This site is currently being moved to another platform. In the meantime please feel free to read previous posted articles. To search the most current Palm Beach County real estate listings please visit FloridaRealtyDeals.com. Keep coming back to visit, once the new site is up and running there will be plenty of new and informing articles. Thank you for visiting, Laura Pearlman.
With less than 5 weeks until the official April 30th expiration date of the Home Buyer Tax Credit, prospective homeowners still have time to cash in on Uncle Sam’s hefty tax credit for their newly-purchased home—as long as they don’t drag their feet. This is an ideal time for both first-time and repeat buyers to purchase a Central Palm Beach County Home.
Basic facts Home Buyers Tax Credit:
The new deadline is April 30, 2010 (June 30th with a binding, signed contract)
can receive a credit of up to $6500.00.***Remember that a tax credit is a dollar-for-dollar deduction in what a taxpayer owes. If the credit exceeds the amount owed, a refund will be issued.
Because it generally takes 3 to 4 weeks to process a loan and often an additional month for inspections and paperwork, there are some important and beneficial steps you can take to expedite the purchase of your Central Palm Beach County home.
Beating the deadline:
Thinking of buying a Central Palm Beach County home? If so, you need the expertise of me, Laura Pearlman. If you would like to search Palm Beach County real estate please visit FloridaRealtyDeals.com, see what my other clients are raving about! Learn more about why they are raving about it please visit my For Buyers page. Have a question? Send it directly to my email or call at 561 568 8561
Now theres a question I hear time and time again… “Do I really need a Realtor if I want to buy, sell or lease a
home?” Skeptics thought the Internet would be the extinction of the Realtor but I welcomed it. My personal opinion has always been A WELL INFORMED CONSUMER IS A HAPPY CONSUMER!!! I love it that you can go to my other website, FloridaRealtyDeals.com and view all the active listings in real time data. Not only can you view all active listings, you can see all area sales, what they sold for, how long they were on the market and so forth. I think that is great but there is more to buying and selling real estate than that. To learn more about what the newest technology in real estate can do check it out on my “For Buyers” page. Let’s face it, all the information in the world about how to buy and sell a house is at your finger tips. So, wondering why you should still hire a Realtor to represent you in the purchase or sale of your home, when you can save yourself a brokerage fee and do it yourself ? If you have asked yourself this question, you are not alone. I have compiled what I think are some reasons you should consider before going it alone…
1) Code of Ethics
I hope you noticed that I said Realtor® and not real estate agent“ There is a difference“ All Realtors® are licensed to sell real estate as an agent or broker, but not all real estate agents are Realtors®” In order to display the Realtor® logo, we must be members of the National Association of Realtors® and pledge to follow a Code of Ethics” This code establishes a level of conduct that is higher than ordinary business practices or those required by law” Only about half of all licensees are Realtors®”
It doesn’t matter if you are buying your first West Palm Beach home or are a veteran home buyer, you will have list of ‘wants’ and ‘needs’ for your new home. The ‘wants’ are things that would be nice to have such as a gas fireplace or granite counters. The ‘needs’ are things like, well a ‘bathroom’ or the number of bedrooms to suit your family and location. It is rare that you will get all your ‘wants’ and needs’ in the home you buy.
The key to maximizing your West Palm Beach home investment today is distinguishing between the types of ‘wants’ and ‘needs’ you’re better off buying as part of the property, and those you could add later without too much trouble and expense. Here’s some information to help you prioritize the amenities on your list.
Location:
Location is the one thing you can’t change about a property. Location is about being in a desirable neighborhood and close to (but not necessarily next to) valued amenities or planned ones — employment opportunities, good schools, shopping, public transportation, major highways, parks and recreation, cultural activities, etc. A good location is also about not being on a high-traffic street, near noise, next to run-down properties, in a flood plain, etc.
Structural integrity:
Make sure the West Palm Beach home you buy doesn’t come with a cracked foundation, pest infestation, drainage issues, mold, Chinese drywall or other problems that may be difficult and expensive to correct. A home inspection will help you determine if these items are an issue.
Federal tax codes create benefits for owners of a West Palm Beach home. For years, many people have usually turned away from considering taking on the financial responsibilities of being a homeowner. Renters and prospective home owners are well aware of all the financial stress that comes with owning a home, which makes them hesitant to make the big step and commitment. What might not be known is that homeowners are receiving more tax benefits now than ever before. The Internal Revenue Services, known as the IRS, has made owning a West Palm Beach home a more favorable option in several ways.
1. Interest Deductions
Monthly house payments bring the biggest tax benefit to home owners. The interest included in the monthly mortgage payments is tax deductible as long as the loan is for less than a million dollars. IRS guidelines also allow deductions for interest on refinancing and home equity loans. However, they do put limits on how much is actually allowed to be deducted. Borrowing against the equity of your West Palm Beach home is an option renters do not have. Renters also do not have the ability to file federal tax deductions on their monthly rental payments.
2010 is shaping up to be a good year for those of you looking to buy Palm Beach County real estate.Lower prices, near record low interest rates, high inventories, and the home buyer tax credit are all working in the favor of home buyers. Those home buyers making good long term financial decisions will reap the benefits of the currently soft market for years to come.
Here are 5 home buying tips for 2010.
1. Think long-term
We are seeing soft prices for now but real estate like other markets, is cyclical. Over the long haul, the market will bounce back and prices will rise. So, if you are in the position to buy now and you can hold on to your investment for awhile the long term gain could be very beneficial for you!
2. Think local
Real estate is local. National headlines provide some valuable information but you really need to listen to our local experts and pay attention to what is going on here. The real estate market in Columbus OH is not the same as the real estate market in West Palm Beach. It is best to work with an experienced Realtor such as myself, who has been around for awhile and sells real estate full-time. I can not express how important it is to work with a Realtor who works FULL TIME in the real estate industry! Your biggest investment should not be handled by someone who treats this business as a hobby!
3. Think deal
Look for deals…foreclosures, short sales and motivated sellers. But be realistic, you are not going to be able to buy for 40-50 cents on the dollar. I will be able to advise you as to what to expect in Palm Beach County.
Last month I introduced you to Savanna Yates from United Title Agencies, Inc. If you missed her first post “Buying A West Palm Beach Home ? Don’t Forget Your Title Insurance!” Check it out, it really explains why we need title insurance and how it protects our biggest investment, our home! This month she has really hit upon a very interesting topic…
Wouldn’t it be nice if everything in life came with a guarantee? Whatever you purchased would automatically be protected? Knowing what you bought, is exactly what you paid for? Purchasing a home is one of the biggest investments you will ever make, so you want to make sure that your investment is protected. Title Insurance is there to make sure your home is exactly what it is, YOUR HOME. Who pays for this reassurance? Commonly you would think that the seller should pay for Title Insurance; the seller should guarantee that the investment the buyer is about to make is a good one and clear of any defects on the title. Hold on a second! “Caveat emptor”If you should have any questions, please don’t hesitate to contact our office right away; we look forward to hearing from you. Latin for “Let the buyer beware!” Shouldn’t the buyer pay for Title Insurance to make sure what they are buying is free and clear of any defects, it’s their investment!
As you can see, everyone has a valid point when it comes to who should pay for Title Insurance and it is highly debated topic. It is customary in Palm Beach County, Florida that the Seller pays for the Title Insurance and in Broward County, Florida it is customary that the Buyer pays for Title Insurance. Don’t let this be a deal killer! These fees are always negotiable and can be easily solved with communication between both Seller and Buyer. Just remember, whoever pays the Title Insurance will choose the Title Company.
United Title Agenices, Inc. is ready to serve any and all of your Florida Real Estate transaction needs, we are located in Lake Worth, Fl and Boca Raton, Fl and close transactions all through out the state of Florida.
SavannaYates@yahoo.com
Direct: (561) 891-7526
“Excellent, Trusted and Proven service for over 30 years!” Specializing in: Foreclosures, Reverse Mortgages, Short Sales, Residential, Vacant Land and Commercial Property.
Just the thought of buying a home can be overwhelming for West Palm Beach home buyers. It doesn’t have to be. Below are 10 steps to help make buying a home fun and exciting:
1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications.How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.There are many advantages to having your financing in order before before you start viewing Palm Beach County real estate.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of West Palm Beach home ownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Contact a REALTOR®…that’s me. Find an experienced REALTOR® who can help guide you through the process of buying a West Palm Beach home.
Thinking of buying a West Palm Beach home? If so, you need the expertise of me, Laura Pearlman. If you would like to search Palm Beach County real estate please visit FloridaRealtyDeals.com, see what my other clients are raving about! Learn more about why they are raving about it please visit my For Buyers page.
Sometimes people have to sacrifice purchasing or leasing their dream home for a less perfect home in a better location when renting or buying West Palm Beach real estate or any of our surrounding communities. You and your family’s quality of life can be affected by their surroundings and features a neighborhood has to offer. Choosing the best neighborhood is just as important as finding the perfect home. Neighborhoods have numerous characteristics to consider when trying to make the right choice.
What to Look for When Choosing A Neighborhood
One of the most important things to look in to is the quality of schools in the area. Compare various public schools within a school system; some may be better than others. In order to keep all options open, also take a look at private schools in the area. Even if you do not have kids that will attend school, it is still a good idea to pick an area with good schools to help with reselling West Palm Beach real estate.
Another crucial characteristic of a neighborhood to research is the crime. Contact the local police office to find out crime trends, types, and rates. Go online to find out if there are any sex offenders living near by. Do not judge a book by its cover, just because a neighborhood looks well kept and charming does not mean there are not any crime related issues.
Check West Palm Beach Real Estate Values
I found a great website, Energy Savers, with energy saving tips for West Palm Beach homeowners and home renters. It doesn’t matter if you own or rent, energy saving tips benefit us all! This site provides home dwellers with tips for saving energy and money at home and on the road.
By following just a few of the simple tips found on this Energy Savers Web site, you can make your home more comfortable and easier to heat and cool—while you save money. The site also helps you beat the high cost of fuel, with driving and car maintenance tips to save you money on the road.
Some easy low-cost and no-cost ways to save energy include:
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