They're Back - 100% LTV

Well, I can tell we are all slowly getting back on proverbial real estate "horse".  It was not too long ago that I could get a young professional into a 500K home without any downpayment.  Yep, that went away with the financial meltdown. To steal a term from the beloved Arnold Schwarzenegger - "I'll be back".

As a real estate professional I surely can remember thinking "Boy, those were the days!".  Welp, strap on your bootstraps cowboys.  I found a 100% conforming professional mortgage for up to 500K!  I know, us conservative folk say that was not then, and is not now, a prudent decision.  I do not personally disagree with that sentiment in general.  However, the key word in this mortgage description  is professional.  Are you a resident doctor?  If you are, then IMO you are professional that may need this type of product.  In my PC opinion...give me a call  (I am not a loan officer nor a mortgage professional) I will be happy to connect you to those in the know!

Truly Trulia and Zillow

With over 1 million visitors per month, Zillow has become a popular site for home buyers & sellers. I too have visited Zillow and Trulia on occasion.  Typically it is due to a client call or inquiry relating to the home for sale down the street.  While I do not expect nor want the general public to only go where I tell them.  I must stress that 20% to 30% of the data on these sites is not accurate or reliable.  90% of all real estate website traffic in Central Indiana is in three sites (Zillow 40%, MIBOR 40%, Homes.com 10%).  If you would like to find a home that fits your needs, MIBOR.com provides real-time data and market information unparalleled in the industry.  Zillow and Trulia are not as accurate and presents homes based on sponsorship dollars more than your needs as a seller or buyer.

Knowlegeable Representation

The past few months has been quite exciting.  Having been afforded the opportunity to join MIBOR's Academy of Leadership, I have been diving neck deep into current issues relating to our community.  I have met with Mayor Ballard (Indianapolis), and Mayor Cook (Westfield) and discussed multiple issues such as the transit initiative, employment, and exciting new developments.  No, I don't call myself and expert.  However, it is really educational and quite interesting to get involved in current affairs.  Not to mention the fact that this knowledge, in my opinion, is really helping me represent my clients on a different level!

One of my biggest concerns over the past few months has been the status of homeowner's mortgage tax deduction. While that issue still seems to be continually on the proverbial chopping block.  On Jan. 1 both the Senate and House passed H.R. 8, legislation to avert the “fiscal cliff.” The bill has been signed into law by the President. The measure permanently extends current income tax and capital gains rates for all taxpayers with taxable income up to $400,000 for individuals and $450,000 for couples. The bill also extended several real estate related tax provisions, most notably, a one year extension to the end of 2013 of the Mortgage Debt Forgiveness Act that exempts loan amounts forgiven by lenders in short sales and foreclosures from being included in taxable income.

Other real estate provisions included:

• Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012.
  
• 15 year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012.
  
• The 10% tax credit (up to $500) for homeowners for energy improvements to existing homes is extended through 2013 and made retroactive to cover 2012.
  
• Finally, so called “Pease Limitations” that reduce the value of itemized deductions were permanently repealed for most taxpayers but will be reinstituted for individuals earning above $250,000 adjusted gross income and couples above $300,000.