What a wonderful and relaxing weekend, after the madness of tax credit deadlines, soccer tournaments and end of school activities, it seems as if life has gotten back to normal...well at least until tomorrow!
Several interesting bits of information to be relayed to you that have recently occurred...great home on Fielding Drive in the Post Oak subdivision is back on the market after only have recently exchanged hands in the past month or so. One of my close friends asked me to confirm if the first sell actually went through and it did, but for any of you looking for a great one level brick ranch in an established and super convenient Kernersville location, contact me for the specs...listed at just $205k--not much more than what it sold for only a few weeks ago!
Several of my listings have recently been reduced...placing them in a category that I call "What a Great Deal!" That means if I had millions of dollars, I would grab these homes up and hold on to them for a few years and well, you know the rest of the story. One of these is my mother-in-law's home in Salisbury Crossing at 605 Charles Conner. She just authorized another reduction of 5k, making this a steal at 195k!! Check it out www.allentate.com/brookecashion/564429
Another one of these "deals" is a new listing located in Tredegar at 1719 Tredegar Road. Things have been pretty slow for this subdivision for some reason, but this home is priced to sell at just 250k...4 bedrooms, all-brick and a huge, level fenced backyard. www.allentate.com/brookecashion/581968
Also, if you know of anyone looking for something below 150k that is move-in ready check these HOT PROPERTIES out!! Perfect for an investor wanting to hold and flip, great for rental property or for someone just needing some great space for the money! Check out the lot sizes, condition and location for the price.
908 Huntington Run in Kernersville www.allentate.com/brookecashion/573015
1140 Ziglar Road in Northern Winston-Salem www.allentate.com/brookecashion/572220
Anything else that you hear of or have questions on please don't hesitate to call me, text, email, Tweet, FB or post to the blog...we'll pick it up and get back to you!
Stay tuned for days on market updates, inventory and new listings!
Keep an eye out for the June e-newsletter coming your way this week with tons of new info!
Brooke
Showing posts with label NC real estate. Show all posts
Showing posts with label NC real estate. Show all posts
Sunday, June 06, 2010
Wednesday, January 13, 2010
Free House? Depends on how you view the glass...
Well, there isn't such a thing and home ownership does come with a ton of responsibility, but nothing is more American than owning your own home. With the extension and expansion of the tax credit and the raising of the limit of how much money you can make in order to qualify (125k-singles**225K-couples), there has never been a time that felt more like, well, free!
If you take the notion of a borrower paying $900 in interest and property taxes each month, this would equate to a loan amount of $165,000. At this loan amount, the interest is around $690 and the property taxes, let's say are $210 for a total of $900--both of these items being normal tax write-offs.
So on this $900/month budget or $10,800 per year they are probably close to a 25% tax bracket with federal and state taxes, so they could potential recognize $2700 in income tax benefits PLUS the additional $8000 in credits from the stimulus!
WOW! They just got their home for $100 this year! Of course, back to the expenses...there is of course home owners insurance, which should be a little more than the renter's insurance they SHOULD be carrying and they will have to maintain their new home.
In this situation it is obviously one scenario and as I tell all of my clients, even those who look like they have "cut and dry" situations, that they need to consult their tax advisor. I also have to say that this novel idea was not mine, but passed on to me by a dear mortgage associate.
Bottom line is this...the tax credit was extended and expanded and if you are even remotely considering moving up or out, NOW IS THE TIME! Any financial advisor that you read in the WSJ or see on t.v preach that this is a historic time for buying real estate...imagine the value 20 years from now!
Make the credit work for you and give me a call so that I can help point you in the right direction so that you too can take your piece of the stimulus pie!
If you take the notion of a borrower paying $900 in interest and property taxes each month, this would equate to a loan amount of $165,000. At this loan amount, the interest is around $690 and the property taxes, let's say are $210 for a total of $900--both of these items being normal tax write-offs.
So on this $900/month budget or $10,800 per year they are probably close to a 25% tax bracket with federal and state taxes, so they could potential recognize $2700 in income tax benefits PLUS the additional $8000 in credits from the stimulus!
WOW! They just got their home for $100 this year! Of course, back to the expenses...there is of course home owners insurance, which should be a little more than the renter's insurance they SHOULD be carrying and they will have to maintain their new home.
In this situation it is obviously one scenario and as I tell all of my clients, even those who look like they have "cut and dry" situations, that they need to consult their tax advisor. I also have to say that this novel idea was not mine, but passed on to me by a dear mortgage associate.
Bottom line is this...the tax credit was extended and expanded and if you are even remotely considering moving up or out, NOW IS THE TIME! Any financial advisor that you read in the WSJ or see on t.v preach that this is a historic time for buying real estate...imagine the value 20 years from now!
Make the credit work for you and give me a call so that I can help point you in the right direction so that you too can take your piece of the stimulus pie!
Sunday, March 15, 2009
Sorry for being slack...
Last week was a wild week...we had our Allen Tate Spring convention in Charlotte and I had our department head budget presentations for the Town of Kernersville...that didn't leave a tremendous amount of time to blog, however, it did give me lots of material.
I'll start with some of our presentation highlights from convention...great speakers, very helpful and time-appropriate topics. One of our speakers, Steve Harney, spent a great deal of time breaking down the current economic crisis and how it is shouldered on the backs of Realtors everywhere...basically if every Realtor (over 1 million strong) would sell one house tomorrow we would be out of the majority of this mess...the world economy isn't so great and it relies heavily on the United States economy...the US economy relies heavily on real estate and housing...and where my friends, does that end or begin, depending on how you are looking at it---it's the Realtor's responsibility to spread the word that NOW is the best time to buy since 1971 when this data started tracking regularly...Steve showed us numerous slides from various studies to prove his points...some of which are...
1-Even over the past ten years, though the economy has taken some tumbles...every major investment engine was down by double-digits...Dow, NASDAQ, S &P...but housing, was STILL up by over 60% even with the most recent depreciation.
2-Interest rates are low, prices are dropping but even if you are waiting for the "bottom" and no one knows where that is...your differential between payment and pricing (even if prices dropped 40%) would not change your payments by more than a few dollars per month...even if rates did go to 6 or 6.5+...I am waiting to see if I can post his charts so that you can have a visual...
3-North Carolina may just be "last to the party" to quote Harney...meaning that where other areas of the county seem to be straightening out, we are just now feeling some of the effects of job loss nationwide as folks come to NC looking for the jobs that we have been creating and thus pushing our unemployment up even higher...its not that we aren't creating jobs, its just that we have been inundated with new folks that are absorbing these jobs...and as unemployment rises, foreclosure rates usually follow...
This isn't being written to depress you into a further funk, but to help you to understand, especially if you are a seller, that we need to, as Harney said it "catch these prices from the bottom up"...that means that even though we saw tiny amounts of appreciation in the 1st and 2nd quarter of 08, we are now seeing 3-4% depreciation in NC and expected to see 14+% by year end...so the moral of this story is that aggressive pricing now may save you since prices are not expected to return to TODAY'S levels until Fall 2014 according to Case-Shillings....just by not realizing this...you lose close to $400 a week in VALUE (expenses not included) on a $240K house...
On a brighter note...activity with buyers is up...just on Friday during a one hour span I had over 15 showings scheduled for my listings and I showed property to buyers all day Saturday and am showing again this afternoon...That means folks are out there, but you have to be the best in condition, most aggressive in pricing and realistic when it comes to the market...Have a great day! Stay dry!
Brooke
I'll start with some of our presentation highlights from convention...great speakers, very helpful and time-appropriate topics. One of our speakers, Steve Harney, spent a great deal of time breaking down the current economic crisis and how it is shouldered on the backs of Realtors everywhere...basically if every Realtor (over 1 million strong) would sell one house tomorrow we would be out of the majority of this mess...the world economy isn't so great and it relies heavily on the United States economy...the US economy relies heavily on real estate and housing...and where my friends, does that end or begin, depending on how you are looking at it---it's the Realtor's responsibility to spread the word that NOW is the best time to buy since 1971 when this data started tracking regularly...Steve showed us numerous slides from various studies to prove his points...some of which are...
1-Even over the past ten years, though the economy has taken some tumbles...every major investment engine was down by double-digits...Dow, NASDAQ, S &P...but housing, was STILL up by over 60% even with the most recent depreciation.
2-Interest rates are low, prices are dropping but even if you are waiting for the "bottom" and no one knows where that is...your differential between payment and pricing (even if prices dropped 40%) would not change your payments by more than a few dollars per month...even if rates did go to 6 or 6.5+...I am waiting to see if I can post his charts so that you can have a visual...
3-North Carolina may just be "last to the party" to quote Harney...meaning that where other areas of the county seem to be straightening out, we are just now feeling some of the effects of job loss nationwide as folks come to NC looking for the jobs that we have been creating and thus pushing our unemployment up even higher...its not that we aren't creating jobs, its just that we have been inundated with new folks that are absorbing these jobs...and as unemployment rises, foreclosure rates usually follow...
This isn't being written to depress you into a further funk, but to help you to understand, especially if you are a seller, that we need to, as Harney said it "catch these prices from the bottom up"...that means that even though we saw tiny amounts of appreciation in the 1st and 2nd quarter of 08, we are now seeing 3-4% depreciation in NC and expected to see 14+% by year end...so the moral of this story is that aggressive pricing now may save you since prices are not expected to return to TODAY'S levels until Fall 2014 according to Case-Shillings....just by not realizing this...you lose close to $400 a week in VALUE (expenses not included) on a $240K house...
On a brighter note...activity with buyers is up...just on Friday during a one hour span I had over 15 showings scheduled for my listings and I showed property to buyers all day Saturday and am showing again this afternoon...That means folks are out there, but you have to be the best in condition, most aggressive in pricing and realistic when it comes to the market...Have a great day! Stay dry!
Brooke
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