You're probably thinking: "Of course, he would say that. He's a Realtor, and agents always say 'Now is the best time to buy'." Well, here is why:
If you are a seller who wants to move up to a more expensive home in a down market, now could be the best time. The longer you wait to sell, the lower the price of your home could fall.
If you can arrange for alternate housing, a smart strategy is sell now, wait a few months, then buy your new home.
If you sell and buy simultaneously, you'll still be ahead of the game because the price reduction on the purchase is greater than the loss on your home.
http://www.selectbrokersrealty.com
Tuesday, October 28, 2008
Monday, October 13, 2008
Let's Talk About Gray & Rain Water Recycling Systems
Over the last two years, Georgia has struggled with drought conditions. Today, some parts of Georgia remain classified as areas of extreme or severe drought.
Ongoing discussions about droughts has heightened awareness of the importance of water conservation. As such, the Georgia State Codes Advisory Committee (SCAC) has approved the statewide adoption of amended 'Appendix C - Gray Water Recycling Systems' and a new 'Appendix I - Rain Water Recycling Systems'.
Both appendices are scheduled for adoption as part of the State Minimum Standard Plumbing Code. These appendices will regulate and allow the use of "gray water"( treated sewer water) and rain water for the flushing of toilets, and in some cases, for landscape irrigation. The committee projects that adoption of these appendices will support Governor Perdue's water conservation efforts and save millions of gallons of water statewide.
I believe - that sooner or later...somewhere...somehow...we must settle with the world and make payment for what we have taken. This is a great way to cut back on taking so much of our natural resources. Finally, a code that makes sense.
http://www.selectbrokersrealty.com
Ongoing discussions about droughts has heightened awareness of the importance of water conservation. As such, the Georgia State Codes Advisory Committee (SCAC) has approved the statewide adoption of amended 'Appendix C - Gray Water Recycling Systems' and a new 'Appendix I - Rain Water Recycling Systems'.
Both appendices are scheduled for adoption as part of the State Minimum Standard Plumbing Code. These appendices will regulate and allow the use of "gray water"( treated sewer water) and rain water for the flushing of toilets, and in some cases, for landscape irrigation. The committee projects that adoption of these appendices will support Governor Perdue's water conservation efforts and save millions of gallons of water statewide.
I believe - that sooner or later...somewhere...somehow...we must settle with the world and make payment for what we have taken. This is a great way to cut back on taking so much of our natural resources. Finally, a code that makes sense.
http://www.selectbrokersrealty.com
Wednesday, October 8, 2008
The Grand Daddy Stock Market Crash
The 1932 Stock Market Crash was the grand daddy of them all. Investors lost 86% of their money over this 813 day beast. This market crash combined with the 4th worst crash the 1929 crash, makes up the great depression. By the end of November 1929, investors had lost $100 billion in assets in what was later called "The Great Stock Market Crash." In just two months, September and October 1929, the stock market had lost 40 percent of its value. Black Tuesday usually marks the point where the Roaring 20’s ended and the Great Depression started. The stock market would continue to fall until bottoming out in July of 1932 with the Dow at 41.22, down 89.2% (from 381.17 on 9/2/1929 to 41.22 on 7/8/1932.) The stock market wouldn’t recover for another 22 years!
If you had $1000 on 9/3/1929 (beginning of the 4th worst crash, it would have gone down to a whopping $108.14 by July 8th,1932 (end of the worst crash) or an 89.2% loss. To recover from a loss like that, you would have to watch your portfolio go up 825%! The full recovery didn't take place until 1954, 22 years later!!!!
This is the Worst Stock Market Crash Ever:
Date Started: 4/17/1930
Date Ended: 7/8/1932
Total Days: 813
Starting DJIA: 294.07
Ending DJIA: 41.22
Total Loss: -86.0%
http://www.selectbrokersrealty.com
If you had $1000 on 9/3/1929 (beginning of the 4th worst crash, it would have gone down to a whopping $108.14 by July 8th,1932 (end of the worst crash) or an 89.2% loss. To recover from a loss like that, you would have to watch your portfolio go up 825%! The full recovery didn't take place until 1954, 22 years later!!!!
This is the Worst Stock Market Crash Ever:
Date Started: 4/17/1930
Date Ended: 7/8/1932
Total Days: 813
Starting DJIA: 294.07
Ending DJIA: 41.22
Total Loss: -86.0%
http://www.selectbrokersrealty.com
Tuesday, October 7, 2008
2nd Worst Stock Market Crash
1937 - 1938 Stock Market Crash:
Just when investors thought the market was finally good again, following a recovery of almost half of the great depression losses, the market plunged again due to war scare and Wall street scandals. This was the 2nd Worst Stock Market Crash:
Date Started: 3/10/1937
Date Ended: 3/31/1938
Total Days: 386
Starting DJIA: 194.40
Ending DJIA: 98.95
Total Loss: -49.1%
http://www.selectbrokersrealty.com
Just when investors thought the market was finally good again, following a recovery of almost half of the great depression losses, the market plunged again due to war scare and Wall street scandals. This was the 2nd Worst Stock Market Crash:
Date Started: 3/10/1937
Date Ended: 3/31/1938
Total Days: 386
Starting DJIA: 194.40
Ending DJIA: 98.95
Total Loss: -49.1%
http://www.selectbrokersrealty.com
Monday, October 6, 2008
Government Bailout of 1907 - 3rd Worst Stock Market Crash
Today's bailout is not the first time the government bailed out the stock market.
The 1907 Stock Market Crash was called the "Panic of 1907." The U.S. Treasury department bought 36 million dollars worth of government bonds to offset the decline of the market (and remember, $36 million translates to a much bigger number in today's dollars). This is the 3rd Worst Stock Market Crash:
Date Started: 1/19/1906
Date Ended: 11/15/1907
Total Days: 665
Starting DJIA: 75.45
Ending DJIA: 38.83
Total Loss: -48.5%
http://www.selectbrokersrealty.com
The 1907 Stock Market Crash was called the "Panic of 1907." The U.S. Treasury department bought 36 million dollars worth of government bonds to offset the decline of the market (and remember, $36 million translates to a much bigger number in today's dollars). This is the 3rd Worst Stock Market Crash:
Date Started: 1/19/1906
Date Ended: 11/15/1907
Total Days: 665
Starting DJIA: 75.45
Ending DJIA: 38.83
Total Loss: -48.5%
http://www.selectbrokersrealty.com
Friday, September 19, 2008
Massive Rescue Effort for Financial Markets
http://www.selectbrokersrealty.com
Finally, congressional leaders and the Bush administration are working with Treasury Secretary Henry Paulson and Federal Reserve Chair Ben Bernanke to prepare a massive intervention to revive the U.S. financial system.
The proposed plan reportedly includes using hundreds of billions of dollars in government funding to buy bad loans, leaving banks with more money and fewer problems and allowing them to again lend money.
Paulson and Bernanke urged lawmakers to approve the plan rapidly, presenting what some described as a “chilling” picture of the state of the financial system.
Congressional leaders were told that the consequences would be grave if the legislation doesn’t pass by the end of next week.
Taking over Fannie Mae and Freddie Mac, creating a new source of funding for investment banks, and assuming control of insurance giant American International Group obviously hasn’t been enough to end the crisis. It hasn’t stopped $79 billion in withdrawals from money-market funds, which are a critical source of funding for the U.S. financial system.
"The costs of doing nothing are enormous," said Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee.
This is what it's going to take to turn the housing industry around.
If you have been sitting on the sidelines waiting for things to bottom out before you make your purchase - Now is the time to make your move....
Finally, congressional leaders and the Bush administration are working with Treasury Secretary Henry Paulson and Federal Reserve Chair Ben Bernanke to prepare a massive intervention to revive the U.S. financial system.
The proposed plan reportedly includes using hundreds of billions of dollars in government funding to buy bad loans, leaving banks with more money and fewer problems and allowing them to again lend money.
Paulson and Bernanke urged lawmakers to approve the plan rapidly, presenting what some described as a “chilling” picture of the state of the financial system.
Congressional leaders were told that the consequences would be grave if the legislation doesn’t pass by the end of next week.
Taking over Fannie Mae and Freddie Mac, creating a new source of funding for investment banks, and assuming control of insurance giant American International Group obviously hasn’t been enough to end the crisis. It hasn’t stopped $79 billion in withdrawals from money-market funds, which are a critical source of funding for the U.S. financial system.
"The costs of doing nothing are enormous," said Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee.
This is what it's going to take to turn the housing industry around.
If you have been sitting on the sidelines waiting for things to bottom out before you make your purchase - Now is the time to make your move....
Wednesday, September 17, 2008
Home Buyers See Mortgage Rates Plunge Below 6%
http://www.selectbrokersrealty.com
On top of the recently enacted $7,500 tax credit, first-time home buyers received a further boost last week in their efforts to buy a home from a sharp drop in mortgage rates resulting from the recent government takeover of Fannie Mae and Freddie Mac.
The interest-rate decline was also good news for those seeking refinancing as well as the housing market overall.
The 30-year fixed-rate mortgage averaged 5.93% for the week ending on Thursday, Sept. 11, according to Freddie Mac’s Primary Mortgage Market Survey. That was down from 6.35% the previous week and 6.31% a year earlier.
One-year Treasury-indexed adjustable-rate mortgages edged up slightly, to 5.21% from an average of 5.15% for the previous week.
“Interest rates for 30-year fixed-rate mortgages are down almost 0.6 percentage points over the past four weeks, which will help to spur home purchases and loan refinancing in coming weeks,” said Frank Nothaft, Freddie Mac’s chief economist. “This means that the monthly principal and interest payment on a new $200,000 loan is over $76 lower than a month ago,” he said.
“Lower rates have occurred at an opportune time, as the July pending sales data from the National Association of Realtors® were off 3.2% from June,” Nothaft said. “The Mortgage Bankers Association reported that refinance applications are up 18% over the past three weeks through September 5th, indicating that refinance activity has already begun to pick up.”
For extensive information on the tax-credit benefit, Visit our Web site — www.selectbrokersrealty.com
On top of the recently enacted $7,500 tax credit, first-time home buyers received a further boost last week in their efforts to buy a home from a sharp drop in mortgage rates resulting from the recent government takeover of Fannie Mae and Freddie Mac.
The interest-rate decline was also good news for those seeking refinancing as well as the housing market overall.
The 30-year fixed-rate mortgage averaged 5.93% for the week ending on Thursday, Sept. 11, according to Freddie Mac’s Primary Mortgage Market Survey. That was down from 6.35% the previous week and 6.31% a year earlier.
One-year Treasury-indexed adjustable-rate mortgages edged up slightly, to 5.21% from an average of 5.15% for the previous week.
“Interest rates for 30-year fixed-rate mortgages are down almost 0.6 percentage points over the past four weeks, which will help to spur home purchases and loan refinancing in coming weeks,” said Frank Nothaft, Freddie Mac’s chief economist. “This means that the monthly principal and interest payment on a new $200,000 loan is over $76 lower than a month ago,” he said.
“Lower rates have occurred at an opportune time, as the July pending sales data from the National Association of Realtors® were off 3.2% from June,” Nothaft said. “The Mortgage Bankers Association reported that refinance applications are up 18% over the past three weeks through September 5th, indicating that refinance activity has already begun to pick up.”
For extensive information on the tax-credit benefit, Visit our Web site — www.selectbrokersrealty.com
Friday, September 12, 2008
How to Finance Foreclosure Properties
http://www.selectbrokersrealty.com
Foreclosure properties, REO (Real Estate Owned) property owned by banks and other lenders, and properties threatened with imminent foreclosure all represent great investment opportunities for property buyers. They are the most popular source of affordable deals for those seeking bargain homes, because foreclosures often sell at or below wholesale prices.
Anybody can buy this kind of property. Basically all you need is some money and a willingness to bid. But be aware that if you attend a property auction, you may wind up bidding against professional foreclosure investment specialists who are also looking for cheap houses. If you are unsure about how the foreclosure real estate game is played, learn as much as possible ahead of time in the Learn Section of Bargain Homes, so that you are not at a disadvantage when making your purchase offer.
Before stepping into the foreclosure property arena, it is important to educate yourself. You’ll want to know as much as possible about such things as the pitfalls of hidden costs. For example, when purchasing a house that has a lien against it, the buyer may be responsible to pay back that debt. Such strings-attached baggage can include huge amounts of money owed to the IRS.
And you will want to explore various ways to come up with the money necessary to finance your purchase of a foreclosure. Some lenders don’t lend money for foreclosure property mortgages, while other lenders are eager to make loans to help you buy. To find out more, do some homework ahead of time, so that you can approach the foreclosure auction with confidence and adequate financial backing.
Foreclosure properties, REO (Real Estate Owned) property owned by banks and other lenders, and properties threatened with imminent foreclosure all represent great investment opportunities for property buyers. They are the most popular source of affordable deals for those seeking bargain homes, because foreclosures often sell at or below wholesale prices.
Anybody can buy this kind of property. Basically all you need is some money and a willingness to bid. But be aware that if you attend a property auction, you may wind up bidding against professional foreclosure investment specialists who are also looking for cheap houses. If you are unsure about how the foreclosure real estate game is played, learn as much as possible ahead of time in the Learn Section of Bargain Homes, so that you are not at a disadvantage when making your purchase offer.
Before stepping into the foreclosure property arena, it is important to educate yourself. You’ll want to know as much as possible about such things as the pitfalls of hidden costs. For example, when purchasing a house that has a lien against it, the buyer may be responsible to pay back that debt. Such strings-attached baggage can include huge amounts of money owed to the IRS.
And you will want to explore various ways to come up with the money necessary to finance your purchase of a foreclosure. Some lenders don’t lend money for foreclosure property mortgages, while other lenders are eager to make loans to help you buy. To find out more, do some homework ahead of time, so that you can approach the foreclosure auction with confidence and adequate financial backing.
Tuesday, September 2, 2008
FHA Raises Upfront Premiums
http://www.selectbrokersrealty.com
The cost of obtaining a FHA loan in Braselton, Hoschton and across the nation goes up Oct. 1, 2008.
The Federal Housing Administration announced Tuesday that it is increasing the upfront premiums charged to most borrower to guarantee that a mortgage will be repaid.
Effective Oct. 1, most borrowers will pay 1.75 percent of the loan amount, up from 1.5 percent because the FHA is adopting a “risk-based” pricing system based on borrowers’ credit scores and the amount of their down payment or equity.
On a $300,000 loan, the new upfront premium works out to $5,250, up from $4,500. The annual premiums paid by borrowers would remain at 0.5 percent to 0.55 percent of the loan balance.
The cost of obtaining a FHA loan in Braselton, Hoschton and across the nation goes up Oct. 1, 2008.
The Federal Housing Administration announced Tuesday that it is increasing the upfront premiums charged to most borrower to guarantee that a mortgage will be repaid.
Effective Oct. 1, most borrowers will pay 1.75 percent of the loan amount, up from 1.5 percent because the FHA is adopting a “risk-based” pricing system based on borrowers’ credit scores and the amount of their down payment or equity.
On a $300,000 loan, the new upfront premium works out to $5,250, up from $4,500. The annual premiums paid by borrowers would remain at 0.5 percent to 0.55 percent of the loan balance.
Friday, August 29, 2008
Time, Time, Time Slips Away
http://www.selectbrokersrealty.com
This is a little off the subject of Real Estate however we all need to monitor our time...........
Time is truly our most precious resource. The famous writer, Jean-Louis Servan-Schreiber, wrote, "Unlike other resources, time cannot be bought or sold, borrowed or stolen, stocked up or saved, manufactured, reproduced, or modified. All we can do is make use of it. And whether we use it or not, it nevertheless slips away." It truly is how we use it to our advantage that makes the difference. How effectively are you using the time you are given?
This is a little off the subject of Real Estate however we all need to monitor our time...........
Time is truly our most precious resource. The famous writer, Jean-Louis Servan-Schreiber, wrote, "Unlike other resources, time cannot be bought or sold, borrowed or stolen, stocked up or saved, manufactured, reproduced, or modified. All we can do is make use of it. And whether we use it or not, it nevertheless slips away." It truly is how we use it to our advantage that makes the difference. How effectively are you using the time you are given?
Thursday, August 28, 2008
Understanding Capital Gains in Real Estate
http://www.selectbrokersrealty.com
When you sell a stock, you owe taxes on your gain — the difference between what you paid for the stock and what you sold it for. The same holds true when selling a home (or a second home), but there are some special considerations.
How to Calculate Gain
In real estate, capital gains are based not on what you paid for the home, but on its adjusted cost basis. To calculate, follow these steps:
1. Purchase price: _______________________
The purchase price of the home is the sale price, not the amount of money you actually contributed at closing.
2. Total adjustments: _______________________
To calculate this, add the following:
Cost of the purchase — including transfer fees, attorney fees, and inspections, but not points you paid on your mortgage.
Cost of sale — including inspections, attorney fees, real estate commission, and money you spent to fix up your home just prior to sale.
Cost of improvements — including room additions, deck, etc. Note here that improvements do not include repairing or replacing something already there, such as putting on a new roof or buying a new furnace.
3. Your home’s adjusted cost basis: _______________________
The total of your purchase price and adjustments is the adjusted cost basis of your home.
4. Your capital gain: _______________________
Subtract the adjusted cost basis from the amount your home sells for to get your capital gain.
A Special Real Estate Exemption for Capital Gains
Since 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a home is exempt from taxation if you meet the following criteria:
You have lived in the home as your principal residence for two out of the last five years.
You have not sold or exchanged another home during the two years preceding the sale.
You meet what the IRS calls “unforeseen circumstances,” such as job loss, divorce, or family medical emergency.
When you sell a stock, you owe taxes on your gain — the difference between what you paid for the stock and what you sold it for. The same holds true when selling a home (or a second home), but there are some special considerations.
How to Calculate Gain
In real estate, capital gains are based not on what you paid for the home, but on its adjusted cost basis. To calculate, follow these steps:
1. Purchase price: _______________________
The purchase price of the home is the sale price, not the amount of money you actually contributed at closing.
2. Total adjustments: _______________________
To calculate this, add the following:
Cost of the purchase — including transfer fees, attorney fees, and inspections, but not points you paid on your mortgage.
Cost of sale — including inspections, attorney fees, real estate commission, and money you spent to fix up your home just prior to sale.
Cost of improvements — including room additions, deck, etc. Note here that improvements do not include repairing or replacing something already there, such as putting on a new roof or buying a new furnace.
3. Your home’s adjusted cost basis: _______________________
The total of your purchase price and adjustments is the adjusted cost basis of your home.
4. Your capital gain: _______________________
Subtract the adjusted cost basis from the amount your home sells for to get your capital gain.
A Special Real Estate Exemption for Capital Gains
Since 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a home is exempt from taxation if you meet the following criteria:
You have lived in the home as your principal residence for two out of the last five years.
You have not sold or exchanged another home during the two years preceding the sale.
You meet what the IRS calls “unforeseen circumstances,” such as job loss, divorce, or family medical emergency.
Tuesday, August 26, 2008
Hoschton May Make National News
http://www.selectbrokersrealty.com
A all day workshop to make scarecrows will be held at the Hoschton Depot Wednesday Aug. 27 starting at 8am you are encouraged to attend. If you have any questions or need directions email me - ray@selectbrokersrealty.com
A reporter named Juanita Cousins will be at the scarecrow workshop to follow up on an article written earlier about our project. She is with the Associated Press which is a major network source of newspapers, radio and TV. Her article will be available to use by any of the news media across the country. The Associated Press is where ABC, NBC, CBS, & TBS get a lot of their stories.
A all day workshop to make scarecrows will be held at the Hoschton Depot Wednesday Aug. 27 starting at 8am you are encouraged to attend. If you have any questions or need directions email me - ray@selectbrokersrealty.com
A reporter named Juanita Cousins will be at the scarecrow workshop to follow up on an article written earlier about our project. She is with the Associated Press which is a major network source of newspapers, radio and TV. Her article will be available to use by any of the news media across the country. The Associated Press is where ABC, NBC, CBS, & TBS get a lot of their stories.
Monday, August 25, 2008
VA Raises Loan Cap to $729,000
http://www.selectbrokersrealty.com
The Department of Veterans Affairs (VA) is raising ceilings on its no-downpayment home loans from the current $417,000 to as much as $729,000.
The increases are effective immediately under legislation recently enacted with President Bush signing the Housing and Economic Recovery Act of 2008.
That law also improved VA's Specially Adapted Housing Program. It raises primary grants from $50,000 to $60,000 toward constructing a new home or modifying an existing home to meet adaptive needs of veterans or active duty servicemembers with certain service-connected disabilities.
One new feature is a provision in the law that will assist burn victims. It will allow veterans with certain service-connected disabilities resulting from severe burns to receive the adaptive housing grants. The new law also makes future increases in ceilings on the Specially Adapted Housing Program automatic.
The increased limits in the general home loan program for all veterans' home purchases or construction will be based on local housing costs, tied to the similar locality adjustments of the Federal Home Loan Mortgage Corp., Freddie Mac.
VA home loans are available for veterans to purchase or construct single-family homes, and to purchase condominiums or cooperative apartments. There are about 2.3 million existing VA home loans, more than 90 percent made with no down payment.
The Department of Veterans Affairs (VA) is raising ceilings on its no-downpayment home loans from the current $417,000 to as much as $729,000.
The increases are effective immediately under legislation recently enacted with President Bush signing the Housing and Economic Recovery Act of 2008.
That law also improved VA's Specially Adapted Housing Program. It raises primary grants from $50,000 to $60,000 toward constructing a new home or modifying an existing home to meet adaptive needs of veterans or active duty servicemembers with certain service-connected disabilities.
One new feature is a provision in the law that will assist burn victims. It will allow veterans with certain service-connected disabilities resulting from severe burns to receive the adaptive housing grants. The new law also makes future increases in ceilings on the Specially Adapted Housing Program automatic.
The increased limits in the general home loan program for all veterans' home purchases or construction will be based on local housing costs, tied to the similar locality adjustments of the Federal Home Loan Mortgage Corp., Freddie Mac.
VA home loans are available for veterans to purchase or construct single-family homes, and to purchase condominiums or cooperative apartments. There are about 2.3 million existing VA home loans, more than 90 percent made with no down payment.
Thursday, August 21, 2008
Should You Buy Or Rent
http://www.selectbrokersrealty.com
Buying a home is a rewarding experience. You derive a great deal of personal satisfaction from owning a home. Homeownership allows you to build up your personal net worth over time. Moreover, long-term increases in housing prices nationwide makes homeownership a relatively attractive investment.
In some cases, renting may be a more attractive option. For example, if you plan to move in a year or two, you are unlikely to recover the closing costs you pay when you buy a home. In addition, finding a home to buy generally takes more time than looking for an apartment to rent.
In addition to building up equity over time, owning a home offers significant tax breaks. The interest expense that you pay on up to $1 million in home mortgage debt ($500,000 if you are married and filing a separate return) is tax-deductible.
Your tax savings from the mortgage interest tax deduction are greatest in the early years of a mortgage loan. For example, on a 7%, 30-year fixed rate mortgage loan of $100,000, you pay $6,968 in interest the first year of the loan. If you are in the 25% income tax bracket, your tax savings are $1,742. In Year 16 of the loan, you pay $5,090 in interest, which saves you $1,273 in taxes. In Year 24 of the loan, you pay $2,926 in interest, which saves you $732 in taxes.
When you sell your home, you can exclude up to $500,000 in capital gains if you are married and filing a joint return. (The exclusion limit is $250,000 for other tax filers.) You will need to pass the IRS's ownership and use tests to show that the home has been your primary residence for at least two of the past five years. In addition to mortgage interest, you can also deduct your local property taxes on your income tax return.
Buying a home is a rewarding experience. You derive a great deal of personal satisfaction from owning a home. Homeownership allows you to build up your personal net worth over time. Moreover, long-term increases in housing prices nationwide makes homeownership a relatively attractive investment.
In some cases, renting may be a more attractive option. For example, if you plan to move in a year or two, you are unlikely to recover the closing costs you pay when you buy a home. In addition, finding a home to buy generally takes more time than looking for an apartment to rent.
In addition to building up equity over time, owning a home offers significant tax breaks. The interest expense that you pay on up to $1 million in home mortgage debt ($500,000 if you are married and filing a separate return) is tax-deductible.
Your tax savings from the mortgage interest tax deduction are greatest in the early years of a mortgage loan. For example, on a 7%, 30-year fixed rate mortgage loan of $100,000, you pay $6,968 in interest the first year of the loan. If you are in the 25% income tax bracket, your tax savings are $1,742. In Year 16 of the loan, you pay $5,090 in interest, which saves you $1,273 in taxes. In Year 24 of the loan, you pay $2,926 in interest, which saves you $732 in taxes.
When you sell your home, you can exclude up to $500,000 in capital gains if you are married and filing a joint return. (The exclusion limit is $250,000 for other tax filers.) You will need to pass the IRS's ownership and use tests to show that the home has been your primary residence for at least two of the past five years. In addition to mortgage interest, you can also deduct your local property taxes on your income tax return.
Friday, August 15, 2008
Hurricane Shoals Art in the Park - Sept. 20 - 21
http://www.selectbrokersrealty.com
If you are from Braselton, Hoschton, Jackson County or North Georgia you don't want to miss this festival on Sept. 20 - 21.
The festival will feature a 5K Mill Race, Duck Dash, Antique Automobiles, corn meal being ground, Exhibits, Arts, Crafts and Food. A new addition this year will be the miniature golf course, “Spirit of the River.”
All proceeds are used to maintain and improve Hurricane Shoals Park, which is located between Maysville and Jefferson.
Vendors are needed for the 18th annual Art in the Park festival planned for Sept. 20-21 at Hurricane Shoals Park.
Craft and food vendors are asked to contact Marsha Baxter at 706-850-5615 or 706-202-8285. For more information, go to www.hurricaneshoalspark.org.
If you are from Braselton, Hoschton, Jackson County or North Georgia you don't want to miss this festival on Sept. 20 - 21.
The festival will feature a 5K Mill Race, Duck Dash, Antique Automobiles, corn meal being ground, Exhibits, Arts, Crafts and Food. A new addition this year will be the miniature golf course, “Spirit of the River.”
All proceeds are used to maintain and improve Hurricane Shoals Park, which is located between Maysville and Jefferson.
Vendors are needed for the 18th annual Art in the Park festival planned for Sept. 20-21 at Hurricane Shoals Park.
Craft and food vendors are asked to contact Marsha Baxter at 706-850-5615 or 706-202-8285. For more information, go to www.hurricaneshoalspark.org.
Thursday, August 14, 2008
Tax Benefits Make Now a Great Time to Buy a Home
http://www.selectbrokersrealty.com Press Release
Ray Vaughn , president and broker of Select Brokers Realty, calls the $7,500 real estate tax credit to first-time home buyers in the new housing stimulus legislation an example of “trickle-up” economics. “As first-time home buyers enter the real estate market, armed with an extra $7,500, they increase the demand for homes in Braselton, Hoschton and Jackson County Ga. and in the process help stabilize the market value of homes,” he says. “As they purchase their first home, they free those who are selling their first homes to move up in the real estate market to more expensive homes. Those who had $200,000 homes now buy houses in the $300,000 range. That allows more home owners to sell and move up in the market as well as allowing empty nesters and recent retirees an opportunity to downsize. Mortgage brokers, Realtors® and home builders in Braselton, Hoschton and Jackson County Ga. receive critical new clients and the benefits don’t stop there. Sales of furniture, electronics, household items, landscaping supplies and home improvement items also increase. An escalation in sales also boosts manufacturing and shipping. The process profits the broader community because all these transactions infuse tax revenue into the system, benefiting the community in a variety of ways.” Ray applauds Congress for providing this tax incentive for home buyers. “Now it is up to the American consumer to realize this is a great time to buy a home,” he says. “With interest rates between 6% and 7%, tax rebates and credits from the federal government and a buyer’s market, it’s a great time to make the American Dream a reality.”
Ray Vaughn , president and broker of Select Brokers Realty, calls the $7,500 real estate tax credit to first-time home buyers in the new housing stimulus legislation an example of “trickle-up” economics. “As first-time home buyers enter the real estate market, armed with an extra $7,500, they increase the demand for homes in Braselton, Hoschton and Jackson County Ga. and in the process help stabilize the market value of homes,” he says. “As they purchase their first home, they free those who are selling their first homes to move up in the real estate market to more expensive homes. Those who had $200,000 homes now buy houses in the $300,000 range. That allows more home owners to sell and move up in the market as well as allowing empty nesters and recent retirees an opportunity to downsize. Mortgage brokers, Realtors® and home builders in Braselton, Hoschton and Jackson County Ga. receive critical new clients and the benefits don’t stop there. Sales of furniture, electronics, household items, landscaping supplies and home improvement items also increase. An escalation in sales also boosts manufacturing and shipping. The process profits the broader community because all these transactions infuse tax revenue into the system, benefiting the community in a variety of ways.” Ray applauds Congress for providing this tax incentive for home buyers. “Now it is up to the American consumer to realize this is a great time to buy a home,” he says. “With interest rates between 6% and 7%, tax rebates and credits from the federal government and a buyer’s market, it’s a great time to make the American Dream a reality.”
Wednesday, August 13, 2008
Should You Disclose Facts That Affect Your Property
http://www.selectbrokersrealty.com
Sure it can be frustrating, exhausting and time-consuming to sell a home in some markets, but don't try to cut corners by failing to make the proper disclosures.
Not only is it illegal for you and your agent not to disclose certain material facts that can affect the value, desirability or salability of a home, most savvy buyers will quickly walk away if he or she suspects deceit.
If you lie by omission and get caught, not only can you face both local and federal charges, you'll still have a home to sell in a less-than-hospitable market. The extra time to sell your home and your day in court could stigmatize the property.
Of course, if you honestly don't know about an issue, or there's little if any chance you could have known, you obviously can't report it.
It's not a bad idea to get a home inspection so you do know. An inspection reveals your attempt at discovery, it will help you determine which items need repair or replacement (not that you are required to make certain repairs), you can use it to price your home and it's a good negotiating tool.
In any event, a good rule of thumb, when it comes to whether or not something should be disclosed: "If you can't figure it out, don't leave it out."
Sure it can be frustrating, exhausting and time-consuming to sell a home in some markets, but don't try to cut corners by failing to make the proper disclosures.
Not only is it illegal for you and your agent not to disclose certain material facts that can affect the value, desirability or salability of a home, most savvy buyers will quickly walk away if he or she suspects deceit.
If you lie by omission and get caught, not only can you face both local and federal charges, you'll still have a home to sell in a less-than-hospitable market. The extra time to sell your home and your day in court could stigmatize the property.
Of course, if you honestly don't know about an issue, or there's little if any chance you could have known, you obviously can't report it.
It's not a bad idea to get a home inspection so you do know. An inspection reveals your attempt at discovery, it will help you determine which items need repair or replacement (not that you are required to make certain repairs), you can use it to price your home and it's a good negotiating tool.
In any event, a good rule of thumb, when it comes to whether or not something should be disclosed: "If you can't figure it out, don't leave it out."
Monday, August 11, 2008
Seller Funded Gifts Disappear With FHA Loans
http://www.selectbrokersrealty.com
Starting January 1, the minimum downpayment for an FHA loan will be 3.5 percent. That's a half point higher than the current minimum, but Congress wants to make sure borrowers have a real investment in the house they buy.
Borrowers can still get help with that downpayment, such as gifts from relatives, local government and trade union homeownership programs -- but starting October 1 -- not January 1 -- they won't be able to use any of the popular downpayment assistance programs run by organizations that funnel “gifts” from home sellers to buyers. Organizations such as Nehemiah, Incorporated and Ameridream will no longer be able to provide seller-funded gifts in connection with FHA mortgages.
So if you're a home buyer -- or a real estate or mortgage professional working with home buyers -- keep that October 1 deadline in mind
Starting January 1, the minimum downpayment for an FHA loan will be 3.5 percent. That's a half point higher than the current minimum, but Congress wants to make sure borrowers have a real investment in the house they buy.
Borrowers can still get help with that downpayment, such as gifts from relatives, local government and trade union homeownership programs -- but starting October 1 -- not January 1 -- they won't be able to use any of the popular downpayment assistance programs run by organizations that funnel “gifts” from home sellers to buyers. Organizations such as Nehemiah, Incorporated and Ameridream will no longer be able to provide seller-funded gifts in connection with FHA mortgages.
So if you're a home buyer -- or a real estate or mortgage professional working with home buyers -- keep that October 1 deadline in mind
Thursday, August 7, 2008
Barrow County BOE Considers Charter System
http://www.selectbrokersrealty.com
The Barrow County Board of Education met Thursday to discuss wheather the county school system should convert to a charter system.
A charter system is a publicly funded entity and is exempt from certain legislative requirements. Currently, over 1.3 million students nationwide are enrolled in over 3,900 existing charter schools.
Let me know what you think about this. ray@selectbrokersrealty.com
The Barrow County Board of Education met Thursday to discuss wheather the county school system should convert to a charter system.
A charter system is a publicly funded entity and is exempt from certain legislative requirements. Currently, over 1.3 million students nationwide are enrolled in over 3,900 existing charter schools.
Let me know what you think about this. ray@selectbrokersrealty.com
Wednesday, August 6, 2008
Jackson County & Barrow County ELECTION FINAL
http://www.selectbrokersrealty.com
Smith is new District Attorney, Hunter Bicknell wins BOC chairman of Jackson County; Yearwood over Garrison in Barrow BOC race.
Brad Smith will be the new District Attorney for the Piedmont Judicial Circuit. Smith won the runoff election against Donna Sikes 5,502 to 4,218. The balloting for the seat was in Jackson, Barrow and Banks counties.
In Jackson County, Hunter Bicknell won the board of commissioners chairman's seat against Ron Johnson 2,648 to 1,788.
In Barrow County BOC Chairman seat, challenger Danny Yearwood defeated incumbent Doug Garrison 2,542 to 1,600.
Smith is new District Attorney, Hunter Bicknell wins BOC chairman of Jackson County; Yearwood over Garrison in Barrow BOC race.
Brad Smith will be the new District Attorney for the Piedmont Judicial Circuit. Smith won the runoff election against Donna Sikes 5,502 to 4,218. The balloting for the seat was in Jackson, Barrow and Banks counties.
In Jackson County, Hunter Bicknell won the board of commissioners chairman's seat against Ron Johnson 2,648 to 1,788.
In Barrow County BOC Chairman seat, challenger Danny Yearwood defeated incumbent Doug Garrison 2,542 to 1,600.
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