The cost of renting a home compared to buying one has been widening over time. Today, the percentage of income needed to afford a median-priced home is lower than in the past while that for renting is higher. Alongside low mortgage rates, buying a home is becoming an increasingly attractive option for many people who are realizing their purchasing power.
Homeowners across the country are gaining significant equity and have averaged $9,800 over the past year alone. With California seeing increases around $12,000, now may be a great time to look toward purchasing your next home.
For the current real estate market, it's probably best to not renovate your home before you list it for sale. Due to today's hyper-competitive arena, buyers are often willing to overlook cosmetic or minor repair needs if it means snagging a home in their price range.
VA Home Loans provide unique opportunities for veterans, active-duty personnel, and their families in recognition of their service to our country. For eligible individuals, options associated with VA Loans can help make the dream of homeownership a reality.
Demand from homebuyers has skyrocketed this year, giving today's sellers a prime opportunity to sell. This won't last forever, though, since more sellers will come to the market in the spring, creating more choices for buyers and more competition among sellers.
The resilience of the residential real estate market has been a key factor in 2020's economy. According to ShowingTime, a showing software and market stats service provider, homebuying has been growing consecutively month after month. Specifically, ShowingTime reported,
"Home buyer traffic jumped again in July, recording a 60.7 percent year-over-year increase in nationwide showing activity."
This growth has spanned all regions and proves sustained buyer demand among a dwindling supply.
From the downturn earlier this year that was caused by stay-at-home orders, the real estate market has come back stronger and is actually ahead of where it was at this time last year. There are predictions that this momentum will continue and home sales
Pricing your home at the highest end may be tempting during a seller's market, but this does not typically result in a higher final sale price. Instead, you should eliminate buyer concerns by pricing your home competitively right from the start, which will help sell your home quickly and for the best price possible.