Great article from Yahoo! Real Estate today. Check it out!

The foundation of a good neighborhood is the type of relationships established among its neighbors. The first step in building a relationship is respecting those next door, down the street and around the corner. 

To Be a Good Neighbor Do the Following:

•  Cut your grass once a week.
•  Empty excess water collecting in pots, buckets and containers that can attract and breed mosquitoes.
•  Schedule bulky items for pickup.
•  Properly display house numbers.
•  Clean up after your pets.
•  Maintain the appearance of your property.
• Keep your dogs on a leash.
• Maintain trash service.

Maybe you’re not ready to move into it but that doesn’t mean that you shouldn’t take advantage of the present opportunities to acquire the home you want to live in during retirement. The combination of the low interest rates, reduced prices and lower competition may never be this good again in our lifetimes.

The rental market is strong and a tenant could pay for your retirement home. The cash flows are attractive and the yield is bound to be stronger than what you’re currently earning. Even if you don’t retire to this home, it could be a placeholder to control the costs of the home you do move into.

One thought would be to finance it with a 15 year loan that will have a lower rate than that of a 30 year loan and it will obviously amortize in half the time. Even if you don’t have the home paid for by the time you retire, your equity will be larger.

Ideally, if you sell your current home when your move into this retirement home, you may be able to take up to $500,000 of tax-free gain for a married couple. That profit could be used to fund your retirement.

With home prices and mortgage rates certain to rise, this may be one of the best decisions you can make. We want to be your personal source of real estate information and we’re committed to helping from purchase to sale and all the years in between.

Good news from ABC’s Good Morning America. If you are still thinking about buying the time is right!

Great article from Yahoo! Real estate today. There are some really good tips here on how you can possibly lower your mortgage rate.

Curb appeal can make all the difference for potential buyers. Check out this Yahoo! article on how you can improve your yard for very little cash.

Great article from Yahoo! Finance

So far 2012 has shown several positive signs that the real estate market is finally on the upswing.

• Increased activity in our local market
• Modest price gains
• Open houses are attracting crowds, and more listings are slowly coming on the market.
• More buyers are being pre-approved
• Multiple offer situations are still common
• Consumer confidence will likely keep rates low through the elections and into 2013

Gift or Inherit – 6/11/2012

Transferring the title of a home from one person to another may seem simple but it could have a significant tax implication.

When a person inherits property, the basis is “stepped-up” to fair market value at the time of the decedent’s death. On the other hand, a gift has a carry-over basis which means that the recipient receives the unrealized gain also.

As an example, let’s say an elderly parent, in an attempt to get their affairs in order, gives their home to their adult child. The rationale might be that they are the sole beneficiary and will get the property eventually. In an effort to settle things early, unnecessary income tax may be incurred.

If the home was purchased for $20,000 and worth $100,000 at the time of transfer, there is a possible gain of $80,000. However, if the adult child inherited the property at the time of the parent’s death, their new basis would be $100,000 or the fair market value at the time of death and the possible gain would be zero.

This is meant to be an example and many other variables could be involved. If you’re concerned about a situation, you should seek specific advice from a tax professional. As always, I’m here to help you as your real estate professional.

Have you ever wondered how house flippers are able to turn a profit? It’s easier than you may think. In this Yahoo! article you can learn some of the secrets of house flippers and apply them to your own house sale. There are some great tips in here to ensure you get the most bang for your buck.