Have you been saving up to buy a home this year? If so, you know there are a variety of expenses involved – from your down payment to closing costs But there’s good news –your tax refund can help you achieve your goals by paying for some of these expenses.
SmartAsset estimates the average American will receive a $1,798 tax refund this year.
Your tax refund can help you reach your goals of homeownership Homeownership is the largest source of wealth among families with the median value of a primary residence worth about ten times the median value of financial assets held by families
Saving for a down payment – One of the largest barriers to homeownership is saving for a down payment. You could reach your savings goal more quickly than expected by using your tax refund to help with your down payment
Paying for closing costs – You have to pay fees to your lender, real estate agent, and other parties involved in the homebuying transaction before you can officially take ownership of your home. You could direct your tax refund toward these closing costs.
Lowering your interest rate – Your lender might give you the option to buy down your mortgage interest rate during the homebuying process. That means, you could pay upfront to have a lower interest rate on your fixed-rate mortgage
According to Freddie Mac, there are multiple ways your refund check can help you as a homebuyer. If you’re getting a refund this year and thinking about buying a home, here are a few tips to keep:
The best way to prepare to buy a home is to work with us, as real estate professionals, we understand the process. We'lll help you navigate the costs you may encounter as you begin your homebuying journey.
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Sixty percent of Gen Zers consider certain pet-friendly features essential in a home they would buy today, according to a Zillow survey. The survey, conducted online by The Harris Poll, found those aged 18 to 26 would rather own a pet-friendly home (55%) than a kidfriendly home (45%)
"Young adults may be delaying parenthood, but they're not putting off pet parenthood," says Zillow's home trends expert Amanda Pendleton. "One recent study finds most Gen Z adults would rather have a pet than a child. As this younger generation ages into their home buying years, it follows that their pets will have a greater influence on their moving decisions, perhaps more so than their significant other."
Nearly half (48%) think a fenced backyard is a must-have compared with certain kid-friendly features, such as a playroom (24%) or an outdoor play set (11%) According to Zillow, just the mention of a fenced yard in a listing can sell a home nearly three days faster than similar homes
Plus, 22% of Gen Z pet owners would want to move out of their current home if it was no longer working for their pet, while only 12% would want to move if their home was no longer working for their partner.
This trend extends beyond just Gen Z though According to Zillow's Consumer Housing Trends Report, nearly three-quarters of home buyers have at least one pet at home (73%), a big jump from the 64% of buyers who reported having a pet in 2020
Ultimately, all these pets will impact home preferences Additional Zillow research finds that pet owners are more likely to buy larger homes with more bedrooms Buyers with pets also are more likely to consider private outdoor space very or extremely important (73%) compared with buyers without pets (65%) Even in space-confined cities, Zillow says more buyers are searching for homes that allow pets than homes equipped with things like dishwashers
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