Housing inventory has been low for a while now, and the demand only grows more each day. Many homes are being sold within a week, with multiple competing offers on them. Yes, now is a great time to sell your home. You will likely get your full asking price (or very close to it), and will sell your home fast. But now, according to this article by Hilary Osborne at The Guardian, home sellers have even more reason to get their homes on the market: home prices have jumped dramatically. That’s right- you might end up with even MORE than your home is worth. While the article is UK based, it still rings true for us across the pond.
Apparently, England has enacted a new tax, which charges those buyers who already own property a surcharge for each additional home bought. It’s to encourage new, first-time homebuyers to get out there, and to give them an advantage over wealthy landlords and property investors. It was just put into place this year, so we’ll see how it pans out… and whether or not the US should consider a similar strategy.
Photo Credit: Cameron Parkins
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