(Published on - 9/7/2021 8:57:43 PM)
Caveat emptor; Latin for "let the buyer beware," more true than ever. In this 3 minute video we look at some of the hyped up marketing campaigns that are starting to feel reminiscent of the days leading up to the crash of 2008.
The Housing Market is Cooling Down this Fall
According to Realtor.com, experts are expecting the housing market to shift to something closer to normal this fall, anticipating more homes going on the market to slow down the price increases and bidding wars we have seen this past year. CNN posted on 8/23, "There has been a turn in the market from super heated to still very strong," said Lawrence Yun, NAR's chief economist. Fox quotes George Ratiu, Realtor.com manager of Economic Research in an article 8/25 noting that the "pandemic-trend" towards new homes had softened. According to Ratiu, demand had been fueled by "a historically-low inventory of existing homes and shifting preferences for larger homes, backyards and suburban neighborhoods." However, he claims that now home buyers are seeking a more affordable option, "especially as prices of new homes remain elevated due to lumber costs." In summary, although experts agree the market is "cooling," there is no anticipation of home values dropping. With the exception, of course, of price reductions on those new listings fueled by not-too-serious sellers and new real estate agents working to profit from this great real estate market ;).
Phoenix Leads Job Growth in Technology Sector
According to the Phoenix Business Journal, Phoenix is one of the leaders in Tech job growth. Overall, Phoenix ranked #15, beating out well-known tech hub San Jose. Amazon was the top posting employer, followed by several defense firms. Top cities ranked by overall job posting volume, according to the article, ranking above Phoenix were, in order of Tech Job Postings: New York; Atlanta; Chicago; San Francisco; Washington; Austin; Seattle; Dallas; Los Angeles; Boston; Charlotte; Houston; Denver and San Diego. Full Article
The Latest & Greatest on Luxury Demand
According to this month's Luxury Home Marketing Institute, “A combination of government intervention to manage economies and assist businesses, the unexpected and significant amount of new wealth generated since the onset of COVID-19 – from both industry and the stock market, and fewer options available for travel, vacations, recreation, and other social activities has all contributed to an increase, as well as a reallocation, of disposable income.” Download full report HERE.
Is Your Neighbor Planning to Add an Accessory Dwelling Unit (ADU) to the Yard?
Cities need a lot more affordable living spaces and owners want more out of their lots. That's why ADUs have become a major trend in housing nationwide. An accessory dwelling unit (ADU) is a residential unit located on the same lot as a single-family home. Download Full Article HERE.
The Principal Residence Gain Exclusion Break
The $250,000 ($500,000, if married*) home sale gain exclusion break is one of the great tax-saving opportunities. Certain exceptions: only if neither you nor your spouse took advantage of the exclusion for an earlier sale within the two-year period. Click for details from the Bradford Tax Institute August Tax Reduction Letter.
One thing remains constant and is even more true than ever: Your Home Equity is a significant asset in your portfolio and you deserve expert guidance. Is Now a Good Time to Buy or Sell a Home? Call Denise 602-980-0737, celebrating a 36 year career in Arizona Real Estate.