Rising Prices and Rates Impacting AffordabilityWith mortgage interest rates rising and the prospect of them going further north, and home prices increasing both locally and nationally, what is the
September Shorts
Dated: September 8 2022
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September Shorts
- The Federal Reserve Board meets again later this month and a significant rate hike is again expected. Many insiders are predicting a third consecutive three-quarter point interest rate increase. The Fed has increased interest rates four times this year for a total of 2.25 percentage points. Those hikes include two 0.75 percentage point increases in June and July, the most aggressive since the Fed began using its benchmark funds rate as its chief policy tool in the early 1990s. After the September 21 meeting, the Fed will meet two more times in 2022.
- The recently passed Inflation Reduction Act has some significant impact on commercial real estate owners who “go green”. One aspect: If a commercial real estate owner reduces a buidling’s energy use by 25%, they are eligible for a deduction of $2.50 per square foot. This ramps up to $5 per square foot if the owners hits a 50% reduction. Contact us – we can get into the details.
- The cost of a beachfront hotel room might depend on what the owner paid for the property. With that in mind, a note that the Dolphin Beach Resort on St. Pete Beach recently sold for over $84 million. That translates to $486,000 per room. Not unrelated, Tampa’s hospitality market average daily hotel rate was at an all time high through July of this year.
- Since we’re into the second of the year, it’s not too early to look into the 2023 real estate crystal ball. So what’s the number one issue affecting real estate heading into the new year according to The Counselors of Real Estate? Probably not a big surprise: Interest Rates and Inflation.
Bill Hunt
Have served the Tampa Bay area for nearly 25 years as a licensed real estate broker and mortgage loan orginator (Mortgage Assurance Corp./NMLs #1972428). Diverse knowledge and unique understandi....
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Updated on October 3, 2023 8:16 PM UTC
