Hope Leitner, Realtor®, CRS

One of the first steps in a good outcome is knowing a little bit about what you're about to undertake.   By being aware of some of the areas regarding homes that may not come up every year in a tax return, you'll be able to point them out to your tax professional or seek more information from IRS.gov. Look through this list of items for things that could affect your tax return.   Even if you have relied on the same tax professional for years to look out for your best interests, they need to be aware that there could be something different in this year's return. If you bought a home for a principal residence last year, check your closing statement and identify any points or pre-paid interest that you or the seller paid based on the mortgage you received.   These can be deducted on your Schedule A as qualified home interest if you itemize your deductions.   See Home Mortgage Interest Deduction | IRS Publication 936 (2018 version not released as of this newsletter...

One of the most common loans you can get to buy a home is a 30-year fixed rate mortgage. If the thought of paying for your home over the course of 30-years seems daunting, here are some easy ways to shorten that term which will actually end up saving you money over the life of your loan. Any additional payments to the principal amount (the original sum of money borrowed in a loan), helps to cut down the amount of interest that you will pay over the life of your loan and can also help to shave years off the loan as well. When you make ‘extra’ payments toward your loan, the key is to let your lender/bank know that you want the extra funds to go toward your principal balance as they will not automatically do this for you. You don’t have to double your mortgage payment to make a big difference either! If you have a 30-year mortgage on a median-priced home ($250,000) with a 5% interest rate, you’ll be responsible for a $1,342.05 monthly principal and interest payment. Over the course ...

There is a lot of uncertainty regarding the real estate market heading into 2019. That uncertainty has raised concerns that we may be headed toward another housing crash like the one we experienced a decade ago. Here are four reasons why today’s market is much different: 1. There are fewer foreclosures now than there were in 2006 A major challenge in 2006 was the number of foreclosures. There will always be foreclosures, but they spiked by over 100% prior to the crash. Foreclosures sold at a discount and, in many cases, lowered the values of adjacent homes. We are ending 2018 with foreclosures at historic pre-crash numbers – much 2. Most homeowners have tremendous equity in their homes Ten years ago, many homeowners irrationally converted much, if not all, of their equity into cash with a cash-out refinance. When foreclosures rose and prices fell, they found themselves in a negative equity situation where their homes were worth less than their mortgage amounts. Many just wa...

We frequently talk about why it makes sense to buy a home financially, but more often than not the emotional reasons are the more powerful or compelling ones. No matter what shape or size your living space is, the concept and feeling of a home can mean different things to different people. Whether it’s a certain scent or a favorite chair, the emotional reasons why we choose to buy our own homes are typically more important to us than the financial ones. 1. Owning your home offers stability to start and raise a family From the best neighborhoods to the best school districts, even those without children at the time of purchase may have this in the back of their minds as a major reason for choosing the location of the home that they purchase. 2. There’s no place like home Owning your own home offers you not only safety and security, but also a comfortable place that allows you to relax after a long day! 3. You have more space for you and your family Whether your family is expa...

Some Highlights: •Existing home sales are currently at an annual pace of 5.32 million and have increased on a monthly basis for the last two months. •The inventory of existing homes for sale remains below the 6-months needed for a normal market and is now at a 3.9-month supply. •Inventory remains low due to high demand from buyers who are still looking for houses to buy!

Being a better homeowner is a full-time job.   It's not just about making better decisions when you buy and sell; it's making better decisions throughout the time you own the home. It takes good information to make good decisions.   Think of times when you need advice on financing, taxes, insurance, maintenance, finding reasonable and reliable contractors and lots of other things.   Imagine how nice it would be to have a real estate information line you could call whenever you have a question. During the purchase or sale, the obvious place to get real estate answers is your agent but where do you go the rest of the time? Since homeowners are now staying in their homes for ten to twelve years or more, they need a reliable resource for good information and advice. Our objective is to move from a single purchase or sale to customers for life; a select group of our friends and past customers who consider us their lifelong real estate professional.     We belie...