Luxury Archives • Eastern Panhandle Martinsburg Charles Town Hedgesville Inwood Falling Waters Ranson Bunker Hill West Virginia Real Estate

READY FOR TAX SEASON? HERE ARE A FEW HOUSING-RELATED TAX TIPS TO CONSIDER

READY FOR TAX SEASON? HERE ARE A FEW HOUSING-RELATED TAX TIPS TO CONSIDER
February 15, 2021
By Boomer Foster, President, General Brokerage and Gary A. Scott, President, General Brokerage.

It’s hard to believe it’s been nearly a year since the Covid-19 pandemic began and changed the way we live, work and play. Although tax filing deadlines were extended last year due to the pandemic, this year, the deadline is back to its usual April 15 date. As you prepare your 2020 taxes, here are a few housing-related items to keep in mind.

Home interest deductions.

Mortgages that closed before Dec. 14, 2017: A married couple filing jointly and single filers can deduct mortgage interest on a combined debt limit of $1 million.
Mortgages that closed after Dec. 14, 2017: For both primary residences and second home loans, mortgage interest can be deducted on a combined debt limit of $750,000.
Property tax deductions.

Taxpayers who itemize can only deduct up to $10,000 on a combination of state and local property, income and sales taxes. This applies to property taxes on your primary residence, a vacation home and undeveloped land.

Capital gains tax exclusions.

Married-joint filers can exclude up to $500,000 and single filers can exclude up to $250,000 when selling their primary home, provided they’ve lived there two of the past five years.

Those are just a few of the housing-related tax laws. Please consult your tax advisor for more information on how these and other tax deductions may apply to you.

Weekly Update: May 29, 2020

With coronavirus-related restrictions easing and the economy reopening, real estate activity has been trending in a positive direction. At Long & Foster Real Estate, we are cautiously optimistic about the future.

While transactions have declined since March, they did not drop as much as many industry experts predicted. May has been more favorable, with increasing numbers of properties under contract and new listings across the Mid-Atlantic, according to MLS data.

Here are a few other promising economic metrics.

A balanced market. Inventory shortages have prevailed for the last 48 months. While the number of homes for sale remains low, demand for properties has leveled out. This allows qualified buyers to get the home they want with low interest rates.

Property appreciation. In April, the median sale price increased 9.3% and the average sale price was up by 7.2%. Provided housing demand continues to outpace supply, home prices should remain stable, if not increasing.

Quicker home sales. It took 11 fewer days to sell a home in April than it did in March, resulting in a 38.9% decrease in the average number of days that a property remains on the market.

Consumer confidence increase. Although consumer confidence was expected to decline from April to May, it rose month-over-month. We expect to see continued upward movement going forward, as businesses reopen and further progress is made toward a vaccine.

I’ll continue to keep you updated on the real estate market and the effects we’re seeing from the pandemic. As always, feel free to reach out if you have any questions. In the meantime, stay safe and healthy.

Weekly Update: May 22, 2020

Coronavirus (COVID-19)-related restrictions are slowly loosening across our region, and we’re seeing some upward real estate trends as a result. Here’s some of what’s currently occurring, as well as what we expect to see in the coming weeks.

Mortgage rates remain low. We’ve seen rates drop again this week and they’ve been trending under 3.3% for the last four weeks, which allows buyers to get more home for their money.

Stock market sees positive movement. Gaining much territory, the Dow Jones Industrial Average increased about 800 points in the past week.

Consumer sentiment inches up month-over-month. The University of Michigan Consumer Sentiment Index, which measures consumer confidence, was expected to decline, but instead rose from 71.8 to 73.7. The upward tick is likely due to the stimulus bills and the economy starting to re-open.

What’s trending in Long & Foster’s footprint.

Although all real estate is local, we’re seeing favorable trends where Long & Foster conducts business. Weekly inventory, which includes active, coming soon and temporary off-market listings, are about the same as they were this time last year. With more people venturing out to shop for homes, more properties are going under contract. Sales of single-family homes are outperforming condos and townhomes, especially in more densely populated areas, and home values are appreciating.

To stay updated on what’s happening in your market, or for professional guidance through the process of buying or selling a home, please contact me via phone or email.

As always, please stay safe. My best to you, your friends and families.

Weekly Update: May 15, 2020

We’ve lived in an uncertain world for more than two months, as the coronavirus pandemic has affected the economy and real estate industry. As the country works to reopen over the coming weeks, I’ll be watching closely to see where the market’s headed and what that means for you, whether you’re actively buying, selling or just looking.

In the meantime, here are a couple trends my team at Long & Foster expects to see going forward.

Renewed interest in the suburbs. After consumers have spent weeks in their homes social distancing, many may be thinking about getting a place with more space. Instead of moving to a downtown condo, buyers might look toward suburbia, where they can get larger properties with yards. Already, we’ve seen a rise in sales of single-family homes, according to data from Bright MLS.

A balanced market. Supply and demand drive the real estate market, and we’ll see the two better balanced as we move into the recovery. While inventory remains low, demand for these properties has leveled out. For more serious and qualified buyers, this gives you more space to get the product you want, all with continued low interest rates.

If you have any questions about the real estate market, please don’t hesitate to contact me. As always, I hope you and your family are staying safe and healthy.

Market Update: May 1, 2020

April is normally the height of the spring real estate market. Buyers are out shopping for new homes in preparation for summertime moves. Numerous properties are coming on the market daily, and well-priced and well-maintained homes are quickly getting sold.

This past April brought a much different market, as the coronavirus pandemic continued through the month. We saw a much slower start than usual, as a result of stay-at-home orders, social distancing and economic fluctuations. A number of consumers started to pause on their real estate transactions toward the end of March and that continued into April.

As we moved through the month—and more recently in this past week—real estate activity has been trending in more positive direction. Active, coming soon and temporarily off-market listings are slightly above where we were last year. New listings are down from last year, but those properties on the market have been selling quicker and for higher prices.

While the percentage of properties sold in April was down by double-digits, the impact has not proved to be as great as several industry experts predicted. Many of you still need to move, and you’re able to do so while minimizing risk when working with professionals like me and my community partners.

Now, more than ever, our integrated network of services makes a difference. We’re here for you and available to meet (virtually) and answer any questions you might have about buying or selling in today’s market, should you need to make a move. Even if you just want a complimentary competitive market analysis for your home, I stand ready to assist you. In the meantime, please stay safe and healthy. All my best.

REAL ESTATE MARKET UPDATE: APRIL 24, 2020

April 24, 2020
By Boomer Foster, President, General Brokerage and Gary A. Scott, President, General Brokerage.

Supply and demand drive the real estate market, and we’re seeing more balance to these factors. Some consumers have paused, but people who are serious about buying or selling today are doing so (and leveraging low interest rates at the same time).

Across the Mid-Atlantic, we’ve seen homes selling quickly, with higher prices compared to a year ago. While new listings and showings are down, there’s an improvement from past weeks—showing more stabilization of the market. Pending transactions have dropped, too, but they are leveling out as well, as people become more comfortable with doing business in this environment.

Throughout it all, our team at Long & Foster has been helping our clients buy and sell homes, from the safety and comfort of their own homes. It’s truly credit to the confidence our clients have placed in us, as well as the tremendous support we receive from our partners in mortgage, settlement and insurance.

Now more than ever, Long & Foster’s integrated network of services makes a difference. While others have watched sales fall apart, we are working closely with our partners to get our clients to the (remote) closing table. As always, please feel to reach out to our team with any real estate related questions, and most importantly, stay healthy and stay safe!

CATEGORIES:
Buying, Homeownership, Investing, Luxury, Market Trends, Marketing, Renting, Selling
SERVICES:
Commercial Real Estate, Corporate Relocation, Insurance, Mortgage, Moving, Property Management, Residential Real Estate, Title & Settlement, Vacation Rentals
TAGS:
Boomer Foster, business continuity, coronavirus, covid-19, Gary Scott, real estate market update

Real Estate Market Update: April 24, 2020

How to Prepare for House Hunting

Know that there’s no “right” time to buy.
If you find the perfect home now, don’t risk losing it because you’re trying to guess where the housing market and interest rates are going. Those factors usually don’t change fast enough to make a difference in an individual home’s price.

Don’t ask for too many opinions.
It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of the people who will actually be living in the home.

Accept that no house is ever perfect.
If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go. Also, accept that a little buyer’s remorse is inevitable and will most likely pass.

Don’t try to be a killer negotiator.
Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or refusing to budge may cost you the home you love.

Remember your home doesn’t exist in a vacuum.
Don’t get so caught up in the physical aspects of the house itself that you forget about important issues such as noise level, access to amenities, and other aspects that also have a big impact on your quality of life.

Plan ahead.
Don’t wait until you’ve found a home to get approved for a mortgage, investigate insurance, or consider a moving schedule. Being prepared will make your bid more attractive to sellers.

Choose a home first because you love it; then think about appreciation.
A home is still considered a great investment, but its most important role is as a comfortable, safe place to live.

– National Association of Realtors

Selling or Buying from Home

While the COVID-19 pandemic is causing many things in work and life to change rapidly, my commitment—and my company’s commitment—to our clients and your safety remains unchanged. That’s why we’ve put processes in place for buyers and sellers to work with our team and conduct business virtually, from contract to close.

If you’re in the market to buy a home, we can meet virtually to discuss what you’re looking for and tour properties digitally. When you find your new home, we can write an offer with our secure online tools and get closing and moving scheduled with Long & Foster’s partners—all while following CDC guidelines and recommendations from state and local governments.

The same applies if you’re selling a home. I can virtually list your property, open doors to potential buyers with online tours, use our secure remote system for contracts, and safely close with our settlement partners.

Using Long & Foster’s integrated network of services makes the difference to our real estate success, now more than ever. Working as a team, we’ll help keep you, our valued clients, safe while continuing to meet your real estate needs with the same unsurpassed customer service.

Feel free to contact me if you have any questions about the current real estate market or our virtual home buying and selling procedures. As ever, I’m here for you and only a phone call or email away.