Want to buy or rent in New York City? The price is the price. No if’s, and’s, or but’s. Strong Demand = Zero Room to Negotiate An average 0% negotiability rate was posted for luxury homes in Manhattan last week. Already this year, this luxury market has had four weeks in which there were 40+ […]
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Affordability slipped in Q1 2022, according to ATTOM’s most recent US Home Affordability Report. Median-Priced Single-Family Homes Less Affordable in 79% of US Counties Median priced single-family homes were less affordable in 79% of US counties in Q1 2022. This 79% compares to just 38% of counties that were historically less affordable in Q1 2021. […]
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ATTOM’s 2021 Property Tax Analysis indicated that the average tax on US single-family homes increased at the slowest pace in five years. This post focuses on areas of the country that had the lower effective tax rates than the average of $3,785. Average Tax on Single-Family Homes Rose +1.8% in 2021 According to ATTOM, the […]
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Despite surging median home prices, the housing market is beginning to show signs of slowing. Market Cooldown In Home Sales Home sales dropped -4% m/m and -8% y/y in March 2022, according to a recent report from Redfin. Likewise, in the 88 largest metros tracked by Redfin, home sales dropped in 79 of those metros. […]
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9 – Speak with all pending clients with transaction updates. Don’t be ‘out of sight, out of mind’. If you have a transaction coordinator, speak with your pendings once a week instead of once per day. 10 – Spend at least 1 hour working out, going on a walk or taking a class at a […]
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Refinance demand plunged -68% y/y and mortgage purchase demand fell -14% y/y last week. Cause & Effect of Rising Interest Rates The average interest rate for popular 30-year fixed-rate mortgages with conforming loan balances of $647,200 or less increased to 5.20% last week from 5.13% the week before. Likewise, points climbed to 0.66 from 0.63 […]
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The average property tax on single-family homes increased just +1.8% y/y to $3,719 in 2021. Average Property Tax Increased at Smallest Pace in 5 Years The latest property tax analysis from ATTOM indicated that $328B in property taxes were levied on almost 87M US single-family homes in 2021. This levied amount of $328B in 2021 […]
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Fannie Mae revised its latest monthly forecast on home sales downward for 2022 and 2023. Projected Downturn in Home Sales from Fannie Mae’s Latest Forecast Fannie Mae’s economists are now indicating they expect a “modest recession” in the second half of 2023. Fannie’s economists are quick to point out that the “modest recession” they anticipate […]
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Single-family rent prices increased +13.1% y/y in February on a nationwide basis. Double-Digit Gains in US Rent Prices CoreLogic’s latest Single-Family Rent Index (SFRI) indicated that US rent prices jumped +13.1% in February for another new record as the highest in the history of this index. An important question for you. Spring 2022 is here…have you […]
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5 – Show gratitude overtly to those you care about. Start your day out right by saying I love you and giving hugs and kisses to your family. Let’s talk. Julie and I have been getting a ton of agents asking about the housing market? Stop listening, reading, or hanging with negative people. YES, there […]
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Tim and Julie Harris 