Unlike erratic stock prices, real estate maintains a certain level of value and is a reliable long-term investment. As your home appreciates, the equity can be used to add on or to trade up. A 1031 tax free exchange can alleviate any tax repercussions. Of course, you can always sell outright and use the money for college expenses, retirement or other uses.
Despite recent turbulence, mortgage lenders do have money to lend you! There are still several options available for qualified borrowers. It’s just a matter of staying within the limits of what you can afford to spend each month on a second home. The days of “creative” financing have come and gone, but that doesn’t mean it’s difficult for you to get a loan. Money is still available and interest rates are still good. Most local lenders will take the time to pre-qualify you, so you can find out what you can afford and also determine what you’re comfortable spending each month. The Federal Reserve has shown a recent dedication to breathing life into the real estate market, which is a sign that market conditions could change soon. While the future remains to be seen, it’s a great time for buyers to invest. There’s a large selection of homes to choose from, which means the buyer has more control than in previous, seller controlled markets. However, while it is a buyer’s market, most sellers aren’t “desperate” to sell. Prices are like hemlines. They fluctuate within a certain range, but there are few extremes. However, there are great deals to be found and buyers have more power than they have in years.
There’s a wealth of information available on-line. You can view all Outer Banks properties and daydream of owning your very own beach house! Contact one of our REALTORS® for information on how to make those dreams a reality. They have the experience, knowledge and skill to help guide and advise you throughout the purchase process. Purchasing a second home, especially in a different area, poses a unique set of challenges. Our agents are your Outer Banks advisors and will ensure a smooth transaction.
Despite recent turbulence, mortgage lenders do have money to lend you! There are still several options available for qualified borrowers. It’s just a matter of staying within the limits of what you can afford to spend each month on a second home. The days of “creative” financing have come and gone, but that doesn’t mean it’s difficult for you to get a loan. Money is still available and interest rates are still good. Most local lenders will take the time to pre-qualify you, so you can find out what you can afford and also determine what you’re comfortable spending each month. The Federal Reserve has shown a recent dedication to breathing life into the real estate market, which is a sign that market conditions could change soon. While the future remains to be seen, it’s a great time for buyers to invest. There’s a large selection of homes to choose from, which means the buyer has more control than in previous, seller controlled markets. However, while it is a buyer’s market, most sellers aren’t “desperate” to sell. Prices are like hemlines. They fluctuate within a certain range, but there are few extremes. However, there are great deals to be found and buyers have more power than they have in years.
There’s a wealth of information available on-line. You can view all Outer Banks properties and daydream of owning your very own beach house! Contact one of our REALTORS® for information on how to make those dreams a reality. They have the experience, knowledge and skill to help guide and advise you throughout the purchase process. Purchasing a second home, especially in a different area, poses a unique set of challenges. Our agents are your Outer Banks advisors and will ensure a smooth transaction.