Quote:
Originally Posted by frayedends
Okay now that I love these realty threads, and I have a few cocktails in me I'm gonna post an OPINION.
It's my OPINION and no need to fight me on if I'm right or wrong. I could absolutely be 100% wrong. But the market crash people are waiting for isn't happening. Sorry, it's not.
This is not 2008. There are not a bunch of sub prime mortgages. What we have is a crappy interest rate compared to ridiculously low interest rates a few years ago. Things have slowed a tiny bit because people are hoping that the drop will happen. Nope, not what I'm seeing. People are now starting to see this is the new normal. Rates at 7 aren't the end of the world. Waiting for the crash may be a losing endeavor.
Some of us remember interest rates in the high teens. If you see where you want to live, buy now. I think it's actually a benefit that TV is selling bare bones but allowing some stretches. You can't make your house bigger but you can always add crown molding. So buy the cheap spec home, add the square footage you can and pay a contractor less for the upgrades. You'll make a killing on resale. If the crash happens, wait. Real estate is like the weather in Massachusetts. If you don't like it now, wait an hour.
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I have flipped several homes in the Villages. I agree with most of what you have said. But, very few people are making a killing nowadays. I would hate to see anyone make expensive upgrades hoping for a great return. Probably not going to happen in today's market.
My advice is to keep things simple. Pay close attention to the color of cabinets and floors. The more neutral; the better. Example: White cabinets- oak-colored floors. Perfect! Buying a home with unique colors will be difficult to sell. Paint your walls the same color throughout. A light shade will make the rooms appear bigger. Keep landscaping minimal. Most people hate to take care of high maintenance lawns. Do not add a built-in. Turning your 3rd bedroom into a permanent office will reduce the amount of interested buyers. If your plans are to make money on a home, you do not have to spend a lot on upgrades. Upgrades are not a guarantee that you will make more money on the resale.