Home Price Appreciation Forecast Questions continue to come up about where home prices will head throughout the rest of this year, as well as where they may be going over the few years.
How Shopping For A House Is Like Dating Part 3
Can you handle a fixer upper? How do you feel about a mullet hairstyle? Parachute pants? In house terms: formica counters, shag carpeting? If you read the last blog about "lipstick on a pig" you will know most buyers want the house all fixed up. They don't want to have to do anything other than move in and enjoy. Are you like that? Or can you handle a little work to make the inner beauty shine?
It is a good idea to write a list of the MUST HAVES details for your new home. What must you have? garage, number of bathrooms, etc. It is a good idea because no property will have ALL the items on your wish list. At some point you will have to make the determination of what is MOST important and what detail you are willing to compromise? Is it location? size of the house? neighborhood? fireplace?
Understanding your tolerance to live through improvements, or degree of improvements will help. If you are wiling to put in sweat equity or live through improvements, most likely you will get a better deal. Since most of the other buyers are not willing to buy a house that needs improvements, homes with work can be more affordable. If you are not willing to put in the time, move on. Keep looking.
Word of caution, when you see the house that shows like a model, make sure it meets your minimum criteria, make sure the updates are not just cosmetic. Remember lipstick on a pig...
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