Great information to consider before listing a home from Cherie Ware, Professional Organizer, Consultant and Trainer!! www.Organize Your Environment.com
1. Gather supplies-Boxes and markers for packing, containers for donations or yard sale.
2. Get Out your Calendar-Schedule dates for yard sale, donation pick-up, and target date for listing house.
3. Remove Clutter-Starting from the front door and working your way throughout the house. This is phase one in packing for the move, so if you can do without for a few months, pack away-you'll see it again at the next location.
4. Check the season-Out of season equipment and holiday decorations are an easy target for immediate packing.
5. Store it--If possible, rent storage space or a portable storage unit, like PODS or Pack Rat.
http://www.pods.com
http://www.1800packrat.com
6. Creatively conceal-For items that need to stay in the house, use stylish containers such as storage ottomans, plastic storage bins, or, decorative boxes.
7. De-personalize-Create an environment where prospective buyers can envision their own lives. Remove family photographs, excessive political or religious decor, and items that someone may find unpleasant (i.e. taxidermy).
8. Hide valuables-Time to secure items that are valuable, sentimental or fragile. Have peace of mind when strangers come to tour your home.
9. Head outside-continue same review process through garage, yard and any outside sheds. Remove dead plants, sweep porch and patio, and please pick up pet waste.
10. Spit & polish- You may hae stirred up some dust with all this work. thoroughly clean all romms-vacuum, freshen up drapes, shake out rugs and clean windows. your house will shine!
Friday, March 25, 2011
Tuesday, March 8, 2011
Want to avoid hefty homeownership-related tax traps? Here's how, courtesy of Trulia!
1. You Have to Itemize Your Return to Claim Your Deductions
During the recent debate on Capitol Hill about whether the mortgage interest deduction should be eliminated (it won't be, not anytime soon), it came out that nearly 40% of homeowners lose out on their major tax advantages every year when they fail to itemize their income taxes. If you own a home and otherwise have a fairly simple return, it might be tempting just to take the standard deduction – and if your mortgage, property taxes and income are low enough, the standard deduction might outweigh your homeowners' deductions. But you'll never know if you're losing out on the tax advantages of itemizing unless you try; before you grab a pen and start filling in that 1040-EZ grab those forms from your mortgage company and answer the questions on tax software like TurboTax, which will automatically do the math on whether itemizing or taking the standard deduction will result in the lowest tax bill – or the highest tax refund – for you.
2. Plan Ahead and Be Strategic When Taking a Home Office Deduction
According to the Small Business Administration, the average home office deduction is $3,686 – multiply that by your tax bracket – 15%, 20%, 30% or whatever it is, and that's what you'll save on your taxes by writing off your home office. Know, though, that the space you designate as your home office cannot be exempted from capital gains tax when you sell your home later. The $250,000 (single)/ $500,000 (married filing jointly) income tax exemption for capital gains is only good on your personal residence, after all – not including any space in your home you've claimed as your tax-advantaged office. If you foresee selling your home for much more than you bought it in the future, near or far, discuss this with your tax preparer to see if the few hundred bucks you save is worth the capital gains complication later.
3. Tax Relief for Loan Modifications, Short Sales and Foreclosures Is Only Around Through 2012
While the long-term housing outlook is beginning to look up, 2011 is projected to be the peak year for foreclosures during this market cycle. Distressed homeowners who are on the brink of a short sale, loan modification or foreclosure should be aware that normally, any mortgage balance that is wiped out by one of these outcomes is taxed as what the IRS calls Cancellation of Debt Income, or CODI.
Under the Mortgage Debt Forgiveness Relief Act of 2007, the IRS is currently not charging income taxes on CODI incurred through a loan mod, short sale or foreclosure on most primary residences through 2012. But right now, banks are taking many months, or even years, to work out mortgages in all of these ways; the average foreclosure in New York state right now occurs only after 22 months of missed mortgage payments. If you foresee any of these outcomes in your future, don't put things off. Do what you can to get to closure on your distressed home and loan, ASAP, while you won't have income taxes to add as the insult on top of your significant housing injury.
4. Project the Income Tax Consequences of a Refinance or Property Tax Appeal
Homeowners everywhere are working on applying for a lower property tax bill on the basis of the last few years' decline in their home's value. Those who have equity have flocked en masse to refinance their 7% home loans into the 4% to 5% rates of the last few months. These strategies offer some of the heftiest household savings out there for the corresponding investment in time and money they take. But here's a caveat for savvy homeowners who slash these costs: remember that property taxes and mortgage interest, the very costs you're minimizing, are also the basis for the major tax benefits of being a homeowner. So plan ahead for your income tax deductions to go down along with your taxes and interest.
5. Don't Forget Those Closing Costs
If you bought or refinanced your home in 2010, you may be so focused on your mortgage interest and property tax deductions that you forget all about your closing costs. Any origination fees or discount points that were paid to your mortgage lender at closing are tax deductible on your 2010 return, get this – even if the seller paid your closing costs. If you can't figure out exactly what you paid, look for your HUD-1 settlement statement, that legal sized paper full of line item credits and debits that you should have received from your escrow provider or title attorney at, or just after, closing. Can't find it? Drop your real estate agent or mortgage broker an email; they can usually get a copy to you quickly.
During the recent debate on Capitol Hill about whether the mortgage interest deduction should be eliminated (it won't be, not anytime soon), it came out that nearly 40% of homeowners lose out on their major tax advantages every year when they fail to itemize their income taxes. If you own a home and otherwise have a fairly simple return, it might be tempting just to take the standard deduction – and if your mortgage, property taxes and income are low enough, the standard deduction might outweigh your homeowners' deductions. But you'll never know if you're losing out on the tax advantages of itemizing unless you try; before you grab a pen and start filling in that 1040-EZ grab those forms from your mortgage company and answer the questions on tax software like TurboTax, which will automatically do the math on whether itemizing or taking the standard deduction will result in the lowest tax bill – or the highest tax refund – for you.
2. Plan Ahead and Be Strategic When Taking a Home Office Deduction
According to the Small Business Administration, the average home office deduction is $3,686 – multiply that by your tax bracket – 15%, 20%, 30% or whatever it is, and that's what you'll save on your taxes by writing off your home office. Know, though, that the space you designate as your home office cannot be exempted from capital gains tax when you sell your home later. The $250,000 (single)/ $500,000 (married filing jointly) income tax exemption for capital gains is only good on your personal residence, after all – not including any space in your home you've claimed as your tax-advantaged office. If you foresee selling your home for much more than you bought it in the future, near or far, discuss this with your tax preparer to see if the few hundred bucks you save is worth the capital gains complication later.
3. Tax Relief for Loan Modifications, Short Sales and Foreclosures Is Only Around Through 2012
While the long-term housing outlook is beginning to look up, 2011 is projected to be the peak year for foreclosures during this market cycle. Distressed homeowners who are on the brink of a short sale, loan modification or foreclosure should be aware that normally, any mortgage balance that is wiped out by one of these outcomes is taxed as what the IRS calls Cancellation of Debt Income, or CODI.
Under the Mortgage Debt Forgiveness Relief Act of 2007, the IRS is currently not charging income taxes on CODI incurred through a loan mod, short sale or foreclosure on most primary residences through 2012. But right now, banks are taking many months, or even years, to work out mortgages in all of these ways; the average foreclosure in New York state right now occurs only after 22 months of missed mortgage payments. If you foresee any of these outcomes in your future, don't put things off. Do what you can to get to closure on your distressed home and loan, ASAP, while you won't have income taxes to add as the insult on top of your significant housing injury.
4. Project the Income Tax Consequences of a Refinance or Property Tax Appeal
Homeowners everywhere are working on applying for a lower property tax bill on the basis of the last few years' decline in their home's value. Those who have equity have flocked en masse to refinance their 7% home loans into the 4% to 5% rates of the last few months. These strategies offer some of the heftiest household savings out there for the corresponding investment in time and money they take. But here's a caveat for savvy homeowners who slash these costs: remember that property taxes and mortgage interest, the very costs you're minimizing, are also the basis for the major tax benefits of being a homeowner. So plan ahead for your income tax deductions to go down along with your taxes and interest.
5. Don't Forget Those Closing Costs
If you bought or refinanced your home in 2010, you may be so focused on your mortgage interest and property tax deductions that you forget all about your closing costs. Any origination fees or discount points that were paid to your mortgage lender at closing are tax deductible on your 2010 return, get this – even if the seller paid your closing costs. If you can't figure out exactly what you paid, look for your HUD-1 settlement statement, that legal sized paper full of line item credits and debits that you should have received from your escrow provider or title attorney at, or just after, closing. Can't find it? Drop your real estate agent or mortgage broker an email; they can usually get a copy to you quickly.
Wednesday, February 23, 2011
Necessary information before buying!!
http://www.trulia.com/blog/taranelson/2011/02/surprising_insider_secrets_for_the_5_stages_of_buying_your_first_home?ecampaign=anews&eurl=www.trulia.com%2Fblog%2Ftaranelson%2F2011%2F02%2Fsurprising_insider_secrets_for_the_5_stages_of_buying_your_first_home
Tuesday, January 18, 2011
Market Update
This is still a great time to buy with 3 yr fixed rate at 4.71% and 15 yr at 4.08%. Keep in mind, most experts feel like rates could move upward this year and that can make a lot of difference in a monthly payment. A $200,000 loan at 4.75% vs 5.5% for 30 years fixed is $92 per month more in monthly payment and at $300,000 in loan amount that difference increases to $138 per month.
Friday, December 17, 2010
This week the upward push on rates continued because the economy continues to do better:
1. Initial Jobless Claims and Housing starts were both better than expected;
2. The Philly Fed Manufacturing Index was almost twice as strong as expected;
3. Retail Sales ex-auto was twice as good as expected;
4. And both the producer price index and the consumer price index came in higher than expected.
With economic growth comes the fear that inflation will return. For now - deflation fears have left the building, and the Fed appears to be on track with their goal of stimulating inflation. This drives rates up.
Also, the Dow reached levels not seen since Lehman collapsed over two years ago and this has caused outflows from the bond market (mortgages are bonds) to the stock market. This also forces rates up in order to entice investors keep buying bonds instead of stocks.
So, while it took six months for rates to drift down to their historic lows in October, it has only taken six weeks to see those rates disappear.
This week 30 yr. fixed rates ranged between 4.5% & 4.875% depending on program, credit and points. Have a great weekend!
1. Initial Jobless Claims and Housing starts were both better than expected;
2. The Philly Fed Manufacturing Index was almost twice as strong as expected;
3. Retail Sales ex-auto was twice as good as expected;
4. And both the producer price index and the consumer price index came in higher than expected.
With economic growth comes the fear that inflation will return. For now - deflation fears have left the building, and the Fed appears to be on track with their goal of stimulating inflation. This drives rates up.
Also, the Dow reached levels not seen since Lehman collapsed over two years ago and this has caused outflows from the bond market (mortgages are bonds) to the stock market. This also forces rates up in order to entice investors keep buying bonds instead of stocks.
So, while it took six months for rates to drift down to their historic lows in October, it has only taken six weeks to see those rates disappear.
This week 30 yr. fixed rates ranged between 4.5% & 4.875% depending on program, credit and points. Have a great weekend!
Wednesday, December 15, 2010
The holidays are quickly approaching, so many are busy with the hustle and bustle of the season. Despite the rumors floating around, this is a great time to buy. Interest rates are no longer in the low 4%, but are in the mid 4% heading towards 5% in the near future. Rates will most likely not be this low again in your lifetime, and the lower the interest rate, the further your money goes in terms of buying a home.
For those whe are serious about buying or selling a home, I am offering additional incentive for you to buy now. For all prospects who mention this letter, I will pay $1000 to go towards closing costs. Are you ready to look for a home now? Give me a call, and I will help you get started. Not quite ready yet? This offer will be good when your are.
For those who are not looking right now, keep in mind that I do give cash referral fees. Call me for more information today.
Happy holidays!
Mindy Farris
469.569.2968
mkfarris@gmail.com
www.mindyfarris.com
For those whe are serious about buying or selling a home, I am offering additional incentive for you to buy now. For all prospects who mention this letter, I will pay $1000 to go towards closing costs. Are you ready to look for a home now? Give me a call, and I will help you get started. Not quite ready yet? This offer will be good when your are.
For those who are not looking right now, keep in mind that I do give cash referral fees. Call me for more information today.
Happy holidays!
Mindy Farris
469.569.2968
mkfarris@gmail.com
www.mindyfarris.com
Monday, December 6, 2010
Loan Rates Heading for the 5% Range
The artificially low rates of October ARE a thing of the past and WILL NOT return. Did you miss the low 4% boat? You can still get on the mid 4% boat, but you'd better hurry. The 5 & 6% boats will be leaving later in 2011. Current rate is 4.46%, up from last week's 4.4%. This really is a good time to buy!
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