New FHA Loan Limits for 2023
New loan limits have been announced for FHA loan programs. They will go into effect on January 1, 2023.
Basic FHA mortgage limits for single-family homes: $472,030.
This represents a $51,350 increase from the current $420,680 limit for single-family homes.
High-cost area FHA mortgage limits for one-family homes: $1,089,300.
This represents a $118,500 increase from the current $970,800 limit for single-family homes.
Some counties' FHA loan limits will fall between the basic and maximum high-cost limits. For example, the 2023 one-family loan limit for Denver County, Colorado will be $757,750, which is a $73,500 increase from 2022's $684,250 limit.
For a preview of 2023 loan limits visit HUD's Mortgage Limits page. You may search for FHA limits by state and county, or by Metropolitan Statistical Area (MSA) codes.1
Holiday Tips to Attract More Clients in 2023
As business slows during the December holidays, it's a good opportunity to invest time in connecting with prospects while spreading some cheer. Here are five marketing ideas that will help you to get into the spirit of the season and jump-start your business for 2023.
1. Send holiday cards to past clients.
Fewer and fewer people mail holiday cards these days. That's why beautiful greeting cards with handwritten notes always stand out. If you're lucky enough to have a long list of past clients, do a few each day to make it easy on yourself.
2. Host a holiday housewarming gathering for recent buyers.
If one or more of your clients are comfortable with the idea, help them throw a holiday party in their home to introduce them to new neighbors. Provide the food and drinks – and be sure that everyone who attends signs a guest list so you can send a "thank-you" card to each of them.
3. Send holiday postcards.
No time to write individual holiday cards? Remind your clients that you appreciate them by sending festive postcards with your contact information. It's a fun way to spread some holiday cheer while you keep your name top of mind.
4. Throw a cookie exchange party.
Host a cookie exchange and invite past and current clients, friends, and even family members to bring one dozen cookies over. You can spend quality time making important business connections while attendees choose cookies to take home with them.
5. Support a family in need.
Work with a church or another charitable organization to adopt a family for the holidays. Ask those in your circle to contribute toys, clothing, money, or non-perishable food items. Don't forget to promote your adopt-a-family drive on social media. You'll make a lot of connections while you help those less fortunate.2
Apps to Protect You and Your Transactions
Most real estate pros protect themselves and their businesses with digital signatures, lock boxes, and MLS technology.
But other tools are available that can secure sensitive documents, block scammers, protect fund transfers and shield your browsing history from being exploited. Here are four of them:
- Keepingly. A new, secure platform that safely stores sensitive documents, such as insurance, inspection, home warranty, title, and mortgage documents.
- Blink. A cybersecurity program that protects you against a range of attacks, including smishing (fraudulent texts), phishing, social engineering, cyber fraud, identity theft, data breaches, and even extortion attempts.
- Earnest. A secure platform to transfer funds for earnest deposits. The service is expanding to include all types of payments in a real estate transaction, potentially eliminating the need for wire transfers – and the danger of wire fraud.
- DuckDuckGo. An internet browser that doesn't collect your personal information, search, browsing, or purchase history. DuckDuckGo blocks trackers from Google and many other companies across the web.3
Pantone Introduces Their Color of The Year
According to the Pantone Color Institute, Viva Magenta is the "it" color for 2023.
A nuanced crimson-red tone that balances warm and cool, the company describes it as "a shade rooted in nature descending from the red family and expressive of a new signal of strength." It also characterizes the color as an unconventional shade for an unconventional time, describing it as empowering, electrifying, audacious, and inclusive.
Pantone's selection process involves reviewing the world's travel and entertainment sectors, new technologies, cultural events, and socioeconomic conditions. This year the firm's experts saw a "heightened appreciation and awareness of nature" as more homeowners brought plants and florals into their homes. More were finding more enjoyment in outdoor recreation and travel as the pandemic continued to wane.4
Five Ways Inflation Affects Real Estate
The current inflationary environment is causing some would-be home buyers to question when to move forward with their plans. This is understandable, considering the different ways inflation may affect residential real estate. Here are five things to expect.
1. The cost of borrowing increases.
Banks will increase their interest rates, tighten their underwriting standards, and offer fewer loans to reduce risk.
2. New construction suffers.
Building materials and labor costs rise, which may result in some builders postponing new construction or restructuring purchase contracts.
3. Property values rise.
Because inflation causes fewer new builds due to increasing construction costs, property inventory levels can significantly decrease. This may cause demand to rise, which increases home prices.
4. Real estate can be a good hedge against
inflation.
As people adjust their budgets to rising costs, travel plans are often postponed. Therefore, vacation rentals can experience low demand, especially in locations that are more dependent on the tourist trade.5
Sources: 1themreport.com, 2theclose.com, 3nar.realtor, 4npr.org, 5entrepreneur.com
Recent Comments