Redefy Housing News 12-5-2016
This week in housing news you can use, loan limits rise, the balance of housing power changes, metro areas are ranked for 2017, a new HUD director is nominated and how not to slash a home price.
Conforming loan limits rise
The Federal Housing Finance Agency restricts Fannie Mae and Freddie Mac to home loans below a specific amount, which is called the “conforming loan limit”. Loan limits for 2017 show some significant increases to reflect rising costs in metropolitan areas. Conforming loan limits are done by county and can be viewed by clicking the FHFA’s interactive heat map:
The balance of power to shift in housing
For the past few years, the real estate market has been controlled by sellers. That’s going to change, says Zillow. By 2019, the balance of power will shift to buyers. Why? “As the number of homes for sale increases and home value appreciation slows, we expect the market to meaningfully swing in favor of buyers within the next two to three years,” Zillow Chief Economist Dr. Svenja Gudell said in a statement.
What cities will lead the housing market in 2017?
Realtor.com ranked the top markets for 2017, with the majority in the West. The top 10, based on price and sales gains: 1. Phoenix-Mesa-Scottsdale, Ariz.; 2. Los Angeles-Long Beach-Anaheim, Calif.; 3. Boston-Cambridge-Newton, Mass.-N.H.; 4. Sacramento–Roseville–Arden-Arcade, Calif.; 5. Riverside-San Bernardino-Ontario, Calif.; 6. Jacksonville, Fla.; 7. Orlando-Kissimmee-Sanford, Fla.; 8. Raleigh, N.C.; 9. Tucson, Ariz.; and 10. Portland-Vancouver-Hillsboro, Ore.-Wash.
Trump nominates Carson for housing post
President-Elect Donald Trump nominated Dr. Ben Carson to run the Department of Housing and Urban Development. If confirmed by Congress, Carson will be tasked with reforming America’s blighted inner cities and lessening the tensions of race and inequality. The retired neurosurgeon has no past political or HUD experience, which is a concern to some. However, his own upbringing in the impoverished southwest side of Detroit gives him a perspective to make positive change.
“We congratulate Dr. Carson on accepting this important challenge and wish him the very best of luck in meeting the task ahead. While we’ve made great strides in recent years, far more can be done to put the dream of homeownership in reach for more Americans,” said National Association of Realtors® President William E. Brown.
Source: Washington Post
How not to lower your price
Ah, there’s nothing like a markdown sale with free transportation home. Ahem. In case you’re wondering, yes, this was a real sign for a real house in a really bad neighborhood.
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