Spring has not sprung, mainly because new listings have failed to bloom. Existing home sales dropped for the 2nd-straight month, but the speed of sales and the level of competition (multiple offers) keeps rising! And that's why home prices are moving higher in most markets. AGAIN: We Need More Homes For Sale! Here are "Talking Points" for real estate: Here’s what...
May 2023
By Bonnie Sinnock Two Republican members of Congress have introduced bills aimed at canceling the Federal Housing Finance Agency's latest adjustments to government-sponsored enterprise mortgage fees. Rep. Andy Biggs, R.-Ariz. introduced H.R. 2928 and Rep. Stephanie Bice, R.-Okla, sponsored H.R. 2876, both of which seek to roll back the overhaul of the GSEs' loan- level price...
If you’ve been preparing to buy a home in the last couple of years, then you’re probably aware of the serious housing inventory shortage you may have to contend with. Low housing supply has led to rising home prices, buyer competition and, in many markets, bidding wars. But what caused the shortage in the first place? And why hasn’t it changed much in recent years? Here’s what you need to...
This is from one of the Title Officers I work with. This is really important as I had a client that received a letter about a vacant lot next to him and was letting him know that he could give him a special price for this lot. After I did some research and checked with the county, I found out the person that sent the letter was NOT the legal owner of the property as he had...
Now is the time of year when people look for ideas on how to reduce the amount of income tax they’ve just paid. If you’re one of those people and you’re not a homeowner, consider these six ways buying, owning, and selling a home can cut your taxes. Mortgage interest tax deduction. A tax deduction is an amount you can subtract from your taxable income, which will then reduce the tax you owe....
With all that is happening right now regarding interest rates and the housing market, it makes it difficult to know if one should purchase a home right now or should one wait and continue to rent. Chris Maxwell from Bank of Albuquerque sent me this calculator that just may help you with that decision. Go to Buy Now vs. Wait Calculator and see what is right for you. Then let’s talk and if it is...
The CoreLogic Home Price Index (HPI) reported year-over-year home price growth fell to 3.1% in March, hitting its lowest appreciation rate in 11 years. Monthly price growth fell to 1.6%. Although construction spending was up overall in March, residential spending came in a tick below February at a still respectable $827.2 billion annual rate. Given the low existing home inventories, builders are...
Political and economic changes have contributed to the steady rise in house prices. Other vital wages rise factors that factor into why houses cost so much include: Lower Interest Rates Demographic Change Higher Building Costs Lower Builder Trust Augmentation of Land Prices State Subsidies Increase in Local Zoning Regulations...