With buyer demand high and the number of houses for sale low, today’s market is favorable for homeowners who want to sell. But though they’re likely to find interested buyers, homeowners shouldn’t expect that everything will always go their way. In fact, a home’s sale almost always involves a negotiation and home sellers, just like buyers, should expect to have to compromise here and there. For example, 76 percent of sellers said they had to make at least one concession when selling their home, according to one recent survey. That means, even in markets that favor sellers, homeowners should have some flexibility when it comes to working out the details of the final sale. Home sellers should also be prepared to make some pre-sale improvements to their house, as the vast majority of recent home sellers also said they had to fix up their home before listing it. In short, regardless of how hot your local market is, you still have to get your house in shape and work with your home’s buyer to ensure the sale is a success on both ends. More here.
High-End Neighborhoods Make Most Popular List
When searching online listings for homes to buy, it is sometimes difficult not to wander outside of your price range for a look at houses you’d love but can’t afford. This is true no matter what your particular price range might be. There will always be a house just out of your reach that’ll catch your curiosity. And the internet has made it easier than ever to get a glance of the high-end homes you’d previously only be able to see from the road. Proof of this can be found in a recent analysis of the country’s most popular neighborhoods based on page views. The top 20 features the nation’s most desirable addresses in some of the most exclusive zip codes. The Oaks in Los Angeles was the top neighborhood, followed by places like Tuxedo Park in Atlanta, Presidio Heights in San Francisco, and New York’s Crestwood neighborhood. But, in this case, the number of views a particular house or neighborhood receives isn’t likely to reflect an increase in the number of potential buyers. More likely, these neighborhoods reflect – not where Americans are buying homes – but where they dream of buying homes. More here.
Analysis Finds Property Tax On The Rise
When considering the costs of homeownership, it’s sometimes easy to forget about property tax. Home buyers focus a lot of attention on their prospective mortgage payment and the potential cost of any remodels and renovations but often forget to think about how much taxes will run them each year. This is a mistake. Take, for example, new research from ATTOM Data Solutions. Their recent tax analysis found that the average property tax on a single family home last year was $3,399, a 3 percent increase from 2016. That’s nearly $300 a month. But property taxes can differ from one place to the next. As evidence, states like Hawaii, Alabama, Colorado, Tennessee, and West Virginia were found to have lower than average effective property tax rates. They can also vary from city to city. That’s why it’s a good idea to look into how much homeowners pay in property taxes in the areas where you’d most like to buy a home. It may not sway your decision on where you buy, but it will give you a more accurate assessment of how much it’ll cost to buy a house in a particular city. More here.
Homeowner Equity Continues To Increase
When you buy a house, you’re not just purchasing a place to live. You’re also making an investment in the real estate market. Which means, as your home’s value grows, so does your equity. Equity, of course, refers to the amount a property is worth minus the amount still owed on the mortgage. Put simply, if your equity is growing, that’s good news. Which is why new numbers from the Board of Governors of the Federal Reserve System are encouraging. That’s because they show homeowner equity on the rise. In fact, the total value of homeowner equity has increased $1.2 trillion over the past year and reached $14.4 trillion in the fourth quarter of last year. In short, that means homeowners are seeing the value of their homes, and their investment, grow. Whether you’re a current homeowner or are about to become one, this is a positive sign – as it indicates that the real estate market is strengthening and offering Americans a good opportunity to find a place they can, not only call home, but also a good financial decision. More here.
The 5 Biggest Items In The Average Household Budget
Buyer Basics: What Matters Most To Men Vs. Women
If you’re buying a house – rather than having one built to your specifications – you’re going to have to compromise. You’re probably not going to find everything on your wish list in one house, and certainly not in a home that also just happens to be perfectly in your price range. Which is to say, the home buying process will force you to make decisions about what matters most to you and what you would like but can live without. How you make these decisions will be based, in part, on your particular needs and goals but, according to one recent survey, it may also be based on gender. That’s because, when asked which home features mattered most to them, men and women had slightly different opinions. For example, the number of bedrooms in a home is nearly 7 percent more important to women than men. So is being close to good schools, which was 6.6 percent more important to women. On the other hand, the inclusion of exterior maintenance was 5.1 percent more important to men than women. Whatever the case, spending some time thinking about what home features matter most to you before heading out house hunting will make you a better prepared, and more decisive, buyer. More here.
