In Real Estate news, RIS Media reports NAR’s list of suggested policy changes for FHA Loans, in 2017. According to their suggestions, they recommend the FHA reduce mortgage insurance premiums and reinstate cancellation of annual mortgage premiums for all borrowers that reach 78 percent LTV. The NAR also urges FHA to increase the allowable commercial space in a project and reduce the required percent of owner-occupants, in order to open up more condominiums to worthy buyers. Lastly, they recommend communities receive HUD housing and community development funding. HUD must take the necessary steps to ensure communities are addressing fair housing issues; however, communities should develop fair housing strategies on a local level. To read more about the NAR’s suggestions, read the article.
Spring is approaching and studies show that May 1- 15 is the best time to list your home! Homes listed within this two-week window, sell for 1 percent more than the average home for sale, and nine days sooner.
Amongst his varying other calls to action, Trump announced his plan to begin scaling back the Dodd-Frank Act, last week. The act affected real estate by enacting tighter standards on mortgage applications, banning risky loan products and requiring lenders to ensure that borrowers be repaid. In response, the number of loans processed monthly dropped from 165 to 33. Construction struggled, too. For years, builders and developers had trouble accessing capital from banks, and only recently had the loan volume ticked up. However, even though Trump rapidly signed the order, calling the law a “disaster,” he still has a long way to go before dismantlement can become a reality, observers say. To read more, visit RIS Media.
And lastly, in more real estate related news, State Assembly members are pushing for New Jersey to start collecting hotel taxes on short-term rentals across the state, however, each town would be given the authority to ban or restrict the rentals if they feel compelled to do so. The Assembly’s Tourism, Gaming and Arts Committee approved two bills last week, imposing the same taxes on short-term rentals that are currently collected on hotels and motels, and the other seeking to establish universal regulations for short-term rentals. However, New Jersey’s Senate would need to introduce and pass a complimentary bill before any changes take place, and be signed by Governor Christie. Peter Schottenfels, a press secretary for Airbnb, says the company favors the tax collection legislation, and noted that they already have voluntary collection agreements in place with Newark and Jersey City. To read more, visit Jersey Digs.
And check out this week’s events taking place in Jersey City: Marketplace JC and Jazz at Harborside, gelato-making classes at Bucket & Bay, the 2017 Chilli Cook-Off and much, much more! Visit Jersey City Upfront for details.
If State Assembly members have their way, New Jersey might soon start collecting hotel taxes on short-term rentals across the state, but would also allow towns the authority to ban or restrict the rentals if they feel compelled to do so.