Consider this scenario. You have lived in an older home for decades. While you made renovations here and there, even those are in need of updating. To complicate matters, neighborhood homes are being razed by new buyers -- many are real estate investors -- who erect new houses in their place.
According to the National Association of Realtors, total housing inventory at the end of June 2020 was down 18.2% from a year ago. Homes are being placed on the market for sale and frequently receiving multiple offers resulting in bidding wars.
Planning to sell your home? Be sure to prepare for some paperwork as disclosures will be involved. Some required and some not, based on the state in which you reside.
Relocating for work or family or cost of living always involves a tricky two-step: selling the original house and using the proceeds to subsequently purchase the new one.
We buy our homes to fulfill basic needs of survival, i.e. the safety and comfort of shelter. Yet purchasing a house can also serve as a financial investment, with the expectation of a generous return at re-sale time. Results, however, are often mixed.
When a house is conveyed from one party to another, the buyer is not simply purchasing property. Buyers pay for borrowed money, legal representations and warranties, evaluation services and myriad inspections. In short, the conveyance is bigger than the house itself -- and more costly.
A house has all kinds of benefits and blessings for a family. Whatever its physical and environmental defects, these are subjective qualities that can never be separated from the structure. At the same time, there are also objective standards by which a house is measured.
Selling or purchasing a home is a process with many stages. Your real estate agent will guide you through the steps regardless of which side of the transaction you fall. Here's a crash course in what to expect but keep in mind, it's not the same in every state.
When available house inventory is low and buyer demand is high there is little doubt that a sellers' market is at work. This certainly implies that sellers occupy the driver's seat when it comes to negotiating with purchasers. This is true, to some degree, but it is far from an absolute truth.