The current real estate market is unbelievably active and competitive. As we adjust to the reality of the global pandemic, our homes are more important than ever as the anchors of our families, work and community. Inventory continues to be low, but so are mortgage rates, and this is why it’s critical to be prepared and informed. It is the perfect time to explore creative alternatives to meet your real estate needs. It can be frustrating to continue to make offers only to be out-bid in this current market with very low inventory available. Consult a William Raveis Executive Mortgage Banker to learn about all of your options.
William Raveis Mortgage has a wide variety of loan options and products, and one to consider during this time is a renovation or construction loan. These loans expand a consumer’s power to own a home that best suits their needs at an affordable price. If you have flexibility, these loans allow for more favorably priced properties in a prime location. They allow a buyer to explore options like increased square footage, new bedrooms and baths, updated kitchens, or even creating additional living space by drafting new floor plans to create an open concept.
These products have options for low down payments, and in many cases the buyers can move in while construction is in place (if they don’t mind living through the renovation). Renovation loans may also allow a seller to update their current home to yield a higher sales price once they are ready to place that property on the market.
To find the best option for you, please contact one of our experienced Executive Mortgage Bankers.