CBS News has found a way to make money selling a house for a mere $5 million.
A new survey found that nearly 90% of those who are looking to sell a house are still looking to make that $5k down payment.
“It’s not like you can’t make money off it.
It’s not a free pass.
If you’re a very savvy person, you can make money from it,” said Chris Daugherty, a real estate agent and owner of Daughey Properties in Chicago.
The survey of more than 1,300 homeowners also found that just over a third said they had sold homes before.
That is, they had purchased homes in the past year and a half, but never sold them.
In fact, more than half of those surveyed said they did not think their home would ever sell for less than $5M.
“I think it’s pretty safe to say that most people are looking for a $1,000 down payment and they’re not necessarily looking to flip the house at the end of the day,” said Daugher.
The study also found a high number of people who are in the market for a new home are looking at the value of the property as a benchmark, rather than the price tag.
“That’s a big difference between those who have a home and those who don’t.
If a home is $5.5M, then if you look at the price and the value, then you’re probably more likely to get a home,” said Peter Henshaw, chief economist at Homebuilders & Builders of America.
Henshaw said there are many ways to find that $1k down, and he expects a lot of the “affordable” homes will be more of a reflection of the value that is attached to the property.
“A lot of people will see the value in their home as being lower than it actually is.
So the $5K down will be a lower number, and that’s something you can use as a baseline to look at,” said Henshaw.
The same survey also found more than a quarter of those polled were interested in buying a condo or apartment, which was another sign that the market is getting more saturated.
A recent report by real estate data company Trulia found that median selling prices for all types of homes are up over 20% in 2017.
That number is expected to continue to increase in 2018.
A few recent trends could also help keep prices down.
For example, a report from Trulia said that while home prices are up, there are signs that the quality of homes is improving.
A big trend has been for more people to buy homes that have been on the market longer, which can help reduce the amount of time a home remains on the property market.
“You’ve got this huge supply of houses, and now you’ve got some of these longer-tenured houses out there that are going to stay on the rental market longer,” said Gary Mink, president of Mink Marketing.
For more information on this story, contact Mark Hensaw at [email protected] or 203-680-5012.