My Motto

To Live, Laugh and Learn, and in no specific order



Thursday, February 17, 2011

95% Say its More Important than ever to Work with a Real Estate Agent


If you are considering either listing your home for sale or buying a home take a few mintues and read this article.  With the compexity of the Real Estate and Lending in todays market, its more important then ever to work with a professional.
Working with a Real Estate Professional is More Important Than Ever in Today’s Real Estate Market

RISMedia

Thursday, February 10, 2011

REALTOR® Magazine-Daily News-Forget the 'Starter Home,' New Buyers Want More

Here it is Sellers in black & white the buyers for your house want to just move-in. I've been saying this for a long time, but now there are statistics to back it.
Read On.....

REALTOR® Magazine-Daily News-Forget the 'Starter Home,' New Buyers Want More

Monday, February 7, 2011

Tax Benefits of Home Ownership

TAX BENEFITS OF HOME OWNERSHIP

Here are some great points that were made by By Stephen Fishman in an article that he wrote on Feb 4 2011 and I thought they were good enough to share with my readers.


Please remember that I am not a tax expert, as I am a Realtor, so any concerns that you have regarding these benefits, I advise you to contact a tax professional or accountant.

Original Article written By Stephen Fishman
Inman News™
February 04, 2011

When it comes to the tax benefits of renting vs. buying, the benefits of buying are many, while there are few or no tax benefits for renting. This simple fact can help get renters motivated to take the plunge into homeownership.

The tax benefits of buying a home include:
Home mortgage interest deduction: The interest paid on a mortgage or mortgages of up to $1 million for a principal residence and/or second home is deductible as an itemized deduction. In the early years of a home loan most of the payments consist of interest, so this deduction is particularly substantial during the first years of homeownership.

Depending on the state a buyer lives in and his or her tax bracket, this deduction can reduce the cost of borrowing by one-third or more.

Home equity loan deduction: Homeowners can borrow up to $100,000 against the equity in their home and deduct the interest as an itemized deduction. The money can be used for any purpose, such as paying off high-interest credit card debt. In contract, the interest on credit card debt is not deductible.

Property tax deduction: Homeowners also get to deduct from their federal income taxes the state and local property taxes they pay on their home. This is another itemized deduction that renters don't get.

Deductible homebuying expenses: Various closing costs ordinarily involved in a home purchase are also deductible as itemized deductions, including loan origination fees (points), prorated interest on a new loan, and prorated property taxes paid at settlement.

$250,000/$500,000 home-sale exclusion: Perhaps the greatest tax benefit of owning a home comes when a person sells it at a profit. Homeowners who lived in their home for two of the prior five years prior to its sale need pay no income tax on a substantial amount of their profit -- $250,000 for single homeowners and $500,000 for married homeowners who file jointly. This exclusion can be used once every 24 months.

14 days of free rental income: Another little known tax benefit of owning a home is that the owner can rent it out for up to 14 days during the year and pay no tax at all on the rental income. In contrast, a renter who sublets his or her rental must pay income tax on all the rental income he or she earns.

Tax benefits of renting
The only tax benefit that a renter can qualify for by virtue of being a renter is the home office deduction. This is a business deduction available to renters who own a business and have a home office they use regularly and exclusively for business purposes.

Some employees can qualify for this deduction as well. The deduction is limited to the amount of profit earned from the business each year. If a renter pays a lot of rent, this deduction can be substantial. Homeowners who are in business and have a home office can also qualify for the deduction.

Of course, the value of the tax benefits of buying a home depends on the state the buyer lives in and his or her tax bracket. Buyers who live in high tax states like New York or California get the most benefit.

This is why the blanket statement "it's always better to buy than rent" is not always true. It all depends on the buyer's individual circumstances.

You should encourage prospective buyers to run the numbers. There are some excellent websites you can refer clients to that have online calculators they can use to compare the costs of renting vs. buying a home.

A good rent vs. buy tool can be found on the Smart Money Magazine website: http://www.smartmoney.com/personal-finance/real-estate/to-rent-or-to-buy-9687/.

Freddie Mac also has a good online calculator: http://www.freddiemac.com/corporate/buyown/english/calcs_tools/.

Stephen Fishman is a tax expert, attorney and author who has published 18 books, including "Working for Yourself: Law & Taxes for Contractors, Freelancers and Consultants," "Deduct It," "Working as an Independent Contractor," and "Working with Independent Contractors." He welcomes your questions for this weekly column.

Monday, January 31, 2011

It's No Longer About Keeping up with the Jones'

If we have learned anything as we go thru these tough times, it's that its time that we stop trying to keep up with the Jones'.  It's time that the younger generation stops thinking that they deserve the best, and that thru time and hard work they can earn that right to have the things they want.  I can't even imagine 34 years ago when I got married of buying that brand new house, plus the new car and all of the other things that go along with it.  I remember garage sales and hand me down furniture and I still had a nice place to call home even thou it wasn't new.  I remember how good it made me feel when I actually bought my first brand new couch, and believe me I'm sure I appreciated it way more than those that think they deserved from the beginning.  Our very first home was special to me and I believe thats because it was filled with love and not payment books. 
If you are needing to change your financial behavior check out this article.....

Simple Tips to Change Your Financial Behavior

Thursday, January 27, 2011

7 Steps to Take Before You Buy A Home

Visit houselogic.com for more articles like this.
Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

Tuesday, January 25, 2011

Finance tips to Improve your Credit Score

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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

Monday, January 24, 2011

Tax Time Tips

5 Tips to Put More Money in Your Pocket

As we are coming to the end of January,  all W-2's for the 2010 tax year should he in your hand, along with any 1099's for any freeland or contract work done over $600 thats not declared by a W-2.  If you have not received your W-2 or 1099 if applicable by the first week of February, please contact your employeer.  By law, both of these forms must be mailed to the recipients by January 31st. 

This link offers some great tips to make sure you are getting the most money in your pocket.  Check it out..
Tax Time: 5 Tips to Put More Money in Your Pocket

Sunday, January 23, 2011

January 2011 Housing Trends




Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.


The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.



Please click here to view the JANUARY - 2011 Newsletter Housing Trends eNewsletter.






JANUARY - 2011 Newsletter Housing Trends eNewsletter

Friday, January 14, 2011

SHORT SALE the alternative to Foreclosure

Theres no doubt that times are tough, and as a Realtor I see it everyday from Home Owners that can longer pay their mortgages to those that want to buy a home but can't because of their credit. 

There is another option for those home owners that can longer pay their mortgage besides going into  foreclosure and that is a SHORT SALE.  Very popluar avenue right now that doesn't hurt your credit as bad as the foreclosure.   Give me a call and I will help to see if this is an option for you. 
  • Foreclosure Alternative: The Short Sale

    A short sale is far from hassle-free, but it’s a better alternative than foreclosure. And now you’ve got a little help from your friends in D.C. Here are the facts about short sales and how to get started. Read
Visit houselogic.com for more articles like this.
Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

Monday, January 10, 2011

Make 2011 the year to get your Credit in Shape

Do You Need Help with your Credit Fitness?


By Chris Kaucnik



RISMEDIA, January 6, 2011—Many home buyers now and into the foreseeable future will face tight lending standards and will need to improve their credit score to get prequalified or preapproved for mortgages. Be aware of the following steps your prospects can take for some speedy credit repair to gain lender approval and the best possible rates, especially if they are months away from a purchase:

Credit Card Wisdom

-Paying revolving credit cards down is generally more beneficial than, for example, paying down student loans, mortgage or auto loans.

-Always leave a 30% or higher gap between what you owe on the card and the card’s limit. Lenders look for this minimum gap.

-Use cards with care even if you pay off balances each month because depending upon statement dates, the lender may see big balances.

-Pay down the cards closest to their limits first for speedier credit repair. The lending bank will then see the “gap” it wants to see.

-Do not ask a creditor to lower credit limits. Generally, carrying smaller balances on several cards is better than one large balance on one card.

-Check your credit card limits to make sure the report is correct. Limits may not be reported on all cards.

-Never make a late payment on credit cards or any loan.

Protesting Items

-Protest any unjust negatives, such as late payments, collections that are not yours, and any items not reported as “paid as agreed,” if you paid on time and in full.

-Protest items listed as unpaid that were included in a bankruptcy, and items older than seven years (10 for bankruptcy).

-Focus first on the larger, newer negatives listed on the report.

It is important not to worry about smaller items like incorrect address information or an old employer listed as current. This is, of course, unless there is the possibility of identity theft or the file is mixed with someone else’s.

This is certainly not an all-inclusive list of the steps that can be taken to improve a credit score, but it is a great start for clients needing to focus on their scores before attempting to get preapproved and purchase a home through you.

Chris Kaucnik is marketing director for Home Warranty of America, Inc.

Friday, December 31, 2010

REALTOR® Magazine-Daily News-5 Reasons to Buy a Home in 2011

If you missed out buying that house in 2010, don't fret it,  2011 won't be quite as good as far as interest rates go, but they will still be excellent  rates compared to previous years. 
REALTOR® Magazine-Daily News-5 Reasons to Buy a Home in 2011

Wednesday, December 29, 2010

Is it possible that your house is making you sick?

 Is it possible that your house is actually making you sick instead of the common cold or flu bug.  Here are some great tips to nurse yourself and your house back to health.

Please read on....

Enhance Your Well-Being: Nurse Your Sick Home Back to Health


By Charles Furlough

RISMEDIA, December 29, 2010—A new home may have freshly painted shutters, a picket fence around it, and rainbow-colored flower patches leading to the candy-red door. But if the air quality isn’t good inside, those exterior niceties become insignificant—and—quite simply, you could get sick. “Sick building syndrome” (a term typically reserved for office buildings, but often interchangeably used with the term “sick house syndrome” when referring to private homes) is a combination of physical ailments—symptoms often include headaches, loss of concentration, general malaise and breathing problems. The cause: poor indoor air quality.

The less-than-clean air that contributes to sick house syndrome comes courtesy of a huge list of pollutants, which can be separated into three main groups: particles (lime and silica dust, lead paint chips, pet dander, carbon from burning fuels and candles, and mold and dust mites); fibers (asbestos, fiberglass, animal hair and carpet/textile fibers); and gases (such as paint and other caustic product solvents, and carbon monoxide).

These substances build up fast. They can either be inherent in the home, or tracked in on shoes and clothes (or via the family dog)—and they can adversely affect a person’s or family’s health. But don’t panic. Instead, take measures to reduce your exposure to the chemicals that cause sick house syndrome. Remember, this isn’t an exact science. Very few homes have absolutely no pollutants. The key is to reduce the number of pollutants as much as possible.

The following 11 steps will help you nurse your home back to health:

1. Use vacuums with HEPA filters. Your seafoam-green Electrolux from 1968 might be a swoopy retro design statement, but it’s not healthy to use anymore.

2. Use high-efficiency furnaces and hot-water heaters. Your local heating company can give you information on the newest, most efficient models.

3. Seal all gaps around your windows and doors. Some pollutants are tracked in on foot, but others float in through minuscule cracks.

4. Have your basement waterproofed to prevent mold from proliferating.

5. If you’ve been sleeping on your pillows for more than six months, there are probably enough dust mites on them to do the final dance number from a big Broadway musical. Change your pillows at least twice a year. And wash all bedding at least once a week—in hot water—to reduce the instance of allergens.

6. Avoid flannel pajamas as they contain synthetic fabrics that can house volatile compounds. While we’re on the subject of clothing—give all washable clothes you buy one wash, with Borax, before wearing.

7. When you’re buying your kids a toy, look for any labeling that indicates that Latex, neoprene or vinyl (PVC) is in it. If any of these substances are used, leave the item in the store. It’s not good for you—or your child.

8. When you’re done painting a room in your home, don’t store the paint for later use. Instead, write down the color name and number—most major paint companies have readily available touch-up containers in small sizes. (Similarly, don’t keep solvents, pesticides and fertilizers hanging around either).

9. Use doormats. Not only do they make people feel welcome—they whisk the germs off their feet before they have the chance to enter your home.

10. Whenever you can replace a porous surface with a smooth one, do so. A sleek leather rug collects fewer allergens than a loopy shag rug. Or, if you’re going low-budget—consider skipping the rug altogether.

11. Taking shorter showers is good for the environment, but it still exposes you to chlorine. Use a carbon filter on your showerhead to help reduce your exposure to chlorine and other harmful chemicals.

Friday, November 19, 2010

IT'S TIME*** Interest Rates are on the Rise

I intended to write a post last week about the rumor that interest rates were going to starti ncreasing, but I just got busy and didn't get it done. We had our office meeting this past Monday morning and our in house Lender with ERA announced that yes indeed we are going to start seeing a rise in interest rates.
I just received a report with actual statistics of what this past week has seen with actual interest rates so you can read for your self, that Yes, we have seen the bottom and we are starting the move to higher rates. MORTGAGE RATES RISE SIGNIFICANTLY Even thou the rates are starting to increase, it is not too late to still get a good rate. Compared to what they were 2 years ago, these rates are phenominal and will still save you $$$$$$$$$$ in your monthly payment.

Visit my website www.AllAlabamaHomes.com to find your dream home, and give me a call. I can still get you in your new home before the end of the year.

Thursday, November 18, 2010

Does Your Siding Need A Bath???

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Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®

Saturday, November 13, 2010

When is Foreclosure Removed from your credit

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Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®

Sunday, November 7, 2010

Yes Virginia, It is the right time to buy a Home

Unless you are living under a rock, you all know that interest rates are at an all time low, and it truely is a buyers market right now, so why haven't you jumped off that fence and committed to finding a home to buy? From the information I've gathered from talking to clients and hopefully future clients, they are still waiting for that perfect right time!!!! Some are holding out for the house they have had their eye on, and waiting for the price to go down! For those of you in this category, it truely is time to jump off of that fence and dive in, because every updated information that we are getting says that the bottom has hit and I read yesterday that 10 states have already posted that their last months home sales prices actually increased over asking price. With 10 states already showing that trend, it won't take long and we will see more states added to this upward trend. Then when the interest rates starts rising also, you will be kicking yourself that you didn't get in. Just to show you some numbers I'm going to sell a $100,000 house at different rates so you can see.


$100,000 house on 30 yr loan @ 4% interest= $477.42 month (interest & principal only)

@ 5% interest= $536.82 month +$59 mo = $712 yr (more)

@ 6% interest= $599.55 month +122 mo = $1464 yr (more)



So you see the difference in getting the lower interest rate!!!!! These interest rates are not going to last forever, they have already speculated that these will be rising.



Now I know that there are many of you that have credit score issues so you can't buy a house right now, but did you know that if you contact a Realtor, we can get you lined up with a mortgage lender that will work with you to get your score raised? It can be done if you are serious about buying.

Give me a call, I have alot of contacts that are willing to work with my clients.



For the next group of future buyers that are renting at the present, have you ever had some one sit down with you and the show you the feasibility of you buying a house instead of renting? Yes this can be done also. I also have a rent vs buy calculator program that spells it out for you. Just plug in the numbers they ask for and see where you end up, I believe that you will be surprised.



More more information for buyers and sellers or to see whats new in real estate visit my website

I have a Real Estate News Radio on my home page that will keep you up to speed on the market interest rates etc.... plus some fun helpful things for around the house. The radio news changes each week, so be sure to keep checking back.



Until next post.....



Julie

Wednesday, October 20, 2010

You are in control of your credit score

There are things in life that we can't control, but your credit score is not one of them. If you are looking to buy a house in the future, you need to read this. It's never too late to fix your credti score.
http://For Your Clients: Improve Your Credit Score Before Searching for a Home

Monday, October 4, 2010

Finally closed

Well it finally happened. We closed on the short sale on Sept 28th, 2 days before this home went into foreclosure!!!!! Why put off today what you can do tomorrow I believe is the work ethic that this particualr lender was using. Once we got another Lender involved, it was only 5 days and we finally got to close. Should we have done this sooner? oh yes, but as long as we learned something from this, it wasn't all a lost experience.
On to the next one........hopefully there will be another one!!! Working with a good buyer now, just trying to find that perfect house for them that meets all of their needs.
Let's go all of you buyers that are sitting on the fence, you can't pick a better time than the present to be buying a home.

Thursday, July 29, 2010

still trying to closing a short sale

You guessed it, no closing yet but we are getting closer. If I could share some good comments about doing a short sale, I sure would pass them on to you, but right now I know of none. According to the lender as of 6:00 this evening we should have the package to close on Monday Aug 1, but I am not holding my breath.

Are we at the bottom of this real estate crisis, or will the entire real estate market turn into short sales. If this is the way of the future, someone needs to step up and educate some of these Lenders on how this process needs to go to get these closed. Luckily i have only been working on this since April, but another agent in our office has been working on hers since January! There is no excuse in that. How can a buyer make plans to vacate their current residence to move in the home they are purchasing when this type of sale is so up in the air? The buyer on my short sale is renting on a month to month lease, but what if you sold your home to coincide with the closing of the short sale you are trying to purchase. It's impossible to do. You have to put your stuff in storage and either move in with friends/family or at the worst a motel.

At the end of the day, buyers are walking away from the short sale when it continues to go on for months and months. And who wins then.......nobody.

Sunday, July 25, 2010

still trying to close on a short sale

On my last post I was talking about the short sale that I had been working on since April and that we were supposed to go to closing on Friday. Well I'm not sure exactly who's fault it was that we didn't close, but I can tell you in all honesty it wasn't mine. The underwriter was asking for more information 1 hour before we wer set to close. Now that our agreement has expired from Bank of America, I'm not sure were we stand. More phone calls and pleading is I guess what I will be doing tomorrow. i can tell you this thou, the commission split isn't quite fair on this as during a short sale the listing agent does all of the work. Oh well, it will all even out in the end. Hopefully I will be on the buyer side of one of these someday, and I will just sit back and enjoy (or pull my hair out) the ride.

Thursday, July 22, 2010

My very first blog

Hello world, this is my first attempt using a blog. All I hear in the real estate world is that you need a blog to stay current, so here goes.

I've been working on a shortsale on a listing of mine since April, and if all goes well we are supposed to close tomorrow at 2:00. This was my first short sale, and actually it wasn't too bad. I had a great contact at Bank Of America (Equator is the third part site they are now using for short sales) that has explained step by step how this will work. So keep your fingers crossed, but its all up to the buyers lender right now.

Actually short sales is a great way to get a wonderful home at a greatly discounted price if you have the time and patience to work thru the system. Not everybody can wait 3-4 months and sit on pins and needles until its finalized. The buyer in this case has been renting, and is on a month to month lease, so this process was great for them. It wouldn't work as well if you sold your home and need to be out before the short sale process is finished unless you can go into storage and find a short term rental. So for those of you that can be flexible.....take a good look at buying a short sale home.