Buying a new home is always a thrilling event, but it may also be stressful at times. Residential real estate sales were on the decline for quite some time, but it seems as if things are starting to look up in the area of property transactions.
In September 2014, U.S. housing starts and permits were on the rise, which is an indication that the housing market’s modest bounce back may be bolstering a growing strength in the broader economy. The Commerce Department very recently declared that groundbreaking rose 6.3 percent to an annual 1.02 million unit pace, and an economist at the Bank of America states that the market trend is on an upward trajectory. With the average 30-year mortgage rates fallings to their lowest levels since June 2013, it is clear that home buying is on the rise since the 2007-2009 financial crisis and recession.
With the mortgage rates as they currently are, many people will be considering buying a home in the upcoming months. The home buying and selling process can be very complicated and can be bogged down by a lot of red tape and intricacies, things which the average buyers and sellers often know little about. Sales contracts must be negotiated, filled out and signed properly, title insurance must be obtained and deeds must be examined and recorded. If all of these tasks are not performed correctly, real estate litigation is a real possibility.
Home buyers and sellers would be wise to obtain legal representation when contemplating buying or selling a home, as it is important to ensure that all tasks and negotiations are performed appropriately. Speaking with a real estate attorney can be extremely helpful for those seeking to either buy or sell a residential property.
Source: Daily Finance, “Housing Market Recovery Rolls On as Groundbreaking Rises,” Oct. 17, 2014