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Last Month– According to recent reports published by the Austin Board of Realtors, this past month, the Austin real estate market set a new record for residential sales. 3,135 single family homes were sold in the month of July, eclipsing the previous record set all the way back in the summer of 2006. The number marked a thirty five percent increase in sales compared to July of last year. The strong Austin economy, job growth and an expected rise in mortgage rates can all be considered contributors to the record setting month. On average, homes spent 41 days on market, a decrease of 23 days from the previous year. Median price rose to $228,250, an eight percent increase over July 2012. Despite the fact that new listings were up 22 pct for the month, overall, available inventory is down 20 pct due to increased sales.
Year to Date: Through the first seven months of 2013, single family (21%), condo (24%), ranch (28%) and lot (25%) sales are all up between 20-30% compared to the same period in 2012. As a result of increased demand, median (7.6%) and average sale price (8.7%) are both up considerably for the year. On average, homes are staying on the market for 48 days ahead of sale this year compared to 66 days in 2012. That said, the median number of days on market sits at 18, which means that half of the homes sold for this year are selling in less than three weeks. Despite the fact that active inventory levels are down, new listings are actually up 7% this year, offset by the 21 percent increase in sales and 17 percent bump in pending contracts.
The Hottest Sub-Markets: As we all know, real estate trends can vary considerably in different sub-markets. Here is a list of some of the hottest local sub-markets based on increased sales, decreased inventory and price increases. Three of the top 10 markets in the Austin area right now are in SWR – Top Real Estate In Austin Texas : Top Realtors . The MLS areas 10N, 10S and SWW – south of 290, between I-35 and spanning west to 290/1826, collectively sold 185 homes in July with another 182 under contract and a little over 1 month on available inventory. On average, homes are selling in 15-18 days in those submarkets. Next is the area defined as CLS or Cedar Park/Leander South. Prices increased 10% in July (y/o/y) with 180 sales, 139 pending contracts and less than 1 month of inventory. Other areas ranking among the top 10 hottest area submarkets include: areas 1N/NW in Northwest Austin and areas 2/2N in Northeast Austin with substantial year over year sales price increases and inventory levels hovering just above 1 month. All seller’s markets to be sure!
Townhouses & Condominiums: The volume of townhouses and condos purchased in July increased 31 percent compared to last year (361 sales). The median sale price for Austin-area condos for July was $180,000, which was down 4 percent from the same month in 2012. Properties spent 20 percent less time on market, an average of 47 days. For the year, average sale price is up 8.5% and median price up 5.7%. Half of the condos units sold in 2013 have done so in less than 20 days. Available condo inventory sits at 2.4 months.
Rental Market: In July 2013, a total of 2103 properties were leased in Austin, nine percent more than July 2012. The median price for Austin-area leases was $1,400, four percent more than the same month of the prior year. Aside from a 3.5% average lease price increase (year to date), the lease market in Austin has remained fairly consistent. There is only 1.2 months of available lease inventory, explaining why leases are signing at 99.8% of list price.
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