This past year has been a blur in trying to figure out where and how to get information to you. So with that said, we are activiating our "Fresh Start". We have great intentions of being more up to date on our blog. It has been a challenging year of short sales and forclosures. Everyday is a new day with new information and challenges and we are here to keep you up to date and post new info as it comes to us.
So here it goes, a GREAT article from Twin Cities Business Blog for our fresh start!
01/11/2011
Forbes: Twin Cities Among Best Job Markets in U.S.
With roughly three job seekers per opening, the area’s employment is expected to recover fully by mid-2011.
The Minneapolis-St. Paul metro area has been named one of the nation’s top job markets, according to a report released by Forbes. The metro area placed fourth in the rankings, which were released last week—trailing only Washington, D.C.; Boston; and Austin, Texas.
According to Forbes, the Twin Cities’ employment is expected to recover fully by mid-2011, far earlier than a national recovery, as found by a recent Moody’s Economy.com analysis of the region.
Job growth is mostly expected in manufacturing and professional services like accounting. The Mall of America, a retail and tourist destination that is expanding, would also contribute to job growth in the region, according to the magazine.
Forbes reported that there are roughly three job seekers per advertised opening in the Twin Cities. The metro area’s unemployment rate is currently at 6.5 percent, whereas the national average is at 9.4 percent. Statewide jobless rate sits at 7.1 percent.
Topping Forbes’ list is the nation’s capital, with roughly one advertised job opening for every unemployed worker in the region, which includes parts of Maryland and Virginia.
Boston and Austin follow closely with job seekers per opening rates of 2.1 and 2.39, respectively. Las Vegas was the worst job market in the nation, with more than eight unemployed workers for every job opportunity posted online. Most of California and Florida’s major cities were close behind.
Forbes compiled its 2011 lists of America’s Best and Worst Job Markets with metro unemployment data from the U.S. Bureau of Labor Statistics, and job site Juju.com’s monthly Job Search Difficulty Index for major cities. Research firm Moody’s provided additional analysis for the trends in each labor market.
—Nataleeya Boss
Monday, January 24, 2011
Monday, June 22, 2009
Wow! It's been too long!
Well what can I say? It has been one heck of a road in the Real Estate Market lately. We can barely keep up with all the activity. I guess I put the blog on hold for awhile. With all the extra work going into every home purchase it is keeping us so busy. I believe now more that ever buyers need to be choosy on their agent. It's not just about selling the home it is more about Closing it. If you do not have an experienced agent to get the deal closed you are no better off that just listing your home. Lucky I have a partner that has been in the business 34 years and know all aspects of the job. It is a new problem everyday in this trying market but I have the Best of the best on my team!!! Now on to some fun! We took some very appreciated time off last week and it definately paid off! Everyone needed a little breather. So I decided to post a bit of the fun!
Monday, April 6, 2009
Happy Easter!
Just wanted to wish everyone a Happy Easter. As things have been picking up lately with the new tax credit in effect, my time at the computer to update has become more limited. I figured that I would try to be ahead of the game just in case.
In the Real Estate world we never know when there will be a extra minute. This of course is a good thing with the economy lately. Things are sure hoppin lately, our office alone sold 19 homes last month and listed 26 homes. There are many deals out there right now, and so many financing options to help. If you know anyone that is on the fence about buying, please tell them to give us a call. We would love to sit down with them and explain all the benefits of buying in this market.
Tuesday, March 3, 2009
Way too long!
Well is sure has been awhile since posting on the blog. It seems that the economy is getting the best of us and our time. We are definitely selling but it is getting more time consuming every day. There are so many deals out there to be had as long as you have patience. Banks seem to be getting a little better at trying to work with the buyers. They just happen to be so busy that it just takes time a patience. The stimulus plan sure is helping the first time buyers out there. You now can get up to an $8,000 tax credit. The basics of this are:
1. What is the Tax Credit?
The 2008 $7500, repayable credit is increased to $8000 and the repayment feature is eliminated for 2009 purchasers. Any home that is purchased for $80,000 or more qualifies for the full $8000 amount. If the house costs less than $80,000, the credit will be 10% of the cost. Thus, if an individual purchased a home for $75,000, the credit would be $7500. It is available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.
2. Who is eligible?
Only first-time home buyers are eligible. A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase.
3. How does a tax credit work?
Every dollar of a tax credit reduces income taxes by a dollar. Credits are claimed on an individual’s income tax return. Thus, a qualified purchaser would figure out all the income items and exemptions and make all the calculations required to figure out his/her total tax due. Then, once the total tax owed has been computed, tax credits are applied to reduce the total tax bill. So, if before taking any credits on a tax return a person has total tax liability of $9500, an $8000 credit would wipe out all but $1500 of the tax due. ($9,500 - $8000 = $1500)
4. Is there an income restriction?
Yes. The income restriction is based on the tax filing status the purchaser claims when filing his/her income tax return. Individuals filing Form 1040 as Single (or Head of Household) are eligible for the credit if their income is no more than $75,000. Married couples who file a Joint return may have income of no more than $150,000.
5. Do I have to repay the 2009 tax credit?
NO. There is no repayment for 2009 tax credits.
YES. The $7500 credit in 2008 was more like an interest-free loan. All eligible purchasers who claimed the 2008 credit will still be required to repay it over 15 years, starting with their 2010 tax return.
6. So I can’t use the credit amount as part of my down payment?
No. Congress tried hard to devise a mechanism that would make the funds available for closing costs, but found that pre-funding would require cumbersome processes that would, in effect, bring the IRS into the purchase and settlement phase of the transaction.
7. I haven’t even filed my 2008 tax return yet. If I buy in 2009, do I have to wait until next year to get the benefit of the credit?
You’ll have a helpful choice that might speed up the process. Eligible home buyers who make their purchase between January 1, 2009 and December 1, 2009 can treat the purchase as if it had occurred on December 31, 2008. Thus, they can claim the credit on their 2008 tax return that is due on April 15, 2009. They actually have three filing options.
• If they purchase between January 1, 2009 and April 15, 2009, they can claim the $8000 credit on the 2008 return due on April 15.
• They can extend their 2008 income-tax filing until as late as October 15, 2009. (The IRS grants automatic extensions, but the taxpayer must file for the extension. See www.irs.gov for instructions on how to obtain an extension.)
• If they have filed their 2008 return before they purchase the home, they may file an amended 2008 tax return on Form 1040X. (Form 1040X is available at www.irs.gov)
Of course, 2009 purchasers will always have the option of claiming the credit for the 2009 purchase on their 2009 return. Their 2009 tax return is due on April 15, 2010.
8. I know there is no repayment requirement for the $8000 credit. Will I ever have to repay any of the credit back to the government?
One situation does require a recapture payment back to the government. If you claim the credit but then sell the property within 3 years of the date of purchase, you are required to pay back the full amount of any credit, including any refund you received from it. A few exceptions apply. (See below, #24). Note that this same 3-year recapture rule applies, as well, to the $7500 credit available for 2008. This provision is designed as an anti-flipping rule.
1. What is the Tax Credit?
The 2008 $7500, repayable credit is increased to $8000 and the repayment feature is eliminated for 2009 purchasers. Any home that is purchased for $80,000 or more qualifies for the full $8000 amount. If the house costs less than $80,000, the credit will be 10% of the cost. Thus, if an individual purchased a home for $75,000, the credit would be $7500. It is available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.
2. Who is eligible?
Only first-time home buyers are eligible. A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase.
3. How does a tax credit work?
Every dollar of a tax credit reduces income taxes by a dollar. Credits are claimed on an individual’s income tax return. Thus, a qualified purchaser would figure out all the income items and exemptions and make all the calculations required to figure out his/her total tax due. Then, once the total tax owed has been computed, tax credits are applied to reduce the total tax bill. So, if before taking any credits on a tax return a person has total tax liability of $9500, an $8000 credit would wipe out all but $1500 of the tax due. ($9,500 - $8000 = $1500)
4. Is there an income restriction?
Yes. The income restriction is based on the tax filing status the purchaser claims when filing his/her income tax return. Individuals filing Form 1040 as Single (or Head of Household) are eligible for the credit if their income is no more than $75,000. Married couples who file a Joint return may have income of no more than $150,000.
5. Do I have to repay the 2009 tax credit?
NO. There is no repayment for 2009 tax credits.
YES. The $7500 credit in 2008 was more like an interest-free loan. All eligible purchasers who claimed the 2008 credit will still be required to repay it over 15 years, starting with their 2010 tax return.
6. So I can’t use the credit amount as part of my down payment?
No. Congress tried hard to devise a mechanism that would make the funds available for closing costs, but found that pre-funding would require cumbersome processes that would, in effect, bring the IRS into the purchase and settlement phase of the transaction.
7. I haven’t even filed my 2008 tax return yet. If I buy in 2009, do I have to wait until next year to get the benefit of the credit?
You’ll have a helpful choice that might speed up the process. Eligible home buyers who make their purchase between January 1, 2009 and December 1, 2009 can treat the purchase as if it had occurred on December 31, 2008. Thus, they can claim the credit on their 2008 tax return that is due on April 15, 2009. They actually have three filing options.
• If they purchase between January 1, 2009 and April 15, 2009, they can claim the $8000 credit on the 2008 return due on April 15.
• They can extend their 2008 income-tax filing until as late as October 15, 2009. (The IRS grants automatic extensions, but the taxpayer must file for the extension. See www.irs.gov for instructions on how to obtain an extension.)
• If they have filed their 2008 return before they purchase the home, they may file an amended 2008 tax return on Form 1040X. (Form 1040X is available at www.irs.gov)
Of course, 2009 purchasers will always have the option of claiming the credit for the 2009 purchase on their 2009 return. Their 2009 tax return is due on April 15, 2010.
8. I know there is no repayment requirement for the $8000 credit. Will I ever have to repay any of the credit back to the government?
One situation does require a recapture payment back to the government. If you claim the credit but then sell the property within 3 years of the date of purchase, you are required to pay back the full amount of any credit, including any refund you received from it. A few exceptions apply. (See below, #24). Note that this same 3-year recapture rule applies, as well, to the $7500 credit available for 2008. This provision is designed as an anti-flipping rule.
Thursday, October 9, 2008
Is This The Right Time To Buy?
The right time to buy is a time when you:
1. Need a place to live
2. Would be helped by the tax deduction for interest and real estate taxes
3. Have the downpayment or can get the downpayment
4. Would like to own an investment property
5. Have extra cash and do not want it in the stock market or CD's
6. Are able to purchase a property at a low price, fix it up and still be
below the market value.
I will be the last person to tell you when the time is right for you.
Only you know that and don't hesitate letting others know that you are
in control of your finances.
Don't buy a property just to buy a property.
There are many good prices out there, however the lower priced properties
do need a lot of TLC. If they are in poor condition remember, that your lender
isn't going to easily give you a home equity loan these days to fix it up.
FHA does have a fix-up loan that we can talk about later.
As a Real Estate Agent I do see some properties that would make a great home for
someone and I do see homes that (once fixed up) would make a great rental property.
So - Is it the time for you to BUY and HOUSE? -
If you think it is just call me and we can talk about it.
I will be the devils advocate towards you and fill your brain with lots of
information so you can go home and think about it. I guarantee you will not
every be disappointed about being educated first. You can always buy a house.
My goal is that IF you decide to buy and house that you will be satisfied
not only with the home, but with the entire situation. I don't want to put any
of my buyers in a difficult situation.
1. Need a place to live
2. Would be helped by the tax deduction for interest and real estate taxes
3. Have the downpayment or can get the downpayment
4. Would like to own an investment property
5. Have extra cash and do not want it in the stock market or CD's
6. Are able to purchase a property at a low price, fix it up and still be
below the market value.
I will be the last person to tell you when the time is right for you.
Only you know that and don't hesitate letting others know that you are
in control of your finances.
Don't buy a property just to buy a property.
There are many good prices out there, however the lower priced properties
do need a lot of TLC. If they are in poor condition remember, that your lender
isn't going to easily give you a home equity loan these days to fix it up.
FHA does have a fix-up loan that we can talk about later.
As a Real Estate Agent I do see some properties that would make a great home for
someone and I do see homes that (once fixed up) would make a great rental property.
So - Is it the time for you to BUY and HOUSE? -
If you think it is just call me and we can talk about it.
I will be the devils advocate towards you and fill your brain with lots of
information so you can go home and think about it. I guarantee you will not
every be disappointed about being educated first. You can always buy a house.
My goal is that IF you decide to buy and house that you will be satisfied
not only with the home, but with the entire situation. I don't want to put any
of my buyers in a difficult situation.
What to do in todays Real Estate Market?
The market has been a bit testy these past few weeks. For stock holders and for home owners.
How would or should you handle your finances in this market?
I have just a few suggestions:
1.) Take an inventory of your present financial situation to find out how much money you have
that is liquid. You should plan to have at least 3 months worth of expenses on hand.
REMEMBER THAT NOT TOO MANY PEOPLE ARE MORE THAN 1 PAYCHECK
AWAY FROM BANKRUPTCY. Don't be one of them as you may know many folks
are being laid off from their jobs.
1. Home heating costs are rising.
2. Food prices are rising
3. Gasoline although settling back are still very high.
2.) If you are renting and thinking about buying a house you should do a new budget
using approximately 29% of your gross income for housing expenses. That is for the
principal, interest, taxes and homeowners insurance. Your combined debt (including
the house payment should not be more than 38% of your gross income. So remember if
you have a car payment, credit card payment, child support, student loan or any long
term dept ( more than 6 months remaining) the monthly payment amount must be added to
the house payment and it should not exceed 38% of your gross income.
THIS IS HOW IT ALWAYS WAS BEFORE THE RUN AWAY MARKET.
3.) You will need a down payment these days. For Government loans (FHA) you
will need to have 3.5% of your own money into the downpayment etc. (This can be a
gift from a relative) The new deal is that the lenders want you to have an equitable
interest in the property. They do not want it to be too easy for a borrower to just
bail out of the property when the going gets tough.
4.) You can still ask the Seller to pay up 3% - 6% of your closing costs.Depending upon your
downpayment.
How would or should you handle your finances in this market?
I have just a few suggestions:
1.) Take an inventory of your present financial situation to find out how much money you have
that is liquid. You should plan to have at least 3 months worth of expenses on hand.
REMEMBER THAT NOT TOO MANY PEOPLE ARE MORE THAN 1 PAYCHECK
AWAY FROM BANKRUPTCY. Don't be one of them as you may know many folks
are being laid off from their jobs.
1. Home heating costs are rising.
2. Food prices are rising
3. Gasoline although settling back are still very high.
2.) If you are renting and thinking about buying a house you should do a new budget
using approximately 29% of your gross income for housing expenses. That is for the
principal, interest, taxes and homeowners insurance. Your combined debt (including
the house payment should not be more than 38% of your gross income. So remember if
you have a car payment, credit card payment, child support, student loan or any long
term dept ( more than 6 months remaining) the monthly payment amount must be added to
the house payment and it should not exceed 38% of your gross income.
THIS IS HOW IT ALWAYS WAS BEFORE THE RUN AWAY MARKET.
3.) You will need a down payment these days. For Government loans (FHA) you
will need to have 3.5% of your own money into the downpayment etc. (This can be a
gift from a relative) The new deal is that the lenders want you to have an equitable
interest in the property. They do not want it to be too easy for a borrower to just
bail out of the property when the going gets tough.
4.) You can still ask the Seller to pay up 3% - 6% of your closing costs.Depending upon your
downpayment.
Monday, August 18, 2008
Well what can I say, it's been too long since we last wrote. It seems that summer gets crazy and time gets away from us. I decided to share with you the "time out" I took in Colorado this past month. We were very fortunate to have been given the opportunity by my cousin Jenna (She's like a sister to me) and her husband's family the Walker's, to see as what I think is the most beautiful part of Colorado.
It's always nice to get away but this is really getting away where no cell phone or e-mail could ever be used. To say the least roughing it on the Green River. I have never felt to small but so content. It's nice to have life put back into perspective by appreciating the best things in life. Life, So simple......
"One of Our Vessel's"
"The Gang"
and of course the view!
Thanks Guys!!!! Your the best!!!!!!!!
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