Mar 29, 2016

Real Estate Home Buyers News

OD_BloggerWhile the prevailing conclusion is that the economy has not fully recovered from the recession of almost ten years ago, there are certainly some aspects of the economy that have shown signs recovery.

This unfinished recovery is also true in the real estate industry. Home prices are definitely showing signs of recovery, with the average price of homes in many areas of the country now back at levels reached during the peak of the real estate boom. On the other hand, unfinished recovery on the supply side is affecting the numbers of homes available for sale and adding additional upwards pressure to home prices.

Factors of the unfinished recovery directly related to the availability of homes for sale would include; Baby boomers due to losses sustained during the downturn or lack of confidence in the recovery are delaying retirement and scaling down to the condo on the beach and are holding on to their single family home much longer.

Builders are not building new homes at the same pace as before the crash; actuality they are reporting a shortage of skilled labor.

Based on population growth during the past decade the underlying demand for housing may be higher than available supply for several years, providing additional upwards pressure to home prices. To avoid repeating the past, it is essential to address this shortage and the pressing issue that America will need a greater supply of homes to house our growing population in the future.

The Markets

  • Rates on home loans inched higher again in the past week.
  • Freddie Mac announced that, for the week ending March 17, 30-year fixed rates rose to 3.73% from 3.68% the week before.
  • The average for 15-year loans was also moderately higher at 2.99%.
  • The average for five-year adjustable rate loan increased slightly to 2.93%.
  • A year ago, 30-year fixed rates were at 3.78% very close to today’s levels.

Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

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By OD Blogger Home Owner's Resource, Mortgage, Real Estate No comments

Mar 18, 2016

Orlando buyers demand for homes outstrips inventory

Orlando median price continues upward trek
as buyer demand for homes outstrips inventory in February

housing-report-02.2016The inventory of Orlando homes available for purchase took another tumble in February, slowing year-over-year sales by 5 percent and driving a double digit increase in median price. Orlando median home price has now experienced year-over-year increases for the past 55 consecutive months; as of February the median price is 60.17 percent higher than it was in July 2011. The median price of single-family homes increased 11.06 percent when compared to February of last year, and the median price of condos increased 3.26 percent.

Sales of duplexes, townhomes, and villas in February jumped 9.91 percent compared to February 2015, yet another sign of limited buyer choice within lower-priced, single-family inventory.

The number of existing homes that were available for purchase in February is 6.55 percent below that of February 2015 and now rests at 10,696

The average interest rate paid by Orlando homebuyers in February was 3.75 percent. Last month, the average interest rate was 3.93. The average interest rate paid by homebuyers one year ago was 3.80 percent.

Affordability

Buyers who earn the reported median income of $56,981 can qualify to purchase one of 4,471 homes in Orange and Seminole counties currently listed in the local multiple listing service for $320,609 or less. First-time buyers who earn the reported median income of $38,747 can qualify to purchase one of the 2,312 homes in Orange and Seminole counties currently listed in the local multiple listing service for $193,790 or less.

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By OD Blogger Home Owner's Resource, Real Estate No comments

Mar 15, 2016

Tax Times Favors Homeowners

OD_BloggerCongress has consistently enacted tax legislation which favors homeowners. Indeed, much has been written that our tax laws discriminate against renters, by giving unfair and unequal tax benefits to those who own homes. For those of us who own homes, here is a list of the itemized tax deductions available to the average homeowner. Every year, you are permitted to deduct the following expenses:

Real estate property taxes, both state and local, can be deducted. However, it should be noted that real estate taxes are only deductible in the year they are actually paid to the government.

Interest on home loans on a first or second home is fully deductible, subject to the following limitations: acquisition loans up to $1 million, and home equity loans up to $100,000. If you are married, but file separately, these limits are split in half.

Points paid to lower your interest rate are deductible. Points paid to a lender when you refinance your current home loan are not fully deductible in the year they are paid; you have to allocate the amount over the life of the loan.

 

Source: Realty Times

Be sure to consult your tax advisor regarding taking advantage of all of your house-related deductions.

By OD Blogger Home Owner's Resource, Mortgage, Real Estate No comments