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:Sherry Cabrera Phone: 214-454-6969 Dated: December 30th 2015 Views: 2,122 About Sherry: Sherry was raised in Mississippi and moved to Dallas 16 years ago with her daughter. Prior to movin...
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