Real Estate Information

Thank you REALTORS®! Through your efforts, Congress has listened and passed a measure to avoid the “Fiscal Cliff” while keeping the real estate recovery on track. With near record level participation, our Call for Action showed, yet again, the power of our organization rests with you, the dedicated real estate professional who understands the importance of our grassroots activities. This is a strong example of the success I am urging all our members to reach for in 2013.

While this first step is significant, it marks the beginning of a continuing effort to ensure that Congress understands that a full economic recovery is only possible with a revitalized real estate sector leading the way. For additional information on the real estate provisions of the “Fiscal Cliff” bill download our NAR Issue Brief:

NAR Issue Brief Real Estate Provisions in “Fiscal Cliff” Bill

Again, thank you for answering the Call for Action. We expect 2013 to be another busy year for the REALTOR® Party as we work to keep the real estate recovery on track.

Pre-paid interest, sometimes called "points", is generally tax deductible when a person pays them in connection with buying, building or improving their principal residence. When points are paid on a refinance, they are not a current deduction but have to be taken pro-rata over the life of the mortgage.

For instance, if $3,000 in points were paid on refinancing a 30 year mortgage, deduction of $100 per year is allowed. When the loan is paid off or replaced by refinancing again or the home is sold and the mortgage paid off from the proceeds, the balance of any un-deducted points may be taken in that tax year.

Your tax professional needs to be made aware of any of these situations so that he can accurately reflect the deduction in your return. Currently, the most common situation is where homeowners may be refinancing their home for the second, third or even fourth time. If there are points that have not been completely deducted, they need to be treated in the year of refinancing.

For more information, see points in IRS Publication 936; there is a section on refinancing in this publication. For advice considering your specific situation, contact your tax professional

Click  on the link for a check list for your dream home!

http://www.talktotom.com/agent_files/dream-home-checklist-flier%20Aug%202012.pdf

Click to review the latest housing statistic-April 2012.

Great time to list and a great time to buy!

Tom,

717-880-2111

The National Association of Realtors is predicting existing-home sales will jump 7 to 10 percent in 2012 to the highest level in five years, based on an "uneven but higher sales pattern" so far this year.

Pending home sales fell a seasonally adjusted 0.5 percent from January to February, which was up 9.2 percent from the same time a year ago, NAR said today in releasing its latest Pending home Sales Index.

Last week, NAR reported a similar trend for existing-home sales, which were down 0.9 percent from January to February, but up 8.8 percent from a year ago.The pending sales data released today provides a glimpse into more recent trends, because it tracks homes that were under contract in February -- deals that will in most cases be finalized within one or two months.

In the Northeast, NAR's index slipped a seasonally adjusted 0.6 percent from January but was up 18.4 percent from a year ago.

Looking to list your home, now is the time!

In order to maintain a beautiful home, it is essential to make periodic home improvements. Not only will these upgrades add sentimental value, but they will also increase the financial value of your home. 

Inspect Your Windows The largest sources of wasted energy are windows. Inspect the weather stripping and caulk for cracks and reseal air leaks. Decorate your home with energy saving window treatments and install window insulation film to save energy and prevent heat from escaping your home. 

Check Your Heating System Reduce maintenance and utility costs by upgrading your central heating. Close vents near the ceiling and open those near the floor for better air circulation.

Paint The Interior Painting is one of the easiest yet most cost-effective home improvements. It is important to keep in mind that neutrals appeal to the largest number of people and that your paint colors will make a significant impact when selling your home.

Change Your Baseboards Baseboards often get damaged and beat up from shoes and moving furniture. Give your home a new look by changing your baseboards. You could pick a new design or even add some color to them.

Update Your Cabinets Tired of your outdated cabinets? Changing the hardware will give your cabinets a fresh and more updated look. Buying new hardware is inexpensive and can be installed easily with a screwdriver and drill

Click Here for the January Housing Stats