“The surge in home prices during the pandemic could fuel the biggest dollar increase in the conforming loan limit for Fannie Mae and Freddie Mac in records dating to 1970.
An increase in the conforming loan limit means more homebuyers will be able to apply for conforming mortgages instead of “jumbo” loans, which are typically harder to qualify for and carry higher interest rates because they’re not backed by Fannie and Freddie.”
“The baseline conforming loan limit is tied to national average home prices. After the 2007-2009 housing crash and recession, it didn’t go up for a decade, remaining static at $417,000 until home prices clawed their way back to previous heights.
Last November, Fannie and Freddie’s federal regulator bumped up the 2021 baseline conforming loan limit for single-family homes by $37,850, to $548,250. The 7.4 percent increase was based on annual home price appreciation tracked by the Federal Housing Finance Agency’s House Price Index.”
The Texas House passed a property tax relief bill that could impact anyone who bought a home this year! Senate Bill 8 gives homeowners the benefit of the resident homestead exemption the first year of acquiring a property instead of having to wait until January 1st of the following year for the exemption to take effect.
A homestead can be a separate structure, condominium or a manufactured home located on owned or leased land, as long as the individual living in the home owns it. A homestead can include up to 20 acres, if the land is owned by the homeowner and used for a purpose related to the residential use of the homestead.
No, only a homeowner’s principal residence qualifies. To qualify, a home must meet the definition of a residence homestead: The home’s owner must be an individual (for example: not a corporation or other business entity) and use the home as his or her principal residence on Jan. 1 of the tax year. An age 65 or older or disabled exemption is effective as of Jan. 1 of the tax year the applicant qualifies for the homestead and applies to the entire tax year.
Learn more about Residence Homestead Exemptions on https://comptroller.texas.gov/taxes/property-tax/exemptions/residence-faq.php
This year alone, several clients with off-market sales have specifically requested our representation. They feel that having an expert on their side serves them best, both financially and contractually. This article from Texas REALTORS® outlines just a few reasons why selling your home with a licensed real estate agent is the best way to go.
Most people hire a real estate agent to sell their home. In fact, 91% of Texans did so in 2020, according to research by the National Association of REALTORS®. If you are considering selling your home on your own, make sure you know what you are in for. The process can be complicated and the stakes high. Here are just a few of the many reasons a REALTOR® is the best choice to help you sell your home:
Nobody Knows the Market Better Than a REALTOR®
REALTORS® are engaged every day in buying and selling real estate. They know what factors help a property sell quickly and for the highest price. They also understand what causes homes to languish on the market. A REALTOR® will help you make the best decisions to realize your goals.
A REALTOR® Can Help You Get Ready to Sell
Wondering what updates to tackle before putting your home on the market? Unsure how to price your property? What you decide could lead to tens of thousands of dollars in gains or losses. A REALTOR® brings a wealth of experience to help you optimize your sale in these and many other areas. You won’t have to figure out on your own what disclosures are required, which forms to use, and other important considerations.
A study by Collateral Analytics revealed that FSBOs don’t actually save anything by forgoing the help of an agent. In some cases, they may actually cost themselves more. One of the main reasons for the price difference at the time of sale is:
“Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.”
The more buyers that view a home, the greater the chance of a bidding war for the property. The study found the difference in price between comparable homes of size and location is currently at an average of 6%.
Selling a home can be frustrating to homeowners. They’re asked to allow strangers into their home. They may never receive feedback and are left to wonder, “Why didn’t that last buyer bite?” What do anxious sellers do? They get an extra set of ears. Many homeowners have installed security cameras and smart-home devices. These installations can be an ultra high-tech security system or a simple baby monitor, and they all can be abused. A number of notable cases have emerged where sellers listened to a potential buyer’s showing. Sometimes it’s to gain advantage in negotiations, while other times it’s simply to better stage the property. So, can a seller covertly record or monitor a buyer’s showing?
