Real Estate Wrap Up – September 12th
Peachy News! Georgia Homeowners Can Get $50K Free Money to Pay Off Their Mortgages
Thousands of Georgia homeowners enduring financial hardship as a result of the epidemic can now get up to $50,000 in mortgage aid under the Georgia Mortgage Aid program, which is financed by the American Rescue Plan Act of 2021.
The assistance is interest-free and does not demand repayment. Eligible recipients may benefit in three ways: mortgage reinstatement, loan debt reduction, and payment of unpaid housing-related fees. To be eligible, candidates must be Georgia residents who meet certain income requirements. The program has received $354 million from the Department of Community Affairs to assist low-income homeowners.
Visit georgiamortgageassistance.ga.gov for additional information and to apply.
Source: https://www.the-sun.com/money/9003559/georgia-mortgage-assistance-free-payment/
The Dreaded SanFran Real Estate Reset Is Underway
San Francisco’s anticipated real estate reset, triggered by the shift to remote work and commercial real estate challenges, is underway. The city’s transfer tax revenue, tied to property sales, hit a decade-low at $186 million in the last fiscal year.
Property owners are seeking assessed value reductions, leading to expected property tax refunds of $167 million. Falling property values impact city revenue significantly, with some properties selling for less than their assessed values. While the short-term outlook is grim, some investors see potential in San Francisco’s long-term recovery, citing factors like venture capital and tech company performance.
Source: https://sfstandard.com/2023/09/05/san-franciscos-real-estate-reset-is-already-happening/
The South’s Heat Is Not Only Weather Related But Real Estate Related Too
The National Association of Realtors (NAR) has identified the top 10 places to buy a home in 2023, primarily in the South, offering relative affordability and strong value for buyers. These markets consider factors like affordability, job growth, migration, and housing supply. The list includes:
Atlanta-Sandy Springs-Marietta, Georgia, with a median home price of $371,200 and a robust job market.
Raleigh, North Carolina, at $460,500 median home price, offering growth and improved affordability.
Dallas-Fort Worth-Arlington, Texas, with a $390,100 median home price, experiencing significant job growth.
Fayetteville-Springdale-Rogers, Arkansas-Missouri, at $328,400 median home price, known for housing affordability and growth.
Greenville-Anderson-Mauldin, South Carolina, priced at $335,400 median, featuring strong job growth and housing supply.
Charleston-North Charleston, South Carolina, with a median home price of $416,800, offering growth and migration gains.
Huntsville, Alabama, at a median home price of $327,500, is known for its affordability and job opportunities.
Jacksonville, Florida, with a median home price of $398,000, offering relative affordability and a strong job market.
San Antonio-New Braunfels, Texas, with a median home price of $342,700, attracting migrants with lower living costs.
Knoxville, Tennessee, at a median home price of $331,100, featuring affordability, job growth, and housing supply.
These markets stand out for their attractiveness to homebuyers in 2023, despite rising homeownership costs in other parts of the country.
Source: https://www.cnbc.com/2023/01/22/best-real-estate-markets-to-buy-a-home-in-2023.html
Start Spreading The News: An Upstate NY Zip Code Has Been Named As One Of The Hottest For Real Estate In America
Pittsford, in Upstate New York, has secured a spot among the top 10 hottest ZIP codes in America for 2023, the anticipated list from Realtor.com. Their ranking considers factors like market demand and the pace of the housing market.
Pittsford’s 14534 ZIP code, located near Rochester, ranked 9th nationally, with 3.5 unique viewers per property and an average of 21 days on the market. It boasted a median listing price of $571,000 in June 2023, offering affordability and value compared to other markets, making it an attractive destination for homebuyers. Other New York state ZIP codes, Endicott’s 13760 and Ithaca’s 14850, also made the list.
New co-CEOs have been appointed by PGIM Real Estate
Effective October 1, 2023, PGIM Real Estate has appointed Cathy Marcus and Raimondo Amabile as co-chief executive officers, expanding their existing global and regional roles. Marcus will continue as global chief operating officer, and Amabile as global chief investment officer. Additionally, Soultana Reigle has been promoted to head of U.S. Equity, Sebastiano Ferrante as head of Europe, Enrique Lavin as head of Latin America, and Christina Hill as global head of Asset Management and Sustainability. Bryan McDonnell and Benett Theseira will retain their roles, and these changes follow the formation of PGIM Private Alternatives under Eric Adler’s leadership.
Their press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230906405896/en/
Remote Work Reshaped The Real Estate Landscape, And It’s Here to Stay
The shift from traditional office setups to remote work is reshaping both residential and commercial real estate markets. Homeowners can capitalize on these trends by addressing the growing demand for well-designed home offices, and offering ergonomic furniture, and tech solutions.
Additionally, flexible workspaces that adapt to the changing needs of remote work present great community opportunities, from collaboration hubs to technology-driven solutions. Decentralization of office locations is a strategic move, enabling access to diverse talent and cost savings, with entrepreneurs having room for development and investment in suburban and rural areas.
Adapting commercial real estate for mixed-use developments or community-driven spaces can revitalize the sector. Understanding and responding to these shifts positions business leaders for success in the evolving real estate landscape.
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