Homeowners who locked into near-3% interest rates during 2020–2021 are now hesitant to sell, because it means buying another property that could require a 6% rate or higher. This “mortgage lock-in effect” is causing many would-be sellers to stay put, which means a smaller housing supply in St. Louis — and fewer options for eager buyers.
Springtime is traditionally thought of as “home-buying season.” It just so happens that it’s also time to file your taxes and hopefully get a refund. According to statistics from tax year 2022, roughly two-thirds of taxpayers received refunds, with an average amount of $3,200. For anyone saving up to buy a house, this is welcome news. You can definitely use that tax refund for a down payment. There are also some other ways to use the money you get back that can help make buying your next home a bit easier.
Congrats! Your house is selling for substantially more than you paid for it! That’s a good thing… or is it? There are some scenarios when selling a home will come with hidden fees and tax liabilities.The IRS may want a chunk of the profits in the form of capital gains tax. But there are ways that homeowners can avoid taxes on home sales.
There comes a time in life when everyone has to consider their living situation: Do you continue to rent, or do you take the plunge and buy a house? Or more precisely, when should you buy a house versus rent?
Image by Canva.com
First-time homebuyers have so many decisions to make–from where to live to choosing a lender. Fortunately, many government programs and loans are designed to support first-time homebuyers.
People can have bad credit for all kinds of reasons. Does that mean they can’t own a home of their own? A bad credit score will make the process more challenging, but getting a loan and becoming a homeowner can happen.
Buying a home with bad credit is possible with patience, determination, and an understanding of how the home buying process works.
Have you ever considered buying a home for someone else? Maybe you’d like to give a head start to an adult child, take care of an elderly parent, or help out someone with bad credit or who is simply having a hard time financially. It’s a noble idea and it can be done. But there are things you need to know so your generosity doesn’t end up costing you more than you expected.
Moving to a new home doesn’t always mean selling the old one. Homeowners could choose to keep it as a rental property. How to decide between selling a home vs. renting it out will be different for everyone. It boils down to three main topics: the homeowner’s goals, their financial situation, and whether or not they are “cut out” to be a landlord.
.png)
People in search of real estate bargains may find themselves considering foreclosures. Foreclosed homes have been seized by a lending bank after a homeowner has defaulted on their mortgage. Although not as common as during the real estate crisis of 2008, foreclosures still happen all over the country.
.png)
It’s not news that buying a house is a big financial investment. But many first-time buyers wonder if buying a home is worth it. They wonder how long it will take before breaking even compared to renting. The St. Louis region actually has one of the shortest break-even times in the country.
| Older Posts |