There are three dominant trends in real estate that sellers should be aware of going into the new year.
CNNMoney recently asked industry insiders to share what will be important when it comes to selling a home in 2016.A seller's market dominates.
Home prices have been climbing so much that they're even matching their 2006 highs.
• Seller's markets are more dominant in certain cities such as San Francisco, where bidding wars are widely reported and offers go well above asking price. "The more lucrative a region's economic future appears to be, the easier you can expect it to be to sell a home," according to the article.
• Mortgages will get pricier. Low mortgage rates have been the standard in the last few years, but that will soon change. The Federal Reserve is gradually beginning to raise rates, which will move mortgage rates higher and dampen affordability. Sellers should be aware that it may become more difficult for prospective buyers to secure financing.
• Tax benefits still abound. The largest tax break for ordinary taxpayers who qualify remains the exclusion on capital gains for the sale of personal residences. Single taxpayers are able to exclude a maximum of $250,000 in gains from the sale of a home. Joint filers get double that: $500,000.
DAILY REAL ESTATE NEWS | TUESDAY, DECEMBER 29, 2015
Author:Bart Austin Phone: 702-362-1653 Dated: December 29th 2015 Views: 155 About Bart: "There is no substitute for experience!" Growing up on Long Island, N.Y., Bart learned many things f...
View our latest blog posts in your RSS reader. Click here to access.
Trust eXp Realty and our team of real estate agents to help you find homes for sale or to sell your current home. We recognize the level of service that the mobile consumer demands. You have information. You have dreams. We possess experience, integrity, and innovation. Together we create leverage to make your dreams a reality.
You go camping, hiking, kayaking and boating to get AWAY from your cel
"Working with eXp Realty was a pleasure. When we started, we had no idea what we wanted, but our buyer agent helps us figure out the pros and cons of all our options. Our agent went the extra mile willing to put in the extra effort to answer our questions, to make sure we were happy with our decisions, and educated about the market and local area."