Posts Tagged ‘home’

Real Estate Home Mortgage Deduction Soon to Vanish

The American Dream is often paired with owning one’s own home.  For decades Legislator’s have protected that dream with allowing home owners to claim the mortgage appeal paid on their homes as a tax deduction.  With a possible phase out of this deduction, may possibly the dream fade?

“There are no cows more sacred in the tax code than the deductions for mortgage appeal and property taxes. Together, they add up to at least the $ 75 billion annual subsidy for housing and Homeowners. ” The New York Times.

In 2002, 37.2 million taxpayers claimed the deduction, writing off 6.6 billion, or about ,000 per taxpayer. Representing about 37% or so of itemized deductions, it was slightly more than itemized deductions for deductible disorder and local taxes, and twice as much in deductions as charitable donations.  Clearly, the mortgage deduction is vital and worth a huge amount of money.

In 2005 it was estimated that:

* The mortgage appeal deduction will cost the Treasury .6 billion, according to congressional estimates.

* The 0,000 and 0,000 tax-free exclusions of home sale profits for single sellers and joint filers, respectively, will cost billion .

* Property tax enter-offs cost billion, and tax subsidies for local and disorder housing bond programs account for  billion.

When a congressional committee examined the distribution of homeowner repayment for 2004, it found that people earning 0,000 and more a year – just one-half of 1% of all homeowners filing for deductions – pocketed 22% of the .2 billion in enter-offs in 2004.

In 2007, Rep. John D. Dingell (D-Mich.) unveiled a draft of his “carbon tax” governmental reform package. Part of this draft legislation was a phase out the mortgage appeal deduction on large homes. The phase-out schedule for the mortgage appeal enter-off, beginning with houses of 3,000 square feet, which would lose 15 percent of their deductions, and ending with houses of 4,200 square feet and larger, which would receive no deductions at all.

Dingel said: “In order to address the issues of climate change, we must address the come forth of consumption-we do that by making consumption more pricey.”

Naturally, with the real estate market bust, the Dingell package was shelved. Once the housing market recovers, lets’ say two years from now, it’s a very excellent bet the administration will be looking hard at ways to increase taxes to pay down the huge bailouts. The unusual financial troubles and the go to green, will be the perfect time to push through such legislation.  Unlike the Dingel proposal ,which was aimed at larger homes, the future legislation will most probably cover all mortgage appeal deductions. To increase its’ chance at passage, it is a excellent bet it will be a phased in plot with deductions decreasing over a number of years.

To get the reversal of the sacred deduction started, President Obama’s impending budget proposes a cap on the mortgage appeal rate deduction.  Couples earning 8,850 or more would loose the deduction. Where currently households at the 33% and 35% tax rates are allowed the deduction, Obama would reduce their deduction to only 28% of the value of those payments.  This is likely a first step to what seems to be a total elimination of mortgage tax deduction.  If (when) this passes, Obama will find it simpler to lower the earning cap for the mortgage tax deduction, leading up to an even lesser amount in the future.  It seems on the horizon that the mortgage appeal rate will be only for low income earners.

Tips For Military Home Buyers Who Are Buying San Diego Real Estate

San Diego County is home to one of the largest concentrations of military bases in the United States. In fact, the San Diego area contains 12 major Marine Corps and Navy bases and facilities. If you’re in the military and moving to San Diego, one of your largest decisions is whether to buy a property, live on base housing (if this option is unfilled to you), or rent a home or apartment. If you choose to buy a property, there are many issues to consider before taking this step.

BUY OR RENT?

The choice to buy or rent is more complicated for military personnel because you may be assigned to San Diego only for a limited period of time. If you plot to hold even as in San Diego and then sell when you transfer, the condition of the real estate market at the time you sell will make this either an simple or hard process. In a seller’s market (when demand exceeds supply), properties tend to sell quickly and at or above asking price. In a buyer’s market (when supply exceeds demand), properties usually take much longer to sell and may sell below asking price. Individuals in the military should consider this come forth in determining whether to buy or rent real estate in the San Diego area.

For those who choose to buy, the major other consideration is the likely appreciation rate of your property during your tenure in San Diego. If you plot to sell your property before you depart to your next assignment, you should remember that there are expenses (e.g. realtor fees, taxes, etc.) associated with selling your house, and any price appreciation you realize by owing the property for a few years, may or may not be offset by these fees.

Some individuals choose to keep their property even after they transfer to a new assignment outside of San Diego. In these cases, you can rent out the property, leave it empty, or find another acceptable use of the abode. If you choose to hire a Property Manager to oversee the renting and maintenance of your property, keep in mind that the fess for this service will cut into any monthly profit you realize on the property.

GETTING A HOME LOAN?

If you choose to hold a property, obtaining a home loan is one of the tasks you must undertake. Many active-day members, retirees and other service veterans are eligible for special loan programs guaranteed by the Veterans Administration (VA).

To be eligible for a VA guaranteed loan, you must have served on activity duty and have a discharge status of other than dishonorable after a minimum of 90 days of service during wartime, or a minimum of 181 continuous days during peacetime. There is a minimum 2-year service requirement for veterans who enlisted after September 7, 1980. The 2-year requirement also applies to Officers who started service after October 16, 1981. There is a minimum 6-year service requirement for National Guard members and Reservists, and surviving spouses are also eligible under some conditions. There are other special conditions in which a self may be eligible, so contact your local VA office to get more information.

WHAT IS VA GUARANTEED LOAN?

The VA loan is a federal promise of a maximum of 25% of a home loan amount but not to exceed 4,250. This formula allows eligible members to take a maximum loan amount of 7,000 (as of 2006). But, service members must meet other eligibility requirements. Individuals borrowing using this type of loan must intend to be occupants of the bought property.

Confidential lenders are the source of funds for VA guaranteed loans. The promise provides these confidential lenders assurance that the federal government will reimburse the lender up to the maximum allowable amount if the borrower fails to reimburse the loan. Because of this promise, lenders are more propitious to offering loans without a requirement for a down payment.

VA CERTIFICATE OF ELIGIBILITY

Individuals desiring a VA guaranteed loan must first take a Certificate of Eligibility from the Veterans Administration (VA Form 26-1880). Contact your local VA office to take this form by calling 1-888-244-6711. You will need a copy of your military discharge document (DD-214) to submit with your application. Once you have the Eligibility Certificate, you can then select a lender or mortgage broker to work with on getting the loan.

CLOSING COSTS

In addition to the hold price of your property, there are closing costs that must be paid to process your home loan. These closing costs are fees that are charged by different service providers to help complete the loan process. For example, your lender will require an appraisal of the property to make sure that its value is at or above your hold price. Other charges commonly built-in in closing costs are: recording fees, credit report fee, prorated taxes and assessments, hazard insurance, flood insurance (if required), survey, title examination, title insurance, postage and shipping fees, and the VA Funding fee.

WHAT IS THE VA FUNDING FEE?

The VA charges a fee to individuals utilizing the VA guaranteed loan. This fee is a percentage of the loan amount and is linked to the size of your down payment on the home you plot to hold.

For active-duty personnel or veterans who place no money down, the funding fee is 2.15% of the loan amount. This rate increases to 2.4% for National Guard/Reserve.

For active duty personnel or veterans who place a down payment superior than zero but less than 10% of the loan amount, the fee is 1.5% of the loan. This rate increases to 1.75% for National Guard/Reserve.

For active duty personnel or veterans who place a down payment of 10% or more of the loan amount, the fee is 1.25% of the loan. This rate increases to 1. 5% for National Guard/Reserve.

The rates listed above are for first time users of the VA loan promise program. Individuals who have used the VA guaranteed loan program before pay higher rates than first time users. The rates above are subject to change. In some limited cases, individuals are exempt from paying the funding fee. You should contact your local VA center for current information.

CHOOSING A VA LOAN VS. A CONVENTIONAL LOAN

You must carefully evaluate the terms of the VA guaranteed loan vs. the terms of a conventional loan. One advantage of a VA guaranteed loan is that many lenders will not require you to place a down payment on the hold of the property, assuming you meet their other lending criteria (e.g. credit scores, ample income, adequate debt to income ratio, etc.). There are also many zero down payment conventional loan programs. In some cases, the VA guaranteed loan will place forward a lower appeal rate and better terms, and in other cases, you can take a better deal through conventional financing. A excellent loan officer can help you evaluate the advantages of either loan, given your particular situation.

FINDING THE RIGHT HOME

If you are familiar with the San Diego area, then you probably already know where you want to live. If you are less familiar with the communities in San Diego, your Realtor can serve as an brilliant resource to answer your questions. There are many steps to take during the home search process, which include:

1. Work with your loan officer to identify how much you can afford.
2. Determine what type of property you want to buy (single-family home, townhouse, condominium, other). Your Realtor can advise you about the differences between these types of properties.
3. Determine how many bedrooms, bathrooms, square footage, etc. you need.
4. Determine what areas of San Diego you would consider living in.
5. Calculate the drive time (with and without traffic) to your job.
6. Identify the quality of schools in the neighborhoods that you are taking into account.
7. Locate the crime statistics for the neighborhood that you are taking into account.
8. Identify the location of local community resources such as libraries, shopping centers, athletic centers, etc.
9. Question your Realtor to advise you about the resale potential of the home you are taking into account.

Although there are many other factors to consider, the above is a excellent starting point. Your Realtor should be able help you get answers to the questions above as well as provide you many other resources. Keep in mind that most Realtor’s who help homebuyers and paid by the home seller, but make sure to question your Realtor about this.

HOW MUCH SHOUD I PAY FOR A HOUSE?

Your Realtor should be an brilliant source of information to help you know a honest place forward price. The Realtor should provide you information about what other similar properties in the same community have sold for recently, current pricing trends for the community, as well provide you a sanction based on their experience in the local market.

DO I NEED A HOME INSPECTION?

There are many other issues besides the place forward price to consider when making an place forward. For example, many buyers find it advantageous to get an inspection of the property by a certified inspector. The inspection typically covers the major systems of a property. Check out the National Association of Home Inspectors web site for more information about what is covered in a predictable home inspection. Getting a home inspection is generally a excellent thought.

HOW LONG WILL THIS TAKE?

If you want to use the VA promise, then make sure you have obtained the Certificate of Eligibility far in advance of your relocation to San Diego. Whether or not you are using the VA loan program, be sure to take a loan pre-approval (sometimes called loan prequalification) from a lender or mortgage broker. This lets home sellers know that you are a honest buyer and are equipped to act quickly if needed.

Prior to moving to San Diego, get a sense of the local real estate market. Your Realtor can set up an automatic email notification system that will send you similes and pictures of properties that meet your criteria. Dependability this type of research should save you a lot of time when you arrive.

Once you have your loan pre-approval, the next step is to locate a property that meets your needs. Your Realtor should show you a variety of unfilled properties that meet your criteria. Once you find a house you an interested in, your Realtor will arrange the hold place forward documents, and guide you through the loan and closing process.

In summary, it’s simply a process of getting a loan, finding a house that you like, making an place forward that is accepted, and vacant through the closing process, which can occur in less than 30 days.

CONTACT A SAN DIEGO REALTOR

If you are moving to San Diego, contact a Real Estate agent who is familiar with VA guaranteed loans and has experience working with military buyers. Many agents have prior military service themselves, and are very familiar with your situation and needs.

The May edition of This Month in Real Estate looks at the effect of the home buyer tax credit, the overall health of the housing economy and what sellers can do to make the most of the market
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2006: U.S. Cities With Overvalued Real Estate And Home Prices

Buying a home is a huge-time real estate investment and has to be done with fantastic prudence. Knowing where not to buy a home is as vital as are the dos and don’ts of buying a home.

Of the many top ten lists on CNNMoney.com, there is listed the top ten overvalued cities in America where it is better not to buy a home for the next two years or so. The report states a variety of reasons for the unfavorable market conditions.

Five cities in California – Bakersfield, Fresno, Merced, Sacramento and Stockton, figure among the top ten cities that have the least possibility of home price appreciation. Home prices have reached a new high (by near 60%) in these areas over the past two years. With an economy driven by agriculture and relatively higher unemployment rates anticipated for that area, the real estate market is predicted to slump in the region.

Although three cities in Florida are recommended as excellent real estate buys, the report also cites four others in Southwest Florida that fall among the very bottom of the list. With home prices here expected to plummet very soon, cities like Fort Myers, Naples, Punta Gorda and Sarasota are those that one would do best to avoid for a year’s time or so, even as buying a home or a condo.

Market prices are expected to decline in the Jersey Shore (New Jersey) area that saw a radical boom in the last two quarters. Although home prices in the third quarter have rebounded from the affront drop during the following quarter, the bubble is expected to burst soon and the overpriced market is likely to stabilize. The well loved seaside cities of New Jersey, Atlantic City and Ocean city are anticipated to fall under the unfavorable list.

In Phoenix, Arizona, a hot favorite among investors last year, sliding home prices may to be an unavoidable occurrence in the next 12 months. With home prices dropping by more than 0,000 in some residential developments and investors trying to sell off their property, it is safer to wait for a year or longer before investing here.

Economists at Morose’s Economy.com also predict a sharp decline in Riverside and San Bernardino counties, California’s Inland Empire.

The bottom ten cities that are likely to see major drops in median home prices during the coming year are Stockton, (leading the list with a predicted fall of 9.7%), Merced, Reno/Sparks, Fresno, Vallejo/Fairfield, Las Vegas, Bakersfield, Sacramento, Washington, D.C and Tucson.

Given these fluctuating real estate market conditions, one should exercise a fantastic deal of caution when investing in real estate. It makes sense to get the adept advice of a real estate agent to advise you about your next home hold, since agents often have access to the most up-to-date real estate market data and neighborhood pricing trends.

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What Do Wealthy Home Buyers Want From Their Real Estate Agent?

Wealthy home buyers who buy multi-million dollar homes are typically self-made millionaires with new money, according to a recent online survey of 683 Coldwell Banker Previews International property specialists. The study revealed the top professions of these affluent customers. According to the respondents, 88 % of their customers are business or corporate executives, 37 % are physicians, 31 % are lawyers, 30 % are financial professional and 14 % are entertainers, entertainment executives or professional athletes.

Wealthy home buyers require their real estate agents to be equipped with special skills, according to the Coldwell Banker’s survey. Given the magnitude of the financial transactions involved in luxury home buys, 78 % of sales associates said that the top most need their clients require from their real estate agents is privacy and confidentiality. The luxury customers also want their real estate agents to exercise discretion even as dealing with their multi-million dollar transactions. Nearly 70 % of respondents polled that their wealthy clients want their real estate professionals to place forward customized services even as 44 % said that the luxury home buyers want their agents to have excellent network and work link with executive assistants, CPAs and attorneys.

Wealthy home buyers also want their agents to know the inside scoop on the real estate market, according to 36 % of the respondents in the Coldwell Banker’s survey. Seventeen percent of the sales associates surveyed indicated that one of the necessary skills for real estate professionals working with affluent customers was the ability to provide emotional support to their clients. And according to 11 % of respondents, luxury customers want their real estate agents to establish personal rapport with their clients.

The study also built-in queries on the “must have” amenities that the affluent clientele want in their luxury homes. Wealthy home buyers want media rooms in their homes, according to 60 % of respondents and another 60 % polled that their affluent customers want “wired” homes. But, there are a few home design elements that are out among luxury home buyers. Gourmet kitchens, granite countertops and wet bars are no longer counted as luxuries by wealthy home buyers, according to the survey respondents.

The survey also found that the multi-million dollar home buyer pays a predictable down payment of 20 % to 30 %, even as a quarter of clients place down 30 % to 50 % of the sale price.

Do You Need A Real Estate Appraiser When Buying A Home Or Condo?

Do You Need A Real Estate Appraiser When Buying A Home Or Condo?

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Home Page > Finance > Real Estate > Do You Need A Real Estate Appraiser When Buying A Home Or Condo?

Do You Need A Real Estate Appraiser When Buying A Home Or Condo?

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Posted: Dec 15, 2006 |Observations: 0
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Do You Need A Real Estate Appraiser When Buying A Home Or Condo?

By: Real Estate Advisor

About the Author

San Diego Homes
Rancho Penasquitos Homes
Rancho Santa Fe Homes

(ArticlesBase SC #82371)

Article Source: http://www.articlesbase.com/ – Do You Need A Real Estate Appraiser When Buying A Home Or Condo?

If you are taking into account purchasing or selling a home, condo or any other type of real estate, you will most likely need the services of a real estate appraiser. An appraiser performs an assessment of properties and other types of real estate to help establish its value. Even as there are several methods appraisers use to establish the value of real estate (e.g. cost method, income method, and comparison method), for residential properties, the comparison method (also known as market value) is the most common approach. The appraiser’s job is to provide an opinion about the value of a property based on its “highest and best use.” If you are financing the hold of a property, your lender will normally require an appraisal to make sure that the property is really worth the amount loaned.

The real estate appraiser is tasked with carrying out a completely objective assessment of a property and will normally provide a written evaluation report. This is accomplished by a physical inspection of the property, as well as a comparison to other similar properties for which the value is already established. To make a determination about value, the appraiser gathers details such as the size of a property, size of the lot, location, condition, best use of the property, amenities, etc.

After this early inspection, the appraiser may scout the neighborhood to compare the property with other similar properties in the neighborhood by age, size, price array, etc. The appraiser then gathers additional data from several sources such as the local Multiple Listing Services (MLS), which provides information on current and recent comparable sales. The appraiser also gathers information from his/her own past experience in the local market. All of these sources of information are taken into consideration even as writing the appraisal report, which will provide an estimate about the value of a property.

There are many reasons to use the services of a certified appraiser. When purchasing real estate, an appraisal provides you with a negotiating tool and helps ensure that the price you are paying is apt. If you are selling your property, the appraisal will help you determine an apt price array. Besides real estate and mortgage transactions, you may need to order an appraisal to lower the tax burden (assuming the value is really lower than the value established by taxing authorities), to establish the replacement cost of insurance, to settle an estate, etc. An appraiser only gives an estimate of the value of the property. A real estate appraiser is not to be baffled with a home inspector.

If you are taking into account buying or selling a home, condo or any other type of real estate, you can use the services of a certified real estate appraiser who will provide an estimate of the honest market value of your property.

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Home Page > Finance > Real Estate > Role Of Real Estate Agent In Vacation And Following Home Markets

Role Of Real Estate Agent In Vacation And Following Home Markets

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Posted: Jan 14, 2007 |Observations: 0
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Role Of Real Estate Agent In Vacation And Following Home Markets

By: Real Estate Advisor

About the Author

San Diego Homes
Rancho Penasquitos Condos
Rancho Penasquitos Homes

(ArticlesBase SC #91941)

Article Source: http://www.articlesbase.com/ – Role Of Real Estate Agent In Vacation And Following Home Markets

Following home sales have been increasing over the last few years with more people becoming following home owners. In 2005 alone, 40 percent of the homes sold were following homes. Demographics, all time low mortgage rates, and healthy rise in home prices have contributed to this enhancement in the following home market. Besides these, a major factor that has helped augment the buying and selling of following homes is the real estate professional.

The National Association of Realtors conducted research on the profile of following-home owners in 2006. According to the NAR report entitled ’2006 Profile of Following-Home Owners’, a majority of following home sales transactions are conducted using the services of real estate agents.

The statistics are remarkable; 64 % of vacation home buyers bought their home using the services of a real estate agent by the end of 2005 – a marked increase from less than 50 % of vacation-home buyers in 2003. Also, 65 % of investment-home buyers bought their home with the help of a real estate agent – an increase from 53 % of pre-2003. In comparison, only 14 % of vacation-home buyers and 7 % of investment-home buyers bought directly from builders from 2003 to 2005.

The growing role of the real estate professional is evident from the following figures:

1. Of vacation home sales made, 71 % of them were following homes and 74 % of the sales were made using the services of a real estate agent.

2. Of the investment properties sold, 85 % of them were previously owned and 62 % of the sales were made using the services of a real estate agent.

The use of real estate agents in following home sales transactions varied according to the home’ location.

1. Buyers used a real estate agent more frequently even as purchasing a vacation home located in a suburb/subdivision (56 %) or a rural area (57 %) than for homes in other locations.

2. About 66 % of buyers who bought an investment property in an urban/inner city area or in a suburb/subdivision, used the services of a real estate agent more frequently than those who bought a home in other locations.

Real estate professionals continue to be the first source of information to following-home buyers (38 % of vacation-home buyers and 34 % of investment-home buyers). The real estate professional also plays a major role when following-home owners plot to buy additional properties. If you are thought of buying a following home or vacation home, seek out the services of a real estate agent to guide you through your next home hold.

1. The percentage of following home owners who are more likely to use a real estate agent in their next home hold is quite high. Among vacation-home owners it is 79 % and investment-home owners 73 %.

2. Among following home owners, 65 % of vacation-home owners and 64% of investment-property owners are more likely to use a real estate agent in their next home sales.

Given these statistics, it is no wonder that the real estate agent plays a pivotal role in helping people buy and sell following homes. So whether you are a following-home buyer or seller, enlist the services of an agent for a smooth, hassle free real estate transaction.

Retrieved from “http://www.articlesbase.com/real-estate-articles/role-of-real-estate-agent-in-vacation-and-following-home-markets-91941.html”

(ArticlesBase SC #91941)

Real Estate Advisor -
About the Author:

San Diego Homes
Rancho Penasquitos Condos
Rancho Penasquitos Homes

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Source:  http://www.articlesbase.com/real-estate-articles/role-of-real-estate-agent-in-vacation-and-following-home-markets-91941.html

Article Tags:
homes, condos, real estate, condominiums, buyer, seller, san diego, rancho penasquitos, following, vacation, mls

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So, that way I may possibly use some money to rehab around the property rather than getting a mortgage loan. The leasing properties are usually ranged $30K to $50K.

Thanks!

We have a property management company that handles our leasing property. They require us to carry a homeowners policy with THEIR name on our policy for liability. This type of policy does not seem to be the norm and therefore is hard to find. Can anyone help? The home is in Texas. Thanks!

I own a home right now where I am still paying PMI. I also have a leasing property. I want to take a home equity loan on the leasing property to pay-off some of my mortgage so I will not have to pay PMI to my first home anymore. Will the appeal I pay on the home equity loan on my leasing property be tax deductible?

I bought an apartment in 2007 as a leasing property in a different disorder. The building is still being constructed and I have a loan on this property and am paying mortgage appeal. In 2008, I traveled to this location to choose on customizations on the property (carpets, kitchen, and windows). Is my travel cost deductible? I am deducting the mortgage appeal. Is this travel cost deductible? Which form should I file? Obviously, there is no leasing income on this property.