November, 2012

Real Estate News
 

What Will Happen with the Mortgage Interest  Deduction? 

    

Mortgage Interest Deduction As long as I have known real estate (which is a long time), I have known the Mortgage Interest Deduction (MID).  It has been a good friend to me as well as every homebuyer we have represented to date.  The MID is one of the key advantages of owning real estate.   For those not familiar with it, it allows you to deduct your mortgage interest on your tax return.  It is a big incentive of homeownership that your itemized deductions will be going up and for a lot of people, it allows them to itemize for the first time instead of just taking the standard deduction.  It might be the main decision for someone when they look at their rent vs own analysis.   And it makes other expenditures more relevant where they could not be deducted prior as the total of those deductions fall below the standard deduction.

 

Unfortunately, with the fiscal cliff quickly approaching and with no plan of attack on how to deal with it, everything is on the table to "play" with.   In the past, the MID was always considered "sacred", that it would never be played with, but it sounds like that time has passed.

 

I think it is extremely unfortunate that due to the reckless spending of the United States Government  there is now the potential that current and future homeowners will be screwed and thus paying more in taxes to help alleviate the debt.  Thank you Congress!

 

Are both Mr Obama and Mr. Romney liars when they say that they will not be raising taxes for the middle class?

 

Well, if the MID is stripped, you are not only raising taxes on the middle class (a very high percentage of owners), you are outright screwing them.   And instead of encouraging homeownership in a time where the country desperately needs it, you are discouraging it.

 

Read more about the options being discussed and how 2 more headwinds also face the Philadelphia real estate market - AVI and tax abatements. 

Tip Jar

   
Hurricane Sandy May Cause Closing Delays in Philadelphia

 

 

Our thoughts are with our clients and all the people and families in the greater Philadelphia and surrounding areas that experienced Hurricane Sandy and have suffered great loss and devastation.


We hope that everyone can get through this very difficult time and  that this month's weather related tip jar can provide you with some helpful information regarding how natural disasters can affect real estate.


We invite you to share this information with anyone you know that might need it.

 

 

Today's Tip Jar is weather-inspired:

 

Hurricane Sandy 

If Hurricane Sandy results in a Federal Disaster Declaration in the county where your customer is under contract to buy or sell a home, and that transaction requires the buyer to obtain a mortgage please read this:

 

If the appraiser has already completed the inspection, under Fannie Mae, Freddie Mac and Government Agency (FHA, etc.) rules, the appraiser must return to the house, re-inspect it and confirm that there is no storm damage. This must be done prior closing.

 

If you have a closing scheduled for the days immediately following the storm, and there is a Federal Disaster Declaration in the County, there could be mortgage related delays while appraisers get out doing the re-inspections. To reduce closing stress, inform your buyers and sellers of this rule and ask them to prepare to be flexible regarding the closing date. If the Hurricane Irene experience of last year is a guide, delays were seldom more than two days.

 

Keep in mind that the appraiser will charge the buyer for the return trip. If you have an appraisal inspection scheduled for the days preceding the arrival of the storm, postpone them until after the storm passes. Any appraisals with a site visit date after the passage of the storm will not require a re-inspection, saving your buyer $75 to $150.

 

To keep up to date on the latest areas added or removed from FEMAs list, go directly to their website.

Meet Your Neighbor

 

Larry Freedman 
Larry Freedman

  

If you live in Northern Liberties, than you may already know neighborhood guy Larry Freedman. NLNA Board Member and head of the NLNA Zoning Committee, chances are you've probably crossed paths.  But Freedman also happens to also be a composer, producer, musician, and audio engineer. Freedman is currently producing a show starting on Sunday nights on WHYY-HD on October 21st at midnight.  


While Larry has already had his first show, be sure to tune in weekly and check out some previous episodes.

Boost Your Social (Media) Life

  

"Traffic isn't typically something you look forward to - unless you're a RE/MAX agent with a social media presence."

  

Chris Somers - Social Media LifeThis statement couldn't be more true for Chris Somers who has built a successful career in part by generating traffic to his blog and his social media sites, forming relationships with people there and sharing his expertise on real estate and Philadelphia.

 

Read more about Chris in an article featured in a national Remax magazine where he shares the things that have helped him and his wife Stephanie develop a successful real estate business by focusing on their social media presence and interaction with clients, colleagues and future clients on those sites.

 

Speaking of social media, have you connected with us yet? 

 

Here are the links for connecting and engaging with us on a more regular basis:

 

blog: thesomersteam.com
twitter: thesomersteam
facebook: thesomersteamofphiladelphia
 

 

The Somers Team
The Somers Team
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Happy Thanksgiving
 
 On Thanksgiving we take a break from all that we do and pause to reflect on all that we have to be thankful for.  For us, that includes our many wonderful clients, family and friends.
Wherever you are and whatever you are thankful for, we wish you and your family a very happy and safe holiday.

 

 Happy Thanksgiving
~ Chris and Stephanie Somers
 
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