Tax Tips for the New Year

What better New Year’s resolution can you make than getting your finances in order? Take time this January to do a few simple things that can go a long way towards making your tax filing time easier than ever.

Organize Better

Instead of keeping your tax records and receipts stuffed into shoeboxes, take some time this year to organize your records better. A large accordion file may be all you need. Label the slots with different categories, like medical expenses, donations to charity, and other deductions. Every time you pay your bills, drop your receipts into the appropriate slot. When tax time comes around, you’ll have everything at your fingertips.

Learn More About the Tax Laws

You don’t need to make the tax code your bedside reading, but it is helpful to become more knowledgeable about the tax laws that might affect you. If you are unsure about what deductions you may qualify for or what tax consequences you may incur from investing decisions, consider talking to a qualified accountant.

Look Into Your Tax Saving Opportunities

Ask your employer about ways to maximize your tax-sheltered savings potential. Consider increasing your contribution to your employer’s 401(k) plan to take advantage of all of the tax benefits available to you. Also ask about any “flexible spending arrangements” that you may qualify for to pay for child-care and medical bills.
 
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Home Ownership Remains Strong in America

It’s looking like home ownership remains strong in America, according to Fannie Mae. The Fannie Mae 2010 Own-Rent Analysis has recently released their research of homeowners and renters. The research explores consumer decisions to buy or rent a home. According to the study findings, 51% of current owners and renters say that the housing crisis has not affected their decision to buy a home. Aspirations are high for the long run.

However, the National Housing Survey shows in the third quarter that 33% would be more likely to rent their next home. Among people already renting, 59% say they would continue to rent in their next move.

The Fannie Mae Survey conducted in November shows there is hope toward home ownership rates, but decisions to buy are tempered by current consumers' cautious attitudes toward home buying in the current financial environment.

The study shows a strong desire to own homes and reveals that life events are greatly influencing family decisions to rent. The trend with the housing crisis has caused consumers to approach home ownership with greater caution.

Fannie Mae’s research analysis shows shifting demographic and lifestyle trends correlate to consumers’ housing decisions, which may have long-term implications for the housing market. Many things are effecting decisions. For example, in the past, married couples have been more likely to own. Now, married couples are a shrinking portion of the population. Having children, however, has increased the propensity to own. In today’s market, single mothers are renting due to financial constraints and the percentage of households with children is declining overall as well.

Fanny Mae compares current consumer actions, attitudes and financial consideration with historical consumer behaviors, market experience and economic conditions to analyze today’s market of owners versus renters.

Housing Scorecard Shows Continued Signs of Stabilization in the Housing Market

The newly released November Scorecard shows the Obama Administration has made significant strides in promoting stability for the housing market and the nation’s homeowners. Millions more families are able to stay in their homes and there is a steady rise in responsible borrowers refinancing their loans who are becoming homeowners.

The Administration cannot stop every foreclosure. We know that more has to be done to reach homeowners in distress and to help those that are unemployed borrowers. They are focusing on successfully implementing the programs we have in place, such as neighborhood stabilization funding, additional assistance on refinancing and emergency loans to help unemployed homeowners and that help is available to homeowners as early as possible.

Recent reports of problems in the foreclosure process underscores the importance of helping responsible homeowners avoid the pain of foreclosure. We continue to stress to mortgage servicers the importance of making every effort to enroll eligible homeowners and provide meaningful alternatives to avoid foreclosure.

The November Scorecard shows key data on the health of the housing market. One million families refinanced their mortgages in the last quarter, taking advantage of the lowest rates in history. This has helped more than 8.3 million homeowners to refinance, resulting in more stable home prices and $15.2 billion in annual borrower savings.

With the expiration of the Home Buyer Tax Credit, new and existing home sales have stayed below levels in the first half of 2010. While some homeowners may have received help from more than one program, the number of agreements offered were more than double the number of foreclosures for the same period (1.6 million).

Data in the scorecard show that recovery in the housing market continues to remain fragile. While recovery will take place over time, the Administration remains committed to its efforts to prevent avoidable foreclosures and stabilize the housing market.

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Santa Visits Queens, NY This Christmas Season

Santa will be ready for visits all season long in Queens' largest mall. Santa events to look for at Queens Center Mall include the following:

* Mid November to December 24, every day except Thanksgiving Day, visit with Santa.

* 11 a.m to 8 p.m. all days except Sundays, noon to 7 p.m on Sundays and Christmas Eve 11 a.m. to 5 p.m. Santa will be available.

* Santa Breaks are Monday-Saturday 1 to 2 p.m. and 5:15 to 6 p.m. and Christmas Eve 2 to 3 p.m.

* Photo packages available for pictures with Santa.

* Breakfast with Santa is December 5, 8-10 a.m. for Q Kids Club Members and require RSVP.

* Pets with Santa on December 6, 7:30 to 9:30 p.m.

* Santa is on Level 3 in the JC Penney Wing.

* Queens Center Mall is located at Queens Blvd (on north side) and Woodhaven Blvd, just off the L.I.E. in Elmhurst , NY 11373.

How to Understand Points, Rates and Fees

You have to understand what type of mortgage you should choose and understand the costs associated with your mortgage. All costs will be paid upon closing on your mortgage.

Purchase points, also known as a buy-down or discount points, are a up-front fee paid to the leader at closing to lower your interest rate over the life of the loan. Every point is equal to 1% of the total loan amount. For a $100,000 loan, one point would equal $1000. The more points you’re able to buy, the lower your interest rate will be and the more money you’ll need at closing. This is how you can determine if you should buy points and, if so, how many. Your decision should be based on how long you plan to live in your home and what you can afford to pay each month toward the mortgage. If you are going to live in your home for more than five years, it’s probably a good idea to purchase points. The longer you live in your home, the more you can save on interest over the life of the loan.

You are charged an interest rate when you get a mortgage. The rate the lender charges you for using their money is the interest rate. The higher the interest rate, the higher your monthly payment will be. Interest rates change constantly. Sometimes rates change daily or even hourly. If a lender quotes you an interest rate, that is not necessarily the rate you will get when you close on your loan. You have to formally lock in that rate with the lender to insure you will get the quoted rate at the time of closing. Generally, lenders will allow you to lock in your rate quote for 15, 45 or 60 days. The longer you take to lock in, the more expensive it will be since there’s more of a risk to the lender.

Fees are associated with getting a mortgage. These fees cover the cost of processing and underwriting the loan. Fees can include charges for ensuring the title to the home is free and clear, paying for land survey or paying for a home appraisal which will give you the estimated value of the property. Home appraisals are required to close on your mortgage. Different lenders may charge different amounts. Some lenders may charge lesser closing fees to lure you in but they may charge you a higher interest rate. This means you will pay more in the long run. Everyone has different needs and you may or may not be able to afford to pay more at closing and be willing to pay more over the long term of the loan.

Do your homework before it comes time to close and make sure there are no hidden fees. Ask your lender many questions so that you perfectly understand all the costs involved with your mortgage. You may want to consult with your tax advisor, also.

Buyer Tips - Making a Home Dream Into a Reality

Buying a home can be one of the biggest decisions you make in your life.  We at Queens Realty understand how stressful a time this can be.  Here are a few buyer tips to make your homeowner dreams into a reality:

1. Upfront Costs - Most buyers know about saving up for their down payment, but there are other upfront costs that buyers need to have in addition to their down payment.  These include closing costs and inspection fees (where applicable).
2. Options for Down Payment - Most financial experts recommend that buyers come up with at least 20% of the cost of the home for a down payment.  That can be alot of money.  So, you  may want to explore your options.  If you can qualify for an FHA loan, you only need 3.5% down.  There are government programs that offer down payment assistance as well.  Another option is if you have a relative who would be willing to "gift" you all or part of your down payment.  Make sure to discuss these options with your Real Estate Professional.
3. Run a Credit Check First - Lenders use your credit score to determine whether you are a good risk to lend money to and your likelihood of paying back the loan.  If you credit score is high, you will get a lower interest rate, thus paying less to borrow money to purchase your home and saving you thousands of dollars over the life of the loan.  Everyone is entitled to one free credit report per year from each of the three credit reporting agencies: Experian, Equifax and TransUnion.  Check your credit report for accuracy and make sure to report any errors you find to the appropriate credit reporting agency.  It is important to do this for all three because there may be differing information on each one.  This should be done well in advance of applying for a loan.
4. Get Prequalified - Prequalifying for a loan takes only minutes.  The lender will go over what you make, what your monthly expenses are and determine how much money they would be willing to lend you.  This gives you a general idea of the price range you could afford based on these limited criteria.
5. Get Preapproved - Unlike prequalification, the process to get preapproved can take longer.  The lender will give you a letter of credit stating the maximum they have approved you for on a loan.  Sellers are more apt to work with someone who already has a loan in place.  It also helps make the home buying process proceed quicker.
6. Determine Wants - Decide exactly what you want and must have in a home before you go searching for one to help narrow your focus.  For example, you absolutely must have at least 3 bedrooms but can forgo the 3 car garage if the house fits the rest of your criteria.
7. Determine the Neighborhood You Want to Live In - Where you decide to live can have a big affect on your wallet.  Even different neighborhoods within the same city can cost or save you thousands of dollars on the asking price of a home.  Decide which areas will fit you and your family's needs before you do your home search.  Again, this will help you narrow your focus while searching for that perfect home.
8. Hire a Professional - An experienced Real Estate Professional can help you through the entire home buying experience, from searching for a home to putting your offer in to even helping you hire general contractors or inspectors you may need, making the home buying process easier.
9. Begin Your Home Search - Since approximately 84% of buyers start their home search online, the local MLS is a good place to start.

By following these buyer tips, you can make your home dream into a reality.  Contact Queens Realty to help you with any of your Queens real estate needs.

Purchasing a Home is a Good Financial Decision

A recent survey done by the 2010 National Housing Pulse Survey shows that eight out of ten people believe purchasing a home is a good financial decision. This is surprising news because of the ongoing challenges of the housing market, but very good news none-the-less.

The National Association of Realtors® released this annual report that helps measure how affordable housing issues affect consumers. The survey also found job security concerns to be the highest for the first time in eight years. Almost 70% of Americans say that job layoffs and unemployment are a big problem in their area and eight in ten say these issues are a big barrier to homeownership.

Although job recovery is what is needed right now to help get the economy and housing market back on track, many people still say owning a home is a big part of the American dream and a great long-term investment in their future.

More of the survey shows that, despite the economic uncertainty, 68% say it’s a good time to purchase a home. 63% of respondents who rent say that owning a home is a future priority and close to 40% say it’s their highest priority.

Even with improved affordability, nearly 80% of surveyors say having enough money for a down payment and closing is a big obstacle to their buying a home. And 73% say they lack the confidence to be approved for a loan.

Myers Research & Strategic Services for NAR’s Housing Opportunity Program and American Strategies are responsible for conducting the 2010 National Housing Pulse Survey. There were 1,209 adults surveyed who live in the 25 most populous metropolitan statistical areas.

 

A Queen’s November to Remember

It will be a November to remember in Queens, NY this month with several holiday related activities all month long. When visiting Queens this month, whether you’re visiting family, friends, or looking for Queens real estate, be sure to check out some of the local events going on in the Queens Borough.

Renaissance in Newton Creek – Join Queens historian and urban geographer Jack Eichenbaum on November 13th at 11:00am for a walking tour along Newton Creek. This event is sponsored by the Municipal Art Society and is $15 to enjoy.

LICBDC Annual Luncheon and Trade Show – The biggest business networking event in Queens will be held on November 17th. This annual affair is run by the Long Island City Business Development Corporation. It’s a great opportunity to connect with other entrepreneurs at the free trade showe.

Thanksgiving Dinner in Queens – Restaurants all throughout the Queens Borough will be serving turkey dinner complete with all the trimmings on Thanksgiving Day.

Macy’s Thanksgiving Day Parade – In just a short drive to New York City you can join people from around the world at the 84th Annual Macy’s Thanksgiving Day Parade on November 25th at 9:00am. The parade route will begin at 77th Street & Central Park West and end at 7th Avenue & 34th Street.

Public viewing areas for the parade include:

Central Park West – West side of the street from 70th Street to Columbus Circle and the east side of the street from 70th to 65th.

6th Avenue – Between 42nd and 34th Street

7th Avenue – Between 58th and 42nd Streets

34th Street – The South side of the street between Broadway and 7th Avenue

42nd Street – From 7th Avenue to 6th Avenue

Columbus Circle – The West side of the street

For more information about the 84th Annual Macy’s Thanksgiving Day Parade, visit their website at www.MacysParade.com.

What You Need To Know During Moving Season

It’s still moving season all across the nation and there are some things you need to know that will help your move go more smoothly. Because of the economic downturn, many moving communities lost several of their drivers and this has caused a backlog for moving this summer.

Moving companies are unable to keep up with this season's moving demand and, in some cases, the waiting list can be two months long. Therefore, we have some tips and advice to help you get prepared and have a stress-free move.

* Get quotes – Get your moving quotes now so you can book quickly.

* Create Inventory – Create a household inventory before you begin packing. This is a great time to take stock of the items you’ve acquired over the years. If you will be hiring a mover, write full descriptions of your things and its condition. This will help you in the end if things come up missing or damaged.

* Important documents – It is very important to gather all important documents and make copies of them. Make sure you keep all original documents with you during the move. Important documents can include birth certificates, social security cards, marriage licenses, insurance policies, wills, stocks and bonds, property deeds and titles.

* Document belongings – You can easily make a record of your belongings on video or by digital camera. This will help make a more accurate, visual record of your belongings in their current condition. Important information you should photograph on your belongings include serial numbers, brands, distinctive features, etc. Keep this with you during your move.

* Pets – Be sure your pet is up-to-date on all vaccinations before your move and carry the appropriate documents with you on moving day. Also, make sure your pet has their collar on with your information on it.

* Return and retrieve – Return all rented movies, library books and borrowed items. Retrieve anything you may have in storage, the cleaners or elsewhere.

With advanced planning, your move can turn into an adventure for all.

The US Open Coming to Queens, NY

The US Open is coming to Queens, NY this month. The qualifying tournament begins August 24th, with the official start date being on August 30th. You’ll get to see many up and coming tennis stars of the future during the qualifying tournament for free and this part you won’t see on TV. Queens can get a little crowded during this time, so prepare your days accordingly.

 

Here are some tips to make your day at the US Open more enjoyable while in Queens:

* Take the subway – Don’t try to drive yourself to the US Open, as parking can be expensive with a starting price of $15. The closer you get, the more expensive the parking price becomes. The subway will save time and money since you will only pay $2 and it’s just a short walk to the gate.

* Ground Pass tickets – Unless you have a corporate connection with lots of money, you should skip the expensive upper level by getting ground admissions during the first week of the US Open.

* No Bags – Don’t bring any bags into the Open. Security lines for bags, purses and even bagged lunches can get insane. You can by-pass these lines by foregoing all bags.

* Use the South Gate – The East Gates always have the longest and slowest lines. Take the extra steps to walk around to the South Gate and avoid the larger crowds.

* Eat outside – Save money by leaving and eating outside the US Open. If you eat there, you can expect to pay over $5 for hot dogs and over $16 for burgers, fries and a drink. You can get your hand stamped, leave for lunch and return without paying again. You’ll find many vending carts outside the gates for good prices.

* The West side is better – On sunny days, head over to the West side where you’ll find less crowds and great tennis.

* Take in New York – If you’re too tired after the open, you can still take all of New York in at a glance. Visit the Queens Museum of Art where you can see the entire city in one room. There’s a scale-model replica of the city and, best of all, it’s free during the Open.

Homebuyer Tips

Are you interested in purchasing a Queens home?  These homebuyer tips will help you in the home buying process:

1. Do Your Homework.  Compare houses of comparable amenities and size in the neighborhoods you are interested in by visiting websites such as trulia.com or zillow.com.  It's important to remember that the prices listed on these sites should be used for reference only, since they can be a few months out of date.  Your Realtor® will be able to get you the most recent figures for houses in a neighborhood.

2. Credit is King.  Nowadays, in order to get a good interest rate, you need a credit score of more than 700.  You will want to go over your credit report to fix any mistakes there may be that can have an adverse affect on your credit score.

3. Get Your Credit Score Free Online.  Go to http://www.annualcreditreport.com/ for your free credit report from one or all of the credit reporting agencies.  This is the only federal government sanctioned site for an absolutely free credit report.  However, you will pay a small fee for your credit score.

4. Consider a Lower Bid.  Since list prices are based on contracts that were placed approximately 3-4 months ago, you may want to consider offering 10-15% below the list price.  The current market value may be lower than those in place at the time of the contract.  Again, your Realtor® will be able to get you the most recent figures for houses in a neighborhood.

5. Get Pre-Approved, Not Pre-Qualified.  In the past, you only needed to be pre-qualified to have an idea of what your price range would be before you looked at a home.  However, times have changed.  Being pre-approved will show you as a serious buyer, help you negotiate your purchase price and let you know exactly how much you have to spend.  Sellers are more confident in a buyer who already has a loan.

6. Consider New Construction.  February marked the fourth month in a row that sales of newly constructed homes fell.  So, there is room to negotiate on prices.  You should always check out the reputation of the builder before you buy.

7. Get an Inspection Report.  It doesn't matter whether you are buying an older home or a brand new one.  You will want to get an inspection done before you buy.  Just because it is a new home, doesn't mean that it will be problem-free.

8. Always Read the Title Report.  You will want to make sure that any new additions are fully permitted with the appropriate agencies.

We hope these homebuyer tips help you out.  If you are looking for a Queens home, contact Queens Realty today!