HUD Homes Offer Some Homeowners Once-In-A-Lifetime Deals

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As we move further and further away from the buyers’ market that so many buyers have come to know and love over the past several years, there is still some promise to finding great deals out there. The answer lies in HUD homes. Believe it or not, you can find a fantastic home that, with just a little bit of TLC, can be almost instantly converted into your dream home.

Now, I’m sure most homebuyers probably shy away from the sound of needing to do any work on a new home, but that “little bit of TLC” is simply cosmetic things like changing the floors or installing new carpet and putting on a fresh coat of paint. With the distressed property market still prevalent in some areas and with some (unfortunate, sadly) situations, we are still seeing some really nice, quality homes where the homeowners simply couldn’t keep up.

What are some of the benefits of getting a HUD home?

For starters, it will cost you a LOT less to buy a HUD home than it would, had it been listed at fair market value.

Second, you can expect to increase the value of your new HUD home very quickly once you make the updates needed.

Finally, as our market continues to change and the economy gets stronger – the chance of finding great homes at such discounted prices may not be as widely available as it is right now. Combined with today’s still very low interest rates, it’s a win-win situation.

A Few Tips to Keep In Mind When Considering a HUD Home

Be sure to have the home properly inspected. Look for structural issues, major plumbing problems or anything else that might take away from being a solid investment.

Request your Realtor® to study the neighborhood and provide reasonable comparable properties to gauge what you might expect in terms of value after you’ve fixed up the place.

Read all rules, restrictions and requirements before placing a bid online and if you need, run it by a real estate professional to be sure you’re not missing anything.
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If you’d like to sit down to discuss HUD homes, how you can find a great one and what next steps to take once you have found a great home – call, text or email me and I’d be glad to sit down to discuss it with you! Get started today at www.HudHomeStore.com.

Now’s the Time to Sell

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A shift has happened and it actually took place in January. The market has turned into a sellers’ market. In particular, there’s extreme demand for a 4-bedroom home with 2½ baths, a master bedroom suite and a walk-in closet. It’s the hottest commodity on the market.

Here’s an example of what’s going in this sellers’ market. I was working with a buyer in January who quickly sold their home. We had a challenging time finding a 4-bedroom home, which the buyer wanted, so we ended up in multiple bid situations on two houses, which we did not get, even though we had offered to pay full price! Keep in mind it’s a sellers’ market. We won the contract on the third house because we obtained a heads up on the home. We were able to bring in our buyers before the seller even put the house on the market. Ultimately, the buyers got what they wanted, and the sellers didn’t have to worry about people tracking dirt in the house because of multiple showings. A win-win!

This example is just one of many. It illustrates the importance of using an agent who can bring buyers and sellers together. As real estate agents, we’re in the know of buyers and sellers and that’s why you hire us. To get started in this new market, speak with a local expert who understands the market, knows home values from street to street and neighborhood to neighborhood. Your agent will be your best advocate. After all, investing in a home is the biggest purchase you’ll make so it’s important to have a professional by your side.  
What does this market mean for sellers?  If you’ve thought of selling your home, the time is now. Since there are fewer homes on the market, there are lots of buyers for available homes. Low inventory often translates into multiple bids, high list-to-sale price ratios and being able to negotiate better terms. It’s a great time for sellers.

If you want to get top dollar for your property, take advantage of the low inventory. Here’s the thing: supply and demand affect what you’ll get for your home. When everyone who has been thinking about selling their home puts their home on the market is not the time to dive in—if you want to get the most out of your home. At the end of the day, you have a better chance at success if you decide to sell now, instead of waiting until all the Joneses get into the market.

To learn how to be positioned in this sellers’ market, please call us at (203) 980-6886 or jonathan@carbutti.com.