Real People Talk Real Estate
Question 1: Is it really a smart time to buy when home prices are so high?
Historically, it has always been a good idea to invest in Real Estate. The best time to buy a home is when you are ready. When all of your financials are in order, that is the best time to buy a home. The Real Estate market fluctuates, however, it always trends upward making it a sound investment to make.
Question 2: Why has the price of homes doubled or tripled in areas of Lakeland, from just a few years ago.
We have been rebounding from the 2008 Recession which was also known as the subprime mortgage crisis. Because we have been in a “recovery” period, it can appear that home prices are doubling and tripling, when in reality they are just getting back to a normal level of where they should be.
Question 3: Should we expect to see a recession or a drop in prices due to people defaulting on their mortgages, 6 months to a year from now?
No. We follow the trends in real estate closely and anticipate that we will most likely see a “leveling off” in home prices but not a recession or drop in prices.
Question 4: What is happening in the market of mobile homes and mobile homes in 55+ parks? Are they holding their value?
It depends. If you own the land your mobile home sits on, then your home is sure to appreciate in value. However, if you do not own the land and you pay “lot rent,” then your home mobile home is more comparable to a vehicle and will depreciate in value much like a car.
Question 5: Is now a good time to look for a Home Equity Loan or a Home Equity Line of Credit?
YES! With interest rates so low now is a great time to get a loan and start making improvements to your home.
Question 6: What kind of flooring gives the best return on investment? Which are best for kids and pets?
There are two different types of flooring that are amazing for kids and pets AND give a great ROI. Check out Shawn’s in-depth answer!
How Do You Know If You’re Ready To Buy A House?
Buying a house is a pretty big deal, especially if it’s your first time. So, you’ll want to make sure to have all your ducks in a row and begin talking with an expert to determine when the best time to buy is for you.
What are the benefits of being a first-time homebuyer?
Buying a home is a pretty big deal because it is probably the biggest purchase you will ever make. If you’re buying a home for the first time this can be particularly stressful since the biggest expense most people have had thus far is a car. However, cars depreciate in value as we drive them, will the same happen to your house when you buy it?
Are there any fees associated when a home buyer works with a Realtor?
In our Lakeland market typically the seller pays the commission of the Realtors involved in the transaction. However, this is not written in stone.
What’s the difference between PMI and Homeowner’s Insurance?
Buying a home is a really exciting time but learning the “lingo” that comes with buying a home is not as exciting. Check out this video where Shawn talks about what the difference is between PMI and Homeowner’s Insurance.