real estate market, you’re probably pretty frustrated right now. It’s totally understandable. Prices are still pretty high and interest rates continue to make homes less and less affordable. I’m Angela Logomasini with Samson Properties, and today I’m going to give you a couple tips on how to navigate this crazy real estate market and get your dream home.
Tip number one: do not give up. A lot of buyers are giving up or they’re waiting on the sidelines for prices to come down and interest rates to drop. I think this is a mistake, and I think it’s a mistake for a couple reasons. The first reason is prices are not likely to come down, maybe not, definitely not, in the long run, because we have a national housing shortage. House building has not kept up with demand for more than a decade, and it’s not likely to catch up anytime soon, so we’re going to see escalating prices for many years to come. If you think you can wait it out, you’re going to be waiting a long time, maybe a lifetime.
Now the other thought of waiting for interest rates to drop, that’s also a mistake. It sounds strange, but the reality is, everybody else is waiting for interest rates to drop. So when they finally do drop, you’re going to be heading out to the market when it’s being flooded with tons of other buyers who’ve been waiting for the interest rates to drop. And it’s going to be very competitive, and prices are going to again be pushed up. So wouldn’t it be better, if you purchased it now, with the high interest rates, and then refinanced it when everybody else is going out to shop, you just refinance your home? So tip number one is purchase now refinance later.
Tip number two: buy the less than perfect house. I know you want, and everybody else wants, to find that house that’s move-in ready. Very few buyers want to do work, and it’s understandable. It takes some effort, but in the long run, there could be a big payoff. First, you’re going to have less competition and less headaches getting the house because there’s going to be far fewer people looking at it. And second, you’re going to be able to build some equity, maybe a little bit faster, because you’re adding value after you purchase, and it’s probably going to cost you less, So that’s the ultimate right? You get a good price.
And I know a lot of buyers still will resist this because it’s a stressful thing to do the renovations. But it is probably easier than you think. You can do a little research ahead of time, figure out, you know, what things cost so you are ready, and then pick one that makes sense for you.
Now if you don’t have cash up front to buy a fixer, you can get a special loan for that. It’s called a home renovation loan. Ask your lender if he can help you, or she, with getting a home renovation loan. And if your lender’s not able to do that, reach out to us, Angela Logomasini and Christopher Prawdzik, we’re a real estate team, we can refer you to somebody who can. Those are my two tips for today.
This is again, Angela Logomasini with Samson Properties. Please hit the subscribe button below and the little bell so that you get notifications when we have more content like this in the future.
Angela Logomasini and her husband Christopher Prawdzik are licensed Realtors® with Samson Properties in Alexandria. Operating as D.C. Region Real Estate, they serve the Virginia, Washington, D.C., and Maryland real estate market and offer comprehensive real estate services, including 4½% full-service listings.
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