2020 has been an incredible year for the real estate market. If you have been following our blogs, you already know that 2020 has been a record year for both the Real Estate and Mortgage Industry.
Real Estate Sales have been strong, with 2020 sales beating 2019 sales without having finished Q4. Sellers are choosing to move out of state or to more suburban areas closer to restaurants, shops, and recreation.
Homes with larger backyards for outdoor living, larger kitchens for immediate family gatherings, rooms for offices and classrooms, and space for working out top the list of what buyers are looking for.
Record low interest rates are allowing buyers to afford more home and in areas that were previously out of their budget.
Proposition 19, the measure on the November 3, 2020 ballot, was approved. The Proposition grants tax breaks for adults 55 or older, those who are disabled, and those who lost their homes due to a natural disaster but imposes limits on the transfer of real property to family members among other stipulations. (source).
While the details of the tax transfers that are set to begin on April 1 are still a bit unclear, experts predict Proposition 19 to be a driving force for many to move.
For more information on how Proposition 19 may affect your taxes, it’s best to seek advice from a certified tax expert in your area.
New Mortgage Limits Mean Good News for Homebuyers
The Federal Housing Finance Agency has announced an increase in the amount of conforming loans for 2021. Up from $510,400 in 2020, the new conforming loan amount for loans by Fannie Mae and Freddie Mac will be $548,250.
The limit for high balance loans will be $822,375 and anything over that amount will be considered a jumbo loan.
The higher balance is especially beneficial for the Tri-Valley real estate market which typically features higher priced homes than other areas of the state and country.
If you are looking to purchase a home in the Tri-Valley area, The Gamache Team can help you find the perfect neighborhood.
Questions about the Latest Real Estate and Mortgage News? The Gamache Team is Happy to Help
The Gamache Team understands the complexities in the real estate market and loan industry. We know it can be confusing to keep up-to-date with what is going on and how this may affect you.
If you would like to learn more about how the newest changes in the real estate and loan industry may affect your home sale, home value, option to purchase, or more, please do not hesitate to reach out to us. Email Dan@gamacheteam.com or Call (925) 918-0332.
