National Real Estate News
Attention right now in Congress is on the government shutdown and Obamacare. But potentially major changes affecting real estate are also taking shape on Capitol Hill. A tax reform outline being put together by the Republicans includes serious talk of excluding mortgage interest and property tax deductions as well as changes to capital gains for real estate investments. Please refer to the attached article click here by Ken Harney, Inman News for details of what “could bring more far-reaching changes than most observers had expected.”
New Lending Rules Coming
As reported in the Wall Street Journal on Sept. 23, new tighter lending standards are taking effect January 10, 2014. If you are considering buying a home, closing the deal prior to Jan. 10 could have an impact on you. The lending changes are designed to curb loose practices that triggered the real estate meltdown. Borrowers will have to meet tougher standards than ever, including the requirement that their debt-to-income ratio cannot exceed 43 percent. Although this requirement will predominantly affect more moderate-price buyers, the new tougher standards will also impact high-net-worth borrowers who have previously benefited from longstanding relationships with their banks. Please contact your financial advisor for details; or we would be happy to refer you to any of several lenders with whom we work.
Local Real Estate Update
Since September 1, 8 Portola Valley homes have gone into contract, ranging in price from just over $1 million to $3.7 million. All but two of these homes were on the market for less than 30 days prior to selling – an indication of strong demand. Additionally, two vacant lots in the Blue Oaks area sold and a parcel of vacant land that we represented also went into contract. Currently there are 18 homes for sale in Portola Valley ranging in price from $1.275 to $13.9 million and there are 7 parcels of vacant land for sale. If you would like to know more about any of these properties for sale, just contact us. Although all signs point to a continuing strong market, we know how quickly things can change. Inventory is low, demand is high, and this means it’s a seller’s market. There’s still time to get your home prepared, on the market, and sold before the end of this year. It takes experience and know-how to make this happen for you. Having sold more homes in Portola Valley than any other agent, we are your best choice in getting your home sold.