| Do you have an answer on you question . Please read this you might have an answer for your questions 2011 is almost more than halfway over. That makes now the perfect time of year to make sure your home loan is working for you. Here are four questions you should ask yourself about your mortgage...before the temperatures start turning colder again. Question 1: How does my interest rate compare to what's available today? The economic realities of the past few years have taught people some valuable lessons. One of which is: It's not what you make, it's what you keep, that counts. Think of it this way: If you discovered that someone was stealing from you, how quickly would you act to stop them from doing it again? Would you act today, in a week, a month, or not at all? The odds are you would act sooner rather than later. So here's a question for you to consider. Is your current loan stealing money from you? Could you benefit from refinancing and lowering your interest rate and/or monthly payments on your home loan? Let's look at some numbers: On a $300,000 mortgage, decreasing your interest one percentage point saves you $3,000 in interest a year, or $250 a month. That's right, $250 a month! Today, many major corporations with millions, and in some cases billions, of dollars are taking advantage of these low rates. Shouldn't you be, too? Perhaps this is one of those times when following the herd isn't such a bad idea. Question 2: Do I have the right loan for my personal situation? Are you one of those people who is planning to stay in your home for the rest of your life? Have you packed and unpacked dozens of boxes, hoping to never hear the whisk of packing tape again? Or, are you excited about downsizing in a few years, once your kids head off to college? Or maybe you're considering relocating for a career opportunity? Whatever your situation, the key point to remember is that the length of time you are planning to stay in your home is a big factor in determining whether you have the right loan. For example, if you know you are planning to move in five years, a seven-year adjustable rate mortgage may be a great option for you since it typically offers lower rates than a 30 year fixed loan and since you plan to move before the rate adjusts at the seven-year mark. Pay attention and be aware as situations arise in your life. They may just help you save money in both the short and long-term. Question 3: Is my mortgage well integrated into my financial plan? Before you get excited that you have a low mortgage rate or owe very little to the bank on your mortgage, ask yourself the following questions:
Remember: Your mortgage is just one element of your financial plan. And while securing a low rate or owing little on your mortgage are great achievements, neither will make you financially secure if you don't also have a plan in place for retirement or have liquid cash on hand to cover an emergency. And, if you're making large credit card payments every month–paying more in the long-term in interest on these payments than if you were able to use some of your equity to pay off your debt–than your mortgage is standing on its own, instead of helping you increase your overall worth.
Question 4: Should I pre-pay my mortgage? Would you rather be house rich and cash poor? Or house poor and cash rich in this current economic environment? Here's some information to consider. Home equity accumulates in four ways: the money committed in the original down-payment; any appreciation in the local housing market over time; physical improvements or renovations; and, of course, principal payments on the mortgage itself. While seemingly desirable on its face, this accumulation of wealth in the home has three consequences that you should keep in mind. First, the cash in your home is "buried." Not only is it unavailable in the event of a family emergency, it is vulnerable to loss due to periodic downturns in housing values, fire, or natural disasters such as hurricanes (insurance, where available, may not cover the full market value of your home). Perhaps more critical, cash trapped in property is earning zero interest, year after year. No prudent consumer would put money into a savings account or investment plan that yields no rate of return, but many homeowners do exactly that without a second thought when it comes to their mortgage. The Bottom Line Everyone's situation is different and the only right answer is the one that is right for your situation. If you'd like to see how you can make your mortgage work better for you, contact the professional who supplied you with this month's issue of YOU Magazine. And have a safe and happy summer!
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Reduce Environmental Risks
Sellers don't wait for the discerning buyer to find fault with your home, your listing. Be prepared BEFORE putting your home on the market. The EPA website: www.epa.gov has a lot of very useful information on possible hazards in a home. It would be worth your time to check the following conditions as part of the listing process.
RADON GAS: In January of 2004, the HUD Home Inspection Form for FHA Loans (HUD 92564-CN) was modified to include information on Radon content in indoor air. This form (updated again in June of 2006) is mandatory for all FHA-insured mortgages, which means a good portion of buyers may request a Radon Inspection as a part of the home inspection process. To find a Radon Service Professional, visit www.epa.gov/iaq/whereyoulive.html.
Asbestos: Asbestos may not be easily identified, so you should consult with a professional if you are unsure about a material in a home. The Environmental Protection Agency says that, "Usually the best thing IS TO LEAVE ASBESTOS MATERIAL that is in good condition ALONE". If buyers have any concerns, refer them to www.epa.gov/asbestos for current information on any asbestos risks.
LEAD BASED PAINT: If a home was built before 1978, there is a chance that lead based paint was used. If the paint is peeling, that is not the only danger to be concerned about. Lead contaminated dust and soil can also pose serious health risks to children and pregnant women if inhaled or ingested. Make certain the buyer knows if there is any lead based paint in the home, and remind them that removal of lead based paint, if not done correctly, can result in lead contaminated dust being released into the air. To learn more visit www.epa.gov/lead.
SMOKE ALARMS: Know your state's smoke alarm laws!!! Each state can have different laws. In some states, they require a smoke alarm in each bedroom, plus a detector on each floor. Make sure your home complies. The last thing you need to worry about delaying the purchase of your home for something a simple as a smoke alarm. If nothing else, do it for your own safety and your family's. It could save your life or that of someone you love.
Be sure to do all your homework as there may be risks that are specific to your region. Sellers follow the laws that apply to your State and City Government.
Lita Petrosyan and Ruth Bassignan with AZ Powerhouse Realty hope that this information is both helpful to sellers and buyers. It is always better to disclose material facts than not.
Contact us and let us know how we can help you sell your home or make that new home purchase. Go to our website: ScottsdaleHomeLife.com and learn more about us and how we can help you.
News You Should Know About The Phoenix Arizona Market: Foreclosure Date From The Comford Report and The Information Market.
What have we been asked most often in the summer month's of 2011? Answer: Everyone wants to know about Real Estate and what is happening in the Phoenix Arizona Market.
Read the information below from The Comford Report/Information Market Numbers:
Default Properties: Definition: The status of a property currently within the foreclosure process after the Bank records a Notice Of Trustees Sale due to lack of borrower making payments for at least 90 days. Properties remain in this status until there is a recorded Trustee Sale or Cancellation Of Trustee Sale.
Currently:
At the end of July 2011, there were 23,302 Active Default Residential Properties. This is down from the previous month when there were 25,286 Active Default Residential Properties. This is the 8th month in a row that we have seen decreases in the number of active notices.
FYI: The all time high was in December of 2009 when there were 47,606 Active Default Residential Properties.
Foreclosures: Definition: When the Bank either sells the property at the Trustees Sale (Auction) or takes the property back via Trustee's Deed.
Currently:
Phoenix Arizona Foreclosures hit an all time, one month high in March of 2010 with 5,451. Last month there were 3,330 Foreclosures.
REO Properties: Definition: Properties that the Bank owns due to lack of sale at Trustees Sale (Auction).
Currently:
There are 15,854 Residential REO Properties versus last month when there were 17,278. There are approximately 3,400 REO Properties listed in the MLS, with an additional 4,690 REO Properties that are in Pending Status in the MLS. This means that there are approximately 7,760 REO Properties that are Foreclosed on, but have not been listed in the MLS.
Contact Ruth Bassignan or Lita Petrosyan with AZ Powerhouse Realty today and let us assist you in the purchase of your dream home. Now is one of the greatest opportunities to buy your new home. Market prices are stabilizing and interest rates are low. Don't sit on the fence. You should be making a MOVE NOW.
Go to our website: ScottsdaleHomeLife.com and learn more about us. We are not with a Big Box Company but a Company that prides itself with exceptional service and more personal time with you to fit your home buying needs.
CLICK HERE TO VIEW THE CROMFORD/INFO MARKET CHART
CLICK HERE TO WATCH A VIDEO EXPLANATION OF THE CHART
Cleaning Services in Scottsdale AZ. How important do you think it is when putting your property on the market or having prospective buyers walk through your home and having it clean and presentable? Sellers what would be your guess on a scale of 1 to 10, 1 being the least important and 10 being the most important, the relevance of having a clean home to show? It cannot be stressed enough that sellers you are marketing a product, "Your Home" and probably the most important investment you own. When you hire a real estate agent and they advise you as to how to "present your home", Listen!
The street appeal of your home is the prospective buyers very first impression of the home. The yard has to be clean, kept, trees trimmed, bushes trimmed, and do not leave toys left scattered all over the place. Now the buyers and their agent are at your front door. What are they going to see when entering? Most buyers upon first entering the home decide in seconds whether or not they like the home enough to continue the showing. A clean and orgainized home is a vital part of the process. Buyers and agents for that matter do not want to be stepping over toys, laundry on the floor, cluttered kitchen counter tops and a kitchen sink you can't even see because it is full of dishes. A Clean Home Is Vital. Buyers need to envision themselves in the home.
So sellers if you are overwhelmed with work, running errands, taking children to school, baseball practice, etc. and you need Cleaning Services consider a company in your area that can help you with all of your cleaning needs such as this Cleaning Service in Scottsdale AZ. A Clean Home is part of the marketing strategy.
We are family oriented and take pride in our business. Service is provided by experienced workers and the job will get done correctly the first time.
We offer the following:
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Contact Us for a free quote.
Contact Us At:
P.O. Box 5282
Scottsdale, AZ 85258
(480) 330-3554 cell/Arkady
(480) 440-5325 cell/Lita
(480) 247-8953 FAX
The IRS's Top 10 Tax Tips For Home Sellers IRS summertime tax tips 2011-15. Are you currently marketing your house or are you considering making a move this year? Despite the doom and gloom you are hit with everyday in the media, this really is a good time to buy. Home prices are more affordable than ever and interest rates are at the lowest in years.
As a real estate agent or broker, it is not our job to give out any tax advice to sellers or buyers. That is not our expertise nor is it advisable for us to do so. We do not want to give our clients the wrong advice. Our job as real estate agents is to get our sellers the most exposure for their homes, market their property for comparable market value so the home sells as quickly as possible, and perhaps share ideas on staging the home for presentation to the public. Remember when you put your home up for sale you are selling a "product".
So here are some helpful IRS's Top 10 Tax Tips For Home Sellers that you may want to consider when putting your house on market for the public. It is a good starting place to begin to understand this often complex area of tax law.
Here are the IRS's Top 10 Tax Tips For Home Sellers:
1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.
2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).
3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.
4. If you can exclude all the gain, you do not need to report the sale on your tax return.
5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.
6. You cannot deduct a loss from the sale of your main home.
7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain or loss on the sale, and the gain that you can exclude.
8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.
9. If you received the firt-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First Time Homebuyer Credit and Repayment of The Credit. The full amount of the credit is reflected as additional tax on that year's tax return.
10. When you move, be sure to update your address with The IRS And The US Postal Service to ensure you receive funds or correspondence from The IRS. Use Form 8822, Change Of Address, to notify The IRS of your address change.
These tips can be found on The IRS website http://www.irs.gov/newsroom/content/O,,id=104608,00.html
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