According to a recent analysis by Zillow, the best time for buyers isn’t spring, but summer—the end of summer, that is. Why? There’s more supply as the season winds down, specifically in August, and sellers who weren’t so lucky earlier on become anxious to unload, cutting prices before the weather changes and the school year starts.
It’s a seller’s market out there, and for homebuyers, the struggle this spring is real: few affordable options, and price growth that just won’t quit.
For the month of April across the state of New Jersey the following sales were reported:
- Single Family Closed Sales were up 8.0 percent to 5,917.
- Townhouse-Condo Closed Sales were down 0.1 percent to 1,819.
- Adult Communities Closed Sales were up 7.9 percent to 549
Residential single family homes saw a 10% decrease in their average days on market before sale. Although inventory is still being stretched thin in many areas, relatively low mortgage rates coupled with higher wages have built a relatively sturdy housing marketplace. It is important for prospective buyers to remember that The Fed raised rates in March, and at the time telegraphed a plan to lift them two more times this year. Buying before the fall could mean ...
Millennials are buying homes, steering builders toward lower price points
First-time buyers are rushing to buy homes after a decade on the sidelines, promising to kick a housing market already flush with luxury sales into higher gear.
Tracking home sales to a particular age group is hard, but a series of data points form a mosaic of a generation of young people ready to buy: The number of new-owner households was double the number of new-renter households in the first quarter of this year, the share of first-time buyers is creeping back toward the historical average, and mortgages for first-timers are on the rise.
“They’re crawling out of their parents’ basements, they’re forming households and they’re looking to buy,” said Doug Bauer, chief executive of home builder Tri Pointe Group Inc., which operates in eight states.
In a shift, new households are overwhelmingly choosing to buy rather than rent. Some 854,000 new-owner households were formed during the first three months of the year, more than double the 365,000 new-renter households formed during the period, according to Census Bureau data. It was the first time in a decade there were more new buyers than renters, according to an analysis by home-tracker Trulia.
Home builders are beginning to shift their focus away from ...
Buying a new house is an exciting process that marks a new chapter in life. For many people, it's fun to shop around and tour different properties. When you're serious about purchasing a home, there are a few important parts of the property to check before you move in.
You should feel comfortable with the quality of the neighborhood, which will influence the value of your home. Look at the condition of the other homes and check to see if people are loitering at different times of the day. The house should also be in proximity to your job, or nearby schools if you have children. Some individuals who don't have a family may want to purchase a home in a good school district due to the impact that it'll have on the value of the property.
The storage space that is available in the home influences how much clutter will be left out in the open. Look for plenty of storage space that is available in the bedroom closets or in the kitchen to ensure that you can comfortably fit everything that you own without feeling cramped.
Run the faucets to inspect the water pressure and ask the owners if the pipes are insulated. Hire professionals to check if the radiators are working and if the hot ...
Buying a home is a big step, whether it's your first home or a retirement home. The location and size of your home can have an impact on your quality of life. There are several steps you can take to find the home that's best for you.
Assess Your Situation
Lists are an excellent assessment tool. Before you begin your house hunt, list the features that you desire. This list should include the logical aspects such as proximity to your job and the quality of schools in the area if that applies to your situation. Go ahead and list your desires. While you may not find a house that meets everything on your wish list, you should be able to find one that checks off the high priority items.
Location Is a Priority
It's imperative that you concentrate your home search to a location that you can consider ideal. You can make changes to the interior and exterior of a house but the location is something you can't change. It's often a good idea to seek assistance from real estate professionals when evaluating how specific locations complement your lifestyle. Experts in the field can guide you to areas that are compatible with your budget, and your immediate and possibly future needs.
What Do You Enjoy
Buying a home that supports your personality can increase your quality of life. If you're a social person, a condo in the city with amenities such as a pool, tennis court, or exercise ...
For most people, owning a home is like moving a step up the American-dream ladder. It is indeed wise of you to buy a home instead of continuing to pay hefty rent. Your home is an excellent investment in the long run because it helps you not only build up an equity but also garner substantial tax breaks.
There are certain deductions that can be claimed by homeowners only. If you have taken out a homeowner’s loan, consider these deductions as Uncle Sam’s gift to you. These tax breaks will surely alleviate the financial burden of many taxpayers, especially those who are paying their mortgage.
As April 15 approaches, let us take a look at the most significant tax breaks that only homeowners can claim:
- Interest on Home Improvement Loan. Interest on a home improvement loan is fully deductible if the improvement is made in the main home and it enhances its sale value.
- Property Tax. The taxes paid to acquire the property are fully deductible from the taxable income and the same is reflected in the Form 1040. Transfer tax arising from the transfer of the property to the new owner is a very common item.
- Redeemable Ground Rents. The redeemable grounds rents can be deducted if you have been paying monthly or annual rentals.
- Interest Accrued on a Reverse ...