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Gary Leogrande
2012 ended as local real estate activity was increasing, due in part to diminished inventory of properties for sale. Speaking with clients, I found some sellers are holding off and others are pricing the properties right and selling. Buyer demand is up, driven by low interest rates. Some experts believe that we are near the bottom of the cycle, prices will stabilize and people who want to sell should start the process now. Westchester, a metro area, is always going to have a competitive base price for property, keeping prices from completely bottoming out. I believe that this year will be looked back on as “a good time to buy”. The two factors that will be key for 2013 will be diminished inventory and a strong buyer demand.
I am watching two changes coming out of Washington that will effect banks and our taxes. The Consumer Finance Protection Bureau action will limit banks from creating “Interest Only” loans and making “No Documentation” loans illegal. No details are finalized yet, but banks are skittish about this upcoming change. The Federal government will still has its own programs, Fannie Mae/Freddie Mac/FHA that will stay in place with less down but rates that are higher. The ObamaCare 3.8% sales tax is going into effect. There will be new sale taxes being charged to pay for the program. One area to be taxed is capital gains on investments. They will be taxed above certain thresholds and keyed off of income. I expect to see an impact on businesses across the board and commercial real estate, ultimately affecting the consumer.
Contact me to explain how you may be impacted by these market issues. I look at your individual situation and help you understand what is involved with making a sale or purchase, including any repercussions. Don’t feel like you missed out by not selling or buying in 2012. Pick up the phone and call the Leogrande Team, we have the training and experience to guide you to the best outcome.
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