3 Trends Home Sellers Should Know this 2016
2016 is definitely a year for sellers, as industry insiders confirm with CNNMoney in a recent interview. If you have plans of selling your home, then you might as well be in the know of the three dominant real estate trends shared by the experts. Here is a summary of “2016 Dominant Real Estate Trends for Sellers” lifted from CNNMoney’s original article:
2016 will see market domination by sellers. The last time we’ve seen astronomical home prices was back in 2006. It seems, however, that the all-time highs are back 10 years later, as homes in cities with lucrative economies are selling at higher prices, sometimes even through cut-throat bidding wars. Many properties are being sold with closing prices exceeding the asking price, thanks to this rising trend. So, if you have properties in areas like San Francisco or Austin, this year may be the best year to get your home listed.
Mortgages will become more expensive. In the past few years, mortgage rates have been very affordable to the public. However, due to new policies by the Federal Reserve, affordability may become restricted as mortgage rates are expected to climb higher this year. Sellers may find that some prospective buyers will not be able to secure financing. The solution is to list the home as early as possible to help buyers take advantage of the current mortgage rates before they increase altogether.
Enjoy your tax benefits. Qualified ordinary taxpayers may enjoy exclusions on paying capital gains for the sale of personal residences. This is the largest tax break an ordinary individual may enjoy. Single taxpayers may exclude a maximum of $250,000 in gains from selling their home. Joint filers get to enjoy double that amount with $500,000.00 worth of exclusion.
Convinced that 2016 is THE year to get your home listed? Just send Cain Realty Group a message by clicking on the link. We would be happy to give you advice on how to sell your home in Austin with a “Bang!” this 2016.