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Short Sale and Foreclosure
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7 Reasons to Own Your Home
1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.
2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing. 3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to$250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.
6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.
7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
Online resources: To calculate whether buying is the best financial option for you, use the “Buy vs. Rent” calculator. |
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5 Things to Know about Homeowners Insurance
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1. Know about exclusions to coverage. For example, most insurance policies do not cover flood or earthquake damage as a standard item. These types of coverage must be bought separately.
2. Know about dollar limitations on claims. Even if you are covered for a risk, there may be a limit on how much the insurer will pay. For example, many policies limit the amount paid for stolen jewelry unless items are insured separately.
3. Know the replacement cost. If your home is destroyed you’ll receive money to replace it only to the maximum of your coverage, so be sure your insurance is sufficient. This means that if your home is insured for $150,000 and it costs $180,000 to replace it, you’ll only receive $150,000.
4. Know the actual cash value. If you chose not to replace your home when it’s destroyed, you’ll receive replacement cost, less depreciation. This is called actual cash value.
5. Know the liability. Generally your homeowner’s insurance covers you for accidents that happen to other people on your property, including medical care, court costs, and awards by the court. However, there is usually an upper limit to the amount of coverage provided. Be sure that it’s sufficient if you have significant assets. |
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 Sign up and get the hottest results. You can opt - out anytime. Why not giving it a try?
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Here is your chance to beat out other buyers to Hot New Listings..... and it is easy. Of course do we realize that you may be in the early information-gathering stage to find your new home. In order for you to stay informed about the local market you may sign up and get automatically notified of all properties within our website and the local MLS. Nor more wasted time looking at out-dated information in newspapers or searching for hours on the Internet. You are the first to be notified before other buyers see the property. We encourage you to complete the form below and click the OK button. You will automatically receive all new listings and price changes of the listings which match your criteria. Our exclusive Buyer Notification System saves you Time and Money. Please put in as many criteria as possible important to your new home. You may also write us your wish list. The narrower the search criteria the better the results. |
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Does moving up make sense?
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These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move. 1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains. 2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving. 3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a better school district. | 
4. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option. 5. Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home. 6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer. |
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What does your future home look like? Where is it located? As you hunt down your dream home, consult this list to evaluate properties and keep your priorities top of mind. □ Neighborhoods: What neighborhoods do you prefer? □ Schools: What school systems do you want to be near? □ Transportation: How close must the home be to these amenities: □ Home Style - What architectural style(s) of homes do you prefer?
- Do you want to buy a home, condominium, or townhome?
- Would you like a one-story or two-story home?
- How many bedrooms must your new home have?
- How many bathrooms must your new home have?
□ Home Condition - Do you prefer a new home or an existing home?
- If you’re looking for an existing home, how old of a home would you consider?
- How much repair or renovation would you be willing to do?
- Do you have special needs that your home must meet?
□ Home Features Must Have, Would Like, Willing to Compromise, Not Important (Make yourself a list) | | Must have | Would like | Willing to compromise | Not important | | Front Yard | | | | | | Back yard | | | | | | Garage | | | | | | Lanai/Patio/Deck | | | | | | Pool | | | | | | Family Room | | | | | | Formal Dining Room | | | | |
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