- Information For Foreign Buyers – How Real Estate Transactions Are Conducted in Florida
Many potential home buyers are questioning if this is the right time to step back into the housing market. Real estate has been one of the hardest hit sectors of the economy. Pundits are divided as to whether or not this is a good time to buy a home. It may be years before the economy and the housing market fully recovers. In fact, the housing bottom cannot be called until values have stabilized and are on the way back up across the nation. In the midst of all this uncertainty, could now be the right time to invest in a home?
A quick Internet search will reveal many different opinions on whether to buy now or wait. It could very well be the right time for YOU to buy, based on lower property pricing and historically low mortgage rates. Educating yourself about the current market situation, and determining your needs and time frame is essential before you decide to invest in a home. Many people believe that because property values have fallen so low, homes are now undervalued. While there are certainly some homes on the market now that ARE undervalued; priced lower than what the market can bear, not all homes are underpriced. REO homes (those that are now bank owned due to foreclosure or deeds in lieu of foreclosure) are not necessarily priced below fair market value.
Has the Air Been Tested? If you do have a properly insulated home, you might want to have your air tested. Eliminating air leaks is great for your electric bill but it also means that any toxins that may be present in your home will not be easily circulated into the outdoor air. Have the air tested to make sure it is perfectly clean and, if possible, find out whether the home was built with nontoxic materials like low-emission paints and sealants. How About the Water Systems? Conserving water is a big part of conserving energy and reducing your carbon footprint. Look into the plumbing fixtures of the home. Are they water-efficient? What about the irrigation system for the lawn?
Low mortgage rates allow a potential home buyer to qualify more home at the same monthly payment. There is no way to know now how high or how quickly mortgage rates might rise, but rates are currently about 1% – 1.5% below where they were just a year ago, so that can create a substantial opportunity for a home buyer.
Is It Certified? Probably the easiest way to tell if a home is truly green is to find out if it has actually been certified green. The U.S. Green Building Council and the EPA have green ratings for homes that can be determined by inspectors or other professionals.
So if you’re thinking of going green the next time you buy a new home, good for you! Not only are you helping to provide for a cleaner planet but you’ll also reap the rewards in lower energy costs! And now you have a better idea of what to ask to help you on your way.
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