Tag: national association of realtors

The 10 Cities Where Rental Prices Are Falling Most

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After three years of booming, prices in the rental market have finally started to cool down across much of the US, with a number of cities experiencing significant declines, according to the latest data.

Las Vegas took the top spot nationwide for cities where rental prices are tumbling the most, with a 6 percent drop in the year to May—the latest data available—according to Realtor.com. It was followed by Riverside, California, with a 5.9 percent decline in rental prices from May 2022 to May 2023 and Phoenix, Arizona, with a 5.7 percent slide in the same period.

These are the 10 cities where rental prices have fallen the most, according to Realtor.com data.

1. Las Vegas, NV (Median rent price: $1,531; year-on-year change -6.0 percent)

2. Riverside, CA (Median rent price: $2,302; year-on-year change -5.9 percent)

3. Phoenix, AZ (Median rent price: $1,663; year-on-year change -5.7 percent)

4. Austin, TX (Median rent price: $1,641; year-on-year change -5.6 percent)

5. Tampa, FL (Median rent price: $1,793; year-on-year change -4.0 percent)

6. Charlotte, NC (Median rent price: $1,576; year-on-year change -3.5 percent)

7. Atlanta, GA (Median rent price: $1,660; year-on-year change -3.1 percent)

8. Denver, CO (Median rent price: $1,969; year-on-year change

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The Fed Just Jammed Another Wrench Into the Housing Market

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On the precipice of the hotly anticipated spring housing market, the US Federal Reserve just dealt homebuyers another crushing blow.

Jerome Powell, chair of the Federal Reserve, told Congress on Tuesday that more aggressive interest rates might be needed to cool inflation. And while mortgage interest rates are separate from the Fed’s short-term rates, they often follow the same trajectory. Those higher rates have hit homebuyers where it hurts: their budgets.

In response to Powell’s comments, mortgage rates hit 7.03% for 30-year fixed-rate loans on Tuesday afternoon, according to Mortgage News Daily. Those higher rates are in part responsible for today’s buyers paying more than 50% a month in their mortgage payments than they would have a year ago.*

“That’s a boomer for buyers who had their hopes raised that rates would be falling,” says Realtor.com® Chief Economist Danielle Hale. “It’s going to be a more challenging spring than some people were expecting.”

Less than two months ago, there was speculation that rates would fall below 6%. Buyers had returned to the market, and bidding wars had heated up again. But the higher rates could threaten the rebound.

“It will continue to be a damper on how much

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Chrissy Steele takes a helmet at the Delaware Association of Realtors

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The Delaware Association of Realtors recently announced the installation of President Chrissy Steele, a Sussex County Realtor and Northrop Realty coastal regional manager.

National Association of Realtors 2023 First Vice President Kevin Sears officiated at the Rehoboth Beach event, which included the installation of the organization’s full slate of officers and directors for the year.

Steele shared her 2023 strategic initiatives to refresh and improve the association’s offerings to its members and the public, including continued efforts to lower the statewide realty transfer tax by 1 percent.

As president of the 4,500-member Delaware Association of Realtors, Steele will president at all meetings of its board of directors and executive committee, and will serve as an ex officio member of all DAR committees and work groups. In her capacity as president, Steele will serve as official spokesperson for the association on issues related to the real estate industry as well as local residential and commercial markets in Delaware. She will also represent DAR and its members on the National Association of Realtors board of directors, and at local, state and national functions.

Steele began her real estate career in 1999 and immediately developed a passion for the business. In 2004, she

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Real Estate Losses Against Ordinary Income

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The best way to use real estate depreciation is against ordinary income. These are the two ways to do it.

PIMD welcomes the White Coat Investor. WCI is a physician-specific personal finance and investing website. The White Coat Investor can help you to become financially literate and disciplined, which will allow you to spend your time and effort on your patients, your family, and your own wellness. WCI truly believes that a financially secure doctor is a better partner, parent, and practitioner. White Coat Investor is an affiliate partner of PIMD.

Investing in real estate can be a risky, time-consuming, illiquid investment. However, one of the best parts of being an investor in equity real estate (at least outside of a retirement account or a REIT structure) is that you can depreciate the buildings on the property. Under current law, bonus depreciation can be over 60% of your investment in the first year. It’s pretty awesome to invest $100,000 and get a $60,000 deduction on your taxes that same year.

Unfortunately, there is a general tax doctrine that prevents many investors from actually being able to use that deduction. It turns out that you can only use passive losses to

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Tri-Cities realtors help raise nearly $20K for housing charities

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Local agents also brought in almost $20,000 for housing-related charities, surpassing the financial fundraising bar for 2022.

Realtors across the Tri-Cities have eclipsed another big number in its annual campaign to clothe those in need over the winter seasons.

The Real Estate Board of Greater Vancouver (REBGV) and its member agencies have now donated winter clothing to more than 480,000 people in the last 28 years through its annual Realtors Care Blanket Drive.

For 2022, the week-long November event brought in enough supplies to help more than 27,300 residents in the region, primarily women and children fleeing abusive situations.

The Tri-City Transitions Society (200-2540 Shaughnessy St.) was one of the recipients thanks to 16 local realtor offices in Coquitlam, Port Coquitlam and Port Moody.

Metro Vancouver residents also opened up their wallets to donate nearly $20,000 for the cause — said to be the “largest and longest running” winter clothing drive in all of BC — surpassing the campaign’s initial fundraising goal of $15,000.

The money is earmarked for local housing-related non-profit organizations, said REBGV spokesperson Daniel John.

“Our partner charities were in dire need of blankets and warm clothing this year,” he said in a release. The initiative took

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Horace’s discontinued tax abatement program leaves area Realtors puzzled – InForum

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HORACE — Area home buyers, Realtors and builders will look to make a case for government officials in hopes of reestablishing Horace’s tax abatement program, which was not renewed after it expired on Jan. 1.

Horace’s tax abatement program, which is similar to that authorized by the North Dakota Century Code, gives buyers of new homes a two-year break on property taxes for certain new single-family residential properties and condominiums and townhouses. According to state law, the maximum exemption allowed is $150,000 of true and full valuation of improvements only and land is still taxable.

Horace Mayor Kory Peterson said the City Council every two years decides whether to continue the program or not. This summer, the council did not have a particular appetite for continuing the program, he said.

“I still think it’s a good idea, but we just didn’t have a council that wanted to keep it active at that time,” Peterson said. “It didn’t get brought up again and so it expired.”

The absence of the program, however, took some new buyers by surprise, said Kevin Fisher, a Realtor and former president of the Fargo Moorhead Area Association of Realtors.

Fisher at the last Horace City Council

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