As the American Real Estate Market continues to improve, information about the home buying process is important in getting the best possible deal for your home purchase or home sale. A new buyer or seller sometimes may have outdated information about the real estate market which can hurt them on closing day.
With the median home price rising by 6.3 percent in 2012, forecasters predict that for the first time in a while it is both a seller's and buyer's market. During the Winter months it is common for home sales to taper off and pick up during the Summer while children are on school vacation. 4.65 million homes were sold in 2012, the highest level since 2007.
Tyesha Boudreaux recently made arguably one of the biggest purchases of her life: her very first home. Like many Millennials, Boudreaux, 28, grew tired of paying the apartment rent increases that accompanied each renewal.
“Rather than throw money away, I thought ‘why not invest in a home that I could possibly sell down the line?’” she said.
Later part of 2012 has been fueling the growth in higher homes prices and low inventory with the average national median home price at $180,600, up 10% year over year according to National Association of Realtors.