Here are the latest housing market predictions for 2021 & 2022. The global pandemic shattered the world order and the US economy suffered its biggest blow since the Great Depression in the second quarter. It has been roughly one year when it put the housing market on hold for several months last spring. Even with rising mortgage rates and higher prices, economists say the housing market should remain strong due to very tight inventories and increasing demand as more millennials are projected to buy houses this year.
How To Become A Landlord
The ultimate goal of investing in rental property is to turn a profit. To ensure that you achieve that goal it is essential that you follow several critical guidelines. Most of us dream of becoming a landlord but it an easy or a difficult job? Before you start searching for a home to rent, you should think about the responsibility that comes with being a landlord to your tenants. If you’re interested in investing in real estate, the single-family rental market might be a good option. Being a landlord can be a profitable venture that provides a steady income stream while your property appreciates in value. You might also be able to enjoy certain tax advantages while you build equity in the home.
Here are 8 valuable tips for becoming a successful landlord and start a rental property business.
1. Screen Your Tenants
First, always make sure that you check tenant references. This is the first step of becoming a successful landlord. This can be a burdensome step and many landlords overlook it because they feel as though they have good instinct when they meet with the tenant. But not checking references can lead to a number of problems later on. You will uncover a wealth of information about potential problems before you rent to a prospective tenant. It’s also worth the time to do a background and credit check on all potential tenants. There are several online tenant-screening services available, and you should be sure to check potential tenants’ credit scores. You should also conduct an interview to make sure you’re comfortable interacting with them, and check references, especially from employers or past landlords.
A Phoenix home with 95 bids is just one example of a housing market entering a new and unprecedented phase. Experts at Arizona State University School of Business say Phoenix is headed for a major housing shortage.
Long gone are the days when Phoenix was riddled with available, well-built single-family homes in the wake of the 2008 housing market bust.
Five years after the crash, the desert metro is facing lagging home construction, predictions of population growth and rising land prices, according to real estate experts with ASU.
The end result could be a significant housing shortage in the near future, experts contend.
Well, well, well… what an interesting year 2013 is shaping up to be!
The U.S. is still, at least according to the U.S., the world's largest economy. Super!
Of course, U.S. gross national production includes the value of goods and services Americans produce regardless of their location – even overseas! But where do those employees live, rent homes, and spend money with local businesses (who rent homes and office space locally)?
Real estate investors typically care where the people are because people and their income is what gives real estate its value. After all, there's lots of land on the moon, but it isn't worth much because there aren't any people there… at least not yet!
A tax break that has long been untouchable could soon be in for some serious scrutiny. Many home buyers deduct their mortgage interest when assessing their tax bill, a perk that has helped bolster the income of millions of families – and the broader housing market. But as President Obama and Congress try to hash out a deal to reduce the budget deficit, the mortgage interest deduction will likely be part of the discussion.
Limits on a broad array of deductions could emerge in any budget deal. It is likely that any caps would be structured to aim at high-income households, and would diminish or end the mortgage tax break for many of those taxpayers.