PA 1031 Like Kind Exchanges

For years, PA was the only state NOT Fully recognizing the 1031 Like Kind Exchange. For years, our PA Association of REALTORS have lobbied the PA General Assembly to incorporate the Federal Tax Code 1031 into the PA Tax Code. On July 8 the Governor signed House Bill 1134 which is now Act 53 of 2022. It takes effect the beginning of 2023.

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30 Year Mortgage Rate Above 4%

Predictions are it will not be going back down anytime soon! 2019 was the last time we saw 4%. More info on mortgage rates from MONEY.  Seller’s, consider the higher the interest rates go up the the number of eligible buyers for your property gets lower.

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MORTGAGE RATES INCREASE

Up, up and away we go. We all knew these HISTORIC LOW mortgage interest rates were not going to last forever. According to Mortgage News Daily  3.7% is now the average rate on popular 30 year mortgages. Last year around this time that percent was closer to 2.7%! What it means to YOU if buying, you’ll be paying more to borrow money for your forever home. Sellers are likely to see the beginning of fewer offers on their properties. The Federal Reseve Board meets next Wed to discuss next steps.

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PA Homeowners Assisstance Fund

From the state weekly newsletter the PA Assistance Homeowner Fund, PAHAF, will begin taking applications Feb 1. PA was awarded more than $350 million in American Rescue Plan Act and supports Pennsylvania homeowners whose household income is at or below 150% of the area median income. See if you qualify!

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2022 Desktop APPRAISALS Become a PERMANENT OPTION

Say What??? For the Federal Housing Finance Agencey appraisals conducted remotely (NO appraiser going through your property) will be accepted in 2022 for Qualifying Fannie and Freddie Loans. Read More

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All information deemed reliable but not guaranteed. Copyright 2022.



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