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Real Estate Update - March 2007

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  • Robert & Carina Martinez
    Bob & Cherrie Martinez s Real Estate Update Your REALTORS: Bob & Cherrie Martinez March 2007 NEW JERSEY REAL ESTATE EXPERTS CONTACT US TODAY FOR ALL YOUR
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      Bob & Cherrie Martinez's Real Estate Update
      Your REALTORS:

      Bob & Cherrie Martinez
      March 2007

      Copyright © 2007 Realty Times
      All Rights Reserved.

      The Homeowner Gain Exclusion Deduction

        It's been 10 years since Congress brought us the homeowner gain exclusion deduction -- one of the most powerful and useful tax-saving tools ever given to homeowners.
            The deduction itself is simple: If you have lived in your home for two out of the previous five years, you get a tax break when you sell it. If you're married and you file a joint tax return the first $500,000 of gain (the difference between what you paid to buy the property and what you sold it for) you make on the sale is tax-free. If you're single, you get a tax break on the first $250,000 of gain. What

      Mortgage Rates

      U.S. averages as of February 22, 2007:

      30 yr. fixed:   6.22%
      15 yr. fixed:   5.97%
      1 yr. adj:       5.49%

      View current rates

      constitutes "living in" is pretty flexible, too. Those two years don't have to be consecutive, nor do you have to physically live in your home every day. The IRS allows you to have temporary

      Wondering What Your Home Is Worth?

      Let me show you.

      Putting Zeal In Your
      Curb Appeal

           Curb appeal, the first impression your home conveys to prospective buyers, should create an emotional desire to own the home and enjoy the lifestyle and status it represents.
            Putting the best face on your home also should give a lasting impression that motivates buyers to cross the threshold and take that first step toward closing the deal.
            Experts advise, more like a home improvement or exterior staging job than a cosmetic makeover, curb appeal that sings is particularly crucial now that more and more buyers are calling the shots.
            Give your house model home level curb appeal for that "new" look and feel and buyers will beat a path to your door. That's because there's nothing like moving into a home that's ready to go, free of the need for initial touch ups and free of the ghosts of owners past.
            So how do you put a new face on your old home? With lots of attention to detail, in not one, but all the components that make your home stand out on the block.

      Study Profiles Home
      Of The Future

           New homes have changed dramatically over the past five decades. Small one-story bungalows with less than 1,000 square feet, two bedrooms and a single bathroom have given way to two-story homes topping 2,400 square feet with three or more bedrooms and two or more bathrooms. Along the way, new homes have evolved to levels of comfort and sophistication that were virtually unimaginable even a generation ago. �
            Given the rapid evolution of design, configuration and products in new homes, even a professional futurist might be hard-pressed to determine what the next five decades hold for housing. But a new study by the National Association of Home Builders provides a telling look at the homes buyers can expect to purchase in the nearer future. �
            "The Home of the Future" study, introduced at the International Builders' Show in Orlando, was conducted in 2006 by NAHB's Economics Group. Based on polls of architects, designers, marketers and manufacturers, it provides a detailed view of what buyers can expect to find in an "average" home and an "upscale" home in 2015.
            According to the experts, the pace of change in new homes will be much faster over the next 10 years than in recent years, and buyers can expect that all homes will be significantly� "greener" and more resource efficient than today. There



      Number of Inspectors Makes Choosing The Best Difficult

           In the state of Illinois alone an increase in the number of home inspector practitioners jumped from 450 to 3,335 in the last four years.
            While more competition could mean better prices for those in the market to buy or sell, home inspector and incoming President of the American Society of Home Inspectors (ASHI), Frank Lesh, cautions consumers to be wary of price cuts to save a little when such an important task in the real estate transaction is at stake.
            "Caveat Emptor, or buyer beware, can best be avoided by working with an ASHI Member who follows the ASHI Standards of Practice and Code of Ethics, which have become the industry standard," says Lesh.

      Daily News and Advice

      Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.

      More Articles

      February Roundup: Rates Drift Downward

      Real Estate Taxes, Refunds
      and Rip-Offs

      Holding Escrow After Settlement Could Cause Headaches

      Downpayments Shrivel as 100% Financing Becomes The New Norm

      Bob & Cherrie Martinez
      E-mail: bobby_martinez@...
      Web: http://www.bestnjrealty.com

      RRM Realty, Inc.
      2 N. Washington Ave.
      Bergenfield, NJ 07621

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