What is a Stepped-Up Basis? Many people have heard the term “stepped up basis” but are not sure what it means. A stepped-up basis is when a homeowner passes away, their home’s value is reset for their heirs. The heirs pay capital gains only on the difference between the new market value at the time […]
How Does Summer 2023 Look for Home Sales? Mortgage rates, which vary daily, have been stuck in the 6.5% plus or minus range. This seems high compared to last year. However, buyers have been using short term buy downs, fixed rate loans that float after 3 to 7 years and adjustable loans to help qualify. […]
Why is the Real Estate Market Better than Expected? The real estate market suffered last year when the Federal Reserve started raising interest rates to combat inflation. By June of 2022 mortgage rates hit 6%, more than double the 2.75% rates found in January. While 6% is good by historical standards many buyers no longer […]
HOW DOES SPRING 2023 LOOK? Mortgage rates around 6% Inventory of homes for sale is low Qualified buyers are out there Job market holding up despite tech dip Stock market improved in March All together meaning better than expected for sellers! DOES PREPARING YOUR HOME FOR SALE PAY OFF? We recently had a home that […]
THE SPRING 2023 SELLING SEASON 1) January and February were better than expected for home sales. You can see the SOLD signs. 2) Inventory, the number of homes for sale, is tight, which is good for sellers. However, it should increase during the spring. 3) Mortgage rates dropped at the end of last year (still […]
HOW HAVE HOME SALES STARTED OUT FOR 2023? Much better than expected with: 1) Mortgage rates are around 5.75% plus or minus.Down from a high of 7% last winter. 2) More qualified buyers have come back in the market after the holidays to purchase a home. 3) Inventory, the number of homes for sale, has […]
REAL ESTATE FORECAST FOR 2023There has been a lot of uncertainty in real estate and the economy in 2022. Mortgage rates more than doubled from under 3% to over 6%. Many buyers who qualified at 3% no longer qualify at 6.25%. Employment locally remained good. The stock market went down substantially affecting consumer confidence and […]
END OF THE YEAR REAL ESTATE QUESTIONS 1) Can I still get my home sold and closed before the end of the year?Yes, you can. An average escrow is now 30 to 45 days. So if you are under contract by midNovember and no later than December 1st, yes. 2) What are the best times […]
IS FALL A GOOD TIME TO SELL A HOME? Yes! Once we get past Labor Day and back to school, home sales pick up. Buyers who stepped out of the market, want to be in a new home before year’s end, and are serious will be looking for a home to purchase. Everyone knows the […]
