So you have been trying to sell your home for quite some time without success, and you are wonder if you are marketing the house properly. Perhaps it is time to look into an alternate method of selling your house. Let’s take a look at putting your house up for auction.
As a seller, there are some real benefits to selling your home through an auction. Unlike the usual home sale process there is no negotiation. You know your buyers are serious and the competition of an auction may increase the price your home sells for.
There are three common types of auctions:
Absolute Auction
- house will sell to the highest bidder, regardless of price.
- marketplace response is strong, as buyers know a sale will be made.
Minimum Bid Auction
- protects the seller from selling below a set price.
- usually has fewer prospective buyers
Reserve Auction
- the highest bid at the auction is considered an offer.
- seller has a couple of days to accept or reject the offer.
- down side of this type of sale is that not many buyers may be willing to risk the sale being turned down
Above all, always work with a REALTOR® who knows the auction process. He or she may already have a relationship with an auction company and can assist in organizing the sale. Remember, the property needs to be in saleable condition to get the best price; your REALTOR® can discuss staging the home with you.
Showing posts with label Columbia Home for Sale. Show all posts
Showing posts with label Columbia Home for Sale. Show all posts
Thursday, September 2, 2010
Thursday, June 10, 2010
Green Building
The hot topic at the water cooler is Green Buildingin and cost vs reward. Some say greenhouse gases are dooming our grandkids to a future of drought and flooding. Skeptics argue that climate change is inevitable and beyond the scope of anything we humans do. While the truth is likely somewhere in between, most people agree that sensible conservation and practical oversight is probably a healthy approach –and the efforts we make today will put energy-saving dollars in our pockets tomorrow. That’s one reason most of us practice some sort of conservation effort; recycling trash, reducing our use of paper, or heating our swimming pools with solar panels. It’s also the reason why NAR built the first LEED-certified* green building in Washington, DC. NAR believes REALTORS® need to be on the leading edge of social concerns—which is also why they developed NAR’s Green Designation for today’s real estate professionals—and why they closely monitor all legislation regarding environmental issues. I have earned the Green Designation myself because I believe it’s important to be at the forefront of this movement. As green issues take a more prominent place in social discourse, we take justifiable pride in our industry’s commitment to the environment.
Yes, I think the idea of “going green” started to gain momentum before the housing downturn hit. Today, a lot of Las Vegas buyers—and most investors—are pretty focused on opportunistic purchases like REOs and short sales. As things start to improve, real estate consumers will turn their attention back toward “green,” Bob Hamrick said.
The effort to highly competitive has caused the slowed down the green effort, but I expect today’s move toward green construction will become the standard for the future. The new CityCenter in Las Vegas, which is really an extraordinary resort destination, was designed and built to conserve energy and preserve natural resources. It’s just a more responsible approach to building, and I think that signals a growing trend. Getting our agents green-certified and knowledgeable is certainly a place to start, Bob Hamrick said.
*LEED (Leadership in Energy and Environmental Design) is a benchmark building standard set by the U.S. Green Building Council.
Results are based on 451 completed surveys returned from building professionals in 48 states: 64.5% of respondents design or build green homes; 35.5% do not; 92% of all respondents work in new single-family detached, 24% also design or build new single-family attached, and 24% are active in multifamily markets.
Compared with market conditions three years ago, only 7% of respondents described their markets as growing, 9% as about the same, 13% reported a 5% drop, 18% said their market was down 5%–10%, 17% reported a 10%–20% drop, and 36% reported a decline of more than 20%.
Green building is looking toward putting all the pieces of the puzzle together with the creation of a smart grid and connected home is expected to grow in 2010 as utilities continue to make upgrades to the grid for more effective generation, storage and distribution of power, and as smart-grid manufacturers develop custom and web-based display panels that show real-time home energy use, says the Earth Advantage Institute. The same is true in the commercial sector. Case-in-point: Networking equipment giant Cisco rolled out the first Smart Connected Building solution in July last year, which will interconnect and enable building systems such as heating, ventilation and cooling (HVAC), lighting, electrical, security, and renewables over the IP network.
Cisco also projects that the smart-grid communications infrastructure will reach $20 billion a year over the next five years. The Earth Advantage Institute also predicts energy labeling for homes and office buildings. The non-profit organization says this will make it easier to perform a building-to-building or home-to-home comparison, but a publicly available score on the multiple listing service could push building owners to make needed energy improvements.
There are many different approaches to green building--in site design and development, in sourcing materials and in methods for energy and water efficiency. Throw in a client's geography and budget and everything can change. We need to look at the whole-house approach and emphasizing what you need to do from start to finish--whether you're remodeling a home or building from the ground up. You'll learn how to make the National Green Building Standard work for you.
Email Edwin to know about the Green Built homes in Columbia, SC Email me Green Built Homes.
Yes, I think the idea of “going green” started to gain momentum before the housing downturn hit. Today, a lot of Las Vegas buyers—and most investors—are pretty focused on opportunistic purchases like REOs and short sales. As things start to improve, real estate consumers will turn their attention back toward “green,” Bob Hamrick said.
*LEED (Leadership in Energy and Environmental Design) is a benchmark building standard set by the U.S. Green Building Council.
Results are based on 451 completed surveys returned from building professionals in 48 states: 64.5% of respondents design or build green homes; 35.5% do not; 92% of all respondents work in new single-family detached, 24% also design or build new single-family attached, and 24% are active in multifamily markets.
Compared with market conditions three years ago, only 7% of respondents described their markets as growing, 9% as about the same, 13% reported a 5% drop, 18% said their market was down 5%–10%, 17% reported a 10%–20% drop, and 36% reported a decline of more than 20%.
Green building is looking toward putting all the pieces of the puzzle together with the creation of a smart grid and connected home is expected to grow in 2010 as utilities continue to make upgrades to the grid for more effective generation, storage and distribution of power, and as smart-grid manufacturers develop custom and web-based display panels that show real-time home energy use, says the Earth Advantage Institute. The same is true in the commercial sector. Case-in-point: Networking equipment giant Cisco rolled out the first Smart Connected Building solution in July last year, which will interconnect and enable building systems such as heating, ventilation and cooling (HVAC), lighting, electrical, security, and renewables over the IP network.
Cisco also projects that the smart-grid communications infrastructure will reach $20 billion a year over the next five years. The Earth Advantage Institute also predicts energy labeling for homes and office buildings. The non-profit organization says this will make it easier to perform a building-to-building or home-to-home comparison, but a publicly available score on the multiple listing service could push building owners to make needed energy improvements.
There are many different approaches to green building--in site design and development, in sourcing materials and in methods for energy and water efficiency. Throw in a client's geography and budget and everything can change. We need to look at the whole-house approach and emphasizing what you need to do from start to finish--whether you're remodeling a home or building from the ground up. You'll learn how to make the National Green Building Standard work for you.
Email Edwin to know about the Green Built homes in Columbia, SC Email me Green Built Homes.
Monday, April 19, 2010
Vacant Homes are Not The easiest to sell
Vacant Homes are Not The easiest to sell
RISMEDIA, April 12, 2010—
A vacant house is like a vacant stare. Something is just not right.
Trying to sell a vacant house adds obstacles and depresses the sales price, says Showhomes, a nationally franchised home staging company. Showhomes uses live-in home stagers to lower the cost of staging and produce faster home sales. Take a look at their top five reasons why selling a vacant house is often a mistake in today’s market:
1. People don’t simply buy houses; they buy the next chapter of their lives.
This is an emotional experience and emotion influences what people buy and how much they will pay. Vacant houses are devoid of life, and the chance to make an emotional connection is lost.
2. Vacancy distracts buyers from looking at the house itself.
They wonder: "Is this a divorce? Why did they move out? Are they selling because they have money problems? Is this home hard to sell?" They’ll make a low-ball offer, thinking the owner is desperate. The buyer looks for issues instead of looking at the house. It is a distraction.
They wonder: "Is this a divorce? Why did they move out? Are they selling because they have money problems? Is this home hard to sell?" They’ll make a low-ball offer, thinking the owner is desperate. The buyer looks for issues instead of looking at the house. It is a distraction.
3. When a house is vacant, buyers focus on flaws.
They look at nail holes, carpet wear and gaps in the molding rather than how the space works. In a vacant house, floors, walls and ceilings are all the buyers see. This drives the price down. Buyers look for things that would cause them not to buy, not at the things that drew them to the house. This creates objections.
They look at nail holes, carpet wear and gaps in the molding rather than how the space works. In a vacant house, floors, walls and ceilings are all the buyers see. This drives the price down. Buyers look for things that would cause them not to buy, not at the things that drew them to the house. This creates objections.
4. People can’t visualize how furniture fits.
An empty bedroom might appear awkward or a living room might seem cavernous. Some spaces might confuse buyers because a use is not obvious. Buyers are derailed and move on to the next house. When a home has furniture in it that is not to much, buyers can say " Our Couch is the smae size and would look the same there". They instead say, "Our Couch wont fit in that room"
An empty bedroom might appear awkward or a living room might seem cavernous. Some spaces might confuse buyers because a use is not obvious. Buyers are derailed and move on to the next house. When a home has furniture in it that is not to much, buyers can say " Our Couch is the smae size and would look the same there". They instead say, "Our Couch wont fit in that room"
5. Vacant houses don’t show as well as staged and occupied homes.
Without people, even the best home quickly looks and smells vacant. Dust settles, leaves scatter, and stale smell spreads. These cues often shorten the showing time, leading to fewer sales.
"Home owners don’t realize how much harder a vacant home is to sell. In today’s market, you have to win the beauty contest," says Thomas Scott, VP of Marketing at Showhomes. "Vacant houses simply underperform staged homes and the increased sales price provides an excellent return on what staging costs. Choosing to stage your home should be an easy decision in today’s market."
Without people, even the best home quickly looks and smells vacant. Dust settles, leaves scatter, and stale smell spreads. These cues often shorten the showing time, leading to fewer sales.
"Home owners don’t realize how much harder a vacant home is to sell. In today’s market, you have to win the beauty contest," says Thomas Scott, VP of Marketing at Showhomes. "Vacant houses simply underperform staged homes and the increased sales price provides an excellent return on what staging costs. Choosing to stage your home should be an easy decision in today’s market."
For more information, visit http://www.blogger.com/www.showhomes.com
Wednesday, April 7, 2010
Mortgage Money Update
Wednesday's bond market has opened fairly flat as investors cautiously prepare for today's important auction. The stock markets are showing losses with the Dow down 66 points and the Nasdaq down 5 points. The bond market is currently down 2/32, but we will probably still see an improvement in this morning's mortgage rates of approximately .125 - .250 of a discount point due to strength late yesterday.There is no relevant economic data scheduled for release today. Yesterday's FOMC minutes did shed some light on the Fed's current thought process about rates and the economy. They indicated that despite recent signs of the economy gaining strength, they have concerns that it may not be able to continue on that pace. Any concerns about the economy being able to expand are considered to be good news for bonds and mortgage rates. However, the minutes also hinted that the Fed may be closer to raising key short-term interest rates than some had thought. The lan guage that the Fed had been using of ?an extended period? when referring to how long they expect those rates to remain this low was clarified to mean a change could come sooner than what was previously thought. Overall, the release didn't hurt the bond market or mortgage rates, but didn't do much to help them either.There are two events worth watching today. The first is the 10-year Treasury Note auction, which is the more likely candidate to affect mortgage rates in my opinion. Results of the sale will be posted at 1:00 PM ET. Expectations for the sale are not high. If the investor demand was indeed weak, we may see selling in bonds this afternoon that lead to upward changes in mortgage rates. However, if we are surprised by a decent interest, particularly from international buyers, there is a good possibility of seeing bonds rally and mortgage rates move lower this afternoon.The second event is a speech by Fed Chairman Bernanke at 1:30 PM ET. He is speaking in Dallas and is expected to touch on the economy. So, it does make our radar as something worth watching out for. If he gives an indication that the economy will have a difficult time recovering at its current pace, we may see bonds react favorably as a result. I suspect that he will not say much that is a surprise, so the likelihood of this event impacting mortgage rates is moderate.There is no relevant economic data being posted tomorrow except for weekly unemployment figures from the Labor Department. They are expected to report that 435,000 new claims for unemployment benefits were filed last week. This would be a small decline from the previous week, but unless there is a large variance from that total, this data will have minimal influence on mortgage pricing.There also is the 30-year Bond auction tomorrow. It will be the same pattern as today's 10-year Note sale with results being posted at 1:00 PM ET. This sale is somewh at relative to mortgage rates, but not nearly important as today's 10-year Note sale is. We usually see similar results, so if today's sale goes badly, there is little likelihood of tomorrow's going exceptionally well.If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Float if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
Wednesday, March 31, 2010
Extended Home Buyer Tax Credit 2009/2010
The Basics:
Extended Home Buyer Tax Credit 2009/2010
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
Latest news:
Tax Credit Extension a Positive Step Toward Real Estate Recovery (Nov.5)President's Podcast: Tax Credit Extended (Nov. 5)
Who Qualifies for the Extended Credit?
First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by two additional factors:
The price of the home.
The buyer's income.
PriceUnder the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer IncomeUnder the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
Information deemed reliable but not guaranteed.
Friday, February 5, 2010
Short Sales don't relieve Deficiency Judgement
You lost your house – but you still have to pay?
As terrible as it is to lose your house to foreclosure, at least it's a relief to put your biggest financial headache behind you, right?
Former homeowners may still be on the hook if there's a difference between what they owed on their mortgage and what the bank could sell it for at auction. And these "deficiency judgments" are ticking time bombs that can explode years after borrowers lose their homes.
It can even happen to people who got their bank to approve them selling their home for less than it is worth. Some banks issue 1099 for the difference and make home owners pay taxes on the short amount as well
Sad Examples are that
Mr. Jones does a Short Sale, His bank 2-4 years latter sends a letter demanding 1- Payment of short sale amount or them to claim Bankrupcy. This is the dark cloud that looms over the future Short Sales
Whether banks can and will pursue deficiency judgments depends on many factors, including what state the borrower lives in and whether there's a second mortgage or other liens. But if borrowers ignore the possibility of deficiencies, it could haunt them
Lenders may release property liens in order to facilitate short sales without releasing borrowers from their obligations to pay under the promissory notes. The secured debt can convert to an unsecured one after the sale
Releasing title does not necessarily end the debt. It's complicated because of variations in state law, but, generally, a mortgage has two parts: a pledge of collateral, represented by the home, and a promise to pay off the loan
Friday, December 11, 2009
INSPIRATION: Emotionalize Your Leadership Style!
The word 'emotionalize' means: To make emotional; to stir; to move. Are you using your entire toolbox of emotions to lead others?
Remember the 4 traits that Pat Summitt, Steven Spielberg, and Rudolph Giuliani possess.
1. They laugh & have fun with their teammates;
2. They are openly compassionate;
3. They are not afraid to cry with their teammates;
4. They deliver tough, constructive feedback everyday to cause their people to reach their potential.
This is a good roadmap to help us emotionally connect with others and make them "feel" something. The BEST leaders are excellent at emotionally connecting with their coworkers, members, and customers. How bout you?
The word 'emotionalize' means: To make emotional; to stir; to move. Are you using your entire toolbox of emotions to lead others?
Remember the 4 traits that Pat Summitt, Steven Spielberg, and Rudolph Giuliani possess.
1. They laugh & have fun with their teammates;
2. They are openly compassionate;
3. They are not afraid to cry with their teammates;
4. They deliver tough, constructive feedback everyday to cause their people to reach their potential.
This is a good roadmap to help us emotionally connect with others and make them "feel" something. The BEST leaders are excellent at emotionally connecting with their coworkers, members, and customers. How bout you?
Saturday, December 5, 2009
CONNECTION: Make Connections Count!
CONNECTION: Make Connections Count!
Great leaders care deeply about people and make it their mission to find new and different ways to connect with them. Showing a deeper interest in those you hope to influence will make you memorable and effective.
Three things that can help you:
1. Learn family and personal facts (i.e.hometown, children's names and birthdays, grandchildren, service anniversaries, citizenship day, etc.)
2. Learn 'Firsts & Favorites' (first car, first concert, favorite restaurant, favorite charity, etc.)
3. Remember the tattoo on everyone's forehead: KNOW ME - ACCEPT ME - MAKE ME FEEL SPECIAL. Honor that tattoo and you will Make Connections Count!
2010 is HERE………… Is it 20-10 or 2,010?
Coming into 2010, there are many people trying to decipher all the data that is being reported regarding the housing industry. Due to the information highway, we have and use and some times abuse, data is being thrown at us at a high rate. The main goal is to try to bring clarity to a market that has been clouded with confusion for the last Three to four years.
We must not allow the truth to overshadow the facts. What do I mean by that? Let me give you an example. The housing market is better than it was, that is a fact.
But the truth is that home prices in many areas (NOT ALL) are still falling and will continue to fall for a period of time.
Many people except when they hear that the market is doing better that implies we are back to 2005-2007. News Flash….. That is not the case and will not be the case for many years. Prices in many markets are being adjusted. For example, a wise Realtor/Manager told me about equity and people saying that they lost value of their home. That is a misconception, they got their equity early (Prepaid).
Prices must still be adjusted in order for buyers to be able to afford the home. Proof of that is that the government is still subsidizing home purchases by artificially keeping interest rates low and offering tax credits to both first-time and move-up buyers. The good news is that those programs are creating a market for people looking to sell their home now. The bad news is that they will not last forever. The question that begs to be answered is what happens when interest rates rise (the government program that has kept them low ends on March 30) and the tax credit expires (April 30)? It is my belief that, when these inducements fade, so will demand. What will happen in June is the real question, what will banks and the governments do to keep this market moving.
Pricing has always been about supply and demand. The current housing market is no different.
If you are considering selling your house, put it on the market NOW to take advantage of the increased demand before the aforementioned government incentives that created it disappear. And please don’t wait for the distressed properties to come to market.
Edwin Gerace
About Lexington, SC Lexington, SC Homes For Sale Lake Murray, Irmo Homes for Sale West Columbia Homes For Sale
About Edwin Contact Us Curb Appeal List Closing costs - loans Closing costs - Ins. Free Home Valuation Find A Home! How Escrow Works BLOG Search MLS Newsletter South Carolina Facts Realtor Referal About Lexington About Lake Murray About Irmo LINKS Realtor Ethics Kids Eat Free Why a Realtor Real Estate Info Community Links Homes for Sale About Chapin / Ballentine About Forest Acres Heathwood Area Lake Murray Irmo Homes Lake Murray Lexington Homes Lexington Homes Rosewood Area Homes Irmo / St Andrews Homes West Columbia Homes North East Homes Golf Page Dave Ramsey Lexington Town of Lexington Lexington County Lexington Cities Lexington Zip Codes Lexington Neighborhoods Utilities Lexington County Data Richland County Data About Edwin Gerace Medium Sales Price Community Grant Seminar American Town TheZoo Things to Do Lake Level SCDOT-Traffic Columbia Attractions Sporting Events Travel to Columbia Columbia Events Area Events Famously Hot Lexington County Info Lexington Chamber South Carolina Realtors Columbia Realtors Russell & Jeffcoat Home Buyer Seminar Press Release Just Lexington Home Buyer Closing Costs First Time Buyers For Buyers Press Release Selling Your Home Our Featured Homes Home Applying for a Loan Bi-Weekly Mortgage Your Buying Power Neighborhood Prices Staging Your House 9 Steps to Owning Site Map ARM Calc Fixed Rate Mtg Calc 15 vs 30 Year Mtg Calc Mtg Tax Savings Calc Mortgage Qualifier Calc Required Income Calc Maximum Mortgage Calc Refi Interest Savings Calc Refi Breakeven Calc Mortgage Calculators The Kitchen Ethics in Real Estate Home Appreciation Home Price Index My Blog
Great leaders care deeply about people and make it their mission to find new and different ways to connect with them. Showing a deeper interest in those you hope to influence will make you memorable and effective.
Three things that can help you:
1. Learn family and personal facts (i.e.hometown, children's names and birthdays, grandchildren, service anniversaries, citizenship day, etc.)
2. Learn 'Firsts & Favorites' (first car, first concert, favorite restaurant, favorite charity, etc.)
3. Remember the tattoo on everyone's forehead: KNOW ME - ACCEPT ME - MAKE ME FEEL SPECIAL. Honor that tattoo and you will Make Connections Count!
2010 is HERE………… Is it 20-10 or 2,010?
Coming into 2010, there are many people trying to decipher all the data that is being reported regarding the housing industry. Due to the information highway, we have and use and some times abuse, data is being thrown at us at a high rate. The main goal is to try to bring clarity to a market that has been clouded with confusion for the last Three to four years.
We must not allow the truth to overshadow the facts. What do I mean by that? Let me give you an example. The housing market is better than it was, that is a fact.
But the truth is that home prices in many areas (NOT ALL) are still falling and will continue to fall for a period of time.
Many people except when they hear that the market is doing better that implies we are back to 2005-2007. News Flash….. That is not the case and will not be the case for many years. Prices in many markets are being adjusted. For example, a wise Realtor/Manager told me about equity and people saying that they lost value of their home. That is a misconception, they got their equity early (Prepaid).
Prices must still be adjusted in order for buyers to be able to afford the home. Proof of that is that the government is still subsidizing home purchases by artificially keeping interest rates low and offering tax credits to both first-time and move-up buyers. The good news is that those programs are creating a market for people looking to sell their home now. The bad news is that they will not last forever. The question that begs to be answered is what happens when interest rates rise (the government program that has kept them low ends on March 30) and the tax credit expires (April 30)? It is my belief that, when these inducements fade, so will demand. What will happen in June is the real question, what will banks and the governments do to keep this market moving.
Pricing has always been about supply and demand. The current housing market is no different.
If you are considering selling your house, put it on the market NOW to take advantage of the increased demand before the aforementioned government incentives that created it disappear. And please don’t wait for the distressed properties to come to market.
Edwin Gerace
About Lexington, SC Lexington, SC Homes For Sale Lake Murray, Irmo Homes for Sale West Columbia Homes For Sale
About Edwin Contact Us Curb Appeal List Closing costs - loans Closing costs - Ins. Free Home Valuation Find A Home! How Escrow Works BLOG Search MLS Newsletter South Carolina Facts Realtor Referal About Lexington About Lake Murray About Irmo LINKS Realtor Ethics Kids Eat Free Why a Realtor Real Estate Info Community Links Homes for Sale About Chapin / Ballentine About Forest Acres Heathwood Area Lake Murray Irmo Homes Lake Murray Lexington Homes Lexington Homes Rosewood Area Homes Irmo / St Andrews Homes West Columbia Homes North East Homes Golf Page Dave Ramsey Lexington Town of Lexington Lexington County Lexington Cities Lexington Zip Codes Lexington Neighborhoods Utilities Lexington County Data Richland County Data About Edwin Gerace Medium Sales Price Community Grant Seminar American Town TheZoo Things to Do Lake Level SCDOT-Traffic Columbia Attractions Sporting Events Travel to Columbia Columbia Events Area Events Famously Hot Lexington County Info Lexington Chamber South Carolina Realtors Columbia Realtors Russell & Jeffcoat Home Buyer Seminar Press Release Just Lexington Home Buyer Closing Costs First Time Buyers For Buyers Press Release Selling Your Home Our Featured Homes Home Applying for a Loan Bi-Weekly Mortgage Your Buying Power Neighborhood Prices Staging Your House 9 Steps to Owning Site Map ARM Calc Fixed Rate Mtg Calc 15 vs 30 Year Mtg Calc Mtg Tax Savings Calc Mortgage Qualifier Calc Required Income Calc Maximum Mortgage Calc Refi Interest Savings Calc Refi Breakeven Calc Mortgage Calculators The Kitchen Ethics in Real Estate Home Appreciation Home Price Index My Blog
Monday, November 30, 2009
Trust Stop Lying
TRUTH: Stop Lying!
"A truth withheld by a leader is a lie." When leaders make a habit of withholding the truth, they are lying. The harshness of this statement only reflects my passion around our responsibility to be great coaches and communicators. Remember the broccoli story? Nobody wants to go through life with broccoli in their teeth and not be told about it. Make sure your people never go home with broccoli in their teeth. Stop withholding praise, performance feedback, crucial communication, and best practices. As leaders, we have a responsibility to tell the truth everyday.
"A truth withheld by a leader is a lie." When leaders make a habit of withholding the truth, they are lying. The harshness of this statement only reflects my passion around our responsibility to be great coaches and communicators. Remember the broccoli story? Nobody wants to go through life with broccoli in their teeth and not be told about it. Make sure your people never go home with broccoli in their teeth. Stop withholding praise, performance feedback, crucial communication, and best practices. As leaders, we have a responsibility to tell the truth everyday.
Wednesday, November 11, 2009
Green Alternatives and Healthy Home Tips for South Carolina Homeowners
Green Alternatives & Healthy Home
Tips for South Carolina Homeowners
With its location on the southern part of the United States, South Carolina is highly regarded for its beautiful mountain ranges, national parks and monuments. With many great historical qualities and geographic location, it is easy to see why many want to call the state their home.
Although purchasing a home is an exciting time for you and your family, many additional responsibilities may arise. Having the assistance of an honest and reliable South Carolina real estate agent can be a big part in accumulating the right information to making the crucial decision.
Homes built prior to 1980 still have the potential of containing asbestos. However, this should not make you feel too concerned because exposure can be prevented by taking simple precautions. There are many environmentally friendly, green forms of insulation that not only are healthy alternatives to asbestos, but may even help reducing annual energy costs. The implementation of eco-construction and green energy home solutions will play an important role in the transformation to a healthier and sustainable world.
Asbestos Tips
Asbestos is a fibrous mineral that was a prominent building application throughout the 20th century. Even if asbestos shingles are on your home, if they are in good condition and left undisturbed, they are not a serious problem. The mere presence of asbestos in a home or a building is not hazardous. Most professionals suggest leaving the asbestos alone. A home inspector can determine the proper course of action. In many cases, asbestos removal may prove to be costly, but a worthy scenario for achieving a healthy and safe home.
Damaged asbestos may release asbestos fibers and become a health hazard, leading to the development of asbestosis mesothelioma. Diagnosis of these forms of asbestos lung cancer has been a difficult task because mesothelioma symptoms are so similar to other, less serious conditions. There are many factors that may impact patient’s mesothelioma survival rate
The South Carolina Department of Health and Environmental Council promote the health and safety of the public and environment. These public organizations assist the disposal and removal of asbestos and other harmful materials. If asbestos removal is deemed necessary, it should be performed by licensed abatement contractor who is trained in handling hazardous materials.
Green Eco-friendly Alternatives
Once the removal process is completed, green insulation alternatives should be given serious consideration. Building green with proper insulation will save you on bills. Implementing green methods of building can have positive environmental, health and economic benefits. These include: Conservation of natural resources, enhancement of air quality, energy sustainability, increase property value, improve quality of life, improvement of pulmonary/cardiac health and reduction of waste.
These alternatives include: cellulose, cotton fiber and lcynene. These eco-friendly insulation options possess the same flame resistant durable qualities as asbestos, minus the health and environmental concerns. Cotton fiber is also becoming a favorite insulation method. Made from recycled batted material, it is then treated to be fireproof. Water based spray polyurethane foam, lcynene, is a healthy insulation which contains no toxic components.
The United Nations Environmental Program states that the use of recycled building materials such as cotton fiber insulation can reduce energy use by 25 percent. With growing education and technology, green sustainable methods of industry and construction need the support of the whole world and it is definitely getting a significant boost through states such as South Carolina.
Tips for South Carolina Homeowners
With its location on the southern part of the United States, South Carolina is highly regarded for its beautiful mountain ranges, national parks and monuments. With many great historical qualities and geographic location, it is easy to see why many want to call the state their home.
Although purchasing a home is an exciting time for you and your family, many additional responsibilities may arise. Having the assistance of an honest and reliable South Carolina real estate agent can be a big part in accumulating the right information to making the crucial decision.
Homes built prior to 1980 still have the potential of containing asbestos. However, this should not make you feel too concerned because exposure can be prevented by taking simple precautions. There are many environmentally friendly, green forms of insulation that not only are healthy alternatives to asbestos, but may even help reducing annual energy costs. The implementation of eco-construction and green energy home solutions will play an important role in the transformation to a healthier and sustainable world.
Asbestos Tips
Asbestos is a fibrous mineral that was a prominent building application throughout the 20th century. Even if asbestos shingles are on your home, if they are in good condition and left undisturbed, they are not a serious problem. The mere presence of asbestos in a home or a building is not hazardous. Most professionals suggest leaving the asbestos alone. A home inspector can determine the proper course of action. In many cases, asbestos removal may prove to be costly, but a worthy scenario for achieving a healthy and safe home.
Damaged asbestos may release asbestos fibers and become a health hazard, leading to the development of asbestosis mesothelioma. Diagnosis of these forms of asbestos lung cancer has been a difficult task because mesothelioma symptoms are so similar to other, less serious conditions. There are many factors that may impact patient’s mesothelioma survival rate
The South Carolina Department of Health and Environmental Council promote the health and safety of the public and environment. These public organizations assist the disposal and removal of asbestos and other harmful materials. If asbestos removal is deemed necessary, it should be performed by licensed abatement contractor who is trained in handling hazardous materials.
Green Eco-friendly Alternatives
Once the removal process is completed, green insulation alternatives should be given serious consideration. Building green with proper insulation will save you on bills. Implementing green methods of building can have positive environmental, health and economic benefits. These include: Conservation of natural resources, enhancement of air quality, energy sustainability, increase property value, improve quality of life, improvement of pulmonary/cardiac health and reduction of waste.
These alternatives include: cellulose, cotton fiber and lcynene. These eco-friendly insulation options possess the same flame resistant durable qualities as asbestos, minus the health and environmental concerns. Cotton fiber is also becoming a favorite insulation method. Made from recycled batted material, it is then treated to be fireproof. Water based spray polyurethane foam, lcynene, is a healthy insulation which contains no toxic components.
The United Nations Environmental Program states that the use of recycled building materials such as cotton fiber insulation can reduce energy use by 25 percent. With growing education and technology, green sustainable methods of industry and construction need the support of the whole world and it is definitely getting a significant boost through states such as South Carolina.
Monday, August 10, 2009
How the homebuyer tax credit works
How the homebuyer tax credit works
Sources: National Association of Home Builders and the Internal Revenue Service
Published: Sun, Aug. 09, 2009 02:00AM
Are you considering a leap to homeownership? Here is some information about the tax credit to help you with your decision.
Q: Who is eligible? Anyone who has not owned a home for the previous three years. The home must be purchased on or after Jan. 1 and before Dec. 1, 2009. For the purposes of the tax credit, the purchase date is when closing occurs and the title to the property transfers.
Q: How is the amount of the tax credit determined? The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
Q: Are there income limits? Yes. The limit for single taxpayers is $75,000; $150,000 for married taxpayers filing a joint return. You cannot have a modified adjusted gross income above $95,000 (single) or $170,000 (married), and the credit is reduced proportionally for taxpayers whose modified adjusted gross income is between these amounts.
Q: What is "modified adjusted gross income"? Modified adjusted gross income is defined by the IRS. To find it, first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions") but before itemized deductions from Schedule A or personal exemptions are subtracted. AGI includes all income including wages, salaries, interest income, dividends and capital gains.
Q: How is this homebuyer tax credit different from the tax credit that Congress enacted in July of 2008? The most significant difference is that this one does not have to be repaid.
Q: How do I claim the tax credit? Claim it on your federal income tax return by completing IRS Form 5405, then claim this amount on line 67 of your 1040 for 2009 returns (line 69 of the 1040 income tax form for 2008 returns).
Q: I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. Can I claim the new $8,000 tax credit instead? You may file an amended 2008 tax return. Consult with a tax adviser to ensure you file this return properly.
Q: Is a tax credit the same as a tax deduction? No. A tax credit is a dollar-for-dollar reduction in what you owe. That means if you owe $8,000 in income taxes and receive an $8,000 tax credit, you'd owe nothing to the IRS. A tax deduction is subtracted from the amount of income that is taxed.
Q: I bought a home in 2008. Do I qualify for this credit? No, but if you purchased your first home between April 9, 2008, and Jan. 1, 2009, you may qualify for a different tax credit. Consult with a tax adviser for more information.
Q: Is there any way to get the money before filing a 2009 tax return? If you believe you qualify for the tax credit, you can reduce your income tax withholding. Reducing tax withholding (up to the amount of the credit) will allow you to accumulate cash by raising your take-home pay. This money can then be applied to the down payment.
Adjust the withholding amount on your W-4 or through your quarterly estimated tax payment; IRS Publication 919 contains rules and guidelines. If you end up not buying the house, you'll have to repay the IRS income tax and possibly interest charges and penalties.
Q: The Secretary of Housing and Urban Development has announced that HUD will allow "monetization" of the tax credit. What does that mean? It means that HUD will allow buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 income taxes to receive a refund. These funds may be used for certain down payment and closing cost expenses.
Under the guidelines announced by HUD, nonprofits and FHA-approved lenders will be allowed to give homebuyers short-term loans of up to $8,000.
The guidelines also allow government agencies, such as state housing finance agencies, to facilitate home sales by providing longer term loans secured by second mortgages.
Housing finance agencies and other government entities may also issue tax credit loans, which homebuyers may use to satisfy the FHA 3.5 percent down payment requirement.
In addition, approved FHA lenders will also be able to purchase a homebuyer's anticipated tax credit to pay closing costs and down payment costs above the 3.5 percent down payment that is required for FHA-insured homes.
Q: If I'm qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return? Yes. The law allows you to choose to treat qualified home purchases in 2009 as if the purchase occurred on Dec. 31, 2008. This means that the 2008 income limit applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns).
If you want to do this but have already filed your 2008 return, you may file an amended 2008 return claiming the tax credit. Consult with a tax professional.
For more information email Edwin mailto:mail@609sold.com
or visit http://www.edwingerace.com/homebuyerseminar
Follow the Home Buyer Semina on Twitter at www.twitter.com/FREEHomeSeminar
Sources: National Association of Home Builders and the Internal Revenue Service
Published: Sun, Aug. 09, 2009 02:00AM
Are you considering a leap to homeownership? Here is some information about the tax credit to help you with your decision.
Q: Who is eligible? Anyone who has not owned a home for the previous three years. The home must be purchased on or after Jan. 1 and before Dec. 1, 2009. For the purposes of the tax credit, the purchase date is when closing occurs and the title to the property transfers.
Q: How is the amount of the tax credit determined? The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
Q: Are there income limits? Yes. The limit for single taxpayers is $75,000; $150,000 for married taxpayers filing a joint return. You cannot have a modified adjusted gross income above $95,000 (single) or $170,000 (married), and the credit is reduced proportionally for taxpayers whose modified adjusted gross income is between these amounts.
Q: What is "modified adjusted gross income"? Modified adjusted gross income is defined by the IRS. To find it, first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions") but before itemized deductions from Schedule A or personal exemptions are subtracted. AGI includes all income including wages, salaries, interest income, dividends and capital gains.
Q: How is this homebuyer tax credit different from the tax credit that Congress enacted in July of 2008? The most significant difference is that this one does not have to be repaid.
Q: How do I claim the tax credit? Claim it on your federal income tax return by completing IRS Form 5405, then claim this amount on line 67 of your 1040 for 2009 returns (line 69 of the 1040 income tax form for 2008 returns).
Q: I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. Can I claim the new $8,000 tax credit instead? You may file an amended 2008 tax return. Consult with a tax adviser to ensure you file this return properly.
Q: Is a tax credit the same as a tax deduction? No. A tax credit is a dollar-for-dollar reduction in what you owe. That means if you owe $8,000 in income taxes and receive an $8,000 tax credit, you'd owe nothing to the IRS. A tax deduction is subtracted from the amount of income that is taxed.
Q: I bought a home in 2008. Do I qualify for this credit? No, but if you purchased your first home between April 9, 2008, and Jan. 1, 2009, you may qualify for a different tax credit. Consult with a tax adviser for more information.
Q: Is there any way to get the money before filing a 2009 tax return? If you believe you qualify for the tax credit, you can reduce your income tax withholding. Reducing tax withholding (up to the amount of the credit) will allow you to accumulate cash by raising your take-home pay. This money can then be applied to the down payment.
Adjust the withholding amount on your W-4 or through your quarterly estimated tax payment; IRS Publication 919 contains rules and guidelines. If you end up not buying the house, you'll have to repay the IRS income tax and possibly interest charges and penalties.
Q: The Secretary of Housing and Urban Development has announced that HUD will allow "monetization" of the tax credit. What does that mean? It means that HUD will allow buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 income taxes to receive a refund. These funds may be used for certain down payment and closing cost expenses.
Under the guidelines announced by HUD, nonprofits and FHA-approved lenders will be allowed to give homebuyers short-term loans of up to $8,000.
The guidelines also allow government agencies, such as state housing finance agencies, to facilitate home sales by providing longer term loans secured by second mortgages.
Housing finance agencies and other government entities may also issue tax credit loans, which homebuyers may use to satisfy the FHA 3.5 percent down payment requirement.
In addition, approved FHA lenders will also be able to purchase a homebuyer's anticipated tax credit to pay closing costs and down payment costs above the 3.5 percent down payment that is required for FHA-insured homes.
Q: If I'm qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return? Yes. The law allows you to choose to treat qualified home purchases in 2009 as if the purchase occurred on Dec. 31, 2008. This means that the 2008 income limit applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns).
If you want to do this but have already filed your 2008 return, you may file an amended 2008 return claiming the tax credit. Consult with a tax professional.
For more information email Edwin mailto:mail@609sold.com
or visit http://www.edwingerace.com/homebuyerseminar
Follow the Home Buyer Semina on Twitter at www.twitter.com/FREEHomeSeminar
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About Me
- Lexington Real Estate with Edwin Gerace
- Lexington, SC, United States
- Edwin Gerace is Realtor with Holiday Builders in Lexington South Carolina. Edwin specializes in New Construction and 1st Time Home Buyers. Edwin is very active in Lexington South Carolina and is knowledgeable about the surroundings. Edwin is very active in his profession and community such as: On active committees with the Columbia Home Builders, active and on committees with Lexington Chamber of Commerce, Town of Lexington Performing Arts Center, Green Building Council of HBA, LORADAC, State Association of Realtors on State and Local Level, and many other community oriented service groups.
