As we approach the full on Spring Market in Real Estate, here are some statistics for the early months of 2018…..

•  January New Home Sales over all went down nationally.
• Here in the mid-west, new home sales went up 15.4%.
• Much of the reason the overall national numbers were down was because the Northeast saw a decline of 33.3% in new home sales.
• Mortgage interest rates going up may be partly the cause of this decline thus causing short term volatility.
• The mid-west has more affordable prices for homes over all as well, and our state is not a high tax state that may be affected by the new tax laws.   (Nat’l. Assoc. of Home Builders)

One thing to keep in mind as you contemplate selling a home and/or buying one, keep an eye out for rising interest rates.   Higher rates will still have us in historically low interest territory but it may cut out some newer buyers with higher interest rates making it harder for them to afford to purchase a home or maybe hesitant to do so.    We need to keep reminding the younger buyers what the interest rates were 30 years ago!

Another area of real estate that I deal with occasionally that doesn’t have to do with actually buying or selling a house is the dreaded property tax evaluation!!   I can help you if you are planning to fight a property tax assessment by providing info on comparable properties.   But here are a few things to keep in mind:

•  Property taxes are re assessed usually every 2 years ( at least here in the St. Louis County area)
• Renovation will also prompt a re-evaluation because when permits are pulled the city/county are involved.
• When re-assessment occurs three factors are taken into account:  location, size, type and then any changes that have occurred since the last assessment.  The downside of this is often size of a home does not take into consideration overall condition/updates etc.   This can be frustrating for homeowners as it is a rather random “drive by” assessment.
• Other lesser known considerations involve recent home sale prices (again this does not take into account condition just similar sized homes), changes to the economy and construction of new schools.   When new schools are built often an influx of buyers accompanies driving up home sale prices.
• Know that if you feel your assessment is not accurate or unusually high you can appeal to your municipality.   There is a process that each city has for owners to follow and patience is needed.   But in the end the savings per year can be worth the effort.   (Realtor.com 2/18)

Anytime you have a real estate related issues- even ones that are not buy/sell issues, don’t hesitate to call me.   Some of you have, I know but for those who are new here, or haven’t thought about these things, feel free.   I am providing a service to my community and you all are the VIP’s!   Of course, I love helping with the buying and selling too so please keep me in mind for your needs and those of your friends and family.   It is the highest compliment  I can receive when someone refers me to a friend/family member.