Patty McMillen » Real Estate

Have Home Prices Finally Reached Bottom?

Patty McMillen — Thu, 05 Apr 2012 18:59:35 +0000

According to Bank of America, “Prices are bottoming now!” In the fall, the analysts had predicted home prices would drop by 8 percent from the second quarter of 2011 through the first quarter of 2013, but now they’re revising that forecast, realizing the housing market is stabilizing faster than they originally thought.

The analysts now predict that prices will remain flat for the next two years, as the excess foreclosure inventory is absorbed. They then expect to see a pickup in home prices by 2014.

And in the long-term, they see a big rise in housing prices. From 2012 through 2020, analysts forecast a cumulative growth of 42 percent in home prices (at 4 percent on an annualized basis).

Construction Cost

Patty McMillen — Tue, 27 Mar 2012 22:46:49 +0000

New Listing In Laytonville

Patty McMillen — Mon, 19 Mar 2012 22:19:19 +0000

Cute starter home on one acre. Two story home with two bedrooms downstairs and two bedrooms and half bath upstairs, sun porch for hot sunny days, room for animals, close to town. Priced at $125,000

Notary Signing Agent vs. Closing Agent

Patty McMillen — Thu, 02 Feb 2012 15:22:26 +0000

Many times we have been forced to use a notary signing agent or a closing agent…they are not the same. A Notary Signing Agent is a ministerial officer that acts as a impartial, third party witness to document signings and may not advise the borrower about the loan terms or answer questions about the loan. The Notary Signing Agent is responsible for positively identifying the signer, making a commonsense judgment that the borrower is aware of what is being signed and signing willingly and following all necessary requirements for notarizing the borrower’s signature. The Notary Signing Agent may not answer questions about the loan terms or advise the signer regarding the loan.

Tug Of War Over Mortgage Rates

Patty McMillen — Fri, 20 Jan 2012 22:05:10 +0000

Image by Getty Images via @daylife

The Federal Reserve may again exercise it’s power to drive down mortgage rates in order to stimulate the economy, but any savings for homebuyers may be at least partitally offset by a new law that raises Fannie Mae and Freddit Mac’s guarantee fees and diverts that money to the Treasury.

The VA Home Loan

Patty McMillen — Fri, 16 Dec 2011 20:08:49 +0000

Just the Facts

Patty McMillen — Thu, 13 Oct 2011 23:00:26 +0000

Homeownership Plummets: The nation’s homeownership rate fell to 65.9 percent in the second quarter, its lowest level since early l998, according to the Census Bureau. The decline, which shows as many as 1 Million more renters than a year ago, spared no region.

Financing For Home Purchases

Patty McMillen — Fri, 17 Jun 2011 22:43:33 +0000

Image by Getty Images via @daylife

FANNIE MAE”S HOMEPATH MORTGAGE IS A SPECIAL PRODUCT OFFERED TO FINANCE THE PURCHASE OF FANNIE MAE REO PROPERTIES

Benefits of HomePath Mortgage:

Low down payment and flexible mortgage terms
Down payment can be funded as a gift, grant, or a loan from a nonprofit organization, state or local government, or employer.
No property appraisal required! All properties are sold “As Is”
No mortgage insurance required
Available for primary residences, second homes and investment properties.

If You Think Your Tax Rate is Only 15%, Think Again!

Patty McMillen — Mon, 23 May 2011 20:25:24 +0000

Image via Wikipedia

Everyone breathed a sigh of relief when the tax cuts were extended at the end of last year for another two years. Although it is good for real estate investors that the maximum federal capital gains rate will remain at 15% for the next two years, savvy investors know that they really pay much more tax than that when they sell their properties. Even if your gain is not substantial due to a downturn in the market, it’s important to know and calculate the different ways you may be taxed before deciding whether to cash out or defer your tax in a 1031 exchange.

ADDITIONAL TAX LIABILITIES

When you sell improved investment property, you must pay tax on a recapture of depreciation. Even if you have absolutely no gain due to appreciation, you will owe tax at the rate of 25% of the amount that you depreciated, or could have depreciated, during the time you owned the property.

In many states you must also pay state tax on the gain. Depending on the state you reside in, the state tax can add almost and additional 10% on to tax rate. Be sure to check with your tax accountant before selling your property.

NATIONAL OPEN HOUSE WEEK

Patty McMillen — Thu, 21 Apr 2011 20:50:26 +0000

Associations across the country are gearing up for the 2011 Realtor Nationwide Open House..mark your calander for June 4-5.