Photos from Donna Hahn
If Basketball isnt for you then check out the Baseball Field.Located in: Somerfield (Bolingbrook, IL)
About Today's Market...That you'll never hear!
Fact: Approximately 30% of all U.S. homes are free and clear and do not have a mortgage.
Fact: Of the 70% of households that do have a mortgage, 96.7% are not in foreclosure.
Source: Mortgage Bankers Association
It seems like every time we turn on the evening news or read a newspaper headline, the bad news deepens our fear and concerns about the economy. With the news media in full throttle, using terms such as "MELTDOWN" and "CRISIS," it's easy to understand why you might lack confidence in buying or selling a home.
We have to remind ourselves that the media reports NEGATIVE news, not positive news. Their key objective is to pull in an audience (and advertisers), not to make you feel good about yourself.
They announce the unemployment rate rising, despite the fact that millions of people are still working, making money, eating at restaurants and even buying/selling homes. In fact, while 3.3% of homes in the United States are in foreclosure, 96.7% are in good standing.
Instead of internalizing the negativity the headlines can cause, choose to be optimistic and focus on the opportunities around you.
Fact: When mortgage rates fall to a record low, housing affordability surges to a record high.
NAR Predictions: 2009 Inflation Forecast: 4.0% to 5.0%
Real Household Income Growth = -2 % to -3%
Consumer Spending Down 5% to 10%
Fact: The Housing Affordability Index is at the highest level of affordability in history.
As of January 2009, the Housing Affordability Index hit 166.8 This means that a typical household earning the median family income ($59,821) would have 166.8% of the qualifying income to purchase a median-priced existing single-family home ($169,900) with a 20% down payment-the highest level of housing affordabilit in history.
Source: National Association of Realtors
First-time buyers:
First-time buyers have more flexibility when entering into the real estate market because they aren'tconcerned about selling an existing home-and given the low home prices, plentiful supply and attractive interest rates, it's an optimal time for entry-level buyers with a long-term view. Plus, first-time buyers can get a tax credit for as much as 10% of a primary residence purchase (up to $8,000) as part of the recently passed Economic Stimulus Bill of 2009.
Move-up buyer:
If you own a home that doesn't fulfill your current needs or you have a desire to change neighborhoods, take advantage of all options in available inventory.It's a perfect time to find a home you really love.
Investor:
Houses are on SALE! Prices have adjusted approximately 12% across the country. If you are looking for along-term investment in real estate, then you should be enthusiastically looking for properties right now. With the built-in discount on prices and interest rates, smart investors can hold onto the property to build equity and long-term wealth.
Source: www.federalhousingtaxcredit.com
Almost everything you own and use for personal or investment purposes is a capital asset. Examples are your home, household furnishings, and stocks or bonds held in your personal account. When you sell a capital asset, the difference between the amount you sell it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss. If you received the asset as a gift or inheritance, refer to Topic 703 for information about your basis. You have a capital gain if you sell the asset for more than your basis. You have a capital loss if you sell the asset for less than your basis. Losses from the sale of personal-use property, such as your home or car, are not deductible.
Capital gains and losses are classified as long-term or short-term. If you hold the asset for more than one year before you dispose of it, your capital gain or loss is long-term. If you hold it one year or less, your capital gain or loss is short-term.
Capital gains and deductible capital losses are reported on Form 1040, Schedule D (PDF). If you have a net capital gain, that gain may be taxed at a lower tax rate. The term "net capital gain" means the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. The highest tax rate on a net capital gain is generally 15% (or 5%, if it would otherwise be taxed at 15% or less). There are 3 exceptions:
If you have a taxable capital gain, you may be required to make estimated tax payments. Refer to Publication 505, Tax Withholding and Estimated Tax, for additional information.
If your capital losses exceed your capital gains, the amount of the excess loss that can be claimed is limited to $3,000, or $1,500 if you are married filing separately. If your net capital loss is more than this limit, you can carry the loss forward to later years. Use the Capital Loss Carryover Worksheet in Publication 550, to figure the amount carried forward.
Additional information on capital gains and losses is available in Publication 550, Investment Income and Expenses, and Publication 544, Sales and Other Dispositions of Assets. If you sell your main home, refer to Topics 701 and 703, or to Publication 523, Selling Your Home.
Source: http://www.irs.gov/taxtopics/tc409.html
Though it was a little cold on March 15th, 2008, the kids had a great time. The Easter Bunny was hopping all around and the Adults were enjoying the Carabou Coffee, Hot Apple Cider and Cookies that Store Manager Barb Berry donated for our event. Click on the link below to view the Visual Tour and see how much fun we had.
http://www.visualtour.com/shownp.asp?T=1431902
Have a wonderful Easter,
Donna Hahn
3rd Annual Somerfield & Fields of Bradford Easter Egg Hunt
Sponsored by: Donna Hahn of Keller Williams Realty, Eric Hamilton of Wells Fargo Home Mortgage, Connie Butcher Attorney at Law, Jim Mazzuca of Boyer-Rosene Moving & Storage (Bekins)
Place: Somerfield's Sunset Park (Dalton Lane & Scarlet Dr..)
When: Saturday, March 15, 2008 Weather permitting, No Rain Date! If Raining please plan on Picking up your child's treat bag under the Park Pavilion at 11:00 am
Who may participate: Children or Grandchildren who live in either of the subdivisions (due to the amount of children participating we must restrict who may attend, thank you for your understanding)
Time: 11:00 a.m. Sharp
Age Groups: 1 - 3, 4 - 6 and 7-11
You MUST sign up for this event by March 8th to ensure I have enough eggs for all, please email me with your Child's(ren) Name, & Age, to Soldalot@kw.com or go to estatesofsomerfield.com to sign up there. Please bring a basket for your child to put their eggs in, we again will be asking for the eggs back afterwards.
Event Coordinator - Donna Hahn
Great News to Sellers, A Buyer may now qualify for Your Home
With The Temporary Raise In FHA Loan Amounts
- Effective Friday, March 7, at 7 a.m. Central time -
Current Max Mortgage $275,200 New Max Mortgage $410,000.00
Limits increase.............Credit policy parameters are the same The biggest benefit of the FHA limit increase is offering borrowers the higher loan amounts with the same credit policy parameters - all credit requirements, LTV's, and debt-to-income ratios remain just as they are today.
Benefits of the Temporary FHA limits
If you are a buyer looking for a new home this is good news for you as well! Call myself or your real estate agent today to start your home buying experience.
Life Mission Statement: To earn the right to your business and referrals through my Love of People, Christian and Family Values, Educational Knowledge, Exceptional Service and Personal Leadership.
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