When a person lists a home, he or she wants to complete the sale as quickly as possible. Although spring is considered the best time to place a house on the market, statistics show a seller can gain similar success in any season. To understand the market's numbers, real estate experts performed an analysis on 7 million homes listed across the country from 2010 to 2014.
Homes listed in the fall season were the slowest to sell. Approximately 34 percent of houses listed in autumn were under contract within 30 days. Only 11 percent sold above asking price.
Although foreclosures have plagued the real estate market, they are beginning to dry up. Statistics released in CoreLogic's January 2015 National Foreclosure Report show a 33.2 percent drop in foreclosure inventory. In January, year-over-year completed foreclosures decreased by 22.5 percent.
Prior to the real estate collapse a few years ago, many people considered flipping houses easy income. However, there are a variety of changes in the marketplace that have made flipping houses a less lucrative and less attractive prospect, including stagnant home prices, less access to credit and fewer attractive properties being available.
If you've inherited a home that you’d like to sell now or in the future, it's best to seek professional advice for your specific situation. As a foundation, you'll want to consider these important steps:
Buying a home is one of life’s biggest commitments. Unfortunately, as is shown in the CALIFORNIA ASSOCIATION OF REALTORS infographic below, nearly 40 percent of home buyers would purchase a different home had they known then what they know now.
If you’re a veteran who is renting a home, be sure to look into the benefits that your status may provide. For instance, you may be able to take advantage of a VA loan since these are funds that have been guaranteed by the Department of Veterans. Keep in mind that you will need to qualify for this type of loan.
In a 1934 court ruling, celebrated jurist Judge Learned Hand stated that it is permissible to arrange affairs to pay as few taxes as possible. Congress is helping taxpayers accomplish this by extending three homeowner-related deductions for 2014. This action may provide you with some tax relief.
Approximately 42 percent of Millennials want to purchase a home in 2015, which is great news for potential sellers, as this demographic has been largely missing from the market. Looking to their younger counterparts, 31 percent of Generation X wish to do the same.
Millennial Buyers Are Driving the Market