How Will the 2024 Presidential Election Affect Real Estate?

by from Keeping Current Matters

Whether we’re ready for it or not, the 2024 Presidential election is right around the corner. As if this year hasn’t brought enough uncertainty, an election could be causing your clients to question their buying and selling plans…again. On top of it all, real estate has been a front-and-center topic in the run up to this year’s election. So even if your clients aren’t asking these questions, they’re probably thinking about them. To get to the heart of this topic, it’s important to understand how the history of past presidential elections combined with today’s market factors might play out in real estate this time around. Click HERE for more information and HERE for some great infographics that outline history.

10 Best Places in Virginia For a Couple to Live On Only a Social Security Check

by J. David Herman

The Commonwealth of Virginia lures retirees with favorable tax conditions, low crime rates, nearly 100 hospitals throughout the state, beautiful views and a rich history. You won’t pay estate taxes or have your Social Security benefits taxed in Virginia. Withdrawals from your retirement accounts and pension incomes are deductible for seniors — up to $12,000. Virginia also offers some of the nation’s lowest crime rates. A recent study reports that the Old Dominion’s violent crime rate is one of the lowest in the U.S. at 2.3% and that burglary rates are well below the national average. The state has its expensive pockets, particularly in northern Virginia near Washington D.C., but there are multiple locations that are more friendly to retirees on tight budgets. Click HERE to learn more about the top 10 cities.

14 Attorneys General Urge FHFA to Terminate Title Waiver Pilot

from American Land Title Association

The effort was led by Tennessee Attorney General Jonathan Skrmetti, who said, “the affordable housing crisis demands meaningful bipartisan solutions, not shortsighted regulatory overreach.” The letter points out that the FHFA abandoned the pilot last year, but was reintroduced in March. The original pilot program, initially proposed by the Biden Administration, faced significant backlash from Congress and industry experts. Although abandoned last year, the FHFA recently reintroduced a similar program that continues to raise major concerns about potential fraud and harm to consumers nationwide. The letter emphasizes the critical role of title insurance in safeguarding homeowners from fraudulent activities and exploitation. In the letter, the Attorneys General state that contrary to the FHFA's claims, the cost of title insurance is comparable to a monthly subscription to Amazon Prime and provides essential protection against catastrophic financial harm. Click HERE to learn more.

Only 40% of Homes Sold Include an Accurate Appraisal

by Jeff Andrews

The gap between home appraisals and sale price is rising. That’s according to a new report from Corporate Settlement Solutions (CSS), which analyzed 10 states on the East Coast and Midwest for the share of properties that were appraised for more than the sale price, in addition to the average value over appraisal. CSS’s analysis concluded that during the first half of 2024, 51% of sales in these states had appraised values that were higher than the sale price. That’s the largest share since the beginning of the COVID-19 pandemic in March 2020. “The big question is how long will this continue given that many housing economists are suggesting that home appreciation is normalizing and, in some markets, even decreasing. It is inflection points like the one we may be approaching that emphasize the importance of accurate, market-centric valuations.” Click HERE to learn more and see the stats by state.

Economist Warns of Potential CRE Impact on Smaller Banks

by Dana M. Peterson

The risks of U.S. commercial banks being overexposed to commercial real estate (CRE) have intensified as the global pandemic upended long-held economic assumptions of perpetually subdued inflation, low interest rates, and in-office work. A recent analysis suggests that in the next two years, more than $1 trillion in CRE loans will come due, and an increasing number of banks, mostly regional and community banks, risk having insufficient capital cushions. Executives should take steps now — including examining banking relationships, extending debt maturities, and securing adequate working capital — to mitigate the potential fallout. Click HERE to learn more.

Calm Your Employees' "Telephonophobia"

by Marlene Chism

There’s a new phobia in town. It’s called Telephonophobia: The fear of using the phone. Telephonophobia is being blamed on Gen Z, COVID-19, ADHD, being neurodivergent, personality disorders or simply being an introvert. The truth is the dislike of the phone has been alive and well for many decades. I used to hate the phone, and that was before the invention of text, teams, email and Slack. I’ll never forget what my first business coach said to me: “Marlene if you want to be successful, you need to fall in love with the phone.” Now, due to all the choices available, the phone has become the most misunderstood and misused communication tool. Click HERE ways to get your employees to fall in love with the phone.