August 2014 Real Estate Newsletter
Presented by your Bergen County Real Estate Agent, Jeana Cowie
 |
|
Call Jeana Cowie, your Bergen County REALTOR© C# 201-982-2200
Jeana Cowie, ABR, CRS, GRI, SRES
|
Over 600+ Homes SOLD. Paramus Real Estate Agent Specialist. Selling Bergen County Real Estate for 20+ years.
Call Jeana Cowie today at cell 201-982-2200
|
|
|
|
|
|
|
 |
Five Great Reasons to Buy a Home Right Now
 The nature of market bottoms is that it's hard to tell one's occurred until prices and sales volume start to rise again. That's why the best time to buy is when market conditions suggest a bottom.
That means there's still some risk for homebuyers, since no one has a crystal ball that predicts the future. To take advantage of low mortgage interest rates and home prices still well below previous records, you may have to take a risk, such as riding out another short-term dip in property values.
|
|
|
|
Mortgage Rates
U.S. averages as of July 31, 2014:
30 yr. fixed: 4.12%
15 yr. fixed: 3.23%
1 yr. adj: 2.38%
View current rates
|
|
|
|
But the rewards may be well worth it. Here are five reasons to buy a home right now.
1. More jobs are available
|
|
|
|
Fact or Fiction: A Tax
On Real Estate Sales
 On January 1, 2013, the Net Investment tax went into effect. Despite numerous articles and columns reminding consumers that this tax does not apply to every real estate sale, rumors continue to keep flying all over the country, claiming that the Health Reform legislation Congress enacted includes a sales tax on all real estate sales. While there is a tax, it does not apply to everyone.
The Health Care and Education Reconciliation Act of 2010 was signed into law by President Obama on March 30, 2010. It is a comprehensive and extremely complex piece of legislation. One section (1402) is entitled "Unearned Income Medicare Contribution" and does impose a 3.8 percent tax on any profit on the sale of real estate – residential or investment.
But it is aimed at high-income consumers, who comprise a small majority of American citizens.
Let's look at the true facts of this new law.
First, it is not a sales tax, nor does it impose any transfer or recordation tax. It is often called a "medicare" tax because the moneys received will be allocated to the Medicare Trust Fund, which is part of the Social Security System.
|
|
|
|
Understanding Your
Credit Scores
 When you apply for a mortgage loan, the first thing your lender will do is check your credit history, but they don't read through your credit reports page by page. They get a snapshot of your credit called a credit score.
Fair Isaac Corporation is the company that compiles your credit scores based on the information in your credit reports.
You've probably noticed the use of plurals -- scores, reports. That's because there are three credit bureaus, along with Fair Isaac, that are under the jurisdiction of the Federal Trade Commission. The three bureaus are called Equifax, Experian, and TransUnion.
The credit bureaus operate independently, and each collects its own data about your credit from banks, landlords, credit card companies, retailers, and other sources. Each credit bureau also has its own credit scoring methodology.
When Fair Isaac scores your credit reports, it creates a FICO score that will be anywhere from 300 to 850. The lender buys your credit score and determines how much of a risk you are based on how you handle your other financial obligations.
Credit scores impact your interest rate. According to an example by the Consumer Federation of America and Fair Isaac Corporation, a 720 FICO score can help a borrower qualify for a low 5.5% 30-year-fixed-rate mortgage. A different borrower with a 520 score will pay 8.5% or $2,400 more annually on a $100,000
|
|
|
|
|
Choosing A Home Inspector
 Many times, in the course of reviewing transaction files, I will read that an agent has recommended to the buyer that he or she should have the home inspected by a licensed home inspector. While one has to appreciate the earnestness of such advice, it is nonetheless at least a trifle amusing. This is because there is no licensing of home inspectors here in California. California is one of 21 states that do not regulate home inspection services via some sort of licensing mechanism.
Of all people, real estate agents know that the mere possession of a license is no particular guarantee of service quality. Nonetheless, when there is no licensing of what, to many, would seem a fairly technical business, questions do arise as to how one goes about selecting a practitioner. One approach is to look for some sort of professional validation such as certification.
Daily News and Advice
Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
|
More Articles
|
|
|
|
|
Jeana Cowie, ABR, CRS, GRI, SRES, Broker Associate/REALTOR©
E-mail: jmcowie@optonline.net
Web: http://www.jeanacowie.net
201-982-2200 (cell) |
|
RE/MAX Real Estate Limited
201-599-1100 x 348
297 Kinderkamack Rd
Oradell, NJ 07649
|
Equal Housing Opportunity
|
|
|
|
|
E-mail this Newsletter to a friend
Jeana Cowie, ABR, CRS, GRI, SRES©
Broker Associate, Real Estate Agent
RE/MAX Real Estate Limited
Oradell, NJ 07649 (in Bergen County, NJ)
www.jeanacowie.net
Jeana Cowie is a Top RE/MAX Bergen County REALTOR©
Over 800+ homes SOLD!! 23 Years of Full Time Bergen County Real Estate Sales Experience
Specializing in Paramus real estate (over 300+ homes SOLD in Paramus alone) handling all of your Bergen County real estate needs, from Allendale to Wyckoff
Top 1% of all RE/MAX agents in NJ
Follow me on Facebook at: http://www.facebook.com/BergenCountyRealEstateUpdate
Subscribe to my FREE Monthly Real Estate Update Newsletter at: http://realtytimes.com/c/JeanaCowie
Follow me on Instagram & Twitter at: @JeanaCowie
