Owning a home can really pay off at tax time. But despite all the preparation to meet the April 15 filing deadline, mistakes can still happen.
A peek into NAR’s 2012 Home Buyer and Seller Profile gives insight into what motivates home buyers to become home owners. Thirty percent of all buyers reported the “desire to own a home” as the primary reason behind moving forward with their home purchase, and 60 percent of first-time buyers reported this as the primary reason.
Prices are rising but homeownership is still historically affordable. The recently released NAR Metropolitan Median Area Prices and Affordability Report on the fourth quarter of 2012 showed a growing number of metro areas with higher median home prices.
More people than ever are using the Internet to search for their next home. A joint study from NAR and Google revealed that real estate-related Google searches grew 253 percent over the past four years. The study, The Digital House Hunt: Consumer and Market Trends in Real Estate, focuses on the connection between consumer Internet use and online home searches and shopping patterns.
More and more renters aspire to become homeowners, according to a recent survey. According to survey results, nearly 60 percent of current renters plan to purchase a home in the next two years.
The survey also revealed key motivations behind the respondents’ plans for homeownership. Forty-nine percent simply want the chance to call themselves homeowners, 44 percent view owning a home as a good financial investment, and 36 percent need more space for their family and/or children.
On January 1 both the Senate and House passed legislation to avert the “fiscal cliff.” The bill was signed into law by President Barack Obama on January 2.
Read more about the real estate-related provisions in the bill.