Will the 2020 Housing Market Crash?

What’s the Future of the U.S. Housing Market?

If you were a homeowner between 2006 - 2012, or simply paying attention to national news, you’re aware of the housing bubble — also referred to as the housing market crash or the Great Recession. Housing prices across the United States began to fall drastically from 2007 - 2009. By 2010, housing prices stagnated.

Recently, however, housing prices have been on somewhat of an upswing due to higher demand and a drop in supply. Simply put, more people are moving and there’s not enough space. That being said, this rise has many in the housing industry concerned that recession is on the way. Here’s what you should know.

2020 Housing Market Predictions

A recent report by Zillow polled 100 real estate experts and economists about their 2020 predictions. Here are some of the key takeaways:
More than 50% of respondents said the next recession is likely to happen in 2020.
The main reason for this impending housing recession is monetary policy.
Current home prices have exceeded pre-2009 valuations across the country.

According to Zillow, the past few years post-housing bubble has been one of the longest economic expansions in U.S history.

The Long Island Housing Market 

As housing affordability remains an issue across the United States, the number of homes sold on Long Island continues to drop. The Multiple Listing Service of Long Island (MLSLI) released a report in September that shows a continued trend of higher prices, but lower inventory. Additionally, as sale prices rise, actual sales are dropping. According to the MLSI, there were 1,501 homes sold last August compared to 1,321 this year, which is a 12% decline.

Here at P.T.R.C., Inc., we are determined to help our clients pay the lowest amount of property tax as required by law. Contact us today to see how we can help you: info@ptrc.com

How to Host the Best Thanksgiving

If you’re planning on hosting Thanksgiving this year, you might already be stressed about it. There’s a lot that goes into this holiday, but it’s nothing planning ahead won’t fix! Make sure you know what it takes to host the best Thanksgiving at your house.

Cook Ahead of Time 

If you have foods that you’re planning on making that can be done a few days in advance, take that opportunity! Sure, your turkey needs to be done the day of, but desserts and side dishes can be done beforehand. This will give you more time to set up and prepare for guests.

Don’t Turn Down Help

Even though you are the host, a little help never hurt anybody. If someone is offering a helping hand, don’t turn them down! This also includes letting friends and family bring food, lessening your workload. Thanksgiving is a holiday after all, and you deserve to relax and spend time with loved ones, too.

Don’t Experiment The Day Of

One of the most fun parts of Thanksgiving is cooking new food you’ve never tried before. But, don’t cook something new for the first time on the day of Thanksgiving! Practice beforehand or stick to a more traditional recipe to avoid any last-minute disasters.

Prepare Early

This applies to both food preparation and non-food preparation. It’s important to make sure you have all the ingredients you need. Also, it helps to make sure you have the proper amount of silverware and dishes for your guests!

Know It’s Okay to Buy Food

Don’t have time to bake? That’s fine! There are plenty of stores around Long Island that make great desserts. If you have extra time the week before, consider going out east to get some locally grown farm pies!

Most importantly, don’t forget to relax and have fun! Thanksgiving is a time for surrounding yourself with people you love! Celebrate it with good spirits and good food!

Here at P.T.R.C., Inc., we are determined to help our clients pay the lowest amount of property tax as required by law. Contact us today to see how we can help you: info@ptrc.com

Why Fall is the Best Time to Sell Your Home

4 Reasons Why Fall is the Best Time to Sell Your Home

Many homeowners think that the opportunity for selling their house fades once the summer heat is gone — but autumn brings many fresh beginnings, including a new selling season! Here are some benefits to selling your home this fall, and how to get started.

1. Autumn Home Buyers Are Serious 

In the spring and summer, you may see a new open house on every other corner, every single weekend. While spring is the perfect time to begin looking for a new home, many potential buyers hold off on making an offer until the fall. In the spring, homeowners can choose to be picky, and they typically will extend their search for a few months. As August ends and September begins, however, more serious buyers will be anxious to move into a new home before winter weather and the holiday season. This is where your home comes in.

2. There’s Less Competition

As we mentioned above, post-summer home buyers have fewer homes to choose from, and with the stress of the holidays coming, they’ll want to make a choice. Most summer homes aim to close by September, so if your potential buyer hasn’t sealed a deal yet, you’ll be competing in a much smaller market. This can also play in your favor while discussing price.

3. Different Buyer Demographics

Families are more likely to move in the spring after school is out for the year, but millennials and those without kids are typically less restrictive with their timeline. In addition, employers who need to relocate their homes typically wait for the fall to avoid higher real estate rates.

4. More Flexibility for Renovations

Selling a home takes time, but before you even think of listing your home, you’ll need to make some final improvements. Winter weather can prevent a lot of home exterior work, but spending the spring/summer on this work and then listing in the fall gives you the time to make sure everything gets done.

Tips to Prepare Your Home for Resale in the Fall

If you’re preparing to sell your home this fall, consider some of these tips to ensure you secure the largest curb appeal in the neighborhood:

• Prepare your home for different demographics: Consider that empty-nesters may not want to see three bedrooms, but may want a workspace instead.
• Include photos from summer months: If you’re not changing the exterior of your home, opt for clear, bright photos with bright, full greenery.
• Make the necessary updates: Whether it’s adding a fresh coat of paint to your porch raking the leaves, make sure your home is ready to show!

Here at P.T.R.C., Inc., we are determined to help our clients pay the lowest amount of property tax as required by law. Contact us today to see how we can help you: info@ptrc.com.

The Most Rewarding Fall Renovation Projects

Increase The Value Of Your Home

Fall is the perfect time to increase the value of your home. Generally, colder temperatures allow you to spend more time outside comfortably without overheating. Therefore, you have a better chance of finishing any project that you start. Let's take a look at which projects or renovations can improve the value of your home.

Easy Home Improvements to Make this Fall

Not only will your home have a higher resale price, but you'll increase your curb appeal, as well, with these simple renovations:

•  Apply a fresh coat of paint to the front door.
•  Repair your deck and reapply stain.
•  Touch up the paint on the exterior of your home.
•  Evaluate your roof and complete necessary repairs.
•  Thoroughly clean the exterior of your home by pressure washing.
•  Update your windows for better efficiency all year long.
•  Replace or update your HVAC system.
•  Clean the gutters to ensure proper water control throughout the year.

 Any of these projects will increase the value of your home. Although they vary in just how much value they will add to your home. For instance, cleaning your gutters will not necessarily add value to your home. However, clean gutters will help reduce the damage that may occur throughout the year. 
Doing regular maintenance in addition to a few improvements will help maximize the value of your home. The best part is, all you need is a little time to complete the task!  In comparison, when you pressure wash or paint the exterior of your home, you are increasing the value instantly.

When you increase the value of your home, it is wise to expect your taxes to grow as well. However, Property Tax Consultants can help you get a reduction. Therefore, you now have every reason to finally do those renovations and repairs that have been bugging you for years. Just remember to enjoy the lovely fall weather while you are working outside to increase the value of your home.