The housing market is one of America’s strongest industries, grossing billions of dollars every year. For those who are in the market to buy or sell a house, there are more options than ever to find exactly what you might be looking for. Here is everything you should know about buying, selling, and renting a home.
Buying a House
Buying a house is one of the most important investments of your life, so you should come with a full list of expectations for your prospective home. Make sure you ask about the age of appliances like water heaters, air conditioners, furnaces, and even sewer lines to ensure that you can avoid costly replacement fees. More and more buyers are looking into rent to own homes, as they are less of a commitment than taking out a mortgage, so you can decide later on if that particular house is one that you want to buy someday.
Selling a House
Selling a home is a much more complicated question, especially with the state of the house market today. Most people will go through a realtor, however agent commissions may run up to 6% of the home’s final sale price, meaning that owners get less money back. As a result, the For Sale By Owner (FSBO) market accounts for up to 13% of today’s home sales. Depending on the market, it may take as little as 30 days and as much as 9 months to sell a home.
Alternatives
Some people don’t want to go through the effort to renovate and sell their homes, as they may be moving for work or simply inherited the home. According to HomeGain, a survey found that the average amount of money spent on staging techniques for a home was $724. Additionally, the most popular and profitable home renovations can take between two and six months to complete. This is particularly disappointing when you consider that most home improvement projects will not return 100% of the renovation cost at resale. For those looking to quickly sell their homes, cash buyers of real estate will offer owners money for their homes as a fast alternative. Don’t let your home turn into a bad investment, let real estate buyers help your money stretch a little bit farther.