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

2/25/08

MORE TAX ARTICLES and INTERNET SAFETY ISSUES

Well, it looks like the temperature here in the Valley of the Sun is heading into the 70's this week and the magnificent wildflowers should soon be in bloom. For those of you who are reading this in parts of the country where winter is still wreaking havoc, this might be just the right time for a visit to the beautiful southwest. It might also be the right time to think about looking for your own little part of paradise--the inventory of fabulous properties is high, prices are good, and interest rates are low. It's the "perfect storm" for Buyers! Please contact me if you or someone you know would like more information about living the Arizona lifestyle.

Warmest Regards,
Pook

More Tax Articles
In my last E-News I included some articles about Taxes. I'm adding a couple of additional articles on the same topic in this E-News. I hope you find them helpful.

New Tax Breaks a Relief to Homewoners -- Three tax laws enacted in December promise help for homeowners.

Capital Gains and Your Home Sale -- Too many people worry that they will have to pay Uncle Sam when they sell their homes. But since the rules changed in 1997, it has been one of the best tax breaks around.

Internet Safety Issues
With the volumes of email we all get each day and with all the shopping and bill paying so many folks do online, we all need to be aware of problems we may unknowingly face as a result of our connection to the world of cyberspace. I recently sent the following email to family and close friends, but thought it was worth sharing again in my E-News.

Just wanted to let you know that I received a very real looking email supposedly from Bank of America today. As real as it looked, I had my doubts about its authenticity, as I don't do online banking with B of A. I immediately contacted B of A by phone and they confirmed that it was, indeed, a "phishing" email sent to gather my personal information regarding my B of A account. Fortunately, I didn't go to any of the links contained in the letter, but I could see how someone could easily do that. I was told 1) not to click on anything within the letter and 2) to forward it to the Fraud Dept. at B of A. Below (in red) is the response I got from the Fraud Dept. At the bottom of their message is some good information on how to recognize "Phishing" emails.

It's a scary world out there!

Thank you for contacting Bank of America to report a potentially fraudulent email, commonly referred to as a "phishing" email. We take your security very seriously and will investigate this matter immediately. If our investigation determines that the email is fraudulent, we will take steps to have the site shut down.

Stay safe from Phishing: Easy clues to help you keep your personal information secure.

The main goal of a phishing email is to get you to a site where you will provide your personal information. With these basic, but powerful, clues you can easily recognize the threat and ensure the safety of your identity and finances.

1. Does the email ask you to go to a website and verify personal information? We won't ask you to verify your personal information in response to an email.

2. What is the tone of the mail? Most phish emails convey a sense of urgency by threatening discontinued service or information loss if you don't take immediate action.

3. What is the quality of the email? Many phish emails have misspellings, bad grammar, or poor punctuation.

4. Are the links in the email valid? Deceptive links in phishing emails look like they are to a valid site, but deliver you to a fraudulent one. Many times you can see if the link is legitimate by just moving your mouse over the link.

5. Is the email personalized with your name and applicable account information? Many phish emails use generic salutations and generic information (e.g. "Dear Customer" or "Dear Account Holder") instead of your name.

6. What is the sender's email address? Many phish emails come from an email address not from the company represented in the email.

7. When in doubt, type it out. If you suspect an email to be phishing, don't click on any links in the email. Type the valid address directly into your web browser.

I actually received the same B of A email again several days later and then a similar one from Wachovia Bank. The predators are out there and they are relentless! By the way, in response to my email, I received the following note from a friend:

We have a friend--very bright--who received such an email and without thinking, clicked. He realized that it was phishing and immediately closed and then deleted it. Somehow, the next time he used his on-line account, the phony one was able to trace his actions, and before he knew it "they" had withdrawn several thousand dollars from his account. Worse (according to him) was that he had to change all his info--passwords, acct. numbers, etc.

Here are two more bits of info I wanted to share with you regarding Internet Safety. Thanks to Bob Parsons and the crew at Go Daddy for the following information.

Browser hygiene and why it's important Are there cookies that really last 30 years? Yes, but sadly we're not talking about Oreo's in space-age vacuum packaging. A cookie is an identifier that a Web server puts into your computer, which can then be used to retrieve data from a database stored on that or another Web server. Sometimes these cookies are helpful, storing your username or preferences for a particular Web site. Most of the time... Click to continue

Anti-Virus Software: A must-have for your machine With all the complicated, large-scale attacks taking place on the Internet, it's easy to overlook something much more basic. Computer viruses continue to grow both in number and sophistication, and with them grows the likelihood that your computer will become infected, unless you're protected. Installing anti-virus software... Click to continue

1/31/08

SOME SUPER BOWL THOUGHTS and SOME GOOD TAX ARTICLES

Super Bowl Sunday is just a few days away and it's supposed to be the most watched Super Bowl ever. Here are some interesting stats that have nothing to do with what's going to be happening on the field...

• Last year, U.S. retailers sold 61 percent more TVs the week before the Super Bowl compared to the previous week, according to Ross Rubin, an analyst at NPD Group in Port Washington, N.Y. Revenue from TV sales jumped 46 percent that week.

• Domino's Pizza sales jump 30 percent on Super Bowl Sunday compared to a typical Sunday, according to Tim McIntyre, vice president of communications at Domino's Pizza LLC. The company expects to deliver more than 1.2 million pizzas across the country on game day.

• At La-Z-Boy Inc., January and February are among the strongest months for sales of recliners and sofas with reclining sections, according to Doug Collier, chief marketing officer.

• The biggest surprise about Super Bowl Sunday may be that it is NOT the biggest day of the year for beer sales. According to ACNielsen figures provided by the Beer Institute, a trade group, cases of beer during the two weeks preceding the big game rank seventh overall, behind comparable periods preceding Memorial Day, July 4th, Labor Day, Christmas, Easter and Thanksgiving.

So, as you sit back in your new recliner with your beer in one hand, your remote for your new 60-inch big screen in the other, and your pizza perched on your lap, you probably won't be thinking about the fact that it's time to start getting your tax "stuff" together. Come next week, however, if you haven't already gotten started, you might want to begin thinking about it. Here are are couple of articles that you might find helpful...

• First Time Home Buyers Guide to Taxes -- If you bought your first home last year, you'll need to know about all the deductions you can use as you prepare your first tax bill as a homeowner.

• Tax Breaks for Home Owners -- There are lots of tax reasons to own a home. Here's how to make the most of them and avoid the pitfalls.

• Ways to Pay Off Big Tax Bills -- The IRS does offer several payment options. But do file your taxes or you'll owe huge penalties.

Enjoy the game!

Warmest Regards,
Pook

Referrals are the heart of my business.
Thank you for passing my name along to family and friends--it's the greatest compliment you can pay me... and them.

Arizona Best has an outstanding referral network reaching from coast to coast.
If you know of someone who is looking to buy or sell anywhere in the country, I can refer them to a great REALTOR®.

1/18/08

FINANCIAL FORECAST FOR 2008; BEST MORTGAGE MOVES TO MAKE IN 2008; FOREIGN HOMEBUYERS WELCOME; 20 STEPS TO A GREAT HOME BUY IN 2007; and MAKEOVER TIPS

With many major high-profile events happening in the Phoenix area over the next couple of months, we have a unique opportunity to showcase our area to many out-of-state visitors and investors. If you are thinking about selling your home, this may be just the right time for you to do it.

Of course, if you are looking for a new home in this area, this is a GREAT time for you to be looking!

Whatever your Real Estate needs are, I hope you will aloow me the opportunity to help you with them. As a Real Estate professional, my goal is to provide world-class service that will exceed your expectations by providing you with an exceptional experience as your consultant, negotiator, and overseer of transactional details.

If you are not personally in need of my services at this time, I hope you will pass this along to a friend, family member, or colleague. I would be pleased to provide them with the same outstanding service I would provide for you. Please contact me if you know of anyone who might need my help today.

Warmest Regards,
Pook

This week's feature articles:

• Financial Forecast 2008 -- Bankrate looks back over the events in 2007 that hit consumer pockets and forward to 2008 for ways to stretch earnings.

• Best Mortgage Moves to Make in 2008 -- What to do about your loan in the year ahead.

• Foreign Homebuyers Welcome -- Canadians are not only allowed to buy in the U.S., but are enticed with a bumper crop of available houses, says the Real Estate Adviser.

• 20 Steps to a Great Home Buy in 2007 - Spring and summer is prime home-buying season and 2007 promises to be excellent for buyers. Here are 20 steps that help you get the best deal on a home this year.

• Makeover Tips that Can Sell Your Home -- The year a home was built helps determine which renovations are most likely to pay off for sellers, experts say.