Price Increases Since COVID
It is amazing the price increase since COVID vs. a more normal price increase in the period before COVID. Even if prices drop 20%, the price appreciation is still way over normal.
Single Family Sales Are Down 41.7% Compared to October Last Year.
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First-Time Buyers At All-Time Low
The percentage of sales for first-time buyers is at the lowest level they have ever seen, according to the National Association of Realtors. High home prices combined with high mortgage rates are making it very difficult for first-time buyers, so it is not surprising they are being held back from making a purchase.
Is a Real Estate crash coming?
Investors seem to think so based on the 1-year stock declines for the biggest Real Estate public companies.
Most Sellers Do Not Realize Their Low-Interest Rate Loan Can Be Assumed.
Approximately 23% of homes in the MLS have an assumable mortgage, but less than 1% of the homes for sale are marked that way. This means most sellers do not realize their loan is assumable. VA, FHA, and USDA loans are assumable by anyone, not just the military. 22% of all sales this year were … Read more
8.5% Mortgage Rate Possibly Coming According to the National Association of Realtors
Mortgage rates could climb another 1.5 percentage points, according to a leading economist. National Association of Realtors chief economist Lawrence Yun predicted that interest rates could be on their way to 8.5 percent if they pass a threshold of 7 percent, according to Bloomberg. Yun based his forecast on key levels of resistance borrowing costs will … Read more
Next Year the Capital Gains Exclusion Might Double to $1 Million for Couples!
The More Homes on the Market Act, a bipartisan, NAR-endorsed bill recently introduced in the House of Representatives, would double the capital gains exclusion for sales of principal residences from $250,000 to $500,000 for single filers and from $500,000 to $1 million for married couples – and index these amounts for future inflation. While the … Read more