Kathy Fleskes

07/01/2021

In May 2021, there was an increase in nationwide foot traffic on a month-to-month basis, and home showings were up 24% year-over-year.

05/15/2021

03/26/2021

The attic is a perfect and private place for a guest suite.

03/26/2021

See details for 5701 Heartwood Circle, Rockville, MD 20855, 5 Bedrooms, 5 Full/1 Half Bathrooms, 4998 Sq Ft., Single Family, MLS #: MDMC744506, Status: NEW LISTING, Courtesy: Long & Foster Real Estate, Inc., Provided by: Long and Foster

02/02/2021

It’s hard to believe it’s been nearly a year since the Covid-19 pandemic began and changed the way we live, work and play. Although tax filing deadlines were extended last year due to the pandemic, this year, the deadline is back to its usual April 15 date. As you prepare your 2020 taxes, here are a few housing-related items to keep in mind.

Home interest deductions.

· Mortgages that closed before Dec. 14, 2017: A married couple filing jointly and single filers can deduct mortgage interest on a combined debt limit of $1 million.

· Mortgages that closed after Dec. 14, 2017: For both primary residences and second home loans, mortgage interest can be deducted on a combined debt limit of $750,000.

Property tax deductions.

Taxpayers who itemize can only deduct up to $10,000 on a combination of state and local property, income and sales taxes. This applies to property taxes on your primary residence, a vacation home and undeveloped land.

Capital gains tax exclusions.

Married-joint filers can exclude up to $500,000 and single filers can exclude up to $250,000 when selling their primary home, provided they’ve lived there two of the past five years.

Those are just a few of the housing-related tax laws. Please consult your tax advisor for more information on how these and other tax deductions may apply to you.

If you have any real estate-related questions, please feel free to contact me. I look forward to helping you with your future real estate needs.

Thank you,

01/25/2021

Buying a home sight unseen might seem a little like playing Russian roulette. But the pandemic saw a spike in the number of such home sales.

12/03/2020

While 2020 has been an incredibly challenging year, housing turned out as a bright spot. Despite the impact of the coronavirus pandemic, homeownership rates rose to 67.4% in the third quarter, up from 64.8% the same period in 2019.
The fundamentals are in place for a continued strong housing market in 2021, particularly with expectations that mortgage rates will remain around 3%. Here are a few more of our predictions for the year ahead.
Home prices will rise. The law of supply and demand will drive prices higher, with 5% to 6% increases predicted on average.
Affordability will remain mostly positive. Low mortgage rates will offset rising prices, increasing the number of households who can afford to buy a home.
Inventory challenges will continue. While builders are expected to construct homes at a faster pace in 2021, there’s still a gap between demand and supply for new and existing homes.
Increased teleworking will influence housing. People will continue to work from home, affecting where they’re shopping for homes and what they’re looking for in those properties.
Vacation home markets will stay hot. In 2020, homeowners with rising equity and investors with high stock market profits drove a spike in demand for homes in coastal markets, which will continue next year.
Technology remains critical. Virtual tours, remote closings and video conferencing kept real estate moving in 2020, and virtual buying and selling will continue to lead the way in 2021.
Whether you’re looking to buy, sell or invest in real estate in 2021, I can help. With my partners in mortgage, title, insurance and moving, my Long & Foster family has you covered for all your real estate needs. Happy holidays!

10/30/2020

Why Real Estate is Leading the Economic Recovery
Though the Covid-19 pandemic has affected many industries this year, real estate is one that has bounced back surprisingly well. After a minor pause in April and May, the real estate market surged upward during the summer and is expected to continue to perform strongly in the fall and winter.
Why the Market is Strong Right Now
Low interest rates. Current interest rates have been under 3% for over 12 weeks, making buying a home an incredibly attractive option. These historically low rates are incentivizing people to move up their buying plans, which has revitalized the market. With rates expected to remain low throughout the next year, we can anticipate people continuing to take advantage of these rates.
Flight from density. As people continue working remotely, many individuals no longer feel the need to live near their workplace. This has led city-dwellers to move to the suburbs or exurbs to get away from crowds and be more socially distant. This has caused the market along the coast and around the suburbs to experience a rise in home sales.
Housing affordability. The current housing affordability index is 158.9, meaning the median household income has 58.9% more money than needed to afford a home. The index takes into account interest rates, median income and median home prices. With the current environment, consumers have strong buying power, allowing them to purchase homes they otherwise couldn’t afford.
In today’s competitive real estate market, Long & Foster’s integrated network of services makes it easier to navigate the market. I’m here for you and available to meet (virtually) and answer any questions you might have about buying or selling in today’s market.