Archive for May, 2010
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May 28th, 2010 categories: Real Estate News
This morning I had the pleasure of reading a blog by real estate guru, Steve Harney. It really touched my heart. With his permission I would like to share it with you. It expresses the joy that is felt by Realtors when they help someone buy a home.
KCM Blog
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My Son, His New Home, and What It Means Posted: 28 May 2010 04:00 AM PDT
This week was different. I was able to personally FEEL the true value of a home. My older son closed on his first home yesterday. I have the great fortune to work with him at our company. I get to see him a lot when I am not traveling. This week I was home and got to spend every day with him. I saw how nervous he was as he got all the last minute paperwork together. I heard the relief in his voice when he found out that he had overestimated his costs and would need to bring a little less money to the closing. I could feel how proud he was when he hugged me as he left the office the night before the closing. He should be proud. He just purchased his own home. He just took a major step toward accomplishing the American Dream. He now owns a piece of this country. He now has a community he can call his own. He has a place to go ‘home’ to every night, a place where he can work in the yard, a place he can invite friends and showoff his ‘castle’, a place where he will someday raise his family. Owning a home makes things different. You can’t necessarily explain it logically. But you can feel it. That feeling is the real value of a home AND IT IS PRICELESS. My son slept in his own home last night. I am happy for him. |
Every week we try to help you put an accurate value on housing in today’s real estate market. We give you all the charts, report on all the surveys, and quote every housing expert willing to talk on the subject. And we are still not 100% sure what prices should be. At best, we can only tell you what we think.| Discussion: No Comments »
Top 5 Ways to Use a Tax Refund
May 21st, 2010 categories: Financial Information
Thousands of Americans are receiving income tax refunds from the U.S. government, with the IRS reporting an average refund of $2,940 this year. In the current economy, consumers can make strategic choices to make sure that refund pays off for them.
As a member of the Top 5 in Real Estate Network®, I, along with my team, am often asked about financial matters, including advice on smart ways to manage income tax returns. According to Freedom Tax Relief (www.freedomtaxrelief.com), many tax refund recipients might be thinking of creative ways to spend that cash as the economy starts to recover. But before getting carried away, they suggest thinking more long term.
Freedom Tax Relief suggests the following as the top ways to wisely spend an income tax refund:
1. Pay down credit card and other high-interest debts (including payday loans). Few investments can top the rate of return for eliminating debt. Paying off credit card debt at typical interest rates effectively makes an investment that returns 20 percent or more per year. The only caveat: Be certain you change your mindset as well. If you pay off debts, only to charge up the credit cards or sign for a new car loan a few months later, you have ultimately gained nothing. If credit card debt is your problem, cut up or freeze your credit cards to ensure you do not re-create the same problem you have left behind. Use a debit card for future purchases that require a card.
Ready to pay down your debt? List and pay secured debts first (mortgage, car). Mortgage payments should take absolute priority. Then list unsecured debts (credit cards, loans) in order of highest interest rates. Make minimum payments on all but the highest-rate card. Use every cent of available income to make large payments on the card with the highest rate. When that card is paid off, apply the big payment plus the old minimum payment on the next-highest rate card until it is paid off. Continue until all debt is eliminated.
2. Create an emergency fund. The Great Recession has pointed out the importance of an emergency fund. Those who do not yet have enough readily accessible money set aside to cover several months’ worth of expenses should consider a tax refund a prime opportunity to create a fund that ultimately includes 6-9 months’ living expenses. These amounts are not necessarily equal to salary. Instead, they should include only what the household would spend if it were in dire straits. House these savings in a money market fund or rolling CDs so that the money earns interest and cannot easily be spent — but can be accessed in an emergency.
3. Make sure you have adequate insurance. Everyone should have health, auto, and home or renters insurance. If dependents rely on breadwinners’ income, look into life insurance. Consider an umbrella policy to protect from additional liability. And if the household could not survive without an income, purchase disability coverage. This is a huge savings step – one trip to the emergency room or one minor accident can easily end up costing thousands or tens of thousands of dollars out of pocket.
4. Fund the future. Contribute to retirement savings, whether an individual or Roth IRA, 401(k) or other plan.
5. Invest in the home. Homeowners might consider using refunds to cover major or minor maintenance to make sure no bigger (and more expensive) problems arise down the road. You can also use these funds toward a downpayment on a vacation home, a college apartment for your children or for your very first home.
No matter how big or small the amount, and despite the temptation to celebrate and splurge, make your choice on what to do with any refund carefully, experts say. Take time to make sure your money works for you and helps build wealth.
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HOMEPATH FINANCING by Fannie Mae
May 18th, 2010 categories: Real Estate News
The HomePath Mortgage Program offers buyers a mortgage opportunity with incentives. HomePath Financing applies to both single family homes and condominiums that have been repossessed by Fannie Mae. This program is intended to help clear the thousands of FNMA foreclosed properties off the books while providing great incentives for buyers, including owner occupants and investors.
“The unique thing about this program is that borrowers can purchase one of these homes with only 3% down. In addition to the small amount down there will be no Private Mortgage Insurance.” stated Todd Wheeler of Homeservices Lending, an affiliate of Wells Fargo and HomePath Lender.
Other Benefits Include:
Flexible mortgage terms (fixed-rate, adjustable rate, or interest-only)
Lower credit scores required (Minimum Score 660)
Investors are required to make a 10% down payment with 5% of the down payment coming from the investors own funds. Normal credit scores apply. Investors can purchase up to 4 Fannie Mae owned properties through HomePath financing.
The 3% down payment for owner occupied properties can be a gift or grant, a loan from a nonprofit organization, state or local government of employer.
The Seller can contribute up to 6% toward the buyers closing costs and pre-paids
No appraisal
No Condo Questionnaire required
The HomePath Mortgage Program applies as long as the property is designated by FNMA on the HomePath website.
| Discussion: No Comments »
Closed Sales in Forest Ridge
May 14th, 2010 categories: CLOSED SALES
The real estate market heated up during the last 30 days. Six homes were closed in Forest Ridge while 6 remain in Pending Status.
2811 Morning Glory Circle, Old Orchard, List Price $479,900 Sold Price $470,000 Days on Market: 1
5 Bedrooms/3 Full Baths, Pool, Lake
9875 Ridge Trace, The Ridge on Nob Hill, List Price $399,000 Sold Price $370,000, Days on Market: 37
Short Sale 4 Bedrooms/3 Baths, Dry Lot, No Pool
2937 Oak Park Circle, Oak Park, List Price $324,500 Sold Price $305,000, Days on Market: 47
3 Bedrooms/2.5 Baths, Lake, No Pool
, Zero Lot
9260 Oak Grove Circle, Oak Grove, List Price $319,000 Sold Price $295,00 Days on Market: 55
3 Bedrooms/2.5 Baths, Lake, Zero Lot
8932 S Lake Park Circle, Lake Park, List Price $299,000 Sold Price $285,000 Days on Market: 44
3 Bedrooms/2 Baths, Dry Lot, No Pool, Zero Lot
9844 W Tree Tops Court, The Ridge on Nob Hill, List Price $470,000 Sold Price $405,000 Days on Market: 35
3 Bedrooms/2 Baths, Lake, No Pool
| Discussion: No Comments »
