Relocating can come with a wave of emotion, beyond the general stress of getting your finances in order and taking the time to find the right home. The stresses of moving may hit in different stages based on your needs and current situation, and a lot of that stress can come specifically from buying.
There are several things that determine how much house someone can afford. Salary, savings, and credit history paint part of the picture. Add to that the buyer’s wish list for a house, the neighborhood, and the real estate market, and the answer comes further into focus.
A month into the second half of 2021 and the hot housing market is showing no signs of cooling down anytime soon. This is great news for sellers. A lot of buyers, however, are feeling exhausted and frustrated.
Like most industries, the world of real estate has a language all its own. Sometimes the terms used can be confusing, especially for first-time homebuyers. If you find a house for sale with a status listed as “sale pending,” “contingent,” or “under contract,” what does that mean, exactly? Is the house off the market, or can you still take a tour or make an offer?
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.
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.
Taking on a mortgage, especially as a first-time homebuyer, can be intimidating. Finding out that it can lower your credit score can be downright stressful. It’s a bit of a “Catch 22”: You need good credit to buy a house, but buying a house lowers your credit.
Whether buying or selling a home in St. Louis, finding the best realtor will involve some work. You’ll want to ask people you know for referrals, do some research, and finally, interview the best candidates. (Read Follow These 3 Steps to Find a Real Estate Agent.) Sales statistics and experience are important, but you need to feel confident in your decision on a more personal level, too.
Congrats! Your house is selling for substantially more than you paid for it! That’s a good thing… or is it? The IRS may want a chunk of the profits in the form of capital gains tax. There are some scenarios when selling a home will generate a tax liability. But there are ways that homeowners can avoid taxes of home sales.
After the real estate bubble burst in 2008, it seemed like foreclosed houses could be found in almost every neighborhood across the country. The number of foreclosed homes reached an all-time high in 2010 but has steadily decreased each year since. Nevertheless, as long as there have been mortgages, there have been people unable to pay them. Buyers can get a bargain buying a foreclosed home. But if they’re not cautious, they can get more than they bargained for.