August Real Estate Statistics
Ø Median listing prices of homes dropped 3% from July 2022.
Ø Average home sold for less that list price for first time in more than 17 months.
Ø Supply of homes for sale up 27% from a year ago, and pending sales down 20% from July 2021.
Ø Average 30 year fixed-rate mortgages with conforming balances rose to 5.80%.
As housing inventory begins to rise this will in-turn give fix and flip borrowers, builders and developers a fresh look at options to purchase real estate at lower than asking prices. An old concept is coming about involving higher mortgage interest rates being an affordability issue for home buyers, but a viable increase in business for private money borrowers, and investors.
CGF is seeing an up-tick in private money lending inquires as traditional bank financing continues to show rising interest rates for real estate loans along with time-consuming paperwork, which turn potential profitable opportunities into lost deals. CGF can have an offer to a borrower in 48 hours and has closed real estate deals in as little as 5 business days and on average less than two weeks.
CGF website has new “Projects” tab enabling viewing of most recently funded projects with photos and descriptions. Check out “Projects” at www.cgf-inc.com.
Income Tax Corner
1. “Just taught my kids about taxes, by eating 38% of their ice cream.”
2. “People who complain about paying their income taxes can be divided into two types: Men and Women.”
3. “People that cheat on their taxes truly disgust me. This is not the world I want to raise my 27 dependents.”
4. “Intaxication: That nice feeling you get when you receive a tax refund until you realize it’s your money in the first place”.
Tax Court Cases – Medical Expense – A taxpayer was allowed to deduct costs on his tax return for a clarinet and clarinet lessons for his son. The reason was his son’s orthodontist recommended playing the clarinet to treat severe overbite.
Business Meals – A taxpayer met daily with colleagues to discuss company business. IRS balked when he deducted all these meals on his tax return. The Tax Court agreed with IRS, saying cost of meals was a non-deductible personal expense, even though business was discussed. Moral of the story is while a businessman can have his cake and eat it for dessert, as a taxpayer he can’t get a subsidy from other taxpayers for his meals.
www. cgf-inc.com – phone – Ken – 458-209-1484 or email email@example.com
Corporate NMLS – 1913112 MLO – NMLS -1913394
CGF, Inc. Private money lender – Inquire to compare
( September 2022)