Real Estate Information Archive

Each year around 65% of all household moves take place between May and September, so obviously you need to plan ahead if you’re moving to a new home this summer.

While the act of relocating to a new place can certainly be exciting, there are, of course, challenges to be met, especially during a hot, busy summer season.  Although there are no foolproof ways to make the experience totally stress-free, there are, thankfully, actions you can take to make your “adventure” a more positive one.

Sage advice to heed includes:

• Plan ahead!  Contact moving companies or truck rental firms at least six weeks in advance if possible. Try to schedule your move for a weekday and at a time when traffic is less heavy. Make prior arrangements for the care of young children and pets on moving day—for their sake and yours!  Line up commitments from friends and family if you’ll need their assistance for the move.
   
• Be strategic about packing.  Gather necessary supplies and start packing early.  Whether it’s one room, one cabinet, or a drawer at a time, weed through what may be years of accumulation.  Decide what to donate to charity, give to a friend, recycle, trash, pack now, or keep handy until moving day.  Label boxes as to contents and intended room in the new home.
   
• Take care of logistics in advance.  Ideally, you should contact your future utilities provider at least two weeks before you move regarding turning on your electricity, gas, phone, cable, and internet before your arrival, if possible.  Contact any new school for a list of documents needed for registration.  Do not pack these materials away it’s better to hand carry them for easy retrieval.  If you’re going to need to spend a night in a hotel, make those arrangements early.
   
• Make life simple.  Keep all small parts labeled, in plastic bags, and all together in one box.  Likewise, take pictures of electronic hook-ups for future use.
   
• Consider the heat.  Dress appropriately, stay hydrated, and refrain from placing certain items in a hot truck—candles or wine, e.g.  Click here for tips on packing cleaning products and toxins.
   
• Stay calm.  Relax, whistle, smile, and anticipate the pleasure of living in your new home. 

Information courtesy of New Castle County Realtor Tucker Robbins.

The New Castle County real estate market was HOT in March 2015 with sales and home prices increases in the double digits. Here's the detailed info...

Information courtesy of  New Castle County Realtor Tucker Robbins, Berkshire Hathaway HomeServices.

It's the time of year when Americans gather their financial documents and anxiously await news of a tax refund or debt. While many hope to get money back, Time Magazine recently reported that the IRS paid an estimated $5 billion plus in false tax refunds in 2013, and according to Bloomberg Business that number could potentially grow to $21 billion by 2017.

"Technology has changed the way we live, offering consumers more convenient ways to take care of common activities like filing taxes," says Jean Vernor, senior vice president at MetLife. "However, taxpayers should be aware that these technological advances have also made it easier for criminals to commit identity theft. Consumers need to be aware of how and where they divulge personal information and take steps to monitor the data that must be shared."

Identity thieves commonly use a person's real Social Security number to claim fraudulent wages and file taxes, accepting that individual's deserved refund. Taxpayers bear responsibility for accuracy of submitted tax returns, regardless of whether the return was prepared by an individual taxpayer or a tax preparer. Unfortunately for many, this means spending a lot of time and money to rectify the situation and minimize the long-term effects caused by identity theft.

Avoid the scams

Criminals use an array of tactics to steal personal information and file a false tax return. Know the common scams and take steps to avoid them.

• Phone scams: The IRS reports that 2015 has seen a surge in phone scams from criminals impersonating authorities to obtain personal information. Phone scams are often aggressive and may threaten police arrest, deportation and license revocation, among other things, in order to scare victims into handing over information. Do not entertain a conversation with a hostile "IRS representative" and hang up immediately if the call seems suspicious.
• Phishing: As daily activities continue to move online, cybercriminals are finding ways to take advantage of the Internet. Criminals may send consumers fake emails or to websites that look official, but are really designed to steal personal information. The IRS will not send taxpayers emails about bills, refunds or personal information and following insecure links from these sources may lead to identity theft.
• Return preparer fraud: The IRS reports that about 60 percent of taxpayers seek assistance when submitting their taxes, but some tax preparers are actually criminals in disguise. Never sign a blank tax form and avoid tax preparers who claim they can deliver a higher refund than others. Choose a well-known tax preparer and ensure that he or she will be available even after the return is filed to answer outstanding questions. (BPT)

Information courtesy of New Castle County Realtor Tucker Robbins, Berkshire Hathaway HomeServices.

You probably already know that you can invest your IRA money in stocks and bonds and even in mutual funds if you so desire, but did you know that you can also invest those IRA funds in real estate?  Doing so, however, is a bit complicated, and IRS rules concerning such purchases must be followed to the letter.  

Usually, when you take money out of an individual retirement account before you reach age 59 1/2, the IRS considers these premature distributions. In addition to owing any tax that might be due on the money, you'll face a 10 percent penalty charge on the amount.  This is not the case, however, when you use the money to buy your first investment real estate.  (Note: Technically, you don't have to be purchasing your very first home or building. You qualify under the tax rules as long as you, or your spouse, didn't own a principal residence at any time during the previous two years.)  You can use up to $10,000 in IRA funds toward this purchase. If you're married, and you and your spouse are both first-time buyers, you can each pull from retirement accounts, giving you $20,000 to use.

The restrictions are many (and perhaps time-consuming) and include the following:

• You will need to find an IRS custodian who handles these investments (and the options are currently limited).  Generally banks and brokerage firms do not handle IRA distributions for real estate transactions.
   
• Only the custodian may handle your IRS funds.
   
• The type of property you buy must be for investment only and may not be used by you or by relatives. 
   
• All proceeds from the investment will go back into your IRA fund.  Likewise, however, all expenses must be paid from that fund, so you must have enough liquidity in your IRA to cover such costs.
   
• You must let the IRS know that you used the retirement money early for a tax-acceptable purpose by filing Form 5329.
   
• You must use the IRA funds within 120 days of withdrawal to pay qualified acquisition costs. This includes the costs of buying, building or rebuilding a home, along with any usual settlement, financing or closing costs.

The above information applies only to traditional IRSs.  To learn about the procedure for an Roth IRA, click here.

Information courtesy of New Castle County Realtor Tucker Robbins, Berkshire Hathaway HomeServices.

With all the news concerning retailers databases being compromised and resulting in consumer identity theft, you need to be acutely aware of the increase of identity theft during a move and take precautions to prevent your becoming a victim of enterprising criminals. Moving often makes it easier for identity theft to occur: we leave information behind that others can use---mail that is not rerouted to our new address, important papers that aren't shredded but left in the trash, or through hiring rogue movers. The following steps are essential to ensure your protection:

• If you are using a moving company, be sure that you know it is a trusted and reliable firm.  Sometimes simply getting recommendations from friends, family members, and real estate agents is not enough.
   
• Make a change of address checklist.  Before you move, make sure you take the time to list all companies, institutions, and subscriptions that you receive through the postal system. Click here for a list of those you should include.  Personally notify all financial institutions of your plans to leave your home.  One of the easiest ways that someone can obtain your personal identity is through mail theft.
   
• Submit a change of address form to the U.S. Post Office.  Once your form has been filed, double-check the confirmation from the Postal Service to make sure that they list your new address correctly. Your mail should start being delivered to your new residence within seven to 10 business days after you submit a change-of-address filing.  Ask a current neighbor to take in any mail that comes to your old address after you move.
   
• Although moving is a good time to discard unwanted personal files, records, and documents, don’t just throw them away; shred them!
   
• Make sure your technological “toys”---computers, cell phones, tablets, and the like—are secured by passwords and packed in unmarked boxes.  Better yet, take the computers, hard drives, and other external storage devices with you when you travel to your new home.
   
• Stay in your current home as much as you can while movers are there.

Information courtesy of New Castle County Realtor Tucker Robbins.

A new year has begun and it seems to me that time goes faster and faster each day. The economy is predicted to grow around 3% in 2015 and as you can guess that is good news for the real estate business!  The real estate market holds a few more predictions for 2015…

• Interest rates are still low compared to what they have been in years passed but Freddie Mac is predicting that interest rates will rise above the low 4% they had dipped to in 2014 to up to 5% by the end of 2015.  Still these interest rates are extremely low so if you are in the market for a new house you should go ahead and plan on making a purchase sometime in the year of 2015. 
• Prices for houses by the end of 2015 are predicted to be a little higher than in years passed but not so high that they won’t still be affordable.  Home appreciation will likely move to 4.5 percent instead of 9.3 percent as in 2014.  It may be that home appreciation will drop to 3 percent by the end of 2015.
• If building a home is in your plans then you are apparently on target with a lot of other folks. The building of new homes is expected to rise 20 percent from 2014.  If you don’t find the house that fits your every need this coming year on the market, it will be a great year to build it to your own specifications. 
• Not as many folks will be refinancing in 2015.  As a matter of fact refinances will drop to make up only about 23 percent of single family orientations this coming year.  In 2014 refinances made up roughly more than half of single family orientations. 
• It will be a bit easier to get a loan for your new home purchase in 2015 as some of the restrictions that were once placed on new home buyers will be eased.  Funding sources will grow for new home buyers in 2015 as well. 

As you can see there is a lot of good news for the real estate market in 2015.  If you are considering buying a home, don’t wait another day longer…get on the phone and call a qualified Real Estate agent today to get you started in the right direction.

Information courtesy of New Castle County Realtor Tucker Robbins!

Be sure to download this informative report, Things To Consider When Buying a Home! The report covers:

• 4 reasons to buy your home now.
   
• Do you need a professional when buying a home?
   
• 4 demands to make on your real estate agent.
   
• Future home prices: A look into the crystal ball!
   
• Where are mortgage rates headed?
   
• Getting a mortgage: Why so much paperwork?
   
• Harvard: 5 financial reasons to buy a home.
   
• Homeownership's impact on your net worth.

This report is a must read for anyone thing of buying a home in 2015.

Download your FREE report here!

Information courtesy of New Castle County Realtor Tucker Robbins.