Just reviewed my numbers for sales made this year---
properties sold for over 97.5%of the asking price!!!!
Sellers--NOW's the time!!!!
Contact me!
Buyers--Don't wait--still got GREAT interest rates!
Friday 31 August 2012
Thursday 30 August 2012
Mills Act...
Did you know that if you own a vintage property, you might be eligible to apply for tax breaks thru the Mills Act?
here's the link for info:
http://www.preservation.lacity.org/node/464
here's the link for info:
http://www.preservation.lacity.org/node/464
Monday 27 August 2012
Don't Do It Alone! The Numbers Are In, And YOU NEED US!
HomeGain: Home sellers more successful with real estate agent
Posted by kpanchuk on 8/20/12 at 10:29am
HomeGain is an online marketing solutions provider for real estate agents. The firm recently conducted a survey of 400 homeowners, asking them whether they attempted to sell their homes on their own or through an agent.
About 66% of homeowners who utilized the services of a Realtor, for example, managed to sell their home — while only 30% of those who attempted to sell their own properties were successful.
22% of those who attempted to list properties on their own eventually enlisted the help of a real estate agents. Of those homeowners, 55% were eventually able to sell.
The survey period ran from July 31 through Aug. 10.
kpanchuk@housingwire.com
Thursday 23 August 2012
Important News for Distressed Homeowners!!!
VERY important news for homeowners in distress--
CRITICAL you take action NOW!!!!
from
Janell A. Israel & Associates
1585 Kapiolani Blvd., Suite 1604, Honolulu, Hawaii 96814 Phone: 808-942-8817
July 2012 Tax Newsletter
Cancelled Debt May be Considered Taxable Income by the IRS
With the
recent economic downturns experienced by many taxpayers, there is a tax
concept that is very important: cancellation of debt. You would think
that the cancellation of debt by a credit card company or mortgage
company would be a good thing for the taxpayer. And it can be, but it
can also be considered taxable income by the IRS. Here is a quick review
of various debt cancellation situations.
* Consumer debt
If you have gone through some type of credit "workout" program on consumer debt, it's likely that some of your debt has been cancelled. If that is the case, be prepared to receive IRS Form 1099-C representing the amount of debt cancelled. The IRS considers that amount taxable income to you, and they expect to see it reported on your tax return. The exception is if you file for bankruptcy. With bankruptcy, generally the debt cancelled is not taxable.
If you have gone through some type of credit "workout" program on consumer debt, it's likely that some of your debt has been cancelled. If that is the case, be prepared to receive IRS Form 1099-C representing the amount of debt cancelled. The IRS considers that amount taxable income to you, and they expect to see it reported on your tax return. The exception is if you file for bankruptcy. With bankruptcy, generally the debt cancelled is not taxable.
Even
if you are not legally bankrupt, you might be technically insolvent
(where your liabilities exceed your assets). If this is the case, you
can exclude your debt cancellation income by reporting your financial
condition and filing IRS Form 982 with your tax return.
* Primary home
If your home is "short" sold or foreclosed and the lender receives less than the total amount of the outstanding loan, you can also expect that amount of debt cancellation to be reported to you and the IRS. But special rules allow you to exclude up to $2 million in cancellation income in many circumstances. You will again need to complete IRS Form 982, but the exclusion from taxable income brought about by the debt cancellation on your primary residence is incredibly liberal. So make sure to take advantage of these rules should they apply to you.
If your home is "short" sold or foreclosed and the lender receives less than the total amount of the outstanding loan, you can also expect that amount of debt cancellation to be reported to you and the IRS. But special rules allow you to exclude up to $2 million in cancellation income in many circumstances. You will again need to complete IRS Form 982, but the exclusion from taxable income brought about by the debt cancellation on your primary residence is incredibly liberal. So make sure to take advantage of these rules should they apply to you.
* Second home, rental property, investment property, business property
The
rules for debt cancellation on second homes, rental property, and
investment or business property can be extremely complicated. Generally
speaking, the new laws that cover debt cancellation don't apply to these
properties, and the IRS considers any debt cancellation income taxable.
Nevertheless, given your cost of these properties, your financial
condition, and the amount of debt cancelled, it's still possible to have
this debt cancellation income taxed at a preferred capital gains rate,
or even considered not taxable at all.
Be aware that many of the special debt cancellation provisions are set to expire at the end of 2012.
If
you're unsure as to how debt cancellation affects you, contact your tax
advisor (or ask us for a referral) to review your situation and
determine how much, if any, cancelled debt will be taxable income to
you.
Tuesday 21 August 2012
According to statistics from the National Association Of Realtors (NAR) the Los Angeles—Long Beach area ranked third in their July 2012 report on the nation's housing recovery.
- Median List price: $358,000, up 6.43% from July 2011
- Inventory: 23,585, down 29% from from July 2011
- Median time on the market: 65 days, down 10% from from July 2011
Locally, we are seeing a lot more multiple offers on attractive,well-priced homes…a practice out of fashion for the past several years.
From Realtor.com report:
“Low inventories, combined with rising list prices and lower times on market, are positive signs that the overall market is in a stabilization mode.The recovery process, which began a year ago in Florida and has since spread to the West, continued to gain traction in July, with double-digit year-over-year list price gains in most California markets, as well as other hard-hit markets such as Phoenix, Boise City, Seattle, and Reno. On a year-over-year basis, the for-sale inventory declined in all but two (Shreveport, LA and Philadelphia, PA) of the 146 markets covered by Realtor.com.”
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