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Around The Lake

Discover All You Need To Know About Real Estate And Our Surrounding Communities



If you’re planning to buy a home, it’s critical to understand the relationship between mortgage rates and your purchasing power. Purchasing power is the amount of home...
With a limited number of homes for sale today and so many buyers looking to make a purchase before mortgage rates rise further, bidding wars are common. According to the latest report from...
If you’re following along with the news today, you’ve likely heard about rising inflation. You’re also likely feeling the impact in your day-to-day life as...
If you’re buying or selling a home this year, you’re likely saving up for a variety of expenses. For buyers, that might include things like your down...
Many consumers are wondering what will happen with home values over the next few years. Some are concerned that the recent run-up in home prices will...
Are you thinking about selling your house? If so, you may want to make it a priority to start the process soon. According to realtor.com, the sweet spot...
If you’re ready to move up, you may be trying to decide whether you want to buy a home that's already on the market or build...
If you’re thinking of selling your house this year, timing is crucial. After all, you’ll want to balance getting the most out of the sale of your...
If you’re thinking of buying a home today, you already know that the number of homes available for sale is low. But what does that really mean...
Many analysts projected home price appreciation would slow dramatically in the fall of 2021 and then continue to soften throughout 2022. So far, that hasn’t happened....
Many things have changed over the past couple of years, and real estate is no exception. One impact is an increased desire to own more...
If you’re planning to sell this year, you’re probably thinking about what you’ll need to do to get your house ready to appeal to the...
When you’re selling any item, you usually want to sell it for the greatest profit possible. That happens when there’s a strong demand and a...
Want To Know Where Mortgage Rates Are Heading
Mortgage rates have increased significantly since the beginning of the year. Each Thursday, Freddie Mac releases its Primary Mortgage Market Survey. According to the latest survey, the average...
Why Right Now Is a Once-in-a-Lifetime Opportunity for Sellers
  If you’re thinking about selling your house in 2022, you truly have a once-in-a-lifetime opportunity at your fingertips. When selling anything, you always hope...
As you plan out your goals for the year, moving up to your dream home may top the list. But, how do you know when to...
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As a buyer in a sellers’ market, sometimes it can feel like you’re stuck between a rock and a hard place. When you’re ready to make...
Selling your house is no simple task. And when you sell on your own – known as a FSBO (or For Sale by Owner) – you’re...
As we move into 2022, both buyers and sellers are wondering, what’s next? Will there be more homes available to buy? Will prices keep climbing? How high will mortgage...
Hidden Valley Lake Monthly Market Trends- November 21 (2)
http://victoriagindelehomes.com/wp-content/uploads/2021/12/Fall-Market-Trends-Video.mp4 Year over year statistical data for Lake County ending November , 2021 This report is generated around the 10th through 20th of each month...
From the opportunity to take advantage of today’s low mortgage rates to changing homeowner needs, Americans have more motivation than ever to buy a home. According to the experts, buyers...
If you’re living on your own and looking to buy a home, know that you can make your dream a reality with thoughtful planning and the right...
The game of chess can provide incredible lessons to apply to all aspects of life, including the homebuying process. Chess requires you to plan and...
Your equity is a powerful tool that can help you achieve your goals as a homeowner. And chances are, your equity grew substantially over the past year....

If you’re buying or selling a home this year, you’re likely saving up for a variety of expenses. For buyers, that might include things like your down payment and closing costs. And for sellers, you’re probably working on a bit of spring cleaning and maintenance to spruce up your house before you list it.

Either way, any money you get back from your taxes can help you achieve your goals. Using a tax refund is a common tactic for buyers and sellers. SmartAsset estimates the average American will receive a $2,897 tax refund this year. The map below provides a more detailed estimate by state:

If you’re getting a refund this year, here are a few tips to help with your home purchase or sale this season.

How Buyers Can Use Their Tax Refund

According to American Financing, there are multiple ways your refund check can help you as a homebuyer. A few include:

  • Growing your down payment fund – If you haven’t started saving for your down payment, let your tax refund kick off the process. And if you have a fund already, the money you get back could put you closer to your goal.
  • Paying for your home inspection – Your home inspection can save you a lot of headaches down the road by helping you determine the condition of the house. As a buyer, you’ll typically be responsible for paying for your inspection, and it’s definitely worth the investment.
  • Saving for closing costs – Closing costs are additional expenses you’ll need to pay once it’s time to close. They average anywhere between 2-5% of the purchase price of your home.

This list is a great start, but it isn’t exhaustive of all the costs you may encounter as you set out on your homebuying journey. The best way to prepare is to work with a trusted real estate professional to make sure you understand what’s to come in the process.

How Sellers Can Use Their Tax Refund

If you own a home and are planning to sell this spring, your tax refund can help you make sure your home is ready to list. Here are a few ways current homeowners can put their tax refund to good use:

  • Making small upgrades – NerdWallet provides a list of great ways to use your tax refund, including tackling small projects or boosting your curb appeal to help your home stand out.
  • Making repairs – If there’s anything in your house that needs to be fixed, American Financing notes that completing repairs is another great use of that money.
  • Buying your next home – Whether you’re selling to move up or downsize, you can use your tax refund to help pay for any costs on the purchase of your next home.

Of course, it’s important to talk with your trusted real estate advisor before taking on any projects. They’ll make sure you can focus on areas that’ll help you receive the best possible price when you sell.

Bottom Line

Funding your home purchase or sale can feel like a daunting task, but it doesn’t have to be. Your tax refund can help you reach your goals. Let’s connect to discuss how you can start on your journey.

April 19, 2022

Using Your Tax Refund To Achieve Your Homeownership Goals This Year

If you’re buying or selling a home this year, you’re likely saving up for a variety of expenses. For buyers, that might include things like your down payment and closing costs. And for sellers, you’re probably working…