What Realtors® Need to Know About 1031 Like-kind Exchanges
Recognition of 1031 like-kind exchanges was included in Pennsylvania legislation this year and will take effect on exchanges initiated after Jan. 1, 2023.
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Competition Among Buyers Falls to Two-Year Low
Homebuyers facing competition fell to 44.3% in July, representing the sixth consecutive month of decreases.
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Median Home Sales Price Jumps in July
A report prepared for the Pennsylvania Association of Realtors® showed the median sales price of homes sold last month was $219,154, up several thousand dollars from June.
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Millennials’ Debt Continues to Impact Their Homebuying Dreams
While 53% of millennials are homeowners already, 40% of those homeowners do not think they could afford a home in today’s market.
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Climate Change’s Impact on Homeowners
More than 60% of homeowners under 35 predict they will have to move in the next three decades due to climate change, especially those with children (77%).
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Philadelphia, Montgomery County Named Two of the Most Resilient in Housing Market
If the U.S. were to face a recession, these two areas have the second and third lowest risk score, behind only Akron, OH.
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PA Department of Revenue Warns Businesses of Scam
According to the department, scammers are sending letters with the Department of Revenue’s name and logo to businesses requesting accounting records.
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PAR’s Eric Rehling Accepted Into NAR’s Leadership Academy
Rehling, who has been in the business for 20 years, is a former PAR district vice president.
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Misrepresentation of Property is the Top Claim Filed Against Realtors®
One of the top reasons Realtors® receive complaints is the misrepresentation of property, making up about 70% of claims, with water issues topping the list.
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National Foreclosures Up 153% Year Over Year
Foreclosure filings in the U.S. reached 164,581 in the first half of 2022.
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