Anthony Panozzo

Realtor / Real Estate Consultant

My Blog

TOP REASONS TO BUY AND SELL REAL ESTATE NOW!

2/5/2017

6 Reasons to Sell Your Home Now!!

You may have decided to sell your home years ago or you have decide to put you home on the market now. For whatever reason, the real estate market has obviously changed with home prices rebounding 30-50%. While every situation is different, and reasons for thinking about selling vary from person to person we believe that now is the ideal time to put your house on the market. Here are 6 reasons to consider selling this time:

1.Demand Is High: There are very serious buyers out there right now. I'm sure you've read market conditions have slowed these past months...even with a slowdown many homes are still selling within 30 days! The reason is inventory and interest rates are still extremely low, enticing many buyers to jump into the housing market. Low inventory, affordable money and strong demand are a home seller's "perfect scenario" to get sold... this will not last for too much longer.

2.Inventory Is On the Rise: Homeowners across the Nation are slowly recovering from negative equity and it's predicted 1.9 Million more homes will soon be hitting the market in the next 12 months. Even the big investors, such as real estate hedge funds and investment trusts worth billions of dollars could also be "cashing-in" to capture profits. Many sellers that couldn't sell years ago are now paying attention this time, getting ready and will not let this opportunity pass them by.

3.Foreign Money Is Disappearing: Money from Asia has been a key component in our local real estate market since 2008. Bidding wars and cash buyers have started to wane?in many cases have disappeared! The run-up in housing appreciation we've recently experienced has forced these buyers to look elsewhere outside of California.

4.New Construction Is Back: The real estate recovery has enabled builders to start building new homes again. Buyers will soon have more attractive options and incentives as new home developments are completed. We all know how nice a NEW home looks!

5.Interest Rates Will Rise: The Federal Reserve finally tapered their bond purchase this month, stopping Quantitative Easement. They suggested the era of historically low mortgage rates will be coming to an end. The Mortgage Bankers Association, the National Association of Realtors®, Fannie Mae and Freddie Mac have also forecasted interest rates to eventually climb. A one point rise in the rate could easily knock many buyers out of the market.

6.Tougher Lending Guidelines: Following the financial crisis of 2008, lenders have been very cautious with the passage of the Dodd-Frank Act. As a result, buyers are having a tougher time qualifying due to stricter guidelines and documentation requirements. Lenders face harsh penalties and are even forced to buy back loans if they are funded outside specific criteria. Lending has always been the heart of real estate transactions. Without loans...real estate sales suffer.

There are reasons why you decided to sell 3 to 4 years ago, and couldn't. Motivations change, plans change, and obviously markets change. Only you know the answer to this question. "Timing" in real estate is just that...Timing! Has the time come for you to move?

 

7 Reasons to Own A Home

  1. Tax benefits. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home.
  2. Appreciation. Historically, real estate has had a long-term, stable growth in value. In fact, median single-family existing-home sale prices have increased on average 5.2 percent each year from 1972 through 2014, according to the National Association of REALTORS®.  The recent housing crisis has caused some to question the long-term value of real estate, but even in the most recent 10 years, which included quite a few very bad years for housing, values are still up 7.0 percent on a cumulative basis. In addition, the number of U.S. households is expected to rise 10 to15 percent over the next decade, creating continued high demand for housing.
  3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
  4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
  5. Predictability. Unlike rent, your fixed-rate mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will likely increase.
  6. Freedom. The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.
  7. Stability. Remaining in one neighborhood for several years allows you and your family time to build long-lasting relationships within the community. It also offers children the benefit of educational and social continuity. 

What Everyone Should Know About Equal Opportunity Housing

11/20/2016

The sale and purchase of a home is one of the most significant events that any person will experience in his or her lifetime. It is more that the simple purchase of housing, for it includes the hopes, dreams, aspirations, and economic destiny of those involved.

The Law

Civil Rights Act of 1866: The Civil Rights Act of 1866 prohibits all racial discrimination in the sale or rental of property.

Fair Housing Act: The Fair Housing Act declares a national policy of fair housing throughout the United States. The law makes illegal any discrimination in the sale, lease or rental of housing, or making housing otherwise unavailable, because of race, color, religion, sex, handicap, familial status, or national origin.

Americans with Disabilities Act: Title III of the Americans with Disabilities Act prohibits discrimination against persons with disabilities in places of public accommodations and commercial facilities.

Equal Credit Opportunity Act: The Equal Credit Opportunity Act makes discrimination unlawful with respect to any aspect of a credit application on the basis of race, color, religion, national origin, sex, marital status, age or because all or part of the applicant's income derives from any public assistance program.

State and Local Laws: State and local laws often provide broader coverage and prohibit discrimination based on additional classes not covered by federal law.

Responsibilities

The home seller, the home seeker, and the real estate professional all have rights and responsibilities under the law.

For the Home Seller: As a home seller or landlord you have a responsibility and a requirement under the law not to discriminate in the sale, rental and financing of property on the basis of race, color, religion, sex, handicap, familial status, or national origin. You cannot instruct the licensed broker or salesperson acting as your agent to convey for you any limitations in the sale or rental because the real estate professional is also bound by law not to discriminate. Under the law, a home seller or landlord cannot establish discriminatory terms or conditions in the purchase or rental; deny that housing is available, or advertise that the property is available only to persons of a certain race, color, religion, sex, handicap, familial status, or national origin.

For the Home Seeker: You have the right to expect that housing will be available to you without discrimination or other limitations based on race, color, religion, sex, handicap, familial status, or national origin

This includes the right to expect:

  • Housing in your price range made available to you without discrimination
  • Equal professional service
  • The opportunity to consider a broad range of housing choices
  • No discriminatory limitations on communities or locations of housing
  • No discrimination in the financing, appraising, or insuring of housing
  • Reasonable accommodations in rules, practices and procedures for persons with disabilities
  • Non-discriminatory terms and conditions for the sale, rental, financing, or insuring of a dwelling
  • To be free from harassment or intimidation for exercising your fair housing rights.

For the Real Estate Professional: Agents in a real estate transaction are prohibited by law from discriminating on the basis of race, color, religion, sex, handicap, familial status, or national origin. A request from the home seller or landlord to act in a discriminatory manner in the sale, lease or rental cannot legally be fulfilled by the real estate professional.

The REALTOR® Fair Housing Program

The National Association of REALTORS® has developed a Fair Housing Program to provide resources and guidance to REALTORS® in ensuring equal professional services for all people. The term REALTOR® identifies a licensed professional in real estate who is a member of the National Association of REALTORS®. Not all licensed real estate brokers and salespersons are members of the National Association, and only those who are may identify themselves as REALTORS®. They conduct their business and activities in accordance with a strict Code of Ethics.

The Code of Ethics: Article 10 of the National Association of REALTORS® Code of Ethics provides that, "REALTORS® shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity. REALTORS® shall not be parties to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity. REALTORS®, in their real estate employment practices, shall not discriminate against any person or persons on the basis of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity."

A REALTOR® pledges to conduct business in keeping with the spirit and letter of the Code of Ethics. Article 10 imposes obligations upon REALTORS® and is also a firm statement of support for equal opportunity in housing.

If You Suspect Discrimination

Call the Local Board of REALTORS®: Local Boards of REALTORS® will accept complaints alleging violations of the Code of Ethics filed by a home seeker who alleges discriminatory treatment in the availability, purchase or rental of housing. Local Boards of REALTORS® have a responsibility to enforce the Code of Ethics through professional standards procedures and corrective action in cases where a violation of the Code of Ethics is proven to have occurred.

Call the U.S. Department of Housing and Urban Development: Complaints alleging discrimination in housing may be filed with the nearest office of the United States Department of Housing and Urban Development (HUD) or by by contacting them at http://www.hud.gov

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