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Real Estate Blog

 Real Estate Blog 
Thursday, January 28 2010
The FHA announced that it would make sweeping changes to the current FHA mortgage program in an attempt to shore up its beleaguered balance sheet. As many existing FHA borrowers default on their home loans the move is necessary to ensure the program stays solvent.
The biggest impact will be the increase in the upfront mortgage insurance required. FHA will raise the up-front Mortgage Insurance Premium, paid by borrowers, from 1.75 percent to 2.25 percent as well as request legislative authority to increase the maximum annual MIP that the FHA can charge. This is the second time in two years that it has raised the premium.
In addition, in order for new borrowers to qualify for the 3.5 percent down payment program, they will now be required to have a minimum FICO score of 580. Borrowers with a lower score will be required to put down at least 10 percent.
The FHA will also reduce allowable seller concessions, or how much the seller can help the buyer, from 6 percent to 3 percent. The change will give borrowers a greater financial stake in their home purchases.
Commissioner Stevens, with the FHA, said he wanted borrowers to have more "skin in the game," and this is clearly a means to that end.
As of today, the date that these changes will take place has not been announced.
Questions about this change and how it can affect your home purchase, contact Reechia.
 
Posted by: Reechia Powell AT 03:47 pm   |  Permalink   |  0 Comments  |  Email
Thursday, January 21 2010
As we look toward the New Year we wonder what will the real estate market do? Let’s first take a moment to reflect on the past 6 months. Often reviewing what we just finished helps us prepare for the future. 
Single Family Home sales in Plano, Texas were very consistent for the final half of 2009. 
·         Average List Price    $266,889
·         Average Sold Price $258,033
o       4% difference between list price and sold price!
·         Average Price Per Square Foot     $93
·         Average Days on Market               60
These stats tell us that homes sold on a consistent and reasonable basis. Not quite what the media would have you believe is it? 
We are here to assure you that people are buying homes and they are selling for a fair and reasonable price!  
The government tax credit has been extended and expanded – it is a GREAT time to buy a home! 
 
Posted by: Reechia Powell AT 08:23 am   |  Permalink   |  0 Comments  |  Email
Thursday, January 21 2010
As we look toward the New Year we wonder what will the real estate market do? Let’s first take a moment to reflect on the past 6 months. Often reviewing what we just finished helps us prepare for the future. 
Single Family Home sales in Parker, Texas were very consistent for the final half of 2009. 
·         Average List Price    $283,108
·         Average Sold Price $273,308
o       4% difference between list price and sold price!
·         Average Price Per Square Foot     $84
·         Average Days on Market               72
These stats tell us that homes sold on a consistent and reasonable basis. Not quite what the media would have you believe is it?   
We are here to assure you that people are buying homes and they are selling for a fair and reasonable price!    
The government tax credit has been extended and expanded – it is a GREAT time to buy a home! 
 
 
Posted by: Reechia Powell AT 08:20 am   |  Permalink   |  0 Comments  |  Email
Tuesday, January 19 2010
As we look toward the New Year we wonder what will the real estate market do?  Let’s first take a moment to reflect on the past 6 months. Often reviewing what we just finished helps us prepare for the future. 
Single Family Home sales in Allen, Texas were very consistent for the final half of 2009. 
·         Average List Price    $243,198
·         Average Sold Price $229,131
o       6% difference between list price and sold price!
·         Average Price Per Square Foot     $87
·         Average Days on Market               65
These stats tell us that homes sold on a consistent and reasonable basis. Not quite what the media would have you believe is it? 
We are here to assure you that people are buying homes and they are selling for a fair and reasonable price!  
The government tax credit has been extended and expanded – it is a GREAT time to buy a home! 
 
Posted by: Reechia Powell AT 07:47 am   |  Permalink   |  0 Comments  |  Email
Monday, January 18 2010
Wylie, Texas Real Estate
As we look toward the New Year we wonder what will the real estate market do? Let’s first take a moment to reflect on the past 6 months. Often reviewing what we just finished helps us prepare for the future. 
Single Family Home sales in Wylie, Texas were very consistent for the final half of 2009. 
·         Average List Price    $178,725
·         Average Sold Price $172,801
o       4% difference between list price and sold price!
·         Average Price Per Square Foot     $71
·         Average Days on Market               66
These stats tell us that homes sold on a consistent and reasonable basis. Not quite what the media would have you believe is it?   
We are here to assure you that people are buying homes and they are selling for a fair and reasonable price!   Wylie remains one of the most affordable areas we review each month, there is a good supply of homes to choose from as well! 
The government tax credit has been extended and expanded – it is a GREAT time to buy a home! 
 
Posted by: Reechia Powell AT 12:21 pm   |  Permalink   |  0 Comments  |  Email
Thursday, January 14 2010
 
A wonderful home with an incredible price and stunning upgrades! 
 
·         4 bedrooms
·         3 Baths
·         2 Car Garage
·         Park-like Yard
·          
Sound like the home you are looking for? You will be so happy to see this wonderful home in Plano’s highly desired Stoney Hollow Community!   Check it out here
 
Call us and we will show it to you personally -
Keith & Reechia
214.649.4823
 
 
Posted by: Reechia Powell AT 07:52 am   |  Permalink   |  0 Comments  |  Email
Tuesday, January 12 2010
There are many reasons to invest in real estate but undoubtedly, one of the most important is the undeniable tax benefits. From depreciation to deductions, just try to find another source of income able to top these tax benefits!
 
1. Passive Loss Deductions. High income individuals will be delighted by the ability to offset gains in other areas by taking passive loss deductions from real estate. All expenses associated with real estate investments qualify including management fees, taxes, insurance, repairs, homeowner association dues, legal and accounting fees and even small office expenses. Just be sure to keep receipts and set up a tracking method.
 
2. Depreciation. Few things are more tax friendly than real estate; while the property appreciates in value due to inflation, improvements and/or market forces, it simultaneously depreciates in value according to Uncle Sam. The average depreciation schedule for most single family residential homes is 27.5 years which means you deduct a percentage of the price of the building (not land) in addition to expenses or other fees each and every year.
 
3. Interest Deduction. If you are using other people's money - including banks, hard money lenders or even personal loans - the interest is typically deductible. Since interest payments tend to be highest in the early stages of ownership, interest deductions are especially useful when building a real estate portfolio.
 
4. Income Tax Treatment. When you work for a living personal income taxes and FICA represent a significant tax burden. FICA alone equal 15 percent of wages for self employed individuals (employers match employee contributions for a total of 15% combined), however, rents collected from real estate are never subject to self employment taxes making them a favorable way to generate tax free profits for retirees and others.
 
5. 1031 Exchanges. There are very few investments that allow you to trade them in and purchase another without any tax consequences but real estate is one of the exceptions to the rule. Investors must follow specific criteria to qualify but it's entirely possible to roll profits from one property into another without generating any tax bills whatsoever - be sure to understand the requirements well into advance in order to avoid unpleasant surprises later.
 
6. Totally Tax Free. Personal residential property can generate up to $250,000 of profit completely tax free! Many people have been able to fund a significant retirement benefit from buying their primary residence at the right price then downsizing later in life and pocketing the profits (tax free!). To qualify, you must live in the property for two out of five years immediately prior to selling. Imagine the additional income someone could generate simply by buying low and selling high every five years - with zero tax burden.
 
 
Posted by: Reechia Powell AT 03:52 pm   |  Permalink   |  0 Comments  |  Email
Monday, January 11 2010
Are you looking for a custom home in Plano? Well, we have a new listing that fits the profile!

3621 Trail Walker Drive is a Kensington custom home located in the highly desired community of Stoney Hollow! This beautiful & spacious home offers 3 bedrooms, two living areas, and numerous upgrades!

Give us a call and we will be happy to give you a personal tour of 3621 Trail Walker Drive.

Keith & Reechia Powell
214.649.4823

Plano Real Estate
Posted by: Reechia Powell AT 03:33 pm   |  Permalink   |  0 Comments  |  Email
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Reechia Powell Realty Group
301 S. Watters Road #100
Allen, TX 75013
Phone: (972) 979-9978
Email: Reechia@Reechia.com

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