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.
1. 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.
2. 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.
3. 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.
If you have been thinking about selling and would like to know what you could get for your house in this market, give me call for a free in home consultation today!
Author:JP Piccinini Phone: 480-980-9025 Dated: December 30th 2015 Views: 2,306 About JP: JP Piccinini is an entrepreneur, philanthropist, proud dad and the Founder, Broker and Owner of JP a...
JP And Associates REALTORS (JPAR) is one of the top 100 independently owned brokerages in the US. A full service real estate brokerage firm specializing in real estate sales and marketing services with multiple offices across the US and expanding quickly. JPAR is also one of Real Trends top 500 Brokerages in the US for volume and sales and in the top 1% in the US for sales.
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