Fannie Mae sure thinks so. They expect home prices to fall next year. As the Federal Reserve policymakers struggle with inflation, Fannie Mae’s predictions are: National home prices to decline by 1.5 percent in 2023, and home sales predicted to fall by 21 percent. While the fight to control inflation by tightening the monetary policy continues, the slowing effect on the housing market of the higher mortgage rate environment is predictable and evident. Prices are
“Will the housing market crash?” (Question asked more now than ever on Google) The actual issue now is not are we in a downtrend real estate market, it’s how long will it last and how intense will it be?You are probably wondering: Will it turn around soon?Well, it is possible - though likely a unicorn event, and I don’t see a lot of unicorns on the street.If you are frozen with fear, that’s path to
After more than a decade in the real estate industry and working as a broker in central California, I have fine-tuned my answer to these questions and would like to share my insights into how real estate agents can use “tactical empathy” to negotiate on behalf of their clients.
Earlier this year we started to witness an increase in transaction velocity for homes across the county. This was a direct result of the Fed cutting rates, which ultimately provided Americans a chance to purchase a home at a historically low interest rate. When the pandemic swept the globe a short time later, analysis predicted that velocity would slow down as a result of two factors: 1) People fearing the impact of the virus, and
When selling your home you may be responsible for paying capital gains taxes, which are defined as taxes paid on the positive difference between the sale price of your home and the original purchase price. To understand how much you will owe you will need to know what the adjusted basis on your home is. However, unless you have been involved in multiple real estate transactions, you may be unaware of what this means. Therefore,
As spring — the most popular time for homes to be sold on the market — approaches, shelter-in-place restrictions remain in place on both federal and state levels, creating numerous challenges for those looking to transact. Unfortunately, the unanticipated outbreak of COVID-19 has had an unprecedented impact on the real estate market. Although the numbers and data are still being collected, there are a few trends that have been prevalent since the pandemic hit the
If you plan to buy or sell a residential home in California, you will likely use the California Residential Purchase Agreement and Joint Escrow Instructions (RPA-CA) contract to specify the terms of the deal and how they will be executed.
Imagine purchasing the lot of your dreams, with beautiful views, in the location you’ve always wanted, and then finding out that you are not allowed to build on it because it’s not a legal lot!
Tech IPO’s: Higher Prices Over the Hill, Bubble-Speculation, and What it Means for The Santa Cruz Real Estate Market
As you may have read about in our newsletter last month, 2019 is slated to produce a long list of multi-billion-dollar IPOs from San Francisco Bay Area heavyweights like Lyft, Uber, Palantir, Pinterest, Airbnb, Slack, Postmates, and Instacart. According to Patrick Howell O'Neill, this will results in a massive and sudden injection of liquid cash into a region already infamous for having the nation’s priciest real estate. While the impact may not be as sudden
When you make a modification to your property it’s important to understand the permitting requirements. While a licensed contractor will often know if a permit is needed, ultimately it is your responsibility to ensure that all necessary permits were obtained for the work done. In certain cases, no permit is required, but Building Code laws rules varying from city to city and so the safest course of action is to inquire with your local planning
Mobile homes provide an affordable housing option in expensive real estate markets like Santa Cruz and the San Francisco Bay Area. On the other hand, with the value of their land increasing, mobile home park owners have been under more pressure to close mobile home parks and sell their lots to developers. Mobile home lots closed across California. CLICK to launch full interactive graphic. (Data visualization by Katie Kramon/Peninsula Press) Given the shortage of affordable
Did you know that 77% of buyers’ agents reported that staging made it easier for their clients visualize the property as a future home? Additionally, buyers are 40% more likely to walk through a home that they saw online if it is staged. This is why many sellers opt to stage their homes before putting them on the market. For those that don’t know, staging is the practice of styling and furnishing a property to
Did you know that, if you are 62 or older, you may be able to use a reverse mortgage to purchase a home? In this article we cover how you can use the equity in your current residence to purchase property; different Reverse Mortgage options on the market today, and how this financial decision will impact your heirs. Using a Reverse Mortgages to Buy a Home You may have heard of using a Reverse Mortgages