Spring 2016 Is a Seller's Market: The West Coast and Midwest Are Where It's At
Commission Express wants anyone selling or thinking about selling a home or piece of property that it is a seller's market.
Fairfax, VA -- (ReleaseWire) -- 05/06/2016 --Commission Express states that all's well that ends well—for sellers. Spring of 2016 marks a robust season for sellers due to the attraction of low interest rates to buyers in spite of high home sale prices, leading to an increase in sales. According to Jonathan Smoke, chief economist of realtor.com, the real estate market is the healthiest the market's seen in decades. Smoke attributes this success to increased demand, the country's low mortgage rates and "strong employment."
Location, Location, Location
It's a seller's market, but CNN Money says that your location is key in determining success. Regardless of what you read when researching the market for spring of 2016, chances are likely that you'll find article-after-article letting you know that the West Coast and the Midwest are where it's at for the market. Not only is the market booming on the West Coast and the Midwest, but buyers are reportedly "bidding" above the seller's asking price. Perhaps this could be attributed to the difference in overall economics on the West Coast.
Yo-Yo Inventory Growth
It seems that inventory growth peaks and flows; it goes up and down with more downs than up. The market is fluctuating and in April there were nearly 550,000 new real estate listings, increasing the market's inventory by 2% during the month of March. During the same month, because sales continued to pick up, inventory growth dropped again. Homes are selling on average, within a 2-month time period from the moment the home was put on the market to the moment the buyer signs the contract.
Tax Breaks for Sellers
Other benefits for sellers include tremendous tax breaks, which are enjoyable in any year; not just 2016. Tax breaks such as selling a home and profiting up to $250,000 for a single home seller, or up to $500,000 for a married seller, and the profit not counting as income when it's time to file those taxes.
As long as you lived in the home for a minimum of 2 years out of the 5 years that you owned the home, it doesn't count. You reap the rewards without the need to pay Uncle Sam. Other tax breaks include a property tax reduction, home improvement deductions, and selling cost deductions if you don't qualify for the first aforementioned tax break above.
West Coast and Midwest Markets Are on Fire
Again, the West Coast and the Midwest markets are where it's at for sellers. Key cities within these regions are seeing homes change hands up to 45 days faster compared to other market areas in the country. Key states include, of course, California, Colorado, and Texas cities taking the lead for sales. Experts chalk this increase in sales in these regions up to tight inventory as with other regions in the country.
The decrease in supply, leads to the need for buyers to make bids exceeding the asking price of the buyer, again, leading to a win for the seller. In the leading cities of the West Coast and Midwest, sellers are getting more than what they're asking for. Add to the mix low interest rates and the fact that these regions are popular areas to relocate, and we've got a win-win for the seller.
For more information, please visit https://www.commissionexpress.com/
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