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Facts About Lexington Park HomesLexington Park Fixed or Adjustable?The fixed rate mortgages offer Lexington Park real estate buyers peace of mind with predictable monthly payments. Taxes may go up but the principle and interest will remain fixed throughout the life of the loan. When interest rates were rising rapidly in the late 1970s, lenders came up with ARMs or Adjustable Rate Mortgages. With an ARM, the borrower assumes the risk of rising interest rates. Both have their advantages and disadvantages. Lexington Park Real Estate CyclesWhat makes most sense is the "buy and hold" strategy. Buy a home you expect to remain in for at least seven years or more. Lexington Park is no different than most, although the Lexington Park market does have it's own special circumstances. Want to get a clear and up-to-date picture of the Lexington Park real estate market? Call me at any time. I am happy to share my knowledge of the real estate market with homeowners and prospective homeowners who want to take advantage of market trends to buy and/or sell wisely. Lexington Park. How Much Should You Offer?Or more precisely, what does the seller owe on the property. If a seller owes $400,000 on the Lexington Park real estate he or she is not likely to welcome an offer for $350,000. If you want to negotiate price, make sure you don’t waste your time negotiating where there is no room to budge. Even if the loan is high, if the seller is in default there is a possibility of a short sale as many lenders will reduce the loan balance in order to move the property. Most lenders do not want to foreclose and manage homes and the Lexington Park market is no exception. Lexington Park. How Much Should You Offer?Comparable sales figures is a good guide for homeowners who are pricing their Lexington Park and a good guide for prospective buyers. Make sure you compare homes that are similar to the one your are considering...the same neighborhood, the same size, the same condition. Also, make sure you compare sales within the past six months. Ask your REALTOR for a comparison of the list price and sales price of comparable Lexington Park sales. This information may give you a trend and a guideline for your offer. For example, maybe homes in the area have consistently listed for more than they actually sold for. If that is the case, find out what percentage of reduction occurred. Use this information as a basis for your offer. Building Lexington Park Home EquityA popular question from prospective Lexington Park homebuyers relates to building home equity. Buyers like to estimate how much a home may increase in value based upon past appreciation. One of the many advantages of home ownership is that appreciation is based on the home’s market value rather than on the actual dollar amount invested or the down payment so that a $100,000.00 home that appreciates 5% is now worth $105,000.00, especially in Lexington Park. With a typical 30-year loan, most of your monthly payment goes toward interest payments with only small amounts going to the principle in the early years. Only half the principle is repaid in the first 23 years of the loan. You can build Lexington Park home equity faster by choosing a 15-year loan instead of a 30-year loan. When Lexington Park Does Not SellThe number one, main reason why a home remains on the market is PRICE. There can be other problems as well such as the home’s condition or location and even overall market conditions but the major reason for the NO SALE sign is the Lexington Park is over priced. In fact, proper pricing will often overcome most all obstacles. Some people prefer to buy Lexington Park that needs some work if the price is right. Investors look at the property, evaluate the cost of brining it up to speed and make an offer if they feel they can make a quick profit. These kinds of investors are looking to fix and flip. Others with limited budgets may see the fixer-upper as a way to get started with Lexington Park ownership. They may spend years working on improving the home, making improvements as they can afford it. So, a home’s poor condition will not prevent a sale if the price reflects the situation. |
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