So far 2014 has been a crazy year. The real estate market cooled a bit this winter due to the massive amount of snow that dumped on us. It was definitely the worst winter I’ve seen in my lifetime. Sales are down this year so far by 23% compared to the same period last year. Although sales are down, the market is still hot overall and prices have continued to go up. The main reason for the decline in sales is there are not enough homes for sale. Listings are down by 27% YTD. There are a lot of buyers out there that are ready, willing, and able to buy, but cannot find the right property.
April is fair housing month. Equal rights for fair housing have always been a hot button issue. Over the last few years, the LGBT (Lesbian Gay Bisexual Transsexual) community has become the focus.
The federal Fair Housing Act prohibits discrimination in the sale, rental, and financing of housing based on race, color, national origin, religion, sex, familial status, and disability. Notice anything missing? The fair housing act does NOT protect homosexuals or transgender individuals from discrimination. Does that mean it is LEGAL to discriminate against the LGBT community? Maybe...
1) Get more house for less money
Existing houses typically cost less per square foot than new builds do. And lot sizes may be bigger, too, an important consideration for people who love to spend time in the yard.
2) Move in immediately
Instead of waiting for building to complete on your new house which can take months and months, you can usually move into an existing house quickly. Typically, buyers get keys at closing or within 30 days. No rain delays or builder setbacks to worry about.
Great info on everything real estate.