Real Estate Cost in the US in 2022

US citizens and foreigners want to own their property in this country. In this post, we will figure out how much real estate in the USA costs on average and how to buy it.

There are three main forms of ownership in the US, namely:

• Full ownership. The proprietor is the owner of both land and real estate.
• The owner owns the apartment, but the building and land belong to another owner.
• The property owner acquires an equity stake in the company that owns the house and land. Based on the shares, a contract is signed. Co-op owners have some restrictions. So, they cannot sell it without the consent of the company. However, compared to a condo, a co-op is somewhat cheaper.

The cost of real estate

In the United States, the average price per square meter of real estate in the country is set. So, the cost of a square meter in the city center is on average $1,930, and in the suburbs of the city – $1,240. However, it must be understood that the average price in the country does not affect the real prices in different states and cities.

Here are examples of the cost of housing in major US cities:

• Miami: Center – $3,640 per sq. m., suburbs – $1,780 per sq. m.
• New York: Center – $9,800 per sq. m., suburbs – $5,100 per sq. m.
• Seattle: Center – $3,740 per sq. m., suburbs – $2,430 per sq. m.
• Washington: Center – $5,645 per sq. m., suburbs – $4,420 per sq. m.
• Los Angeles: $5,320 per sq. m., suburbs – $2,420 per sq. m.
• Las Vegas: Center – $1,650 per sq. m, suburbs – $850 per sq. m.

How to buy and register real estate

The process of buying a home will take about a month and a half. Let’s consider this process step by step.

• Proof of funds. The buyer must submit a certificate of proof of funds to the seller.
• The choice of real estate. The buyer and the agent discuss all the nuances of the preferred property. The buyer examines the proposed objects and makes a final choice.
• The buyer sends the seller an offer.
• Security deposit. After the seller has accepted the offer, the agent opens an escrow account. It is an account for storing finances. For example, in California, the buyer must transfer a deposit of 3% of the property value to an escrow account.
• Title search. Specialized companies check whether there is no criminal record connected with a chosen real estate.
• Closing the deal. On the eve of the closing of the transaction, it is necessary to inspect the property to check its condition. After that, a contract of sale and purchase is signed.
• Transfer of ownership. During the signing of the transfer of ownership agreement, the keys to the new property are also transferred from the old owner to the new one.
• Before you move into the apartment, you need to take out the owner’s insurance.
• Done – Housewarming!