Personal Use Plays Key Role

If you or someone you know is among the millions of taxpayers who own a secondary residence, you can maximize tax savings from your vacation or second home. Depending on your personal use time, a bit of advance tax planning can result in saving hundreds or even thousands of tax dollars.

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Originally by Larry - Your NJ RE/MAX Realtor from Realty Reality on January 27, 2006, 3:27am

More tips on buying property / land in France - benefit from our experience. Including Buying French property near a listed building, planning permission, swimming pools..

Originally from propertymagnate.com: Root Category on January 27, 2006, 12:00am

When buying a property, I believe that it is always a good idea to ask questions of both your broker and of the home seller. I’m sure that you can think of a long list of questions, but I usually ask the following 5 questions on behalf of my buyer clients:

1) Ask the seller WHY they are selling? Are they relocating? Are they downsizing? Upsizing? Finding the reason could assist you in negotiating a better price for the property.

2) Ask your broker to find out how much the seller paid for the property when they purchased it. Once your broker provides you with this information, then you could ask the seller what improvements were made to the property since they’ve owned it. Having this information will give you a better idea of value the seller has added to the property. While there are many factors that influence home prices, this would be a good starting point. (Side note: an experienced buyer’s broker will be able to give you the appreciation rates of properties in the general area. This should give you a much better picture of property values in the area).

3) The next question is for sellers. This is also a question which I like to ask sellers when I list their property. What do they (the sellers) like the most and the least about their property?  They may tell you they love the neighborhood because there is always something going on. For you, this may be a negative if your goal is find a quiet community. This is just an example. The more information you have, the more you can determine if a home is right for you.

4) If possible, ask the sellers if there are any problem neighbors or planned changes to the area?  While the seller may not be so forthcoming with this type of information, it doesn’t hurt to ask. Also, you can always check out the local city or town hall to see if there are any projects in the works.

5) Ask about the public schools in the area. Ask your broker, the seller, and do your own research on this. Even if you don’t have children, it is still good to learn about the quality of the public schools in the area since property values can be greatly influenced by this factor. Good public school systems generally add to the value of surrounding properties.

Remember, in most states, home sellers are required to disclose problems they have encountered with the property. However, this may not paint the entire picture. It never hurts to ask additional questions. The more you know about your potential future home the better.

All the best!

Ron Racca
Toll Free: 1.800 CALL ZIP x 4072
Cell: 508.454.7102
Email: ron.racca@ziprealty.com
My Profile: http://www.ziprealty.com/agent/rracca 
http://www.ziprealty.com 
Search for Boston Homes

Originally by ronracca from Real Estate Market Conditions on January 10, 2006, 10:06pm

WASHINGTON – The key word for the housing market in 2006 is balance, with a return to a more normal rate of price growth, according to the National Association of Realtors® (

NAR

).

David Lereah, NAR’s chief economist, said current trends in the housing sector are healthy. “We don’t need to break a record every year for the housing market to be good – in fact, cooling sales are necessary for the long-term health of this vital sector,” Lereah said. “A modest slowdown in home sales, coupled with improvements in housing inventory, means the market is in the process of normalization. That will help to bring balance between home buyers and sellers, yet sales will remain historically strong.”

After setting a fifth consecutive annual record, projected to 7.10 million units for 2005, * existing-home sales are forecast to ease by 4.4 percent to 6.79 million this year, which would be the second highest on record. New-home sales, which should be a record 1.29 million for 2005, are expected to decline 6.0 percent to 1.21 million in 2006 – that also would be the second best year in history. Total housing starts for 2005 are seen at 2.07 million units – the highest since setting a record 1972 – with a 6.6 percent slowing to 1.94 million this year.

“A lot of demand has been met over the last five years, and a modest rise in mortgage interest rates is causing some market cooling. Along with regulatory tightening on nontraditional mortgages, there will be fewer investors in the market this year,” Lereah said. The 30-year fixed-rate mortgage is likely to trend up gradually to 6.7 percent during the second half of the year. “This will preserve generally favorable affordability conditions and keep the housing market at a more sustainable sales pace.”

NAR President Thomas M. Stevens from Vienna, Va., said price appreciation should be at more normal levels across most of the country. “Buyers are no longer competing for a tight supply,” said Stevens, senior vice president of NRT Inc. “That means home prices generally will rise much closer to long-term norms, which is the overall rate of inflation plus one or two percentage points. Lower price appreciation will keep the door open to first-time buyers while preserving the investment advantages of homeownership for sellers.

The national median existing-home price for all housing types, projected to jump 12.9 percent to $209,100 for 2005, is forecast to rise 5.1 percent to $219,700 this year. The median new-home price, which should be up 4.6 percent to $231,300 for 2005, is expected to increase 6.0 percent this year to $245,200.

Inflation as measured by the Consumer Price Index is projected to rise 3.4 percent for 2005 and 3.0 percent in 2006. Inflation-adjusted disposable personal income is forecast to increase 1.3 percent for 2005 and 4.6 percent this year.

Growth in the U.S. gross domestic product is likely to be 3.6 percent for 2005, with GDP seen at 4.0 percent this year. The unemployment rate is expected to drop to 4.8 percent by the end of the year.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.2 million members involved in all aspects of the residential and commercial real estate industries.
# # #
*Existing-home sales data for December, including 2005 totals, will be released January 25; the next forecast is scheduled for February 7, and the Pending Home Sales Index will be February 1.




Source: NAR

Visit my web site for additional resources and services: http://www.LawrenceYerkes.com

or visit http://www.BestHomes-NJ.com for the latest New Jersey Real Estate property listings (residential, commercial, multi-family, farm, land)

Originally by Larry - Your NJ RE/MAX Realtor from Realty Reality

The London property market is likely to receive a huge boost in the coming months with City bankers looking to spend …

Originally from Assetz for Investors property investment news on January 13, 2006, 2:56pm

The UK could be developing into a nation of property investors as a new report revealed that many young people are ke…

Originally from Assetz for Investors property investment news on January 12, 2006, 4:01pm

Over the past couple of years French real estate has returned impressive gains which makes owning property in France even more appealing for many who like the thought of having an idyllic European retreat and who love the idea of profiting from their investment as well!

Originally from Real Estate: Investment Property Abroad

Turkey is becoming a golfer’s paradise with the resort of Belek the most popular by far with international golfers.  The Mediterranean resort is already home to five world class golf courses and five more are in the planning and development stages and Turkey is beginning to rival the Algarve for the numbers of golfing tourists in received annually.

Originally from Real Estate: Investment Property Abroad

January 2006 has started with a glut of reports on the return to health of the UK property market and an update from …

Originally from Assetz for Investors property investment news on January 10, 2006, 4:34pm

Adding to the growing feeling that the UK property market is returning to full health, Hometrack has said that house …

Originally from Assetz for Investors property investment news on December 28, 2005, 2:41pm

Property investors looking to invest in Bulgaria will be keeping a close eye on the country's development in …

Originally from Assetz for Investors property investment news on January 4, 2006, 2:50pm

The property boom in Spain appears to be rolling on with house prices rising at around ten per cent last year.The fig…

Originally from Assetz for Investors property investment news on January 3, 2006, 3:04pm

New figures suggest that most UK residents are now in control of their finances, with four in five expecting their fa…

Originally from Assetz for Investors property investment news on January 4, 2006, 12:04pm

New figures suggest that most UK residents are now in control of their finances, with four in five expecting their fa…

Originally from Assetz for Investors property investment news on January 4, 2006, 12:04pm

SPRINGFIELD, Mass. — A Baptist pastor faces up to five years in prison for his role in a real estate scheme that bilked $1.5 million from lenders and home buyers, including some members of his congregation.

Originally from Yahoo! News - Search Results for real estate on January 10, 2006, 10:37pm

Although the tendency is to think of the winter as being the slow season for real estate, there seems to be still plenty of buying going on.  Take the case of one of my well qualified buyers:  In late December, we made a good offer on Sunnyvale home ($850ish) with great Cupertino schools.   Our offer was one of five and we were greatly outbid.

Our fall back plan was to write an offer on another home in the next neighborhood.  No luck here either.  The home sold the day we were going to present the offer. The next day we were scheduled to see four other homes.  As I made the appointments, I discovered that two of the sellers had already accepted contracts; the third home had received three offers.  The fourth home backed up to the freeway.

No matter what anyone tells me, I think that winter real estate is hot in Cupertino!

Happy New Year,

Joseph Colgan
ZipRealty, Inc.
Licensed in California
Telephone: 408-898-0186
Joseph.Colgan@ziprealty.com
http://www.ziprealty.com/agent/jcolgan

Search for Homes in Cupertino

Originally by ziprealty from Real Estate Market Conditions on January 6, 2006, 5:53pm

With the holidays in the rearview mirror, real estate activity begins to pick up from the lows points of fall and winter. Sellers begin to warm to the idea of putting their homes on the market as potential buyers (many energized by year-end bonuses or raises in salary) become involved in the housing hunt. Here are some things for buyers in the early part of the year to remember:

Don’t waive key contingencies to appeal to the seller -
Waiving contingencies may improve your offer, but make sure you don’t end up unprotected.

Pay attention to recent home sales -
Don’t just compare a listing’s price and features to current active properties, also take a look at what homes are actually selling for.

Use Internet technology to filter listings -
During periods of increased real estate activity, you can’t afford to waste time touring homes that don’t fit your needs. The web-research tools on my website allow you to easily locate and sort the properties that best match your needs, all from the comfort of your own home.

This article was excerpted from our January Newsletter that was e-mailed to all registered subscribers, via our RE/MAX of New Jersey web site.

Originally by Larry - Your NJ RE/MAX Realtor from Realty Reality on January 9, 2006, 5:54am

With the introduction of new products and the growth of the purchasing power of the people continually escalates, it can be said that the advertising industry became fully energized. That’s why even with the dawn of the new technology, advertising still continues to dominate the business world. As most business people asserts, business can never [...]

Originally by Administrator from Real Estate Tips and Advice on January 6, 2006, 3:03pm

If you still haven’t settled on a good resolution for 2006, why not focus on needs around your home? Sticking with some improvements around the home is a great way to feel better about yourself come this time next year.

2. Tackle small jobs before they become big problems.

Often large repair projects at home stem out of little nagging issues that you’ve known about for months. Taking care of that loose step or slow water leak right away can save a lot of money and grief down the road. Avoid the old “I’ll fix it tomorrow” cycle and handle small tasks as you notice them.

3. Pay more attention to energy costs.

Energy conservation is no longer a topic for bureaucrats, as steep increases in the prices of oil and natural gas over the last several years have hit U.S. consumers at the gas pumps and on their utility bills. According to the Energy Information Administration, the average American household will spend $281 more for fuel in the winter of 2005-2006 than last year. That’s an average increase of 38 percent, and those numbers could climb even higher if winter weather is colder than predicted.

If you’ve been reluctant to address home energy concerns in previous years, make a strong effort to improve your home’s efficiency in ‘06. A few good places to start:

• Your habits - Often changing energy usage is the easiest way to slim down your energy bills. Don’t forget that most idle electronics continue to use small amounts of electricity even when in “off” or “standby” mode. Reconsider your thermostat usage as well: usually you can expect to save 3% on the heating bill for every degree you turn it down (full-time).
  
• Your water heater - Heating the water we use takes a lot of energy, and homeowners with old models should at least consider an upgrade. Lower the temperature of your water heater to 115-120 degrees, and you’ll save money without noticing a difference in the water. Sheathing the water heater in an insulated jacket (most cost in the $17-$20 range) cuts down on energy leakage, especially if your water heater is in an unheated garage or basement.
  
• The small things - Install low-flow showerheads & faucets and energy-saving compact fluorescent bulbs, keep heating vents clean and unplug chargers when not in use. Keep your curtains & window shades open during the day to let in sunlight and closed at night to trap warm air.

Beginning on January 1st, homeowners who make energy-efficient improvements to existing homes can qualify for a 10% tax credit, up to $500. Rather than a deduction that decreases taxable income, a credit is a dollar-for-dollar reduction in taxes. State and local energy offices may also offer utility rebates or incentives. If you’re considering a few energy improvements at home, a little help from the government could make the decision easier.

This article was excerpted from our January Newsletter that was e-mailed to all registered subscribers, via our RE/MAX of New Jersey web site.

Originally by Larry - Your NJ RE/MAX Realtor from Realty Reality on January 7, 2006, 1:53pm

December 2005

This report reviews the economic and market conditions underlying the U.S. real estate market in the recent past and provide an outlook for the upcoming year. Major economic indicators are discussed in the first section. The housing market conditions are then examined, including housing stock, home sales and sales prices. Finally, the performance of the commercial real estate market is evaluated.

Following are the major findings:

• The U.S. economy continued to show remarkable resilience in 2005. GDP is expected to post a 3.5 percent growth rate in 2005 – a solid performance, especially in light of unprecedented oil price levels, vaciliating consumer confidence, and a trio of devastating Hurricanes in the Gulf Coast, Texas and Florida.
  
• Residential real estate once again was the backbone of the U.S. economy. Home sales activity reached a fifth consecutive record year and home price appreciation in most markets was solid, if not astounding. Many metropolitan areas experienced home prices growth of better than 10 percent. Active homebuying has pushed up homeownership; the nation’s homeownership rate was 69 percent. The health of the housing sector has helped propel job creation, especially in home construction.
  
• Job creation and healthy home price appreciation is continuing to fuel consumer spending. Home price appreciation increasing household wealth, thus giving homeowners financial comfort to spend on other items. Spending, in turn, is creating new jobs at the rate of around 200,000 per month.
  
• After several years of lackluster performance, the stock market has recovered nicely, with the S&P 500 approaching a 3-year high at the end of 2005. For Dow Jones Industrial Average is within close reach to cross the magic 11,000 for the first time in 5 years. The rising stock market reflects growing business confidence about the future. Furthermore, business spending has been increasing near double-digit pace. Corporate profits have increased significantly in the past three years, giving companies the resources to invest in properties and restock depleted inventory.
  
• Interest rates remained at 45-year lows in 2005, although by the end of the year they were starting to tick upwards. Still, the cost of borrowing is at historically low levels. Inflation, as well, remains under control. The Federal Reserve continued its measured approach to interest rates. A major drag to the economy in 2005 was oil, which surpassed the $70 per barrel mark before showing signs of settling back to more comfortable levels.
  
• Commercial real estate market performance is improving, due to nearly 4 million jobs created during the past 2 years. The office sector showed real strength, primarily due to demand from an increase in professional and financial services employment. New international trade agreements will help propel demand for industrial real estate, particularly in Florida, Texas, Southern California. With vacancy rates in most key markets declining and rental rates have begun to accelerate.
  
• As mortgage interest rates tick up, housing affordability is likely to decrease, making it more difficult for households to purchase a home. That is likely to drive demand for multifamily housing, especially in those areas with high housing costs. In addition, rental demand by young adults aged 20-29 who are just forming households. This group of people will provide support for a healthy market for multifamily rental properties.

  Download the full report:
  
  
  2005 Profile of U.S. Real Estate Markets
  
  (300K PDF)

Source: NAR

Visit my web site for additional resources and services: http://www.LawrenceYerkes.com

or visit http://www.BestHomes-NJ.com for the latest New Jersey Real Estate property listings (residential, commercial, multi-family, farm, land)

Originally by Larry - Your NJ RE/MAX Realtor from Realty Reality on January 4, 2006, 8:11am