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Is it a Good Time to Remodel Your Home?

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  • Description

    Real estate expert Dolly Lenz answers some frequent real estate questions.

  • Duration 5:18
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Home prices on the rise a little bit.

So is -- housing crisis over or soon to be over my next guest knows a thing or two about the industry.

She's moved more than seven billion dollars in real estate joining me now Dolly -- vice chairman a Prudential Douglas element it is always great to see you Dolly.

Thank you -- you can you you know the -- real estate when you interview people is that they often kind of obfuscate the truth of the market's down but you're always a straight shooter.

How are we doing in the market are we headed for recovery now you know -- treading along the bottom.

But at least that's the bottom and hopefully were at the bottom so we'll have to go any lower so it's a good -- right going up a little bit is always good -- -- -- -- I think that's all terrific now we have to fix all the other issues -- employment issues of structural issues.

Until that's really result.

I don't see a recovery in the cards so you think we really -- a recovery in the jobs market before we see real recovering house like no -- so in that in turn.

If you own a home already what should you be doing.

Well the first thing you should be doing is refinance your mortgage if you have a mortgage chances are the rates are better now than when you took it out even if you took it out.

Five months ago.

I just refinanced my own mortgage for the seventh time -- and I got an interest rate that I couldn't believe was better than the last one.

And everyone to look into refinancing their mortgages even if they're under water.

Banks are trying to work with you to see if Fannie and Freddie -- Could in a program that might let them.

Also refinance or mortgages so far from being in the way a lot of people have been questioning bankers saying that they're not doing what they can't help people out every -- -- -- -- movement there.

I'm seeing banks really trying to be very helpful I see just the opposite.

Thanks for being helpful look they have also rules and regulations and boxes they have to work with them.

But in terms of the people who work at the banks in the management of the banks.

They're trying the best they -- to get everybody on the right track so the whole country gets on the right track.

Is this a time that you wanna be upgrading your house and a lot of people -- -- do it because maybe -- family got bigger and they were unable to move to a bigger house.

What's your recommendation about -- more money into this house that you might -- at the top of the market.

If you're doing it very carefully cautiously counting your pennies -- really planning it.

Then I'd say it's probably okay redo -- kitchen to redo your floors -- darker make online or by some carpeting paint.

Do bathrooms.

I'd be very careful.

Judicious.

And generic.

You know don't do.

A black kitchen I can be shocked -- -- not everybody wants to know you'll be able to sell it because it's so few people.

Do something generic and -- make it much more marketable.

I think the people have to be very careful about the money they're putting into their home now because you do not know if you're gonna get bang for your buck or return.

Particularly if you pay top dollar not exactly but if you judicious and you're generic I think you'll be okay because -- add value.

RH what are the things people are trying to figure out is what it's my house really worth.

There are lots of places to go online you can hire an appraiser.

How do you decide what that number should actually be let's say you're deciding to sell -- -- gonna put your house on the market in the next few months woman I would recommend calling in a few local realtors.

Asking them to give -- an appraisal -- written.

Opinion of value of such non official appraisal it's an opinion of value.

Documenting opinion of value would comparable sales and giving it to you to review you'd be surprised three brokers -- in you -- three different numbers it's really shocking to me.

And but if you're looking at as a homeowner with the interest at heart.

You will be able to discern between them and figure out what your home is really worth.

Your advice to homeowners right now who you know that it's been hard ground yeah it like it's been very difficult for a lot of people.

If you're under water what should people be doing.

What does a lot of things you can do I mean and probably the best thing you can do is if you need to get out look into renting your property.

Rental market hasn't been stronger in a very long time.

Maybe you can rent your home right your apartment and downsize you know I know people who had a four bedroom house didn't need a four bedroom house -- -- children off to college or.

Awful together.

They rent their home they then go rent a one bedroom or studio for themselves -- pocket the difference.

And they can last you know it's all about kicking the can right the same as the banks -- -- -- -- -- -- -- -- -- -- And as long as you can survive -- you'll be okay -- that brings up over the question the second -- the vacation held it's not just.

First homes that are under water that are lower the prices are -- It's also vacation -- isn't this a big opportunity for people out there who've been looking for that perfect place to either retire or vacation.

Yeah it would be a great time because interest rates haven't been lower in forever right and certainly in my memory.

And prices in general and another in new York and a few of the -- markets.

Also haven't been lower since early 2000 and so it's a great time to go look makes cents up at the -- again judicious and careful.

And bid aggressively if you're gonna buy something bid very aggressively and wait pause you know don't get excited enough -- Pull back it's hard though typically -- in the housing market could you get so excited about that property that you can't.

You have to pull us they can't know what you're thinking you have to -- I have no poker face -- and -- -- for coming on tonight it's always a pleasure to have you here we really enjoy seeing -- --

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