By Christal Keegan, NVR Legal Information Line Attorney
The article in the adjacent link addresses a popular issue often discussed on the Legal Information Line. NVR Legal Information Line Attorney Christal Keegan touches on key points during this current busy real estate era like -- Can a real estate agent list a property after being approached by a personal representative of an estate and what does the agent need to know?
Do you know how Nevada law reads on the subject? Read this short legal-themed FAQ article and learn all you need to know. If you have any questions, please email the Legal Information Line at InfoLine@NVRealtors.org. You can view the legal article on the subject by clicking here,
While buyers are still seeking homes that offer safe, enjoyable shelter, new wish list items are emerging that give houses better design and function.
Home design trends that are expected to loom large in 2022 are an evolution of what started during the pandemic when life was disrupted and more homeowners started reevaluating their surroundings. Cases in point: the rise of the home office and backyard pools.
Some hot trends started years earlier, including energy efficiency, conservation of natural resources (especially in fire- and hurricane-ravaged areas), and affordable housing. In addition, each cohort has its own wish list-baby boomers want lower maintenance and millennials want strong broadband connectivity. One caveat: Know that there's no universal agreement about what's in and what's out, even among our pundits, who offered ideas you can read all about by clicking here.
Conforming loan limits for mortgages backed by Fannie Mae and Freddie Mac have jumped in most of the country to $647,200, an increase of $98,950 from 2021's limit of $548,250. The higher levels are in response to rising home prices over the past year. The new loan limits took effect Jan. 1.
The Federal Housing Finance Agency's House Price Index shows that home prices rose 18.05%, on average, between the third quarters of 2020 and 2021. The 2022 conforming loan limits increased by the same percentage, the FHFA reports. However, in areas where the local median home value exceeds the baseline conforming loan limit, the limits have risen more, the FHFA says. In higher-priced locations such as San Francisco and New York, the conforming loan limits for 2022 increased to $970,800. In 2021, that baseline was $822,375. Click here to read more.
The Covid-19 pandemic upended the home-buying process. Historically-low mortgage rates coupled with an inventory shortage created a red hot market, with houses selling within hours of being listed, often for well over asking price. No one knows exactly what the future has in store. But housing experts tell CNBC Make It that in 2022, buyers can expect similar trends to the past two years: elevated prices, low inventory and fast turnaround.
That said, although it will continue to be a sellers market - home values are expected to increase by double-digital percentage points - it won't be quite as wild as it was this year, says Skylar Olsen, principal economist at Tomo, a home-buying app. Continue reading here.