Predictions for Lower Rates, Higher Inventory for 2024
Some great news on the real estate horizon: predictions from Redfin.com and others are pointing to home buyers catching a break in the New Year. Inflation is predicted to recede, mortgage rates to drop, and listing inventory to increase.
Redfin expects 4.3 million sales in 2024, up 5% year over year. Other trends? They also foresee more homebuyers working directly with listing agents. We’ve seen this more with homes being sold by builders, but Redfin notes more home re-sales are being handled entirely by listing agents.
What’s the scoop on real estate appraisals? The appraisal determines what a house is worth, which helps protect both the buyer and the lender from paying too much for a property. It’s a different step in the buying process from the home inspection. See what appraisals entail and what to expect from this part of the buying process.
December is a great time to buy a property to flip, plus if you can get it done now you can reap the benefits for the 2023 tax year.
It takes 2 weeks to close a loan with RFG, so there is still time to close by year end if you can get all your ducks (paperwork!) in a row for your loan. Check out this article on the tax benefits you can reap from real estate investments in 2023, and as always RFG recommends you speak with your financial advisor for the most personalized and effective advice.
How can we best serve your needs? What would you like to hear more about in this newsletter? We’d love to hear from you. Please take a short moment to give us your feedback!
100% Premier Loans from RFG cover all renovation costs. NO DOWN PAYMENT!
This property was purchased from an investor that wasn't able to execute their plan, so it was in a distressed state. The appeal was the proximity to all the activities New Orleans has to offer, in addition to nearby shopping, restaurants, and schools.
The 2BR/2BA house was poorly laid out with no master bedroom. The kitchen was down a closed-off hallway and the entry felt claustrophobic.
Joel turned the den at the rear into a large master suite with a private bath with double vanity and a private deck with access to the backyard.
The bedroom at the front was relocated to where the kitchen was, and that space was transformed into a living room after removing a wall.
The kitchen and dining room were moved forward to be more inviting to guests.
Results:
Appraisal value increased $142,000 after $62,500 in renovations. Net Profit: $95,000
