Great North Properties...
Sarah Burlingame
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Spring News Letter

Revised Mortgage Predictions for 2014. The Mortgage Bankers Association now estimates refinance activity to decrease over 50% in 2014 compared to the prior year. However, it is still predicting that mortgage originations relative to purchases will increase 9%. The mortgage rates are anticipated to rise about 1% in 2014.

 

In 2013, home equity lending exceeded 2009 levels with $111 billion new home equity lines of credit being opened according to MarketWatch.

 

5 things to boost home sales: According to the Wall Street Journal, economists say there are 5 things that will boost home sales in 2014.

 

They are:

1. Job Growth-if employers are hiring, existing employees feel more confident with job security.

2. More access to credit-slightly loosened standards as lenders get comfortable with changes in new federal guidelines.

3. Steady interest rates

4. Larger market-more new homes

5. Buyer confidence

 

Home Prices climbing. A recent study by the Demand Institute predicted that by 2018, the median price of single-family homes will be close to the peak reach in 2006 before the market crashed.

 

6 Important Tax Tips for Homeowners. According to USA Today, homeowners should look for the following when doing their 2013 tax return:

 

1. Mortgage Interest. One of the most common deductions, which even covers multiple loans so long as the total is under the $1.1 million cap. Be cautious on home equity loan deduction, though.

 

2. Mortgage Insurance and Taxes. Private Mortgage Insurance is deductible and local and state property taxes can be itemized on federal tax returns.

 

3. Going Green. Up to $500 in green energy credits.

 

4. Cancellation of Debt. Any cancellation of mortgage debt/debt forgiveness, needs to be reported.

 

5. Selling Your Home Unlocks Tax Breaks. There may also be tax implications, of course, but some home sale costs, including title insurance, advertising and real estate broker fees can be claimed on your return.

 

6. Casualty Losses. If you have a loss more than 10% of your income (e.g. if you make $100,000, you have to pay $10,000 out-of-pocket before you get a deduction).

 

 

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About Sarah Burlingame

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Sarah Burlingame

Realtor

Bgamesells@hotmail.com

231-828-8463231-828-8463 main

Real Estate One, A Family of Companies

101 River PO Box 308 Elk Rapids, MI

Reviews

5user5332851

Sarah was very easy to work with. She made it a friendly transaction, not a chore. She covered everything to make the deal as easy as possible. When it came down to crunch time and the bank was taking their time, she got on it and get the situation under... (more)

5user4191006

Sarah worked with our schedule and was always very flexible. She worked very hard for us and found us exacly what we were looking for. After finding our dream place, she advised us through the entire process which proved very beneficial. If you are looking... (more)

5user0311176

If your looking for a real estate professional, look no more. Sarah Burlingame is the very BEST! She is very knowledgable, professional, flexible, and will always get you the best possible deal. You will not be dissapointed. She had my house sold within... (more)

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