9/15/08

PROPOSITION 100

Dear Friends,

Please take a few minutes to download and read the attached flyer regarding Proposition 100. It is an important issue that will affect the financial future of every homeowner in Arizona.

On November 4th there will be an item on the ballot entitled Proposition 100. This is a Protect Our Homes initiative. A YES vote would prevent Arizona's state or local governments from EVER targeting our homes or property with a real estate transfer tax. By voting YES, you are approving a citizens' initiative that will amend the Arizona Constitution and provide the best protection we can have against a double tax on our homes.

Currently, we do not have a transfer tax, however, there is nothing prohibiting the government from enacting one at any time. Thirty-six of the 50 states have some sort of transfer tax. Typically, governments look to add this tax when they are trying to increase revenue. There is serious concern about this happening here in Arizona due to the current state of the economy.

Transfer taxes ordinarily apply to any transfer of title, including such transfers as:
• Sale from one person to another
• Transfer of title from one family member to another
• Transfer of title to a trust

When you cast your YES vote on Prop 100, remember that voting YES will actually mean NO to:
• Double taxation on our homes and property
• Reducing the equity in our homes and property
• Hurting lower income families through increased purchasing costs
• Slowing down even further a real estate market that is already negatively impacting many Arizona families. (The good news is that home sales have been up since June!)
• Punishing homeowners by damaging the most important investment that many of us will ever make in our lifetime and the "nest egg" of our future and our children's future.

Please help spread the word about Prop 100.

Feel free to contact me if you have any questions.

Warmest Regards,
Pook

Prop 100.jpg 465K View Download

7/28/08

15 MONEY MOVES FOR HARD TIMES; CONSUMER RESOURCES; AIRLINE FEES; and REVERSE MORTGAGES

15 Money Moves for Hard Times
15 Money Moves for Hard Times - While economists debate whether the country is in a recession, consumers are being buffeted by skyrocketing prices, growing debt, layoffs, the subprime lending squeeze and a stock market roller coaster. While you may not be able to control the price of oil or the prime rate, there are some simple things you can do to shore up your finances, safeguard your future and ride out whatever the economy throws at you.

Some Great Consumer Resources
Today, with so many of us looking for ways to get the most value for our dollar, I thought I'd take this opportunity to share some great websites for consumers. I know there are many others out there, so if you have a favorite you'd like to share, please email it to me and I'll include it in my next Pook's E-News.

Air Travel:
These are four of my favorite resources for air travel:

• AirfareWatchdog.com - "We're the only site that lists low airfares on all airlines,
  including Southwest. And we include special fares that you can only buy on the airlines' own sites." Sign up for notification of the best deals from your favorite airport.
  
• kayak.com - " Kayak is a travel search engine. Which means we search hundreds of travel sites from all over the world, provide the information to you in an easy-to-use display and send you directly to the source to make your purchase." A great portal for finding great airfares.
  
• seatguru.com - The ultimate source for information on airplane seating and in-flight amenities. This is the place to go to before you choose a seat.
• SmarterTravel.com - Sign up for email notification of great airfare deals and articles on travel. Especially good info for Seniors.

Automobiles:
Edmunds.com - A great resource when you're looking to buy a car (prices, reviews, information, inventory).
Kelley Blue Book - Valuable information on New Car Prices and Used Car Values

Grocery Coupons:
http://shortcuts.com/home
http://www.printgrocerycoupons.net/
http://www.couponmom.com/

Misc. Resources:
ClarkHoward.com - "Save more, spend less and avoid rip-offs."

Airline Fees Information
The valuable information below is courtesy of airfarewatchdog.com

• Airline Baggage Fee Chart
• Frequent Flyer Fee Chart
• Shipping Baggage vs. Airline Fees Chart
• General Airline Fee Chart

These two articles are courtesy of SmarterTravel.com

• Airline fees survival guide, part one
• Airline fees survival guide, part two
• 
  

Reverse Mortgage - What is it and is it for you?
Reverse Mortgage -- Valuable information from the U.S. Department of Housing and Urban Development (HUD)

7/27/08

MY NEW E-PRO CERTIFICATION

Dear Friends,

I'm proud to announce that I now hold the designation of e-PRO. I am one of a select few real estate professionals to earn this prestigious certification offered through the National Association of REALTORS.® The valuable information I have gained through the e-PRO course will help me stay at the leading edge of technology in the real estate industry.

With more than 70% of consumers beginning their real estate research on the Internet, e-PRO certified agents have the expertise to meet the demands of today's Buyer and Seller. I am looking forward to utilizing my new technology skills to help my clients with all of their real estate needs.

This continues to be a great time to buy. With interest rates still hovering at around 6%, and with inventories high and prices lower than they have been in years, this is the perfect time to buy. If you are looking to sell your home, don't despair, as this can be a good time for you, too. While the market may indicate that your home's value has gone down, pricing it right for the market and making it "the best in show" can make it sell and allow you the opportunity to buy another great home at a great price. Whatever your needs are, I'm here to help.

Warmest Regards,
Pook

5/7/08

SHOULD YOU WAIT TO BUY? and NEED HELP TO MAKE YOUR DREAM COME TRUE?

Should you wait to buy?

This is a question that people are asking frequently these days. They want to know how they'll know when the market hits bottom and when they should make their big move to buy. Well, for starters, let me tell you that you won't hear a loud DING when the market hits bottom. As I've said many times lately, right now we are experiencing a "perfect storm" for Buyers, with prices down, inventory high, and interest rates hovering around 6%. Has the market hit bottom? Probably not. The bigger question is, does it matter? Attached is an article posted by Elizabeth Weintraub at www.about.com which explains why interest rates should be the determining factor in whether or not this is the time to buy. She explains why a difference of even a half point will make a difference in the amount you pay each month and a difference of a couple of points will make a HUGE difference in your buying power. The important thing to understand is that the lower the rate, the higher priced home you can afford to buy.

Now if you are thinking about moving up to a more expensive home, but you are worried about taking a big hit when selling your current home, the article notes that if you have to reduce your selling price by, say, 10%, the home you buy will probably be reduced by about the same percentage. In this case, the 10% you "lose" will probably be trumped by the 10% you save. If you or someone you know is contemplating purchasing a home, please be sure to read this article.

Need help to make your dream come true?
(Or do you know someone who does?)

AmeriDream
Down Payment Assistance Program

The new and improved AmeriDream Down Payment Assistance Program with paid closing costs is now available in all of Maricopa County until December 31, 2008.

To help you and the housing market, AmeriDream (a non-profit organization) will gift the downpayment so you will have instant equity in your new home. AmeriDream will also gift your closing costs for an FHA loan. YOUR OUT OF POCKET COST IS ZERO.

In some cases AmeriDream will gift money to pay off your current bills.

Currently, 300 families a month are taking advantage of this new program.

FHA Loans

Every year the FHA helps thousands of first-time home buyers move into the house of their dreams.

Additionally, the FHA has many options for homeowners who want to refinance, may be facing difficulty, or just want to know about the servicing of a loan.

The following information comes directly from the FHA...

First time buyers:

Isn't buying a home really hard? Don't you need a lot of money down and perfect credit? -

It's not nearly as hard as you might think. Our 100 Questions and Answers covers most of the situations that you might think of. FHA understands that many first-time homebuyers may have had some financial problems in the past and don't have a lot of money saved. That doesn't mean you can't buy a home. Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements, making it easier for you to qualify (or get approval). Even if you have had credit problems such as bankruptcy, it is easier for you to qualify for an FHA loan than a conventional loan. FHA has a low 3% down payment requirement, and that money can come from a family member, employer or charitable organization. Many other conventional loans don't allow this.

Homeowners:

Expanded housing assistance will be provided for at-risk borrowers who are in danger of losing their homes, under a new plan from the Federal Housing Administration (FHA). FHA will be able to insure more mortgages for more people, including those for borrowers who were late on a few payments and/or received a voluntary mortgage principal write-down from their lenders. Reducing a rising tide of foreclosures is its goal. More…

Warmest Regards,
Pook

4/23/08

HAPPY EARTH DAY! and HOME VALUES BY NEIGHBORHOOD

Happy Earth Day!

In case you haven't noticed, GREEN is in! Fortunately, it seems everywhere you turn, people are starting to take serious steps to REDUCE, REUSE, and RECYCLE to help sustain our planet. It's amazing to think what a huge difference even small changes, like changing to CFLs (compact florescent lamps), bringing your own bags to the grocery store, adjusting your thermostat by a few degrees, and turning off lights and appliances (including your computers and various chargers) made by each of us can make.

On a larger scale, it's impressive to see that In 1998, the City of Scottsdale established Arizona's first Green Building Program. According to the City's website, "The residential home program was developed to encourage environmentally responsible building in the Sonoran Desert region by incorporating healthy, resource- and energy-efficient materials and methods in the design and construction of homes. The program's goals are to reduce the environmental impact of building; achieve both short and long-term savings of energy, water and other natural resources; and encourage a healthier indoor environment." Additionally, on March 22, 2005 the City of Scottsdale became the first city in the nation to adopt a LEED™(Leadership in Energy and Environmental Design) Gold policy, requiring all new, occupied city buildings, of any size, to be designed, contracted, and built to achieve certification at the Gold certification level. Scottsdale's Green Building Program "encourages a whole-systems approach through design and building techniques to minimize environmental impact and reduce the energy consumption of buildings while contributing to the health of its occupants."

At the state level, a new Solar Energy Law became effective on September 19, 2007. It stipulates that a Homeowner Association shall not prohibit the installation or use of energy devices (panels and associated devices). An association may adopt reasonable rules regarding the placement of a solar device so long as those rules do not prevent the installation of the device; impair the functioning of the device; restrict its use; or adversely affect the cost or efficiency of the device. The bill also requires that the court award reasonable attorney fees and costs to any party who substantially prevails in litigation against an association's Board of Directors as it relates to the provisions.

For those of you who may be contemplating a remodeling project, here is a link to some information on the value (to you and to the environment) of making it Green:
Remodel While Helping the Environment -- Getting your home remodeled offers opportunities to increase its resale value -- and decrease its impact on the environment.

On another topic, for those of you who live in the Phoenix metro area and want to learn about home values in your neighborhood, have I got a site for you! This is not general information about a particular city, but information on median home prices in specific neighborhoods. It's really quite easy to get the information, but, before going to the site below, do yourself a favor and copy the following instructions and keep them next to you as you begin.

1. Link to: http://www.azcentral.com/realestate/homevalues/homevalues.php
2. Enter your zip code and click SEARCH.
3. Scroll down to see information based on total zip code.
4. Scroll down further, between the 2 charts, to get sales prices for your neighborhood. In the second to the last line, click on "U.S. Postal Service Site."
5. Enter your address and SUBMIT.
6. Click on "Mailing Industry Information."
7. See "Carrier Route" line to get your specific mail route and take note of your route number.
   
8. Close window.
   
9. Go back to the AZ Central tab and scroll down to your carrier route number. This is the specific data for your neighborhood. Now you can compare the median (not average) price for 2007, the % of change in the last 5 years, and the median price in 2002.

It's amazing to see the differences between neighborhoods in the same zip code!

Before closing, I have a couple of great topics for you to read about:

Tax Rebate Winners and Losers - Capitol Hill maneuvering added millions of lower income folks to the rebate rolls. But some folks will not be getting Treasury checks in their mailboxes, including parents of college kids.

15 Money Moves for Tough Times -- With a possible recession around the corner, here are some ways to prepare your finances.

Warmest Regards,
Pook

3/13/08

GIFT TAX RULES; HOW TO SPLIT UP THE WILLED FAMILY HOME; and AVOIDING ESTATE FIGHTS IF A PARENT REMARRIES

After reading the headline "Scottsdale home sales skid 30%" in the newspaper today, I was surprised to find some good news included in the article. Although sales of existing homes in Scottsdale fell 30% in February from 2007 and prices declined 14 percent, the good (make that GREAT) news is that condominium and townhouse prices were UP 5.5% according to a report from the Realty Studies Department at ASU. Folks may be under the impression that nothing is selling, but 150 condo and townhouse sales closed in Scottsdale last month! Additionally, median prices in Paradise Valley jumped 30% from last February. Of course, this positive news in these particular areas doesn't mean that the general trend of declining sales and prices is over, but it does provide some encouragement.

So, why are condo sales up? Perhaps it's because condos are appealing to winter visitors looking to enjoy the Arizona lifestyle and to young folks buying into the housing market for the first time. Or, maybe it's because condos appeal to older folks who are looking for an easier lifestyle after years of dealing with the responsibilities of owning a larger home. Or maybe the high cost of gasoline is what's making people realize that a well-located condo can cut down on the cost of driving to stores, restaurants, and entertainment. Whatever the reasons are, it's encouraging to see that condos are selling. There are lots of great condos available in every price range and I'd love to help you or someone you know find just the right one.

Gift Tax Rules

Know the Gift Tax Rules - You can give away a lot under the IRS radar screen, but when you exceed certain limits, you must follow certain procedures. Expert Constance Fontaine explains it all in easy-to-understand terms.

How to Split Up the Willed Family Home
How to Split Up the Willed Family Home - Estate issues get complicated, emotionally and financially, when siblings must finally decide what to do with mom and dad's house.

Avoiding Estate Fights if a Parent Remarries
Avoiding Estate Fights if Parent Remarries - Poor planning can set up ugly conflicts and court battles between children and their stepparents.

Warmest Regards,

Pook

3/6/08

SPRING TRAINING and MORE TAX ARTICLES

Spring is here and so is Cactus League Spring Training! I recently read in the Arizona Republic (2/24/08) that Arizona's Cactus League is becoming the new spring-training mecca. Currently there are 12 teams training here in Arizona, but next year, with the arrival of the LA Dodgers and the return of the Cleveland Indians (both moving into brand new facilities), the Cactus League, with 14 teams, will have just 2 less teams than the Florida Citrus League. According to the article, "Experts say consistent weather and the close proximity of the teams is giving Arizona's spring training league an edge over Florida's." So, tell your friends this is the place to visit if they want to experience great spring training baseball. Here is a link to Arizona Cactus League Spring Training for you to share with them. And, just in case they decide that they want to live the Arizona lifestyle for more than a few days in March, I have the perfect condo for them right here in Scottsdale!

More Tax Articles
OK, so I'm obsessed... I'm up to my eyeballs with tax stuff, as is evidenced by the piles of paper on my dining room table at this moment, so please forgive me for taking one last opportunity to share some interesting tax info with you. Of course, I'm not a tax expert (hardly!) and the information I include here is intended to present information that you may want to explore with your personal tax consultant. I hope you find the information to be informative and helpful.

Five Home Ownership Tax Myths-- Owning a home usually provides substantial tax breaks. But sometimes, the tax code's complexity gets in the way.

Not Everything is Taxed -- Uncle Sam wants a bite of most of your income, but there are instances where your money is taxed only partially or not at all.

Do Taxes Yourself or Hire a Pro? -- Most Americans dread doing their annual tax-filing chores. But all have to determine whether to do it themselves or hire an expert.

Warmest Regards,
Pook