Real Estate Information

Sheila Decamp Realtor Buyers Specialist The Rivers Team 

850-251-0148    sheila@ringtherivers.com

Okay, so you bought your new home--whether across town or across the country.  Now is the moment of truth!  I found this great article on how to simply the process....

By Sharon Harvey Rosenberg

RISMEDIA, January 7, 2009-(MCT)-Whether you are moving across town or across the country, relocating can be an expensive and stressful, according to Myscha Theriault of Wise Bread, one of the top-ranked personal finance blogs. Surrounded by boxes and packing peanuts, Theriault speaks from experience. She and her husband recently moved to Florida from Maine.

Based on her experience of setting up homes in different countries and different states in the U.S., Theriault has assembled a list of tips designed to save time and money.

1. Pare down. “Clean, cull and downsize before you even start the process. It’ll be easier to set up afterward,” Theriault said.
2. Create a system. As you pack, put room labels on each box. For instance, write “kitchen” on the box of dishes and “living room” on the box containing trinkets for the coffee table. This system will save steps whether you use professional movers or friends.
3. Prepare a kitchen kit. Your cooking routine will be dramatically disrupted before, during and immediately after you move into a new home. Minimize culinary challenges by creating a “start-up box” for your new kitchen, said Theriault. You don’t need a full set of pots or utensils, “just enough to whip up a few simple meals while you unpack and settle in,” she said. Her relocation menu includes grilled cheese sandwiches, skillet dinners, frozen pizza and spaghetti. Coffee supplies are essential. This starter kit will eliminate the need for expensive takeout meals when you move into a new home.
4. Start a portable tool kit. Easy-to-reach tools and supplies are useful for emergencies and necessities as you pack, move and re-assemble your possessions. Creating a portable tool kit “is a great way to hit the ground running in your new location,” Theriault said.
5. Dress simply. While moving, you won’t be posing for Vogue or GQ magazine. Pack a small bag with a few grunge outfits that will work as you lift, sort or clean during the transition period. Don’t forget an emergency dress-up outfit for unexpected job interviews or other professional opportunities.
6. Pack serenity. Patience-with others and yourself-is a valuable asset on moving day. “Take your time, tackle what you can and get the key systems set up first: meals, laundry, communication and transportation,” Theirault told me. “There’s no pressure to be Martha Steward the first week.”

© 2008, The Miami Herald.
Distributed by McClatchy-Tribune Information Services.

Would love your feedback on this blog or any others! 

  One of the great advantages about owning a home is that the interest that you pay on the loan is tax deductible at the end of the year.  If you have a mortgage, by the end of this month your lender will send you a Form 1098, which tells you how much interest you paid in 2008. When you do your taxes, that number goes on Line 10 of Schedule A of Form 1040.

  While several people are aware of this deduction the majority are unaware that there are a few limitations to this rule.  Benny L. Kass of the Washington Post did an article covering a list of them.  For instance, you can deduct interest only on up to $100,000 of home equity mortgage indebtedness, on top of your acquisition debt. This applies whether you incur the debt via a home equity line of credit or a cash-out refinancing. Another example had to deal with reverse mortgages.  More people are obtaining reverse mortgages, either from commercial lenders or from their families. These loans -- generally available only to people 62 and older who have little or no current mortgage obligations -- provide cash to the homeowner in monthly annuities, a line of credit or a lump sum. Interest accrues until the homeowner sells the house or dies. This interest is not deductible until the loan is paid in full. It should be noted that the home acquisition debt limits discussed above apply to reverse mortgages, and your tax accountant should be consulted to determine exactly how much interest will be tax-deductible.

  For more details about these points and others involving mortgage interest, see IRS Publication 936, "Home Mortgage Interest Deduction," available at http://www.irs.gov.

It amazes me how people tend to rely on their "gut" instincts when it comes to very important decisions.  I'm pretty sure that if all of us actually charted out every "gut" decision we've made throughout our lives and then wrote down each outcome we would be devastated.

I caught an article on CNN Money that further illustrated the same facts.  The University of Texas did a recent study  where they showed one group a headline that read "Rough Seas Ahead for Investors" and showed another group the headline "Smooth Sailing Ahead for Investors." The two groups then received some fragmentary information about a couple of companies. You guessed it: The group that was worried about "rough seas" spun out more unwarranted theories about what was going on with the companies than the other group did.

These studies reconfirm what psychologists have been saying for years now: The more we feel out of control, the more our brains imagine patterns that don't really exist.

The truth is we must stick to the fundamentals. 

Just read an interesting article from RisMedia about our current economic conditions.  Economists predict the recession will continue until midyear.  On a bright note, things will begin to pick up in the third quarter.  If you would like to read the full article

http://rismedia.com/wp/2009-01-05/economists-predict-recession-will-persist-until-midyear/

I welcome your questions and comments!  Please feel free to contact me at ellie@ringtherivers.com or 850-545-0814.

I found this article on Realtor.com and wanted to pass it along.

Washington, December 31, 2008

There is some misinformation in the media lately about the required size of a down payment for a mortgage in today’s market, and the blog world is abuzz with misperceptions. Not all so-called experts are knowledgeable in this area, and some experts are being misunderstood.

The facts:

1. An individual may be required to put down 20 percent based on that person’s financial situation. But that is not an across-the-board requirement for all borrowers.
   
2. A borrower who puts down less than 20 percent is required to obtain mortgage insurance.
   
3. Even in a declining market, a borrower is required to make at least a 5 or 10 percent down payment.
   
4. FHA requires a 3.5 percent down payment by borrowers, so long as they meet a 31 percent housing cost-to-income ratio. In other words, anyone who stays within their budget and who can afford a 3.5 percent down payment (even with family help) can become a homeowner.

I saw this great house for sale by owner in Woodgate (a NE neighborhood) I though I should share with everyone.  It had 4 bedrooms with a nice office with over 2,200 sq.ft. of space.  The downstairs had been retiled and turned into a second family room.  The A/C was just replaced and the kitchen recently updated.  The best part is that it was only $229,000.  This house is just off Thomasville road so it is so close to just about everything. 

Sound like something that might work for you or someone you know?  E-mail me at Mike@RingTheRivers.com or call me at 850-251-7397 so we can schedule a showing for you.

Until next post,

~Mike Carlos

We all have heard it over and over again about the disastrous real estate market. The reality is that more homes have sold this year than in 2000.  Recently more homes have sold than new listings coming on the market. Home prices have corrected from the skyrocketing of 2005 and interest rates are lower than they have been in over 35 years. Who would have ever believed that buyers could get a 30-year fixed rate loan for less than 5%?  Now is the time for the savvy buyer to take advantage of the great prices, selection, and financing.

If you have any questions or comments, please feel free to call 850.545.0814 or email ellie@ringtherivers.com