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Over half of all homebuyers in many markets are competing with multiple offers and facing bidding wars when they place an offer on a house. Here are three strategies you may want to consider if you’re serious about winning a bidding war. 1: Offer More Than the List PriceIn this case, be sure to get...
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House prices are determined by housing supply, housing demand, and housing affordability. HOUSING SUPPLY: WHAT’S THE OUTLOOK? Housing supply measures how many months it would take to sell all the houses currently listed for sale, at the current pace of home sales. For example, if there are 600 homes currently listed for sale, and an average...
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The Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, recently announced an extra 0.5% fee for all refinance transactions. The fee hike was initially set to kick in on September 1. However, the implementation date was extended to December 1. This gives the industry more time to prepare, and it could trigger...
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Interest rates are currently hovering at all-time lows. Will that change after the Presidential election? Let’s take a look at what’s happened after each Presidential election during the past 20 years: 2016: interest rates shot up by approx. 1% within 60 days. This was due to the huge stock market rally after Trump won the election....
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Bidding for a new home can get pretty fierce in today’s market.  Here are three potential solutions to avoid getting outbid on your new home: Turn in your loan paperwork BEFORE you place an offer.  In many cases, you are bidding against cash buyers who don’t need to wait for financing approvals.  Look at it...
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Many people are concerned about identity theft in light of the last Equifax data breach that impacted half the US population.  Here are two ideas you may want to consider in order to protect your credit and identity: 1 – You Can Place a “Credit Freeze” on Your Credit FileWhen a credit thief tries to...
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A “mortgage forbearance” is when the lender allows the borrower to defer their mortgage payments to a future date. The payments are not forgiven. They are simply postponed into the future. As required by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, many lenders are allowing homeowners to defer their monthly payments for a...
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Interest rates on home loans that conform to the Fannie Mae and Freddie Mac guidelines tend to be lower than non-conforming loans.  That’s why it’s good news that the Federal Housing Finance Agency (FHFA) recently announced that the conforming loan limits have increased to $510,400 in 2020.  This is a $26,050 increase from the $484,350...
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Many people aren’t aware of the fact that, in most situations, there really is no gift tax. Here’s why… $15,000 ANNUAL EXCLUSION The federal government gives each of us an allowance to gift anybody $15,000 per year without incurring any gift tax. This $15,000/year replenishes every year, and it’s $15,000 per person. So, theoretically, I...
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Congratulations on your mortgage closing!  Here is a general overview of some information that may be helpful to you and your CPA as you prepare your 2019 tax returns (the return you’ll normally file by April 2020 – but now extended to July 2020 as a result of recent events).NOTE: these items are only deductible if...
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