Five Signs the Housing Market is Cooling

If you are in the market for a new home you may be wondering if the rapidly expanding size of the housing bubble has eased and is beginning to cool down. There is good news for home buyers, the ridiculously fast pace of the real estate market has been slowing down for a while now, here is why:

Home Prices are Subsiding

Although home prices continue to go up year over year, there has been an evident shift in the market that may be considered more of a normalization than a correction. The rapid pace following the pandemic boom in early 2022 was too hot not to cool down. Though home prices are still on the rise, just as they have always been, the growth of the increase has continued to subside.

Increased Levels of Inventory

Over the last couple of years, all economic markets felt the strain of supply and demand. The housing market was no exception, demand for housing was high and the supply was low, in turn causing home prices to rise.

Despite the fact that there are still fewer homes on the market than those at pre-pandemic levels, in early 2023 the number of active listings in the U.S. has increased dramatically from that of the previous year, in fact, a whopping 65.5%! Buyers will have more inventory to choose from and continue to see more homes on the market as 2023 progresses.

Listings Spending More time on the Market

The challenges within a red-hot real estate market the last couple of years saw low inventory, bidding wars, fast sales, buying sight unseen and higher prices. Fast forward to January of 2023, the average home spent 75 days on the market. The pain of rising interest rates and higher mortgage payments cause pause making house hunting less attractive for those considering entering the market.

Less Interest in Buying

One of the truest signs that the housing market is cooling off is that people are not showing interest in buying homes. We know this because fewer people are applying for mortgages. In addition, consumers have an eye on rising interest rates and the overall cost of living.

Sellers Lowering Their List Price

A significant indicator that the housing market is cooling, as home sales continue to slow month to month buyers may actually start to see prices dip, sellers are lowering their asking price. In the cooler market, there are fewer buyers, sellers are getting nervous and in order to beat out the competition are more willing to chip away at their list price.

Signature Relocation has been a full-service relocation provider building relationships in the industry for over two decades. Trust that with Signature Relocation you can expect a knowledgeable team of leading experts devoted to taking the stress and hassle out of researching, negotiating, and scheduling your next move. It is our highest priority to provide the highest quality in the industry ensuring the transition to your new home is a seamless part of your relocation.

To learn more information about the quality services we offer you can visit us at www.signaturerelo.com, or contact us by phone (877-373-0691) or email (info@signaturerelo.com) for more information.

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Happy President’s Day – Signature Relocation

“If not us, who? If not now, when?” — John F. Kennedy

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How Signature Relocation Can Assist You: Policy Benchmarking

In business, benchmarks establish a starting point and map a path of continued progression. By establishing benchmarks, you gain perspective on what is working and what’s not, opportunities, and achievable goals. Knowing what was and was not successful is a guide for what to focus on.

Whether you are building a new program or reviewing and enhancing an existing one, Signature Relocation focuses on the structure and framework of your organization building a customized program that begins with your business goals and priorities. Implementing both policy expertise and comprehensive data, Signature Relocation ensures your organization achieves the highest quality in the industry putting cost-effective and competitive policies into place.

As an experienced relocation management company, Signature Relocation is dedicated to fostering continuous process improvement by carefully evaluating each benefit around the goals and culture of your organization. Some services to consider to enhance talent recruitment and talent retention might include the following:

To learn more about how Signature Relocation can provide your organization with the best-in-class employee experience combined with the highest quality in the industry, you can visit us at www.signaturerelo.com, or contact us by phone (877-373-0691) or email (info@signaturerelo.com) for more information.

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Join Signature Relocation at the Mile High SHRM Annual HR Conference!

Attending the annual Mile High SHRM HR Conference, on February 3, 2023?

Signature Relocation is looking forward to networking with friends, building relationships, and taking some time to connect. Please consider joining us at the Hyatt Regency Denver Tech Center, 7800 Tufts Avenue Denver, CO Friday, February 3rd anytime from 7 am to 4:30 pm.

Signature Relocation is eager to make connections face-to-face assisting you with any changes your organization may be facing regarding workplace relocation.

We hope to see you there.

Register for the conference here: https://bit.ly/3Cx4wQb

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Happy Hanukkah From Signature Relocation

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Year-End Preparation & Tax Gross-Up

Prior to the Tax Cuts and Jobs Act of 2017, some relocation benefits were not considered taxable income for employees. Employers could also deduct relocation expenses sustained when relocating their employees. As a result of this legislation, employees now have to pay tax on most benefits they receive and employers can no longer classify relocation expenses as tax deductible.

Relocation expenses, both reimbursed to an individual or paid to a vendor on behalf of an individual, are taxable income to the individual. Beyond cash payments and bonus incentives, the cost of flights and moving fees paid by a company whether temporary or permanent are all taxable. At the organization’s discretion, taxes owed by the employee on third-party payments may be reimbursed.

Reimbursement of taxes owed is also known as “gross-up”. Gross-up is additional money an employer pays an employee to offset additional income taxes the employee would owe the IRS when that employee receives company-provided benefits, such as relocation expenses.

One of the most challenging aspects of an employee relocation is year-end preparation and tax gross-up. The process of preparing to facilitate efficient tax filing and reconciling all of the data that has accumulated over the past year on the part of the transferee can be a very daunting task.

Here are some things to consider when preparing for year-end and tax gross-up:

  • Identify employees that received relocation services
  • Indicate due dates, being mindful of where a fiscal year-end reporting schedule applies
  • Account for all compensation data including income, incentives, flights, moving expenses, etc.
  • Double check addresses, social security numbers, wages, benefits, vacation, and sick time
  • Include final payroll reports of the year, inclusive of year-end incentives and bonuses
  • Send data ahead of time when possible due to locations with quick turnaround times to make final tax payment of the year

Best wishes in hoping you have a successful year end!

 

About: Signature Relocation has been a full-service relocation provider since 1998. We offer a complete range of domestic U.S. and global relocation services. Signature Relocation provides custom-based support in program administration and single-point-of-contact management of home sales, destination services, household goods move management, and international assignment support.

To learn more information about relocation tax preparation & gross-up or the quality services we offer you can visit us at www.signaturerelo.com, or contact us by phone (877-373-0691) or email (info@signaturerelo.com) for more information.

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Lori Swarthout Named Signature Relocation’s Global Account Manager

Signature Relocation, an unprecedented leader in relocation for delivering the highest quality in the industry, continues to build its Global Accounts team. We are so pleased to announce the promotion of Lori Swarthout to the position of Global Accounts Manager!

Lori has been working in the relocation industry for over 10 years and has been building relationships at Signature Relocation since 2016. Her background in the industry gives her unparalleled insight and an ability to deliver not just a relocation, but an experience with attention to detail rooted in each and every employee relocation.

During Lori’s time with Signature Relocation, she has built some of the strongest accounts and has been instrumental in helping shape Signature Relocation’s approach to providing the highest quality in the industry. Lori’s strategic skills, product and industry knowledge, and strong client service orientation bring a wealth of knowledge to the Signature Relocation team.

Please join us in congratulating Lori on her new role!

For additional information about Signature Relocation, visit us at www.signaturerelo.com or contact us by phone at (877-373-0691) or email (info@signaturerelo.com) for more information.

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International Agriculture Company Selects Signature Relocation

Signature Relocation has strategically assembled its team to lead and assist a recently signed International Agriculture Company, with global initiatives relocating employees throughout North America, Africa, and South Asia. Signature Relocation was selected for its unlimited ability to improve the quality and experience of employee relocation, also reducing costs, time, and stress for their Human Resource Professionals.

With over 20 years in the industry, Signature Relocation has extensive experience in the management of global household goods (HHG) and will apply this collection of quality through a single point of coordination; assisting relocating employees with destination services, immigration, temporary housing, rental assistance, U.S. Domestic HHG, Global HHG management, and tax gross-up when applicable.

Signature Relocation takes pride in building relationships, thoroughly understanding the needs of our global mobility clients to manage all aspects of employee relocation, helping employees feel confident about the relocation process, and paving the way for a faster more seamless move.

To learn more about how Signature Relocation can provide your organization with the best-in-class employee experience combined with the highest quality in the industry visit us at www.signaturerelo.com or contact us by phone (877-373-0691) or email (info@signaturerelo.com) for more information.

 

“Quality is not an act; it is a habit.” – Aristotle

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