Get Market Updates through CBSHOME’s Housing Trends Page

Have you checked out CBSHOME’s housing reports yet?  You can get market updates from the comfort of your own computer.  Want a more detailed neighborhood report?  Just let me know- I’m happy to help!

Jill 402.618.9984

http://web1.cbshome.com/resources/public/douglas.pdf

 

What’s in Store for Housing in 2012?

Daily Real Estate News | National Association of Realtors Realtor Mag

The worst for the housing market may finally be over, according to housing experts in a recent article in Kiplinger. After median home price have dropped nearly 40 percent nationwide, a rebound is taking shape — although, housing experts say, the market may stay flat for awhile before gradually ticking up.

According to housing experts in a recent Kiplinger article, here are some predictions for the real estate market in the coming year:

Home prices stabilize: Mark Zandi, chief economist at Moody’s Analytics, predicts that home prices nationwide may still drop another 3 to 5 percent in 2012, but the new year will most likely finally bring a leveling off of home prices before gains start to take shape in 2013. When markets do begin to stabilize in the new year, “price appreciation tends to spread unevenly, creating a lot of confusion about where the recovery is occurring and when,” David Stiff, chief economist at Fiserv Case-Shiller, told Kiplinger. “Even within a single city, more desirable neighborhoods will stabilize first, while prices in other neighborhoods may fall at a rapid pace.”

Housing affordability high: Housing affordability — the ratio of median home prices to median family income — will likely remain at record levels in 2012. Homes in many cities are “substantially undervalued,” the Kiplinger article notes. That may even lead to a mini bubble with double-digit spikes in prices, such as an increase of 10 to 15 percent in a given year in some markets, housing experts say.

Low mortgage rates: Helping to keep affordability high, low mortgage rates are expected to continue on in 2012 — at least the first part of the year, economists predict. The 30-year fixed-rate mortgage, the most popular among home buyers, has been hovering under a 4-percent average the past few weeks, staying in record low territory. Rates are expected to stay between 4 to 5 percent in 2012, predicts Guy Cecala, publisher of Inside Mortgage Finance, an industry publication.

Sales increases: The National Association of REALTORS^® has already been showing a tick up in sales taking shape with increases in existing-home sales during the summer and early fall of 2011. High inventories of homes continue to flood the market but a drastic slowdown in new-home building the past three years is “gradually easing the surplus,” the Kiplinger article notes.

The bleeding is just about over. But don’t expect a speedy recovery. By Pat Mertz Esswein, Associate Editor

The median home price in the U.S. has plunged nearly 40% in a little over five years, but the worst is definitely over: The market has finally wrung out the last excess valuations born of the housing bubble. Before you break out the party hats, note that this doesn’t mean prices across the nation are poised to rebound anytime soon. Alex Villacorta, director of research and analytics at Clear Capital, a provider of real estate data and analytics, says the housing market is in a suspended state, with positive and negative factors offsetting one another. But he doesn’t expect another free fall in prices, assuming things are left to work themselves out and there are no further shocks to the economy.

Other positive signs: Existing home sales increased during the summer and early fall of 2011, according to the National Association of Realtors, after a deep slump following the expiration of the first-time home buyer tax credit. Although the inventory of homes on the market and in foreclosure remains high, a lull in home building over the past three years is gradually easing the surplus. The months supply figure, or how long it would take to sell the inventory of homes on the market at the current pace of sales, improved to 8.5 months in September — although that ratio still favors buyers (six months supply represents a normal balance between sellers and buyers).

Read more: http://www.kiplinger.com/magazine/archives/where-home-prices-are-headed.html#ixzz1jwNgd2J4

For a detailed look into an area you have interest in, please give me a call!  Jill Anderson 402.618.9984

Income Tax Tips for Transferring Employees in 2011

It may seems so far away, but there are just over 90 days left to file your 2011 income taxes!  For those employees whose relocations incurred expenses during 2011, there is an added component to their tax filings this year.   Though transferring employees will receive a 1099 for applicable relocation expenses, the Worldwide Employee Relocation Counsel has outlined a few key reminders to  consider during the upcoming tax season:

Below are several items deductible as moving expenses that are sometimes overlooked:

• Tips to the moving van driver or helpers.
• Mileage for driving second or third cars to the new location (in addition to the first car).
• Lodging expenses in the departure location for one night after the household goods are packed, and one night in the new location on the day of arrival.
• Moving household goods from a location other than your main home, up to what it would have cost to move them from the main home.
• Storage of household goods for up to 30 days, including the cost of moving the goods into and out of storage.
• Expenses not reimbursed by your employer, such as extra crating, shipment of unusual items, tips to van line staff, etc.

And remember: You don’t have to itemize to deduct moving expenses.
Other filing season tips:

• If the seller of your new house agreed to pay part of your mortgage points instead of reducing the sales price, IRS says you can deduct those points, even though the seller paid them.
• If  you ever refinanced your mortgage, don’t forget to deduct the entire remaining balance of points paid on the refinancing in the year you sell your home.
• If your new job is for a different employer, and you earned more than $106,800 in 2011, you may have had too much deducted as contributions to Social Security. You may be able to take a credit for the excess on line 67 of your Form 1040 tax return.
• If you moved to one of the states with state and local sales taxes but no general income tax (Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, or Wyoming) you may benefit from an itemized deduction for state sales taxes.

The foregoing is intended as general information only. Regarding your specific situation, Worldwide ERC® suggests that you consult with your own tax or legal advisor as appropriate.

Single Family Residential Statistics for December 2011

National Association of Realtor’s 2011 Buyer & Seller Profile

The National Association of Realtor’s has released its 2011 buyer and seller profile (yes we know who you are)!  Now I’d like to be able to help you with your home purchasing and selling needs.  Thinking of making a change this year?  Give me a call so we can discuss your needs.

• 83 percent of buyers purchased a home through a real estate agent
• 88 percent of sellers were assisted by an agent with their transaction
• Homes sold through a real estate agent sold for 96 percent of the list price 
• 57 percent of sellers reduced the asking price at least once while their home was listed
• 41 percent of sellers found the listing agent through a friend, family member, or coworker
• One-third of home buyers indicated their primary reason for purchasing was a desire to own a home

Interest rates are STILL low, now is a great time to MOVE!

I’m also happy to set you up to receive a neighborhood report (sent to you via email) which provides you with valuable real estate trending information.

Call me with any buying and selling questions you may have.  Jill 402.618.9984

Postage Increase is on its way!

What should I do with my old electronics?

Happy Holidays from the Greater Omaha Chamber!

Omaha’s November Single Family Market Stats

MrktStats_SingFam_Nov2011

As always, please let me know if you are interested in more information on a particular area.  Jill Anderson 402.618.9984

Understanding the APR

The overall price of a mortgage goes beyond the loan’s given interest rate, which is used to calculate the monthly principal and interest payment.

Annual percentage rate, or “APR” is a more complete measure of a loan’s cost.  APR is a yearly percentage rate that expresses the total finance charge on a loan over its entire term.  The APR includes the interest rate, broker fees, points, and mortgage insurance.  Because all lenders follow the same rules to ensure the accuracy of the APR, it provides consumers with a good basis for comparing the cost of loans.  

Think you’ve found the lowest interest rate?  The APR can provide useful information, but there are other criteria to look at when choosing a loan.  Look at the whole package and evaluate your long-term objectives when choosing a loan.  A loan with a higher rate may offer other benefits not evident in the rate differential.  Some additional factors or questions to keep in mind when selecting a loan:

 

• What’s the lender’s reputation for quality and customer service?
• Will the lender be there for you if you need assistance?
• How long will you need to wait for firm loan approval?
• How long do you have to lock loan pricing, and what costs are involved?
• If you do lock the rate range, do have any options if rates go down?
• What are the loan’s down payment and closing cost options?

For further information on selecting a lender, please give me a call!  Jill Anderson 402.618.9984