Welcome to 5420 E Greenway St.

Popular Alta Mesa Master Planned Golf Community – Single Level – Corner Lot – Living Room & Family Room with Fireplace. Eat-in Kitchen – Master Suite has separate shower & tub – Walk-in Closet – Large Covered Patio – Freshly Painted Interior, NEW Tile Roof, NEW Water Heater and NEW Backyard Landscaping- Community features well-manicured Golf Club with affordable individual and family plans – Enjoy winter and summer memberships as well. Cool off in the Shepherd Aquatic Complex which is also in the neighborhood and offers water slide, kids splash zone water features and many programs including both swim and dive teams. And Award winning schools in a great Northeast Mesa location.

For more information Visit our website:  WWW.LocateArizonaHomes.com 

Call 480-355-8645 Or Email Us Info@LocateArizonaHomes.com

 

A Word Homeowners Need to Understand

What is your mortgage balance? Well, that is one answer, but the new tax law has a very specific reference for the term Acquisition Debt as it relates to Phoenix Metropolitan home owners, and others around the country. So read on to learn more, then talk to you tax adviser as to the effects this will have on re-financing your current  mortgage, or buying a new home here, in Chandler or in another part of the country.

Acquisition Debt is the amount of money borrowed used to buy, build or improve a principal residence or second home. Under the new tax law, mortgages taken after 12/14/17 are limited to a combination of $750,000 on the first and second homes. The mortgage interest on this debt is tax deductible when itemizing deductions.

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It is a dynamic number that is reduced with each payment as the unpaid balance goes down. The only way to increase acquisition debt is to borrow money to make capital improvements.

Prior to the new law, homeowners could additionally borrow up to $100,000 of home equity debt for any purpose and deduct the interest when itemizing deductions. Mortgage interest on home equity debt is no longer deductible unless it is for capital improvements.

Acquisition debt cannot be increased by refinancing. Some confusion occurs because mortgage lenders are concerned in making home loans that will be repaid according to the terms of the note and using the home as collateral. That does not include making a tax-deductible mortgage.

Another thing that adds confusion to the issue is that the lenders will annually report how much interest was paid in a year but only the amount that is attributable to acquisition debt is deductible.

Even if the interest on the cash-out refinance is not deductible, it may be advantageous to pay off higher interest debt such as credit card debt and replacing it with lower mortgage debt.

It is the responsibility of the taxpayer to know what part of their mortgage debt is deductible. The challenge becomes more difficult after a cash-out refinance. Homeowners should keep records of all financing and capital improvements and consult with their tax professional.

The key here is to consult with your Denver tax adviser BEFORE a re-finance to find out the effects on your tax return. Most good loan officers will be able to answer the question, but a tax adviser is best. To find either a tax adviser or a loan officer CONTACT US TODAY.

CALL 480-355-8645 or EMAIL Gina@LocateArizonaHomes.com

WWW.LocateArizonaHomes.com


Don’t Let a Killer In

Arizona enacted a law many years ago that requires a carbon monoxide detector within 15 feet of every “sleeping area” before the home is sold. Arizona is pretty good about this as they only cost $40-50 and are easy to install. Here is part of why the state legislature enacted this law…

Carbon monoxide is a silent killer you don’t want in your home but because it is colorless and odorless; you may not even be aware the deadly condition exists. The Center for Disease Control says more than 400 people in the U.S. die annually from carbon monoxide poisoning and over 10,000 require medical treatment each year.

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Unmaintained furnaces, water heaters and appliances can produce the deadly gas. In addition, other sources could be leaking chimneys, unvented kerosene or gas space heaters or exhaust from cars or trucks operating in an attached garage.

The Environmental Protection Agency suggests the following to reduce exposure in the home:

  • Keep gas appliances properly adjusted
  • Install and use an exhaust fan vented to the outdoors over gas stoves
  • Open flues when fireplaces are in use
  • Do not idle car inside garage
  • Have a trained professional inspect, clean and tune-up central heating systems annually

Headaches, nausea, vomiting, dizziness and feelings of weakness or fatigue are a few of the most common symptoms. Lower levels of exposure to carbon monoxide may be mistaken for the flu.

Carbon monoxide alarms should be on every level of a home and especially, in sleeping areas. The alarms can be purchased for as little as $25 and plugged into the wall like a night light.

Regardless of the government requirements, no one would want to put their family, guests or themselves at risk for something so deadly.

Please let me know if I can get you any further information on this topic.

Call 480-355-8645 Or Email Us Info@LocateArizonaHomes.com


Welcome to 3259 S Danielson Way, Chandler

Exclusive Listing at 3259 S Danielson Way in Chandler’s Markwood North,

This gracious, single-level home is conveniently located in sought-after Chandler Unified School District, near highways, major employers, parks & shopping.

Beautiful foyer graced with high arches welcomes you to this open, split floor plan. Vaulted ceilings and warm neutral colors make this turn-key. Home has just been upgraded with new exterior and interior paint and all new carpet.

Chef’s kitchen features gas cook top and gourmet hood, built-in double ovens, center island with breakfast bar, granite countertops, and custom oak cabinets featuring microwave cupboard, shelving and glass fronts.

Separate formal living and dining areas in addition to the open concept kitchen and family room. Master bedroom with ensuite master bath with double vanity, separate shower and garden tub.

Large, private rear year features full length covered patio with beautiful pavers that lead to eating area with barbecue, great for entertaining.

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For more information  Visit our websites: 

WWW.LocateArizonaHomes.com

http://www.locatearizonahomes.com/blog

Call 480-355-8645 Or Email Us Info@LocateArizonaHomes.com

Do You know the Tax Difference in Second Homes?

Many folks who live in the valley have 2nd homes in the mountains. Some are fishing cabins while others are condos for ski weekends, or you might find a true replacement residence. The truth is that some of the tax law changes form last year might affect those home owners. So read on…

A principal residence and a second home have some similar benefits, but they have some key tax differences. A principal residence is the primary home where you live and a second home is used mainly for personal enjoyment while limiting possible rental activity to a maximum of 14 days per year.

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Under the 2017 Tax Cuts and Jobs Act, the Mortgage Interest Deduction allows a taxpayer to deduct the qualified interest on a principal residence and a second home. The interest is reduced from a maximum of $1,000,000 combined acquisition debt to a maximum of $750,000 combined acquisition debt for both the first and second homes.

Property taxes on first and second homes are deductible but limited to a combined maximum of $10,000 together with other state and local taxes paid.

The gain on a principal residence retained the exclusion of $250,000/$500,000 for single/married taxpayers meeting the requirements. Unchanged by the new tax law, the gains on second homes must be recognized when sold or disposed.

Tax-deferred exchanges are not allowed for property used for personal purposes such as second homes. Gain on second homes owned for more than 12 months is taxed at the lower long-term capital gains rate.

This article is intended for informational purposes. Advice from a tax professional for your specific situation should be obtained prior to making a decision that can have tax implications.

I would love the opportunity to assist you in connecting with a tax professional!  Call or email me today 480.355.8645 OR Info@LocateArizonaHomes.com


When Neighbors Don’t Seem to Care

Many times I have addressed this issue when marketing a home for sale. In the old days neighbors would band together to water and mow the front yards of abandoned, or even properties that were in foreclosure. Some folks do run into financial issues. and my experience has been 2 fold: a. they appreciate the help or b. they bury their heads even further hoping things will fix themselves. Either way, a neighborly offer of help may be the most appropriate way of approaching the folks involved. You might even find they could use help from someone like myself (introductions appreciated).

A home that isn’t being maintained like others in the neighborhood can negatively affect your visual sense of appeal and in some extreme cases, even affect property values. It might be an overgrown yard, a fence in need of repair, excessive noise, unruly pets, paint peeling on the home or even a car or boat parked in front of the home that hasn’t moved in weeks.2676519-250.jpg

Most people want to be good neighbors and may be willing to correct an issue once it is brought to their attention. A practical, but possibly confrontational, solution is to contact the responsible person and describe your perception of the issue. However, they may not always agree with the same urgency and it might be necessary to seek other remedies.

An owner-occupant may be more sympathetic to the neighbors and willing to correct the issue. If you think the home might be a rental property, check with the county tax records to identify the owner. They may be unaware of the situation and welcome the notification to protect their investment.

Another alternative might be to notify the homeowner’s association, if there is one. One of the benefits of a HOA is to enforce community appearance standards as set in the covenants or bylaws that specify how properties must be maintained. This could be a less personal method of reaching a beneficial outcome.

If the source of the problem is a code or housing violation, the city may be the ultimate authority. Most cities have a separate code and neighborhood services division and some cities have 311 for non-emergency assistance.

Talk to your neighbor first! We friend that had a barking dog out back and she barked well into the early morning hours in our quiet  neighborhood. The past 5 years there was no history of this from the dog but their blood was boiling! When they had calmed down and called the neighbor explained his son had fallen off a roof, broken his neck, and they had been spending their days and nights at the hospital, never thinking about the dog. So before you turn them in to the authorities, or any other part of the world, be neighborly and talk to them first.

If you need any assistance with tax records or HOA information, feel free to contact us, we would love to help!

Info@LocateArizonaHomes.com  480.355.8645


Are you Second Guessing Price?

In the current Seller’s market I frequently have the conversation with the Sellers about what is the best sales price for their home.  At times the Seller has a price in mind but my experience sometimes indicates a different market value.  Obviously this is something we talk through to agree on the best sales price to get the home sold.  Here’s a scenario that looks at this situation.

Imagine a homeowner consulting with their agent about the price to place on their home. The agent suggests that the market data indicates that $200,000 to 210,000 would produce a quick sale by pricing it properly. The owner puts a $210,000 price on the home.

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The first person who looks at the home offers $205,000. When the seller receives the offer, he comments that he thinks he priced the home too low and counters for  full price. The counter-offer is rejected, the home stays on the market and at the end of the first month when based on market conditions, the home should be sold, no other offers have been made.

It may be human nature that when an offer is received so quickly, the first thought to come to mind is that it was priced too low. A more appropriate thought might be that it was priced correctly. In some cases, when a home comes on the market, there is increased competition (real or perceived) among the buyers waiting for the “right” home to come on the market. The home can sell for a higher price than if it sits on the market for several months.

There may be stories of sellers who turned down the first offer and ended up receiving a better offer that would net more money. However,  real estate professionals say the first scenario occurs frequently.

The wisdom of experience advises owners to find a real estate professional that they trust and have confidence. Allow that professional to become familiar with your home and compare it to similar homes in the market that have sold recently and ones currently on the market. Determine the demand for homes in the area compared to the inventory. Decide on a price that will allow the home to sell within a relatively short period of time. And lastly, be satisfied if your home sells quickly near the price you put on it.

Please give me a call, I would love the opportunity to help you sell your home!  480.355.8645 OR Info@LocateArizonaHomes.com

Do You Have A Home for Tomorrow?

Most people I talk to  seem to be afraid of a bubble bursting as it did in 2008. Statistically, that started in 2006, and some of us started to notice that early. I am asked about when prices will start to fall… that answer is when we see over 180 days on the market average for 2 straight months. Right now the average is 56 days on market. So it does not look like things will change anytime soon.

Prices continue to move up at a quick pace indicating that if there is a move planned in the next 2-3 years, you should do it now to take advantage of the prices on the new place. It will not be cheaper in 2 years. .

Now lets talk about retirement housing. For those who do not know I am a Senior Real Estate Specialist (SRES) and can help most folks with the issues they are facing. But read on….

As people near or enter retirement, one of the decisions that typically comes up is whether to sell their “big” home and buy a smaller one. If you know anyone who has been faced with that situation, selling one home and buying a smaller one may not save enough money to make it worthwhile.79996505-250.jpg

There are sales expenses on the property being sold and acquisition costs on the replacement home. Generally speaking, homeowners may not mind a home with less square footage, but they usually don’t want to give up amenities or locations that they’ve become accustomed.

After a little number crunching, the move may not make enough difference in savings and they end up staying in their current home even if it doesn’t fit their needs anymore.

What if while this couple were still in their peak earning years, they acquired a home in an area where they would consider retiring and rent it during the interim. They could put it on a 15-year mortgage and possibly, even accelerate the principal payments to have it paid off by their anticipated move.

In the meantime, they could continue living in the “big” home until it is time to make the transition. Sell the “big” home that may be paid for by then and avoid up to $500,000 of capital gain. Take part of the proceeds and remodel the rental/transitional home and invest the proceeds for retirement income.

Ideally, the former rental would be mortgage free by this point, so the retirees would not have a house payment. Even if at this point, they changed their mind about retiring to this particular home, they still have a property that acted as a hedge against rising prices and have sufficient equity to purchase something else without using the proceeds from the “big” home.

It is difficult to know what the situation will be years from now when a person retires. It is clearly advantageous to have a plan that allows for options and choices.

To find out more about purchasing your retirement home today, give me a call at 480.355.8645, or Email me at Info@LocateArizonaHomes.com

Coming Soon to Carmel Bay at Ocotillo

This Fantastic Home is Located Close to Schools, Restaurants and Shopping. It Features a Large Eat-In Kitchen with Tile Floors and Gas Range. Master Includes a Walk-In Closet, Soaking Tub and Separate Shower. Lots of Windows Make it Bright and Cheery. Private Backyard Boasts Great Pool and Covered Patio

For more information

Call Us 480-355-8645 Or Email Us Info@LocateArizonaHomes.com

 

 

Costs More…Takes Longer?

Certainly one of the tougher functions in a Real Estate transaction is negotiating the inspection items. Some believe the seller should do everything and yet in a highly focused seller’s market that is not likely the case. The replacement of a roof covering can often become a real issue especially when using the contractor that just knocked on your door. Why? Their workmen may or may not show up and the roof may not get installed on time! When you hire an experienced Realtor those items should be non issues….but it does happen to all of us. The contractors I work with know that and are committed to get the job done on time, and often will wait for their payment until closing. Now a remodeling project…read on…

The one experience that homeowners can agree upon after completing a remodeling project is that it costs more and takes longer than expected. It doesn’t really matter that you researched, planned, and received multiple bids, it will, invariably, cost more and take longer than you originally anticipated.

Replacing floorcovering or painting is a project that a homeowner can easily get bids and contract with the workmen directly. A new level of complexity occurs when the project involves more specialized contractors, like plumbers, electricians, carpenters, counters, and others.

Now, a homeowner is faced with dealing with one general contractor who will run roughshod over the sub-contractors or make the decision to do it themselves. Typically, you’ll pay more for a general contractor, but the trade-off is that they have the contacts and experience to make things go smoothly.

Subs are notorious for wanting to finish their “part” of the project and move onto to the next job. Sometimes, they’re not interested in the “big picture” enough to consider doing things in a way that are best for the overall outcome.

When you start tearing out some things, you find out that there may be unexpected expenses involved. Another common occurrence is that during the project, you get a new thought about changing something else “since it is already torn up anyway.” This will add time and money to the job.

There can be the situation that the homeowner doesn’t even know the right questions to ask or what to consider when trying to coordinate the different workers. The most detailed timetable can be thrown off track if one set of workers don’t show up or finish on time. At best, it delays the project for a few days. At worst, it can delay it for a few weeks because the individual workers may have committed to other jobs that don’t allow them to reschedule.

Once the work is done in a professional manner, you’re probably going to live with it for years. If it is something you’ve wanted to do and it will allow you to enjoy your home more, it is worth doing. Just be patient and enter this adventure with the understanding that it will cost more and take longer than you expect.

We have all experienced good and bad contractors.  If you are considering a home improvement project let me know and I can refer you to a reliable contractor for the project you are considering. 

Call 480-355-8645 Or Email Us Info@LocateArizonaHomes.com