Judy’s Jottings

Experts say housing prices will continue to decline until bottoming out around March 2010.  Think about this, though: rarely do low interest rates align with falling/low property prices AND the surety of an economic recovery within the next two years.  There will not be a better time to buy real estate in our lives than this year, EVER. Call or email me to get started.

–Judy
www.seejudy.com
MY FEATURED LISTINGS

1. Mortgage term. Mortgages are generally available at 15-, 20-, or 30-year terms. The longer the term, the lower the monthly payment if the same amount is borrowed. However, you pay more interest overall if you borrow for a longer term.
2. Fixed or adjustable interest rates. A fixed rate allows you to lock in a low rate for as long as you hold the mortgage and is usually a good choice if interest rates are low. An adjustable-rate mortgage (ARM) is designed so that interest rates will rise as interest rates increase; however they usually offer a lower rate in the first years of the mortgage. ARMs also usually have a limit as to how much the interest rate can be increased and how frequently they can be raised. ARMs are a good choice when interest rates are high or when you expect your income to grow significantly in the coming years.
3. Balloon mortgages. Balloon mortgages offer very low interest rates for a short period of time—often three to seven years. Payments usually cover only the interest, so the principal owed is not reduced. However, this type of loan may be a good choice if you think you will sell your home in a few years.
4. Government-backed loans. Government-backed loans, sponsored by agencies such as the Federal Housing Administration (www.fha.gov) or the U.S. Department of Veterans Affairs (www.va.gov), offer special terms, including lower downpayments or reduced interest rates—to qualified buyers.

Slight variations in interest rates, loan amounts, and terms can significantly affect your monthly payment. For help in determining how much your monthly payment will be for various loan amounts, visit my website at www.seejudy.com.

–Judy
MY FEATURED LISTINGS

Condominiums and townhouses offer an affordable option to single-family homes in most areas. But consider these facts before you buy.

1. Storage. Some condos have storage lockers, but usually there are no attics or   basements to store belongings.

2. Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you hate yard work, this may be the perfect  option for you.

3. Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.

4. Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when  you’re not home.

5. Security. Many condos have keyed entries and or even door attendants.   Plus, you’ll be closer to other people in case of an emergency.

6. Reserve funds and association fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees agreed to by the condo board, whether or not you’re  interested in the amenity or not.

7. Resale. The ease of selling your unit is more dependent on what else is for sale in your building, since units are usually fairly similar.  Single-family homes usually are more individual.

8. Freedom. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.

9. Proximity. You’re much closer to your neighbors in a condo or townhome. If possible, try to meet your closest prospective neighbors before making a decision.

–Judy
www.seejudy.com
MY FEATURED LISTINGS

Develop a family budget. Instead of budgeting what you’d like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent.

Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt—car loans, student loans, revolving balances on credit cards—down to between 8 percent and 10 percent of your total income.

Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You’ll probably see some great ways to save.

Increase your income. It may be necessary to take on a second, part-time job to get your income at a high-enough level to qualify for the home you want.

Save for a downpayment. Although it’s possible to get a mortgage with only 5 percent down—or even less in some cases—you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent downpayment.

Create a house fund. Don’t just plan on saving whatever’s left toward a downpayment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.

Keep your job. While you don’t need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.

Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills. Pay off the entire balance promptly.

–Judy
www.seejudy.com
MY FEATURED LISTINGS

1. Affordability is better than ever.  According to the National Association of REALTORS’  housing affordability index, homes were the most affordable starting in Dec 2008 than any other point in history since the index was started in 1970.
2. You have an inventory surplus to choose from.  Industry numbers show there is a one year supply of homes currently on the market, basically meaning if the buying rate continued as is, it would take almost a year to absorb all the properties on the market!
3. Builders are offering steep credits to buyers, in order to save their credit!
4. Mortgage rates are historically low.
5. You can get a federal tax credit:  $8000 for homes purchased between Jan 1 and Nov 30 2009.

Call me to help you find the best value and provide a stress-free closing.

–Judy
www.seejudy.com
MY FEATURED LISTINGS

On February 6th, FannieMae came through with an important policy change pertaining to borrowers holding multiple mortgages.  It used to be FannieMae only allowed a maximum of 4 properties financed for a new loan at one time for one borrower.  The change to the policy now allows homebuyers and investors to finance up to ten properties at once.  Certain eligibility and underwriting rules apply.  A few of the requirements are:

• minimum credit score of 720
• 25% down-payment on new mortgages and
     30% down-payment on refinances

• specific “liquid reserves” requirements
• “full documentation”

Contact me to connect you with a preferred lender to review the full requirement list for this venture, or to start you on a complimentary search for investment properties.  This is great news for investors, especially with so many great buys on the market right now. 

–Judy
www.seejudy.com
MY FEATURED LISTINGS

Buyer agency allows us to represent you and your interests —
not those of the Seller.  When we’re your Buyer’s Agent… 

· You’ll have more properties to consider.

 · You’ll learn how to spot the best value. 

· You’ll get to work on a team. 

· You’ll have someone investigating on your behalf. 

· You’ll work with a motivated agent. 

· You’ll receive more of our attention. 

· You’ll receive advice about selecting professionals including loan officers,      inspectors, engineers, roofers, contractors and attorneys.

· You’ll learn about properties listed by represented and unrepresented sellers. 

· You’ll learn about properties before they’re even listed in the MLS. 

· You’ll get help with financial pre-approval so that your home purchase is assured. 

· You’ll receive current market information, including prices of recently sold
properties, so you’ll know what your future home is worth. 

· You’ll learn about alternative options so you can negotiate from a position of strength. 

· You’ll get help negotiating price, terms, condition, inclusions and possession. 

· You’ll get all the facts — no information will be withheld. 

· You’ll receive confidentiality with regard to your personal information — secrets are OK!

     –Judy
www.seejudy.com
MY FEATURED LISTINGS 

If you are “upside down” on your mortgage due to falling home prices, home equity credit lines or 100% financing that squashed the equity in your home, DON’T choose to enter foreclosure with your bank.  You actually DO have a choice.  It’s called a short sale. 

A short sale can be complicated, but basically it is what occurs when the net proceeds from the sale of a home are not enough to cover your mortgage obligations and closing costs, such as property taxes, transfer taxes, and a real estate broker’s commission, leaving you unable to cover the difference.  With the right tools and experience, a real estate broker can list your home, obtain a willing buyer and negotiate with the bank to accept a lower sales price, and pay the real estate broker’s commission for you.  Your credit will be injured but not nearly as damaged as suffering a foreclosure.

Be prepared to submit loads of information to the lender including W-2 forms from employers (or a letter explaining you are unemployed), bank statements, two years of tax returns, and other financial documents outlining income and debt obligations.  The lender will also need comps or a broker’s price opinion showing an estimate of value, which can be provided by the real estate broker listing you home.  Finally, you will need to prepare a ”hardship letter”  that summarizes your financial situation.  

I love to help sellers successfully sell their homes.  It is even more rewarding when I can facilitate a short sale for a seller on the brink of foreclosure, protecting them from more emotional stress than necessary.

– Judy
www.seejudy.com
MY FEATURED LISTINGS

1. Quality of life – a home provides stability and security for you and your loved ones.

3. Historically low interest rates – around 6.5 percent in the United States.

5. Equity buildup and debt pay down – homeowners enjoy an average net worth of approximately $184,000 versus
$4,000 for renters.

8. Tax exemption – up to $500,000 per couple or $250,000 per person upon the sale of a primary residence in the United States.

9. The real cost of renting – at $800 per month, with the average 6 percent rental increase per year, you will pay $126,536 over a 10-year period but have zero ownership of the property.

10.  $8000 Federal Tax Credit - you could qualify for if it is your first home. (Note that’s a CREDIT, not a write-off…much better).

–Judy
www.seejudy.com
MY FEATURED LISTINGS

Just wanted to share with you some points from our NATIONAL ASSOCIATION OF REALTORS® newsletter to reflect how hard we are out there working for you (not only during the transaction!)

“We continue to work closely with the Department of Treasury and Secretary Timothy Geithner to implement a mortgage buy-down program. NAR also recommended that the Treasury Department expand the Term Asset-Backed Loan Facility (TALF) to include commercial mortgage-backed securities as eligible collateral.  The Treasury has approved this recommendation and this will encourage investment in the commercial real estate market.

Additional Housing and Other Provisions of Interest to NAR:

Rural Housing Service - Increased funding for the Rural Housing Service direct and guaranteed loan programs.

Low Income Housing Grants - Allow states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing, including those with or without tax credit allocations.

Tax Exempt Housing Bonds - Tax-exempt interest earned on specified state and local bonds issued during 2009 and 2010 will not be subject to the Alternative Minimum Tax (AMT).  In addition, financial institutions will have greater capacity to purchase tax-exempt state and local bonds.

Energy Efficient Housing - Grants for energy retrofits for federally assisted housing (section , funding for Energy Efficiency & Conservation Block Grants to states, and Increases in the residential tax credit through 2010 for certain energy efficient upgrades.

Transportation - Spending for upgrades and repairs of road, bridges and transit facilities.

Broadband Deployment– Grants to make broadband available in unserved communities”

(compliments of the Raleigh Regional Association of  REALTORS®)

-Judy
www.seejudy.com
MY FEATURED PROPERTIES 

If you are currently renting, now is one of the best times in history to consider buying.  Mortgage rates are at a historical low and there is a surplus of properties to choose from, giving buyers leverage when it comes to making an offer.  Please contact me so I can review some of the following important factors revealing why you should look into owning your own home.

• Tax advantages of home ownership – a rent versus buy example
• An example of tax return and how you could save money on income taxes because of write-offs
• Appreciation values in our local Triangle area over the last few years
• How to buy foreclosed property in the NC Triangle area
• Things to consider when buying an existing home (things like getting a home inspection, negotiating that the seller pay your closing costs or buy down your interest rate, possession issues, etc.)
• Why you should work with a buyer’s agent
• Credit scoring 101
• Why you need to get pre-approved ahead of time

I look forward to hearing from you.

–Judy
www.seejudy.com
MY FEATURED PROPERTIES 
 

I advise all my clients to consult with the appropriate professionals regarding the possible presence of environmental contaminants, hazard waste, or toxic substances on or near a property they are thinking of placing an offer on. Some examples of issues a buyer should investigate for are radon gas, lead-based paint, asbestos, water quality and underground storage tanks, as well as appropriate zoning. Something buyers rarely are told to check for is noise pollution.  

In the NC Triangle area, the Raleigh Durham Airport Authority has designated certain bands or areas that are subject to air traffic noise as Noise Abatement Areas. It is up to a prospective buyer to determine how that may or may not affect their decision to purchase a particular home. The RDU Airport Authority constantly considers changes to the airport. Call the Raleigh Durham Airport Authority at 919-840-2100 or go to www.rduaircraftnoise.com. Residential sellers can disclose areas affected by noise problems and other nuisances on the Seller Property Disclosure form, but do not always do so accurately. Some neighborhoods or communities may also have ordinances or covenants regarding noise issues. Private airports may also be in the vicinity of neighborhoods.  More locally, that would be Horace Williams Airport http://www.airport.unc.edu/.

When you hire me and my team represent you,, we actually coordinate all of this research for you.  Wouldn’t you like to have a stress-free home buying process?

–Judy
www.seejudy.com

In my experience I have never found a flawless home.  Below is a short list of physical problems I recommend buyers to look out for in any home.

• Water leaks.  Look for stains on ceilings and near the baseboards, especially in basements and attics.
• Shifting foundations.  Look for large cracks along the home’s foundation.
• Drainage.  Look for standing water, either around the foundation of the home or in the yard.
• Termites.  Look for weakened or grooved wood, especially near ground level.
• Worn roofs.  Look for broken or missing copings and buckled shingles, as well as water spots on ceilings.
• Inadequate wiring.  Look for antiquated fuse boxes, extension cords (possibly indicating insufficient outlets), and outlets without a place to plug in the grounding prong.
• Plumbing problems: Very low water pressure, banging in pipes.

Most importantly, hire professionals to evaluate the property and represent you while making an offer.  A licensed home inspector can effectively find the above problems and possible others, and a licensed real estate broker can negotiate with the seller to repair these expensive items.  Otherwise, you could be inheriting these expenses yourself.

-Judy
www.seejudy.com
MY FEATURED PROPERTIES 

1. New home purchases were 21 percent of all recent home purchases, down somewhat from 23 percent one year before.

The new Orange County tax values posted on the Orange County, NC website ( http://www.co.orange.nc.us/revenue/taxes.asp ) this past Thursday, revealing an overall 22% increase in assessed values.  Ironically, many homeowners are exercising their right to challenge the assessment with a private appraisal.   What some homeowner’s do not realize is that theoretically assessed tax value should be the near equilvalent of market value.  Unfortunately, most property assessed tax value and market value are not even close, historically. (See my post on Dec 10th, FACTS ABOUT NC REAL PROPERTY TAX BILLS…). The NC state requirement for county tax assessment requires assessments to be updated only every 8 years, though counties are allowed to reassess more frequently.  This factor, combined with the physical inability of any appraisal team to assess thousands of properties at one time, many times causes a substantial gap between the two values.  But the recent update bringing the tax property value closer to the market value is a GOOD THING!  Any experienced professional real estate agent is knowledgeable about this phenomenom and is able to convey this to a willing buyer.  So sellers, though the new tax bill may sting slightly, you just received one more strong validation of the market value of your home! Call me to represent you during the marketing and sale of your home so that I can net you the highest price possible in the least amount of time.

–Judy
www.seejudy.com
MY FEATURED LISTINGS

Industry sources project the annual home foreclosure amount to approach 2 million each year for the next four years.  While our national leaders are working fervently to devise multiple solutions to help homeowners stay put, there is an existing additional problem being overlooked. 

It takes a little extra training and knowledge base to list a foreclosed property.  There are only a few of us that have taken the time to earn that training though.  I was reading an article posted by Raleigh Bank Homes today stating “The systemic problem within the REO Agent “underground” appears to have a multitude of negative consequences which result in longer market times and lower sale prices, say industry sources.”

Having taken the time and resources to properly hire and train an appropriate support staff for my own business, it isfrustrating when I come across an REO agent on the flip side of a transaction that is overwhelmed and understaffed.  It makes for a more than necessary intense transaction.  There are currently only 5800 REALTORS sharing the REO market! I encourage you to exercise extra patience if you find yourself in the  middle of an REO transaction.  Most importantly though, let’s contribute to helping stabilize the market by increasing our education, claiming our share of this REO market, and moving these homes off the market quickly and for the highest price. 

-Judy
www.seejudy.com

When fewer homes are selling, savvy sellers recognize that their homes must outshine the competition.  Preparing a home prior to placing it on the market is an essential part of the marketing process.  It’s about showing off what the buyer would be purchasing in the best possible way.  It’s about dressing the house up for success and highlighting its assets.  It’s what can entice buyers to take a look and perhaps get hooked on a home. The first impression is critical, and it starts outside the home.  This is what we call “curb appeal”.

Upgrades inside the house will not matter unless you can impress a buyer enough to get inside the house.  But winter is challenging for “sprucing up” a yard that is at the mercy of the cold, browning weather.  Start with fresh paint, cleaning the windows and pressure washing garage doors, decks and driveways.  Clean up all the toys and hide the trash cans and recycling bins.  Make sure front lawn and porch lighting are working properly and brightly.  Rake and remove the leaves, replace the front door mat, and remove all the yard trinkets.  Just like personal picture frames inside the house, yard decorations can inhibit a buyer’s ability to visualize themselves potentially living in the home.  Consider colorful poinsettas and holly bushes, and dependable evergreens, pines, hemlock, and spruce to help your yard shine through the coldest of months.

When The Judy Weinstock Team markets your home, we look at it “through the buyer’s eyes,” identifying specific areas which would benefit from replacement, repair, improvement, etc — both inside and out — and then work together to implement those suggestions.  We know that pristine curb appeal, excellent staging and perfect pricing will get you what you want most – to sell your home in the least amount of time for the most money.

-Judy
www.seejudy.com 

This is the time of year the most homes go on the market and buyers get energized.  Call it spring fever, but it is a historical fact.  As a buyer, your best positioned to get the home you want if you have a licensed real estate broker working with you.  However, if you are going at it alone, you need to understand you could miss the home of our dreams if you are not pre-approved for a mortgage with a lender.

Consider the delicate state the real estate market is currently in.  Should a seller receive a solid offer from a buyer that can present a pre-qualification letter, and a solid offer from a buyer that is not pre-qualified, he’s probably going to take the offer with the pre-qual letter almost immediately.  If you are serious about buying a home, don’t start the process without first completing this crucial step.

Here are somethings the lender will need to efficiently pre-qualify you:

a.)  W-2 forms or business tax return forms for the last 2-3 years
b.)  copies of the last couple pay stubs for all parties that will apply for the mortgage
c.)  copies of any retirement account statements (current)
d.)  addresses you have lived at for the last 5-7 years…yes, 5-7 years

Contact me for a complete list of items lenders ask for.  For all of us, our time is valuable, and I can save you a lot of time for you.  I can even send you a list of experienced lenders.

One more thing - even if you are planning on paying cash for your home, you should have a bank letter ready verifying you have the liquid assets to purchase the property of interest.

I look forward to hearing from you.

–Judy
www.seejudy.com

The results are in.  According to the 2008 NAR study released Nov. 8, 2008, the #1 method by which buyers find their new home is through an agent (34%).  The #2 method is using the internet (32%). 

What does this mean to you as a seller?  To get your home in front of buyers and ahead of the competition, you are going to need a professional that operates with advanced technology and sophisticated Internet marketing. 

The Judy Weinstock Team is just such an operation.  We are a full-service group of professionals with more than 30 years of combined experience, prepared to assist you in every phase of selling your property - from initial consultation, to property preparation, staging, professional photography, pricing, launching of cutting edge marketing techniques, contract negotiations, resolution of inspection issues, through closing and beyond. 

Please contact us for help selling your property.  It would be our pleasure!

–Judy
www.SEEJUDY.com

The following 8 remodeling projects prove to pay owners back at resale by 70-95% of the amount invested:

Siding replacement
Bathroom addition
Master suite addition
Roof replacement
Window replacement
Family room addition
Bathroom remodeling
Basement remodeling

Guess which one has shown the best historical return?

–Judy
www.SEEJUDY.com
 

A real estate transaction is complicated.  Buying and selling real estate is WAY more than just a handshake and the exchange of funds. In most cases, buying or selling a home requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page government mandated settlement statements. And most people only buy or sell a home a few times in a lifetime, leaving room for laws and regulations to change in the meantime.  If you don’t know a CMA from a PUD, you can understand why it’s important to work with someone who speaks the language.

And all of these above items make the process TIME CONSUMING.  Even in a strong market, homes in our area stay on the market an average of 90 days before a transaction is closed after an offer acceptance, to accomodate for processing all these items. As time ticks, a lot of emotions swirl.  A home is more than four walls and a roof.  It symbolizes family, rest, refuge, and security.  The time a transaction takes can sometimes detract from those qualities.  Why not have a concerned, but objective, professional get the job done for you while you tend to your normal job and family responsibilities?  

–Judy

www.seejudy.com 

FHA update—As of 01/01/2009, the FHA down payment will increase to 3.5%. Rates (based off 20% down, fully amortized loan and 700+ credit score, primary residence)

Conforming (<$417,000 loan amount)

• 30 year fix—4.875%
• 15 year fix—4.625%

Jumbo (>$417,000 loan amount)—these jumbo rates are lower than conforming!!! This is a great new lending option for jumbo mortgages (see below)

• 5 year ARM—5%
• 5 year ARM, interest only—5.125%
• 7 year ARM—5.25%
• 15 year—5.125%

Compliments of:
Jim Bulbrook
Mortgage Analyst
Carolina Home Mortgage
1506 E. Franklin St.- Suite 201
Chapel Hill, NC 27514

Email me for a complimentary home search in the NC Triangle Area.

Happy New Year!

-Judy

www.SEEJUDY.com

Most buyers and sellers don’t realize or can’t forsee the possible delays that can change the course of a real estate closing.  Like a doctor, I’ve seen many cases and scenarios as a professional, know what to expect, and have a team with over 30 year’s experience to ensure safe arrival to the close of the transaction (and beyond). 

I’ve posted some scenarios below you should consider when selling or buying a home that can surface during the transaction.  Ask yourself if you are prepared or confident to troubleshoot these cases yourself and keep everyone on track so the closing is not jeapordized.  If the answer is no, please call me to assit in your next real estate purchase or sell.

One-Week Delays

• Buyer submits incorrect information to lender.
• Source of downpayment changes.
• Escrow fails to notify parties about missing documents.
• Principals leave town without signing all necessary papers.
• Unknown defects are discovered in the property.
• Last-minute liens discovered.
• Cloud on title.
• Move-out date changes.

Two-Week Delays

• Lender decides at the last minute it doesn’t approve of the borrower or the property.
• Lender raises interest rates.
• Lender requires last minute reappraisal or repairs.
• Appraisal too low.

I look forward to hearing from you!

Judy
www.SEEJUDY.com

It’s official – mortgage interest rates are now the lowest they’ve been in nearly 50 years. The Federal Reserve Board’s recent action to lower interest rates will help both buyers entering the market and homeowners who need to refinance. Earlier this year, mortgage rates averaged 6.3 percent, but some parts of the country are now seeing rates in the 4 percent range. Reduced mortgage interest rates should provide a significant boost to lending, paving the way for you buyers to find the home of your dreams and you sellers to sell as quickly as possible for the highest price possible…contact me today and let’s get started!www.SEEJUDY.com

It used to be that a surviving spouse only had until Dec 31st of the year their spouse passed away to sell the primary residence and claim the $500,000 exemption! Did you know that in December 2007, H.R. 3648 was signed which allows a surviving spouse to claim the maximum $500,000 if the home is sold within two years after the date of the spouse’s death? There are other criteria that have to be met to qualify for this extension, but this is progress.  This new ruling of course applies to sales after December 31, 2007.  See your financial advisor if you have questions.  And if you don’t have a financial advisor, call/write for my favorite financial advisor’s contact info to get started with your estate tax solutions.

www.SEEJUDY.com
info@judyweinstock.com
888.SEE.JUDY

When the real estate market shifts, it creates opportunities. There is money to be made in every real estate market. What are the opportunities for you or someone you may know?

1. First-Time Home Buyers
2. Move Up to a Larger Home
3. Investors
4. People in Trouble with Their Home

As a community economic and real estate expert, I look forward to helping you or someone you care about explore these opportunities. Please call me or pass along my name to a friend.

www.seejudy.com

Just to put you on notice, some local counties are due for property re-valuations.  Real property in NC is assessed by the county government in which the property is situated.  It’s important to note that the tax value of a property may not necessarily be the market value of that same property, although theoretically it should be.  In North Carolina, tax value is set by the county using a process called assessment.  Assessment is a specialized form of property appraisal.  Appraisals are sometimes generated as “mass appraisals” to compensate for the lack of time to appraise tens or hundreds of thousands of land parcels within a county within a period of a few months.  This method is one reason that market value does not always equal tax value. The other reason that real property market value does not always equal the assessed tax value is the fact that counties are only required to reappraise real property every eight years (octennial reappraisal).  Counties may choose to reappraise at intervals shorter than every eight years, but not all do.  And then there is the Machinery Act that was put in place to create a system for the formal appeal (by the property owner) and review of tax listings and valuations.  For more detail about this process and your rights, call or write me.

-Judy

www.SEEJUDY.com

Just to put you on notice, some local counties are due for property re-valuations.  Real property in NC is assessed by the county government in which the property is situated.  It’s important to note that the tax value of a property may not necessarily be the market value of that same property, although theoretically it should be.  In North Carolina, tax value is set by the county using a process called assessment.  Assessment is a specialized form of property appraisal.  Appraisals are sometimes generated as “mass appraisals” to compensate for the lack of time to appraise tens or hundreds of thousands of land parcels within a county within a period of a few months.  This method is one reason that market value does not always equal tax value. The other reason that real property market value does not always equal the assessed tax value is the fact that counties are only required to reappraise real property every eight years (octennial reappraisal).  Counties may choose to reappraise at intervals shorter than every eight years, but not all do.  And then there is the Machinery Act that was put in place to create a system for the formal appeal (by the property owner) and review of tax listings and valuations.  For more detail about this process and your rights, call or write me.

-Judy

www.SEEJUDY.com

Just one more reason to buy your first home right now! A new $7,500 tax credit to first-time home buyers was authorized this year through the Housing and Economic Recovery Act of 2008.  The credit is available to home-buyers for purchases on or after April 9, 2008 and before July 1, 2009.  There are some income limitations, but in general, single taxpayers with incomes up to $75,000 are eligible and married couples up to $150,000.  (An additional feature of the act was built in to provide a foreclosure relief provision that allows FHA to guarantee up to $300 billion in new mortgages if lenders voluntarily agree to adjust the terms and to reduce the outstanding principal so that current borrowers can afford the payments.) 

Keep in mind the $7,500 tax credit has to repaid over a 15 year time period.  Contact me for more details. 

 www.SEEJUDY.com

• A knowledgeable REALTOR® is experienced at presenting your offer to the seller and can help you through the process of negotiating the best price. By bring objectivity to the buying transaction, he or she can point out the advantages and the disadvantages of a particular property.

www.SEEJUDY.com