The first month of summer is when HUD and others mark the importance of owning a home and the impact it has on the lives of American families and local neighborhoods – and how it benefits the nation’s economic health.
If you’re like the vast majority of home buyers, you will choose to finance your purchase with a mortgage loan. By preparing in advance, you can avoid the common delays and roadblocks many buyers face when applying for a mortgage.
The tax reform bill also might be contributing to the growth in home plans. Eighteen percent of the respondents doing projects said they have increased their remodeling budget as a result of their taxes getting lowered.
Some buyers want a newly built home, but today’s tight inventory of existing homes is pushing even more to consider construction. Building a home, however, comes with different challenges, such as greater difficulty finding a willing lender.
According to the recent JPMorgan Chase Business Leaders Outlook survey, which showed that about 91 percent of owners of the state’s small- and medium-sized businesses expect local economic conditions to be favorable in 2018.
Rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether or not you should renew your lease, you might be pleasantly surprised at your ability to buy a home of your own instead.
It’s not just a new lid on MID that may impact demand for for-sale real estate. Fewer may also qualify for a mortgage. Doubling the standard deduction might go far to improving many households’ net financial gain, but will that be enough to offset the deductability not only of interest on the mortgage, but property taxes as well as state and local tax?
Hurricane Irma Hurt Some Tampa Bay Home Sales Even in October.
According to figures released by Florida Realtors, sales of single family homes in Pinellas dropped 3.7 percent in October from the same month a year ago. That was not nearly as bad as September’s 25 percent plunge but it reflects the lingering effects of Irma. .
NAR says the just-announced tax proposal is “nowhere near as good a deal as the one middle-class homeowners get under current law.” NAHB says it “abandons middle-class taxpayers in favor of high-income Americans and wealthy corporations.”
According to Freddie Mac’s Outlook for Sept., new homes will be a primary driver of sales and slightly higher mortgage rates will dampen price increases. But “the economic environment remains favorable for housing,” says chief economist.