Home ownership is a great way to build wealth over time. In 2007, the median net worth of home owning families was $234,200 compared with $5,100 for renting families, according to a Federal reserve Board report on household finances.
With low interest rates and prices NOW is the time to buy. Contact me at tylerfuhr@remax.net to learn more.
Sunday, January 30, 2011
Thursday, January 27, 2011
December Home Sales Climb 11.1 percent from November
Illinois ended 2010 with a December boost in home sales compared to the prior two months and declines in prices and sales also appeared to be moderating, according to IAR's report. Statewide home sales in December totaled 7,682 up 11.1 percent from 6,915 sales in November; year-over-year sales were down 7.3 percent from 8,288 sales in December 2009. The statewide median price was $140,000 down 7.9 percent from $152,000 in December 2009. Nationally, existing-home sales also jumped in December.
Owners and renters agree: owning a home just makes sense. In a new NAR survey, "American Attitudes about Homeownership," 95 percent of homeowners and 72 percent of renters say that over a period of several years, it makes more sense to own. Another positive statistic: 93 percent of owners are happy with their decision to buy and would do so again.
Owners and renters agree: owning a home just makes sense. In a new NAR survey, "American Attitudes about Homeownership," 95 percent of homeowners and 72 percent of renters say that over a period of several years, it makes more sense to own. Another positive statistic: 93 percent of owners are happy with their decision to buy and would do so again.
Saturday, January 22, 2011
Davenport among top 25 real estate markets in U.S.!
Davenport was identified as one of the 25 best real estate markets in the U.S., according to Housing Predictor. Davenport is expected to have a 2.5 percent appreciation rate for 2011.
Right now is one of the best times to buy in the history of real estate. Low interest rates and VERY motivated sellers make this a great time to buy! A low interest rate allows you to buy much more home than you could just 3 years ago! For example,I was just going through some numbers for a client. With today's rates she can buy a $110,000 home where as 3 years ago the rates would have only allowed her to buy about a $90,000 house. This is a huge difference! Please send me a note if you have any questions about the current market or are interested in buying or selling real estate.
Right now is one of the best times to buy in the history of real estate. Low interest rates and VERY motivated sellers make this a great time to buy! A low interest rate allows you to buy much more home than you could just 3 years ago! For example,I was just going through some numbers for a client. With today's rates she can buy a $110,000 home where as 3 years ago the rates would have only allowed her to buy about a $90,000 house. This is a huge difference! Please send me a note if you have any questions about the current market or are interested in buying or selling real estate.
Monday, January 17, 2011
Certified Distressed Property Expert
I have recently received a new designation CDPE or Certified Distressed Property Expert. I have been trained in assisting distressed homeowners learn what there options are. If you are behind on your payments or are going to be behind on your payments due to a real hardship such as job loss, death, divorce etc... then you have options other than foreclosure.Foreclosure is the worst thing that can happen in this situation. You may be eligible to sell your house with out any out of pocket expense to you.
There are federal home modification programs that you may be eligible for to help you stay in your home or you may be able to qualify for a short sale. A short sale is where you get your lenders approval to sell your home for less than what you owe on the property. This option is far superior to a foreclosure for many reasons.
Foreclosure will be on your credit for EVER! Anytime you interview for a job and they do a credit check this will show up. Also, the bank can sue you for the difference for what they can sell it for and what you owed. In a short sale, you will be able to sell the home for more than it would in foreclosure and there is a chance the bank will forgive you the difference! Also, you can purchase a home as soon as three years after going through a short sale. I recently had a client buy a home after I sold his home via short sale just three years ago! He was able to get low interest rates and buy a great home. Please call me if you or somebody you know is in a tough situation and needs help or e-mail me at tylerfuhr@remax.net.
GO BEARS!
There are federal home modification programs that you may be eligible for to help you stay in your home or you may be able to qualify for a short sale. A short sale is where you get your lenders approval to sell your home for less than what you owe on the property. This option is far superior to a foreclosure for many reasons.
Foreclosure will be on your credit for EVER! Anytime you interview for a job and they do a credit check this will show up. Also, the bank can sue you for the difference for what they can sell it for and what you owed. In a short sale, you will be able to sell the home for more than it would in foreclosure and there is a chance the bank will forgive you the difference! Also, you can purchase a home as soon as three years after going through a short sale. I recently had a client buy a home after I sold his home via short sale just three years ago! He was able to get low interest rates and buy a great home. Please call me if you or somebody you know is in a tough situation and needs help or e-mail me at tylerfuhr@remax.net.
GO BEARS!
Thursday, January 13, 2011
Illinois Income Tax Increase
Due to Illinois massive $15 billion dollar deficit the state legislature (waiting Govs. signature) has decided to increase the state income tax from 3 to 5 percent. This may impact the Illinois Quad Cities real estate market. Illinois property owners typically pay higher property taxes than Iowa homeowners but this was some what offset by the higher income taxes in Iowa. That gap will shrink with the new tax law. Here is a table taken from http://www.tax-rates.org/. showing what IL residents currently pay, what they will pay and what Iowa pays. Go to the above website to look at your states income tax rate.
Income IL Taxes now IL Taxes increased Iowa Taxes now
$15,000 $450 $750 $900
$45,000 $1,350 $2,250 $3,600
$100,000 $3,000 $5,000 $9,000
$200,000 $6,000 $10,000 $18,000.
You can see that as far as income taxes go it would still be more favorable to live in Illinois. Yes, property taxes are higher in IL but at least they are tax deductible on your income tax return. If you are thinking about moving and are concerned about the potential tax consequences than I recommend you speak with an accountant as there are other factors to consider such as how your retirement might be taxed.
Income IL Taxes now IL Taxes increased Iowa Taxes now
$15,000 $450 $750 $900
$45,000 $1,350 $2,250 $3,600
$100,000 $3,000 $5,000 $9,000
$200,000 $6,000 $10,000 $18,000.
You can see that as far as income taxes go it would still be more favorable to live in Illinois. Yes, property taxes are higher in IL but at least they are tax deductible on your income tax return. If you are thinking about moving and are concerned about the potential tax consequences than I recommend you speak with an accountant as there are other factors to consider such as how your retirement might be taxed.
Monday, January 10, 2011
New Blog
This is my new blog that will provide useful articles, advice, updates and story's on real estate. I am a licensed real estate agent in Illinois and Iowa but this will not be limited to those states. Please save tylerfuhr.blogspot.com as a favorite and visit it often as I will attempt to update on a regular basis. Feel free to send me an e-mail if you have any questions! I have posted some great articles covering a wide range of topics to get started!
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