To Dos For The Seller To Dos For The Buyer Provided Courtesy of Mary Beth Nunez, Keller Williams RealtySearch the entire MLS for Free @ http://mnunez.kwhomesct.com
Call 860-251-9681, for information on buyer and sell representation.
Showing posts with label Local Information. Show all posts
Showing posts with label Local Information. Show all posts
Reaching For The Stars
To Dos For The Seller To Dos For The Buyer Provided Courtesy of Mary Beth Nunez, Keller Williams RealtySearch the entire MLS for Free @ http://mnunez.kwhomesct.com
Call 860-251-9681, for information on buyer and sell representation.
7 Ways To Improve Your Home's Sell-ability
1. Maintain NeutralityThis policy has worked for Switzerland, and it can also work in real estate. Customizing your home is great if you plan to stay there, but extreme colors and themed rooms can scare off potential homebuyers. If you have customized every room with extremely bright or dark colored paint, wallpaper or wall fixtures, you may want to consider toning it down a bit. Using neutral colors on the walls can help prospective buyers create their own vision for the house, and will also leave them with less work to undo if they buy the house. 2.Less Is MoreEven though you have not moved out yet, removing some of your furniture can help the house move off the market. If you take pictures for your listing, having less furniture can help the home appear more spacious. When potential homebuyers arrive, having less furniture can also provide clear walkways. 3.That New House SmellHonestly, the new house smell isn't always the most pleasant, but at least it is new. In preparing to show your home, you should avoid strong smells. To avoid odors, make sure to take out the trash and clean the refrigerator regularly. It is also good to be mindful of what you cook in the days leading up to a showing since certain foods have strong scents. If you have pets, keep an eye on the litter box. Any smell that is too strong could send potential homebuyers running out the door. 4.Pay Attention to the DetailsIt is not a good idea to make major renovations when you are ready to sell your home because you may not recoup your investment. If you never got around to starting or completing that total kitchen or bathroom makeover, then you can make some small, inexpensive changes to spruce things up. Replacing the hardware on cabinets is a quick way to improve the appearance of older looking fixtures. Upgrading small items such as light switch and outlet covers can also add a nice touch. 5.Maximize Your "Curb Appeal"The front of your home is the first thing prospective home-buyers will see, so keeping it presentable is a must. If there is a yard, keep the grass to a reasonable height and if there are trees, be sure to keep the branches under control. The path to your front door should be a clear and welcoming one, not an obstacle course! 6. Don't Get Too PersonalUpon entering your house, everyone will know it is lived in, but they do not need to see all the evidence. Get rid of excess clutter such as newspapers, magazines, and mail. Be sure to put away your laundry and shoes. It may also be a good idea to put away some other personal belongings like pictures on the refrigerator or mantle. For you, the pictures may make a house a home or display your personal touch. For the new homeowner, it may appear too personal. 7. Take Care of RepairsWaiting to make repairs until after you find a buyer can be tricky. Depending on the nature of the repairs, you may not be able to find a buyer. Depending on how fast the buyer wants to close on the house, you may not have enough time to make the repairs. Save yourself some time and potential trouble, by making repairs before you list your home. The repairs will have to be made anyway, so it is better to get them out of the way sooner rather than later. First impressions can make the difference between a sale or no sale. Keeping things simple can give you a leg up on similar houses on the market. Source:Investopedia
Your Top Home Ownership Tax Questions Answered
Which tax benefits do home owners miss? Will you get audited if you take the home office deduction? Find out the answers to these questions and more before Tax Day. Find Out Here! Source: Houselogic-Natasha Padgitt
Your Real Estate Sales Team's New Facebook Page
Let us help keep you up to date with all the real estate trends, community information, home ideas etc.
Connecticut Buyer Agreement
Have you ever asked why, Realtors request you to sign a Buyer's Agreement before going out to view home? Connecticut Buyer's Agreement
CONNECTICUT SALES TAX FREE WEEK Is Here!
CONNECTICUT SALES TAX FREE WEEK Is Here! (Hartford CT)
- Connecticut's annual holiday from the sales tax begins on August 19 and runs through August 25. Tax free purchases are expected to save consumers as much as $7.5 million statewide, especially on back-to-school shopping. On average, it is estimated that families will spend nearly $700 on back to school purchases this year. During this third week of August, individual items of clothing and footwear that cost less than $300 are completely exempt from state sales tax - other than sports equipment, specialty clothing, jewelry and accessories. Store sales, catalog and on-line purchases, purchases on layaway and rentals are exempt. In addition, the tax free holiday week includes items valued at more but discounted to under $300 with sales, coupons and similar merchant promotions.
For more information about Connecticut's Sales Tax Free Week, DRS has details on its website at www.ct.gov/drs. The DRS web site also has links to other publications to help consumers and taxpayers. Individuals may also call 1-800-382-9463 (for in-state calls outside the Greater Hartford Area) or 860-297-5962 (from anywhere).
- Connecticut's annual holiday from the sales tax begins on August 19 and runs through August 25. Tax free purchases are expected to save consumers as much as $7.5 million statewide, especially on back-to-school shopping. On average, it is estimated that families will spend nearly $700 on back to school purchases this year. During this third week of August, individual items of clothing and footwear that cost less than $300 are completely exempt from state sales tax - other than sports equipment, specialty clothing, jewelry and accessories. Store sales, catalog and on-line purchases, purchases on layaway and rentals are exempt. In addition, the tax free holiday week includes items valued at more but discounted to under $300 with sales, coupons and similar merchant promotions.
For more information about Connecticut's Sales Tax Free Week, DRS has details on its website at www.ct.gov/drs. The DRS web site also has links to other publications to help consumers and taxpayers. Individuals may also call 1-800-382-9463 (for in-state calls outside the Greater Hartford Area) or 860-297-5962 (from anywhere).
Xtreme Impact at Crossroads Community Cathedral, East Hartford
Xtreme Impact at Crossroads Community Cathedral
Need a mid week break?
The powerful ministry of Xtreme Impact is coming to Crossroads on Wednesday, May 16. This is an outreach event you will want everyone you know to attend; young and old alike will be touched deeply.
I will definitely be there, will you?
The Inside Scoop to Today's Real Estate Market
Wondering what is going in today's real estate market? The Research has been done, for you.
Find out what the market trends are in your area.
For a free visit to Market Insider:
Click Here to Find Out What is Going On in the Market
Find out what the market trends are in your area.
For a free visit to Market Insider:
Click Here to Find Out What is Going On in the Market
9 Documents That Help You Reap Real Estate Tax Breaks
Great article from Trulia………..
Technically speaking, April 15th is tax day. But for Americans who expect a refund - including many homeowners who want to cash in on real estate-related tax perks - filing sooner holds the promise of getting that check in hand, stat. If you count yourself in that number, here’s a handy guide for 9 pieces of paper you should be sure to round up as you prepare to file, in order to reap every penny of the tax rewards you’ve earned by virtue of owning a home.
1.Mortgage Interest Statement - IRS Form 1098. The meatiest real estate tax deduction on the books is the one that allows you to deduct 100 percent of the mortgage interest you paid in a year - including prepaid interest or points you might have paid at close of escrow, if you bought a home last year. By now, you should have received in the mail a Form 1098 from your mortgage lender that reports how much that interest totaled up to in 2011. If you itemize your taxes and claim a mortgage interest deduction, you must include this form with your tax form when you file.
(If you haven’t received yours yet, most lenders that have online account management services also post the form digitally in your secure account on the web. Just login like you would to make your monthly payment, and look for a notice that says you can now download your 2011 Form 1098.)
2.Property Tax Statements. In addition to deducting your mortgage interest, if you own a home you are eligible to deduct the property taxes you pay to your local city, county and/or state. You are not allowed to deduct some of the other miscellaneous expenses that some localities bundle up with the taxes they collect, like waste management and local assessments for things like street lighting, libraries and sidewalk construction. To get this deduction right, the best practice is to have your property tax statements at hand and make sure you’re only deducting what’s allowed.
If you bought your home this year, it’s highly possible that you might not even have received a property tax statement yet - if that’s the case, look to #3, below.
3.Uniform Settlement Statement (HUD-1). If you bought or sold a home last year, right after closing you should have received a form called the HUD-1 Settlement Statement (hint: it’s usually on legal-sized paper and contains an accounting of credits and debits for you and your home’s buyer or seller). That form documents a number of line items which might help you out at tax time, including prepaid interest, the prorated property taxes you paid at closing, and closing costs like original fees and discount points. Some states offer tax credits for buying a foreclosure; check with your tax pro to find out if any such credits apply to you. If so, this statement might be your ticket to lower taxes.
And here’s another handy hint - if you can’t find your copy, you might have gotten it on a disk - and you can always email your real estate or escrow agent for a copy, as well.
4.Moving Expense Receipts. Moving expenses are tax deductible, if your move is closely related, both in time and in place, to the start of work at a new or changed job location and you meet the IRS’ time and distance tests. Long story short, your new home must be at least 50 miles farther from your new workplace than your old home was from your prior place of work, and you must work essentially full-time. So, if you bought or sold a home and moved in 2011, you’ll need to include receipts from expenses you incurred making the move (meals not included) in your tax prep paperwork.
5.Cancellation of Debt Statement - IRS Form 1099. Homeowners who lost a home to foreclosure, or divested of one by negotiating a short sale or deed in lieu of foreclosure with their lender might receive some version of Form 1099 from their lenders, charging them with income in the amount of the mortgage debt that has been cancelled. You see, if you borrow money from someone, then they cancel the debt, that money you originally borrowed becomes income in the eyes of the IRS - and income is, as you know, taxable.
6.Utility statements for home office. For the average everyday homeowner who works at their employer’s place of business, utilities are not deductible (sorry!). But if there is a part of your home that is “regularly and exclusively” used for business, you might be able to claim that portion of your home as a home office, and deduct some portion of your home utilities and costs of painting and repairs, as a result.Talk with your tax provider about what expenses are allowable to be claimed under your home office deduction, and whether or not you should take it.
7.Income and Expense statements from rental properties. Some of you have elevated the art of home ownership to a business! If you are a landlord, your tax situation is more complicated than that of the average bear; you’ll need to have complete income and expense statements when you put your tax returns together. It might actually behoove you to consult with a tax professional to make sure you are appropriately depreciating the property over time and not taking deductions that will expose you to the risk of audits, as well as to begin cultivating a long-term tax strategy for your real estate portfolio.
8.Contractor receipts from energy efficient home improvements. Under the Nonbusiness Energy Tax Credit, homeowners who have made improvements to their homes that fall within a list of energy efficient upgrades might be eligible to claim tax credits. If, during 2011, you installed energy efficient improvements such as insulation, new dual-paned windows and furnaces, you might be eligible for a tax credit of 10 percent of the cost of these upgrades, up to $500 - only $200 of which may be used to offset the cost of windows.
9.Mortgage Credit Certificate (MCC). If you own a home you bought in the last few years using a Mortgage Credit Certificate issued by a local housing authority, that Certificate may entitle you to a pretty hefty tax credit, based on a percentage of the mortgage interest you paid - on top of your mortgage interest deduction. MCCs apply as long as you live in the home and have a mortgage on it, but they only apply to defray taxes you actually owe - you can’t use them to get a refund. In any event, your mortgage credit certificate, if you have one, is a must-have document as you start putting your tax prep plan in play.
No matter what your tax situation is, if you own a home, it absolutely cannot hurt to get some professional help and advice to make sure you maximize your deductions, while minimizing your exposure to audit. And you should always consult with a tax attorney or certified public accountant regarding your tax liabilities and implications when you buy, sell, short sell or lose a home to foreclosure.
Technically speaking, April 15th is tax day. But for Americans who expect a refund - including many homeowners who want to cash in on real estate-related tax perks - filing sooner holds the promise of getting that check in hand, stat. If you count yourself in that number, here’s a handy guide for 9 pieces of paper you should be sure to round up as you prepare to file, in order to reap every penny of the tax rewards you’ve earned by virtue of owning a home.
1.Mortgage Interest Statement - IRS Form 1098. The meatiest real estate tax deduction on the books is the one that allows you to deduct 100 percent of the mortgage interest you paid in a year - including prepaid interest or points you might have paid at close of escrow, if you bought a home last year. By now, you should have received in the mail a Form 1098 from your mortgage lender that reports how much that interest totaled up to in 2011. If you itemize your taxes and claim a mortgage interest deduction, you must include this form with your tax form when you file.
(If you haven’t received yours yet, most lenders that have online account management services also post the form digitally in your secure account on the web. Just login like you would to make your monthly payment, and look for a notice that says you can now download your 2011 Form 1098.)
2.Property Tax Statements. In addition to deducting your mortgage interest, if you own a home you are eligible to deduct the property taxes you pay to your local city, county and/or state. You are not allowed to deduct some of the other miscellaneous expenses that some localities bundle up with the taxes they collect, like waste management and local assessments for things like street lighting, libraries and sidewalk construction. To get this deduction right, the best practice is to have your property tax statements at hand and make sure you’re only deducting what’s allowed.
If you bought your home this year, it’s highly possible that you might not even have received a property tax statement yet - if that’s the case, look to #3, below.
3.Uniform Settlement Statement (HUD-1). If you bought or sold a home last year, right after closing you should have received a form called the HUD-1 Settlement Statement (hint: it’s usually on legal-sized paper and contains an accounting of credits and debits for you and your home’s buyer or seller). That form documents a number of line items which might help you out at tax time, including prepaid interest, the prorated property taxes you paid at closing, and closing costs like original fees and discount points. Some states offer tax credits for buying a foreclosure; check with your tax pro to find out if any such credits apply to you. If so, this statement might be your ticket to lower taxes.
And here’s another handy hint - if you can’t find your copy, you might have gotten it on a disk - and you can always email your real estate or escrow agent for a copy, as well.
4.Moving Expense Receipts. Moving expenses are tax deductible, if your move is closely related, both in time and in place, to the start of work at a new or changed job location and you meet the IRS’ time and distance tests. Long story short, your new home must be at least 50 miles farther from your new workplace than your old home was from your prior place of work, and you must work essentially full-time. So, if you bought or sold a home and moved in 2011, you’ll need to include receipts from expenses you incurred making the move (meals not included) in your tax prep paperwork.
5.Cancellation of Debt Statement - IRS Form 1099. Homeowners who lost a home to foreclosure, or divested of one by negotiating a short sale or deed in lieu of foreclosure with their lender might receive some version of Form 1099 from their lenders, charging them with income in the amount of the mortgage debt that has been cancelled. You see, if you borrow money from someone, then they cancel the debt, that money you originally borrowed becomes income in the eyes of the IRS - and income is, as you know, taxable.
6.Utility statements for home office. For the average everyday homeowner who works at their employer’s place of business, utilities are not deductible (sorry!). But if there is a part of your home that is “regularly and exclusively” used for business, you might be able to claim that portion of your home as a home office, and deduct some portion of your home utilities and costs of painting and repairs, as a result.Talk with your tax provider about what expenses are allowable to be claimed under your home office deduction, and whether or not you should take it.
7.Income and Expense statements from rental properties. Some of you have elevated the art of home ownership to a business! If you are a landlord, your tax situation is more complicated than that of the average bear; you’ll need to have complete income and expense statements when you put your tax returns together. It might actually behoove you to consult with a tax professional to make sure you are appropriately depreciating the property over time and not taking deductions that will expose you to the risk of audits, as well as to begin cultivating a long-term tax strategy for your real estate portfolio.
8.Contractor receipts from energy efficient home improvements. Under the Nonbusiness Energy Tax Credit, homeowners who have made improvements to their homes that fall within a list of energy efficient upgrades might be eligible to claim tax credits. If, during 2011, you installed energy efficient improvements such as insulation, new dual-paned windows and furnaces, you might be eligible for a tax credit of 10 percent of the cost of these upgrades, up to $500 - only $200 of which may be used to offset the cost of windows.
9.Mortgage Credit Certificate (MCC). If you own a home you bought in the last few years using a Mortgage Credit Certificate issued by a local housing authority, that Certificate may entitle you to a pretty hefty tax credit, based on a percentage of the mortgage interest you paid - on top of your mortgage interest deduction. MCCs apply as long as you live in the home and have a mortgage on it, but they only apply to defray taxes you actually owe - you can’t use them to get a refund. In any event, your mortgage credit certificate, if you have one, is a must-have document as you start putting your tax prep plan in play.
No matter what your tax situation is, if you own a home, it absolutely cannot hurt to get some professional help and advice to make sure you maximize your deductions, while minimizing your exposure to audit. And you should always consult with a tax attorney or certified public accountant regarding your tax liabilities and implications when you buy, sell, short sell or lose a home to foreclosure.
CL&P Issues Refunds
For more information visit: www.clp-bringspower.com
Advice for the Financially Astute
"Years from now, when our clients look back on the current market, some of them will be thoroughly grateful that they were astute enough to act on the ultimate buyer's market. Others will look back and say, 'if only'"
Mark Willis, CEO, Keller Williams Realty
The current opportunities for home buyers are better than you've ever imagined!
Contact me today if you or anyone you know would like an overview of our local housing market.
Some Good Signs for the Real Estate Market
I see this information, from the National Association of Realtor to on target. This year I am happy to report that I have been busier then ever. Sellers are pricing their properties according to the fair market value and Buyers that are ready to purchase, now have been out looking for their new home.
We are happy to be able to provide my client with full time service to help them meet their real estate goals.
Some Good Signs for the Real Estate Market
We are happy to be able to provide my client with full time service to help them meet their real estate goals.
Some Good Signs for the Real Estate Market
FHA Extends Anti-Flipping Waiver to Speed Sales
The Federal Housing Administration is extending its “anti-flipping” waiver through the end of 2012, which allows buyers to purchase homes that have already been sold in the last 90 days.
The waiver, which was soon set to expire, is “intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight,” Carol J. Galante, the acting Federal Housing Administration commissioner, said in a statement. “FHA remains a critical source of mortgage financing and stability and we must make every effort to promote recovery in every responsible way we can.”
An anti-flipping rule originally took effect in 2003 to stop a spike in home flipping that was being blamed on driving up home prices during the housing boom. The rule prevented FHA-backed loans from being used to purchase homes that had been owned by a seller for less than 90 days. But the U.S. Department of Housing and Urban Development decided to reconsider the 90-day limit in 2010 after skyrocketing foreclosures and abandoned homes were causing blight in neighborhoods across the country and hampering nearby property values.
The temporary waiver to the anti-flipping rule will allow buyers and investors to quickly resell refurbished homes and not have to wait 90 days to do so. Since the waiver took place in 2010, FHA has insured nearly 42,000 mortgages worth more than $7 billion on homes resold within 90 days of the last purchase, according to HUD.
"It's certainly an inducement to move real estate and reduce inventories," says Don Cameron, a real estate investor who owns a franchise of We Buy Ugly Houses in South Florida. "Why wait 90 days before you can close on a home?"
The waiver, however, still prevents predatory flipping, and sellers must justify any increases in value if the sales price of the property is 20 percent more than what the seller had recently purchased it for (such as by providing extra documentation on renovation expenses). Sales also must be in “arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.”
Source: “Government Extends Waiver of Anti-Flipping Law, Allowing Homes to be Bought and then Sold in 90 Days,” McClatchy-Tribune Regional News (Dec. 29, 2011) and HUD.gov
The waiver, which was soon set to expire, is “intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight,” Carol J. Galante, the acting Federal Housing Administration commissioner, said in a statement. “FHA remains a critical source of mortgage financing and stability and we must make every effort to promote recovery in every responsible way we can.”
An anti-flipping rule originally took effect in 2003 to stop a spike in home flipping that was being blamed on driving up home prices during the housing boom. The rule prevented FHA-backed loans from being used to purchase homes that had been owned by a seller for less than 90 days. But the U.S. Department of Housing and Urban Development decided to reconsider the 90-day limit in 2010 after skyrocketing foreclosures and abandoned homes were causing blight in neighborhoods across the country and hampering nearby property values.
The temporary waiver to the anti-flipping rule will allow buyers and investors to quickly resell refurbished homes and not have to wait 90 days to do so. Since the waiver took place in 2010, FHA has insured nearly 42,000 mortgages worth more than $7 billion on homes resold within 90 days of the last purchase, according to HUD.
"It's certainly an inducement to move real estate and reduce inventories," says Don Cameron, a real estate investor who owns a franchise of We Buy Ugly Houses in South Florida. "Why wait 90 days before you can close on a home?"
The waiver, however, still prevents predatory flipping, and sellers must justify any increases in value if the sales price of the property is 20 percent more than what the seller had recently purchased it for (such as by providing extra documentation on renovation expenses). Sales also must be in “arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.”
Source: “Government Extends Waiver of Anti-Flipping Law, Allowing Homes to be Bought and then Sold in 90 Days,” McClatchy-Tribune Regional News (Dec. 29, 2011) and HUD.gov
What's in Store for Housing in 2012?
The National Association of Realtor Recent Report on the Housing Market.
Click to Report their most recent Report.:
What's in Store for Housing in 2012?
Click to Report their most recent Report.:
What's in Store for Housing in 2012?
CTMLS 2011 Q3 Statistics
The 2011 Q3 Statistics are broken down by quarter into:
- Annual sales by county and percent change - SFH and Condos (Note: only the first table is identical between all counties)
- Average vs. Median Sale Price by Year - SFH
- Number Sold by Month - SFH and Condos
- Median Sale Price by Quarter
- List Price vs. Sale Price by Quarter - SFH and Condos
- Average Days on Market by Year
- Average Days on Market by Month
- Total Q3 and County Level Pre-foreclosures, Auctions, and REOs
Click here for the complete 2011 Q3 - Statewide Statistics. For statistics by county, please select from the links below.
The Richest Man In The Valley Coming to Crossroad Community Catherdral
"The Richest Man In The Valley"
Coming to Crossroads Community Catherdral, East Hartford Ct
Wed, December 14, 2011 7:00 PM
After five years, Crossroads is pleased to announce the return of
"The Richest Man In The Valley". Performances are on Dec. 14, 15, 16 @ 7pm and Dec. 18 @ 6pm. Purchase your tickets in the Atrium during weekend services, by calling the church office between 10am and 2pm, or online by clicking here.
For more information, contact the church office at ext. 632.
Coming to Crossroads Community Catherdral, East Hartford Ct
Wed, December 14, 2011 7:00 PM
After five years, Crossroads is pleased to announce the return of
"The Richest Man In The Valley". Performances are on Dec. 14, 15, 16 @ 7pm and Dec. 18 @ 6pm. Purchase your tickets in the Atrium during weekend services, by calling the church office between 10am and 2pm, or online by clicking here.
For more information, contact the church office at ext. 632.
Connecticut Light and Power Refund Eligibility
Applications Now Being Accepted for Storm Fund Credit
Share with Clients, Family and Friends!
As a gesture of goodwill, CL&P has established a fund to provide a credit for those customers hit hardest by the October Nor'easter. As they make changes to enhance our future restoration efforts, this fund is an important step in demonstrating their commitment to their customers, a commitment they take very seriously.
All residential customers who were without power as of noon on Saturday, November 5, as a result of the October snow storm, are eligible for a credit applied to their February 2012 CL&P bill. Credits are expected to range between $100 to $200, depending on how many eligible customers apply. Applications for the credit are being accepted from Wednesday, December 7, 2011 through 5 p.m. Tuesday, January 31, 2012. They are also contacting all customers who called the state's Infoline (2-1-1) to request assistance from the fund regarding their eligibility for the storm credit.
APPLY FOR CREDIT
Share with Clients, Family and Friends!
As a gesture of goodwill, CL&P has established a fund to provide a credit for those customers hit hardest by the October Nor'easter. As they make changes to enhance our future restoration efforts, this fund is an important step in demonstrating their commitment to their customers, a commitment they take very seriously.
All residential customers who were without power as of noon on Saturday, November 5, as a result of the October snow storm, are eligible for a credit applied to their February 2012 CL&P bill. Credits are expected to range between $100 to $200, depending on how many eligible customers apply. Applications for the credit are being accepted from Wednesday, December 7, 2011 through 5 p.m. Tuesday, January 31, 2012. They are also contacting all customers who called the state's Infoline (2-1-1) to request assistance from the fund regarding their eligibility for the storm credit.
APPLY FOR CREDIT
Subscribe to:
Posts (Atom)
