As you can see, there has been a drastic increase in property tax revenue over the last 5 years. In fact, that revenue stream has far out paced the other areas of revenue as demonstrated in the graph. This graph shows the real story of our local tax increase which has been $20,000,000 of increased revenue over 5 years
Last March, many involved in the residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic. Instead, real estate had one of its best years ever. Home sales and prices were both up substantially over the year before. 2020 was so strong that many now fear the market’s exuberance mirrors that of the last housing boom and,
Many people in my industry have been experiencing something that isn’t necessarily new but seems to be getting folks a little more riled up than it used too. I am referring to stress from the mortgage process. Part of our job as realtors is to make things go as smoothly as possible, but there are some parts of a transaction that we can’t control. And one of those parts is the LOAN UNDERWRITING!
Home values appreciated by about ten percent in 2020, and they’re forecast to appreciate by about five percent this year. This has some voicing concern that we may be in another housing bubble like the one we experienced a little over a decade ago. Here are three reasons why this market is totally different.
Why Foreclosures Won’t Crush the Housing Market Next Year With the strength of the current housing market growing every day and more Americans returning to work, a faster-than-expected recovery in the housing sector is already well underway. Regardless, many are still asking the question: will we see a wave of foreclosures as a result of the current crisis? Thankfully, research shows … Read More
Experts Weigh-In on the Remarkable Strength of the Housing Market America has faced its share of challenges in 2020. A once-in-a-lifetime pandemic, a financial crisis leaving millions still unemployed, and an upcoming presidential election that may prove to be one of the most contentious in our nation’s history all continue to test this country in … Read More
Mortgage Rates Hit Record Lows for Three Consecutive Weeks Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 (See graph below): What does this … Read More
This area of the market has performed very well as I noted above. May and June were ahead of 2019 by 30% in pending home sales, and overall values appreciated by an average of 4% from 2019. Most of this gain was seen in homes under $600,000. In some cases, properties over $700,000 have seen a small drop in listing price, but those reduced prices are still in line with values from 2019. We have seen a pent-up demand drive a lot of this activity. Home buyers came out of the gates strong in May and so far the activity remains strong.