It’s tax time again, with the day filing deadline just over a month away, and the Tax Cuts and Jobs Act is now in effect, which means there are new requirements for homeowners. The media covered the changes in much detail in early 2018, and we wanted to share a few housing-related highlights with you as you get ready to file your 2018 tax returns. As you may know, the number of income tax brackets remains the same, but they include lower tax rates. Several itemized deductions, including moving expenses except with military households, interest on home equity loans unless used for home improvements, and more, have also been reduced or eliminated. Here are a few other important changes to keep in mind: Mortgage interest deductions are limited to a combined $750,000 of debt for both primary residences and second homes for any loans taken out after December 14, 2017. Current homeowners with loans made before that date are grandfathered into the previous deduction, allowing a combined debt limit up to $1 million. State and local tax deductions are capped at a combined $10,000 – this includes state and local property, income and sales taxes. Previously, these were fully tax […]
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Happy New Year! As we kick off 2019, we thought it was a great time to reflect a bit on the 2018 real estate market and look forward at 2019 predictions. The market in 2018 was consistently defined by lack of inventory across the country, and particularly here in the DMV. Will that low inventory trend continue into 2019? Experts are saying yes, but that the trend won’t be quite so severe. Here are a few more of the real estate trends that our team at Long & Foster expects to occur in 2019: Inventory will increase a little, but still not enough to meet demand. Inventory will expand this year, but primarily in luxury housing. While demand is strong for entry-level homes, there won’t be much more housing available in that segment. Mortgage rates are likely to rise. The Mortgage Bankers Association predicts that mortgage rates will reach 5.1% by the end of 2019. While that’s higher than the rock-bottom rates of the past few years, keep it in perspective – rates are still historically low. Home values will rise, but at a slower pace. The National Association of Realtors predicts that prices will rise about 3% in 2019 over […]
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The Hersh Group is proud to be participating again this year as a pie seller for the Food & Friends annual Slice of Life Thanksgiving pie sale. Buy a pie now, pick it up on November 20th, and celebrate the holiday while supporting this worthy cause! This Thanksgiving, serve a holiday pie that will warm your heart and help your neighbors. Each pie you purchase provides breakfast, lunch and dinner for a child or adult battling HIV/AIDS, cancer or another critical illness. Six days a week, Food & Friends provides nutritious meals to thousands of individuals in our community but they can’t do it without our support. Your contribution will make a direct impact in the lives of their clients, many of whom have nowhere else to turn. You can make their lives better by not only providing vital nutrition but hope and comfort in their time of need. Please visit our page to make a donation and purchase a pie for your holiday table and know that you’ll be bringing food to another family’s. Pie Flavors This year, thanks again to local pie baker Baguette Republic, these are the incredible pies on offer: Spiced Pumpkin Pie – $28 Thanksgiving would not be complete without this […]
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This September, Lisa Levine and the Hersh Group are proud to again sponsor the Bannockburn Music Festival 2018! The annual event showcases local musical talent in the Bannockburn neighborhood of Bethesda, MD, while raising funds for the maintenance of the historic Bannockburn community clubhouse. Lisa and her family are longtime neighbors and enthusiastic supporters of this great event, and we’re delighted to join them. It’s a great way to celebrate the Bannockburn community, local musicians and vendors, and a fun fall weekend, with a terrific lineup of local bands and artists each day. When Saturday, September 22nd, 2pm to 10pm Where Bannockburn Community Clubhouse 6314 Bannockburn Drive Bethesda, MD Festival Schedule* 2:00 – 3:00 pm Combo Skillet (jazz) 3:15 – 4:15 pm Bob Marley Workshop (reggae) 4:30 – 5:30 pm The Truck Farmers (country) 5:45 – 6:45 pm MyKey and Colin Kelly (original pop) 7:00 – 8:20 pm The Montgomery Warlocks (Grateful Dead) 8:40 – 10:00 pm The Allman Others (Allman Bros.) *at least one Bannockburnian in every group! Vendors Ted’s Woodworking Shop, Kathy Bryant’s Mustards & Condiments, Snow Cabin Pottery, Runaway Silver (Jewelry), Kathryn Bird Glassware, and Blugnu Products. Silent Auction Live Jazz Party, […]
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Don’t let mortgage misconceptions hold you back from homeownership or real estate investing! The mortgage process can sometimes feel like one of the most intimidating aspects of buying a home. When we talk to clients, we sometimes find that they’re letting misconceptions about borrowing keep them out of the real estate market. We’d like to share with you some recent developments you might want to consider if you’re thinking of purchasing a home or diversifying your investment portfolio into real estate. Mortgage interest rates are trending higher. The average 30-year fixed mortgage rate on home loans is currently around 4.5%, but that rate is projected to approach 5.0% by the end of the year. Although 5.0% is higher than what we’ve seen the past few years, it’s still historically low. Mortgage interest rates are influenced by yields on the 10-year Treasury, the benchmark that helps determine other interest rates. As investors move more money in the 10-year Treasury, the yield decreases, and 30-year fixed rates go lower. Conversely, as money is pulled out of the bond market and put into other investments, the yield increases, and 30-year fixed rates track higher. The 10-year Treasury yield is expected to gradually move […]
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