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Financial Benefits to owning a home…

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Owning a home invokes more than a sense of pride and freedom. It is also a long-term investment opportunity. With tax season here, it is a great time to speak to your tax advisor about the tax advantages associated with homeownership.

Some of the items you should plan to discuss include the following tax breaks commonly available to homeowners.

  • Mortgage interest deduction: Interest you pay on a mortgage of up to $1 million – or $500,000 if you’re married filing separately – is deductible when you use the loan to buy, build or improve your home. 
  • Prepaid interest deduction: Points you paid when you took out your mortgage is 100 percent deductible in the year you paid them. 
  • Property tax deduction: You can deduct the real estate property taxes you pay each year, as well as any property taxes paid at the time you closed the purchase of your house.
  • Mortgage insurance premium deduction: If you had to take out private mortgage insurance, the premium on that insurance can be deducted, as long as your income is less than $100,000 (or $50,000 for married filing separately).

Speak to your preferred tax professional for advice and more specifics about how these deductions and credits could lower your tax bill.

Looking to buy a home in Princeton? Take a look at these great Princeton properties:


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Positive Housing News…

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Tim McLaughlin, VP Weichert Financial Services

On Monday, we received yet another positive housing price measure for 2013, learning from the National Association of Realtors that the national median existing single family home price was $178,900 in 4Q, up 10.0% from $162,600 in 4Q2011, the strongest year over year price increase since the 4Q 2005.

The median existing single family home price rose in 133 out of 152 metropolitan statistical areas. Lawrence Yun, NAR chief economist who in the past has commented about lending standards being too restrictive, said all the conditions for strong price growth are at play. “Home sales are on a sustained uptrend, mortgage interest rates are hovering near record lows and unsold inventory is at the lowest level in 12 years,” he said. “Home sales are being fueled by a pent-up demand and job creation, along with still favorable affordability conditions and rents rising at faster rates. Our population has been growing faster than overall housing stock, so supply and demand dynamics are very much at play.”

Yun added that more housing construction is needed to relieve some of the pressure in the market and keep home prices from overheating.

 

Update on the Market: We continue to see the 10 year Treasury yield at the highest levels since early 2012 as the yield topped 2.00% again this morning. Combined with that is continued MBS to Treasury widening (essentially, Mortgage Backed yields are trading even wider to Treasuries, exacerbating the rate issue). We are seeing cash flow into Equities and the Dollar (the Dollar/Yen trade is a money maker right now), with the negative recipient of the trade being all classes of Fixed Income (particularly Mortgage Backed Securities). With that said, we are still seeing 30 year Mortgages with a 3 handle, and 15 years still beginning with a 2 in most cases, as the spring market beings to get its legs.

Youth Leading the Housing Charge

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Tim McLaughlin, VP Weichert Financial Services

Millennials and Generation X Americans reportedly place a higher value on homeownership than their older counterparts, a survey found.

While 96% of the survey respondents said homeownership was important, it was ranked as “very important” by 77% of those between 25 and 34 and 78% of those between 35 and 44. The survey was conducted between Dec. 5 and Dec. 15 with the sample consisting of people between 25 and 64 who either recently bought or sold a home or they said they were considering buying or selling a home. Millennials and Generation X, about 85 million people strong, face a unique opportunity in US housing; they are generally optimistic about homeownership and, by nature, share a strong sense of community.

As important, many were not impacted by the real estate downturn and are looking at today’s buying opportunities with keen interest. Right now, 63% of those surveyed said they had a favorable or somewhat favorable perception of the residential real estate market right now, with younger people more likely to have a favorable opinion than older ones.
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What is driving the bond market selloff over the past couple of weeks?

Investors seem to have turned to offsetting factors that encourage risk taking, thus “profit taking”/selling of safe U.S. Treasuries and Mortgage Backed Securities with the reallocation of those funds into higher risk assets: Corporate and Junk Bonds, Hedge Fund Allocation, and Equities in general -> the Dow Jones alone is up a whopping 6.5% in the first 5 weeks of 2013.
U.S. economic data is improving month over month, fears over China’s economy deteriorating are fading and the European Central Bank’s bond-buying program deters investors from attacking the sovereign debt market in Spain and Italy. All those factors have contributed to more global economic confidence, and with that, a reallocation of investment funds.

25 Morton Court, Lawrenceville townhouse for sale

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25-morton-lawrence-townhouse-dannielle-pearson Dannielle Pearson presents this Woodmont townhouse situated at the end of the cul-de-sac, this fabulous 3 bedroom has been fully update! This home has been extremely loved and well taken care of ~ from the new gleaming hardwood flooring to the updated bathrooms. The kitchen has been updated with white cabinetry, Corian counters, hardwood flooring, newer Casement windows and oversized sliders from the Kitchen to the Deck and Patio. Large Living Room featuring hardwood flooring, a wonderful stone corner fireplace along with recessed lighting. Upstairs you will find a Huge Master Bedroom with customized walk-in closet and full master bath along with 2 additional bedrooms completes the upper level. There is a finished basement/family room on the lower level, central vacuum with multiple hoses, 2 car garage, first floor laundry, ceiling fans and so much more! You can enjoy the wonderful community amenities of the pool, tennis courts and clubhouse. This home is close to all major highways, shopping, public transit and downtown Princeton!

Click here to make an appointment to see this home.

Not the townhouse you were looking for? Here are some more townhouses in the Princeton area currently for sale”


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Princeton Real Estate Market Seminar Slides

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Timing is Everything…Will Home Prices in 2013?

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Tim McLaughlin, VP Weichert Financial Services

81% of poll respondents to a Redfin poll believe home prices will rise in 2013. Those in the 81% are not far off, as the Federal Housing Finance Agency reported just that in its latest house price index. In fact, from November 2011 to November 2012, prices rose 5.6% and are predicted to continue their upward trajectory into 2013.

Because of this, some sellers are more inclined to wait. More than 34% of sellers indicated that missing out on future price gains was a major concern in selling today. These future price gains have buyers wanting to get in now too, before prices jump much higher. Of those surveyed, 54% believe now is a good time to buy.

Recently, the Mortgage Bankers Association noted that its home purchase index grew 3% from the prior period, a number that is expected to keep growing in the year ahead as prices continue to rise. We sit in a very transitional phase in housing right now. With mortgage rates anticipated to perhaps creep up by the end of the year, buyers are doing whatever it takes to get into their home now. However, prices are continuing to climb, and many sellers don’t want to sell prematurely, potentially missing out on greater price appreciation.


Only time will tell, but for those looking to buy, it is important to remember that rates can change within a day and the time to buy really is now.
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From the above, U.S. house prices rose 0.6% on a seasonally adjusted basis from October to November, according to the Federal Housing Finance Agency’s monthly House Price Index (HPI). The previously reported 0.5% increase in October was revised upward to a 0.6% increase.
For the 12 months ending in November, U.S. prices rose 5.6%. The U.S. index is 15.2% below its April 2007 peak and is roughly the same as the August 2004 index level. National home prices

FHA Premiums on the Rise…

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FHA to hike premiums on mortgages

By Les Christie @CNNMoney

January 31, 2013: 8:04 AM ET

 

“Government-insured mortgages are about to get more expensive.

The Federal Housing Administration, which is the largest insurer of low-down payment mortgages, announced Wednesday that it will raise premiums by 10 basis points, or 0.1%, onmost of the newmortgagesit insures.

Translation: A borrower opting for a 30-year, fixed-rate mortgage who puts 5% or more down will now pay an annual insurance premium of 1.3% of their outstanding balance. And someone who puts less than 5% down will pay a premium of 1.35%.

The agency said it will also raise premiums for borrowers with jumbo loans — or loans of $625,000 or more — by 5 basis points, or 0.05%, and increase the minimum down payment requirement on these loans to 5% from 3.5%. “

222 Bullock Drive, Princeton, A Princeton Home for Rent

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222 bullock drive princeton mark butlerMark Butler presents a new Princeton rental home at the end of a quiet cul-de-sac in Princeton’s Washington Oaks, this beautiful 3 bedroom, 2 1/2 bath townhome features an inviting tile foyer with vaulted ceiling leading into a formal dining room and living room. A double-sided gas fireplace complements these rooms. With an open floor plan, to the left is a breakfast room adjacent to the spacious kitchen. Heading upstairs, you will find 3 sizeable bedrooms with large windows and window treatments. The main bedroom features a tray ceiling with ceiling fan, wooded view, walk-in closet and well-lit main bath with soaking tub, separate shower and dual sinks. The second floor also has a second full bath accessible to the second bedroom and the hallway. The laundry with included washer and dryer rounds out the second floor. This home also has a 1 car garage, back deck and full, unfinished basement. The included association sports 2 tennis courts and playground. Washington Oaks Lease rider will accompany lease.

 

Not the Princeton rental you were looking for? Here are other Princeton rentals in the same price range:


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John Burke

Broker/Sales Person

Weichert, Realtors
350 Nassau St,
Princeton, NJ 08540
Office: (609) 921-1900

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