Winter is here, and the market is finally slowing down. Though rates are still excellent (less than 4% in many cases) and buyers are out, the inventory has shrunk to near nothing, and the properties left are mostly the picked-over properties from earlier in the year. Some of these properties could make excellent investments if you’re looking for a long-term investment. Some communities in our area will produce a small positive cash flow while generating a tax loss—the ideal scenario for an investor. Contact us for a consultation if you’re thinking of becoming a landlord.
Our local market continues to be very strong in terms of price and competition. There are plenty of buyers out there for well-priced properties. We have more than 60 transactions this year for our Group, and we thank you for your continued support with your business and your referrals!
As Congress faces the fiscal cliff, the mortgage interest deduction seems to be front and center. While no one expects it to be eliminated completely, several sources are saying that it’s likely that the deduction will be limited in someway, perhaps limited to only the first $500,000 in mortgage balance, or perhaps phased out for those earning over $250,000 per year in adjusted gross income. Several sources have thrown around the possibility of having it phased out for those making more than $500,000 annually. We will know soon enough.
Don’t forget this is the best time to prepare your home for winter – make sure gutters are clear, drain the hose bibs, and prepare an emergency kit now (water, flashlights, batteries, and shelf-stable snacks) to prepare for snow storms.
If you or someone you know is looking to buy , please contact us. And if you’re thinking of selling, contact us and we’ll be happy to provide you with a free market analysis of your home and review of statistics in your local neighborhood.