The IRS extended more tax deadlines to cover individuals, trusts, estates, corporations, and more, including deadline extensions for both 1031 like-kind exchanges and opportunity zone investments. Both programs are to help spur economic growth in communities. The National Association of REALTORS® advocated for both extensions.Last month, the IRS had announced that taxpayers have until July 15 to file and pay 2019 federal income taxes. The origin
Could less-dense cities grow in popularity? The housing market saw some shifts in March as a global pandemic struck the U.S. and prompted stay-at-home orders across cities and states.Realtor.com®’s monthly top 20 list for March “is not fully reflective of the effect of the coronavirus,” says Javier Vivas, director of economic research at realtor.com®. “We’re still about a month away from seeing how supply and demand are going to play
The amount of property taxes levied on single-family homes last year totaled $306.4 billion, up 1% from the year prior, ATTOM Data Solutions reported Thursday. Most homeowners faced a higher tax bill in 2019, averaging $3,561 per home—or an effective tax rate of 1.14%--although that varied considerably from county to county.Nevertheless, “the nationwide increase was the smallest in the last three years, a sign that cities, towns, and counties
How are you handling the many changes hitting the real estate industry? Some of the trends we saw in 2019 are shaping the year ahead. Let’s take a deep dive into the state of the market—from where it has been to where it’s going—so you can leverage the data to fine-tune your business strategy for 2020 and beyond.Market Trends: A Year in Review Currently, there are about 48 million residential units on the market, with 43% being multifamil
More homeowners are in search of mortgage relief due to the COVID-19 pandemic, and options like mortgage deferment and mortgage forbearance are becoming readily available to those in need.But “we are seeing the terms being used interchangeably,” Sara Singhas, director of loan administration for the Mortgage Bankers Association, told realtor.com®.Mortgage deferment and mortgage forbearance allow borrowers to temporarily stop making their mont
Borrowing costs inched down for the second consecutive week. The 30-year fixed-rate mortgage averaged 3.33%, Freddie Mac reports.“Mortgage rates have drifted down for two weeks in a row and that drop reflects improvements in market liquidity and sentiment,” says Sam Khater, Freddie Mac’s chief economist. “While the market has stabilized relative to prior weeks, home buyer demand has declined in response to current economic conditions. The
The number of homes for sale declined 15.7% annually in March, a housing report released Thursday by realtor.com® shows. However, the national median listing price was up 3.8% to $320,000 last month, and homes spent fewer days on the market in March as the pandemic prompted mass restrictions to be put in place across the country to try to stop the spread.Price growth did show some deceleration during the weeks ending March 21 and March 28 compar
The federal government’s stimulus package that's poised to provide aid to the economy and workers during the pandemic also extends unemployment benefits to those traditionally ineligible, including self-employed individuals and independent contractors— categories that many real estate professionals fall under.The National Association of REALTORS® has released an FAQ on unemployment assistance outlined under the Coronavirus Aid, Rel
The Department of Housing and Urban Development announced Thursday the Federal Housing Administration will offer a tailored set of mortgage relief options to those with FHA-insured mortgages who are being affected by the COVID-19 pandemic and who are unable to make their payments.Mortgage servicers may extend deferred or reduced payment options to FHA borrowers facing financial hardship for six months, and also extend options beyond that to an ad
Government agencies are relaxing some requirements to help keep real estate transactions and refinancings moving forward. Last week, Fannie Mae and Freddie Mac announced they were easing standards for both property appraisals and employment verifications for loans they are purchasing, in light of the COVID-19 pandemic.The Federal Housing Administration and Department of Veterans Affairs have also recently announced similar moves. The go
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