I guess I was asleep when Congress made Mortgage Insurance tax deductible at the end of 2006….
January 3, 2007
but I just found out that they have finally made Private Mortgage Insurance better known as PMI or MI tax deductible for all home loans originated in 2007 and beyond. This will have a profound effect on how mortgages are written. No longer will you have to get a piggyback or second loan on that home purchase when you are putting less than 20% down at the time of purchase.
It’s estimated that hundreds of thousands of homeowners will save a total of $91 million when they file their tax returns in 2008 according to statistics cited in the following article from Bankrate.com. Check it out it’s a good read. If you are currently paying mortgage insurance on an old loan you don’t qualify for this new deduction but if you decide to refinance this year or make a new purchase….we’ll let’s just say you now have some options…
Tax deduction makes mortgage insurance more competitive with piggybacks
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100 Great Real Estate Questions…..
April 15, 2006
As a homebuyer educator and Realtor I always remind my clients to count the cost before they make any decisions as it pertains to buying a home. For most people a house will be one of the largest financial investments that will be made in our lifetime. It's important for you to do your due dilligence to make sure that you are ready to buy a home, the home you want to buy is appropriate for your needs, the mortgage product is the right one for you, you choose the right realtor, home inspector, insurance agent, attorney…the list goes on. HUD put together a great list of 100 questions to ask before you purchase a home. We have included these questions on the link under "Real Estate." Please review and make notes and most importantly…Ask questions!
Foreclosure Prevention…
April 9, 2006
Recently I was asked by Floyd Williams of Floyd Williams Funeral Homes to participate on his In The Spirit radio program. The topic of discussion was Foreclosures in the Boston marketplace. We discussed a number of issues and attempted to talk a little bit about the foreclosure process. Please check out the podcast and let me know what you think (click the link below)……
http://media.libsyn.com/media/pottpodcast/01_rwre_2006-04-08_1_copy_1.m4a
New Carbon Monoxide laws in Massachusetts…
March 24, 2006
go into effect on March 31st, 2006. This law effects anyone who owns residential property in the State of Massachusetts with any type of fossil fuels (Gas, Oil, Coal, Wood, etc), or contains enclosed parking (i.e., attached or enclosed garage). The units need to be placed on every habitable level of the home including basement or attic living spaces. There are several different types of CO detectors on the market. The detectors are either battery operated, plug in, or hardwired. They also have combo CO/Smoke Detectors. These units can be fairly expensive but I found an online company, Resculite, out of New York that offers a wide variety of Massachusetts compliant CO detector at really good prices. For landlords that have to install several of these monitors buying in bulk may be a cost effective option for you.
Carbon Monoxide is an odorless, colorless gas that can be can kill you. A couple hundred people die each year in the U.S. due to Carbon Monoxide poisoning. Having these monitors installed in your home and any other property that you may own is not only smart but as of March 31st, 2006 in Massachusetts it will the the LAW.
Check out these links for additional information
Check out Zillow.com (http://www.zillow.com/) when you get a chance. The site is a great start for homeowners and homebuyers alike who are looking for helpful real estate information. In certain parts of the country home prices are flat and in other parts of the country they are still pretty strong.
In Boston we are struggling with a slower than usual market with a larger than usual number of homes on the market and buyers sitting on the fence waiting to see what the market will bring this Spring and Summer.
Zillow.com will give you a decent idea of what comparable home prices are in the area you are either selling in or looking to buy in. You can go to the site and put in an address to get specific information on a property. When it comes to accuracy certain parts of the country have better home information than others but the site is improving on a regular basis. While this site is not a substitute for a CMA prepared by a licensed Real Estate Agent it is a great start.
Who knows, in the future, Zillow may prove to be the first stop for anyone looking to buy or sell a home.
Green Homes (Water)
February 21, 2006
From time to time I will be providing information with regards to developing a community of Greener Homes. Given that Boston has some of the oldest housing stock in the country we don't have the luxury of building from scratch as much as other parts of the country. A lot of times developers, investors, landlords, and real estate agents have to make recommendations for the retrofit and rehabilitation of our current housing stock to a more efficient product. I will be providing information and links to sites that may be helpful during a rehab project or just figuring out ways to save money.
This is the first of many installments. I learned of a great site that focuses on water efficiency and it outlines the big water wasters in a home, (The toilet is one of the biggest culprits in case you were wondering), as well as offering an online assessment of your current water situation with your personal property, clients property, or investment property.
Check out the site at http://www.h2ouse.org/ . Let me know what you think….
