It is the dream of many Europeans to get a property in the United States because the euro is stronger than the dollar. This type of purchase is an opportunity not to be missed if you can afford it.
In the United States, real estate is very accessible. You just have to get away from the big cities. Only getting credit from your bank can be a problem.
How does the purchase of a property take place?
- Find the property that suits you
Today, many real estate buyers are looking for houses directly online through an MLS site or a real estate portal (Realtor or Zillow). Its online platforms allow you to have access to all the properties on the American market (buying or renting).
- The buyer’s offer
If you like property, you make an offer. The offer is established with a real estate agent. He advises you on the price you wish to put. He also informs you of the conditions of sale.
- Inspecting the property
Now, you may proceed with the inspection of the premises. An inspector evaluates the property for damage and defects. Real estate agents negotiate repairs and if there are any defects (for example, if there are insulation or ceiling problems).
- The final signature
In the last essential step, the buyer and the seller must go through the closing. The closing is an official meeting between the two parties, each with their own real estate agent and lawyer.
All documents are presented for signature, which includes many formalities to be respected (for example financial eligibility,…).
How much does it cost to buy property in the United States?
In recent years, the price of real estate in the United States has been rising sharply. It depends on the geographical area you are in.
Many statistics (Artika site for example) have shown that, whatever the property concerned, prices in the summer of 2019 are higher than those of 2016. According to some forecasts, they will continue to rise.
According to a report by Zillow, the average price of a house in the United States is $229,000. In the Seattle area, the average price is around $330,000. However, in Idaho, it will not exceed $190,000.
The areas where houses are the most valuable are New York, Atlantic City, and Naples (in Florida).
To conclude, the price of your property will depend on its location and the dynamism of the city where it is located (large cities). In addition, its value will not be the same, for example, a property in Florida will have much more value if you want to rent it out later.
The process of buying real estate in the United States is relatively simple if you surround yourself with competent professionals. But since the COVID-19 pandemic, prices have been rising steadily.
According to the National Association of Realtors, the median price of homes in March rose 8 percent year-over-year to $280,600 (260,000€). Compared to February, clients are scarce. The number of applications for bank loans fell by 20% and the number of transactions fell by 8%.
Many homeowners prefer to withdraw their property from sale until the situation improves.