Painting or re-painting your house is a great way to drastically alter your home’s curb appeal and it may be the perfect option if you want to give your house a brand new look. Give your exterior walls some flair by picking a color different than what was previously on your house and accentuate it by finding a nice color for the trim as well. Don’t wait too long to paint your house because that could make the job much more difficult; you should paint before the previous coat begins to show signs of wear and tear.

Fencing around your yard is a great way to increase your home’s appeal. A small white-picket fence is a simple way to give your house a nice, cozy look. Putting up a fence on the sides of your yard is a practical way to increase your privacy and your curb appeal at the same time.

Adding a deck or a wing to your deck could be perfect if you like to spend time outside and also want to increase your home’s curb appeal. Adding a wing to your deck is easier than enlarging it and gives you two areas to gather instead of one. Painting or staining your deck is crucial to adding the curb appeal you seek, so dedicate a weekend or two every other year where you or a professional handyman can make your deck look good as new.

If you look at supply curve of real estate inventory over the past decade, you quickly notice that the supply curve went way up for the past 6 years. The climb began in 2004 and peeked in the middle 2006. From there, the supply curve to real estate for sale has had an erratic, but slow downturn. This supply curve would indicate that inventory levels in real estate have returned to normal. This is a great indicator of health in the housing market.

There are reports that banks are holding a lot of foreclosure inventory off the market. By holding back inventory, they stabilize supply curve of the housing market and preserve home values. This bank owned inventory is called Shadow inventory.

In any case, the good news for home sellers is that low inventory puts upward pressure on home values. This is also a clear signal to potential buyers – buy now or pay more later.

Century 21 Real Estate LLC, the franchisor of the world’s largest real estate sales organization, announced that it has maintained its industry leadership position in brand awareness for the 11th consecutive year. In a study conducted by Millward Brown, a leading global market research organization, the CENTURY 21® brand achieved 95 percent name recognition, the highest consumer awareness level when compared to other real estate brands.

“We are proud of the fact that the CENTURY 21 brand continues to rank highest in consumer brand recognition year after year,” said Bev Thorne, chief marketing officer, Century 21 Real Estate LLC. “Our innovative marketing is designed to keep the CENTURY 21 brand name top-of-mind by providing home buyers and sellers with the information they want, when they want it and how they want it. To ensure our continued leadership, our market messaging is both online and in traditional broadcast media. We’re also in many new venues from mobile apps for all smart phones, to customized Facebook business pages as well as the Super Bowl.”

Other key findings of the Millward Brown study:

·         As in previous years, consumers continued to identify the CENTURY 21 brand as “the most recognized name in real estate.”  The nearest competitor trailed by a substantial seven (7) percentage points.

·         CENTURY 21 Real Estate continues to remain one of the top recommended agencies in “Likelihood to Recommend” and “Consideration” for future real estate transactions among active real estate consumers.
On Feb. 5, 2012, CENTURY 21 Real Estate enhanced its industry-leading brand awareness with the airing of its first-ever Super Bowl ad on NBC. The company also aired 16 pre-game ads and sponsored the 3:30-4:00 p.m. block of the Super Bowl pre-game show.

Millward Brown Study Methodology
Source: 2011 Ad Tracking Study. The survey results are based on 1,200 online interviews with a national random sample of adults (ages 18+) who are equal decision makers and who have bought or sold a home within the past two years or plan to purchase or sell a home within the next two years.   Brand awareness questions are based on a sample of 1,200 respondents at a 90% confidence level with a margin of error is +/- 2.4%.  The study was conducted between September 12  and November 20, 2011 by Millward Brown, a leading global market research organization.

About Century 21 Real Estate LLC
Century 21 Real Estate LLC (CENTURY21.com) is the franchisor of the world’s largest residential real estate sales organization, providing comprehensive training and marketing support for the CENTURY 21 System.  The System is comprised of more than 7,600 independently owned and operated franchised broker offices in 71 countries and territories worldwide. Century 21 Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services.

© 2012 Century 21 Real Estate LLC. CENTURY 21® Is A Registered Trademark Licensed To Century 21 Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each CENTURY 21 Office is Independently Owned and Operated.

• IRS Tool Calculates What You Owe on First-Time Home Buyer Tax Credit

  A new online tool helps home owners who used the 2008 first-time home buyer tax credit calculate how much they now have to pay back. 

  If you bought a home in 2008 and took advantage of the original first-time home buyer tax credit in 2008, you have to pay it back. The credit was a no-interest loan, and you repay it in equal installments over 15 years through your tax return.

  If you claimed the tax credit in 2009, 2010, or 2011 and then sold your house within 36 months, you’ll also have to pay back the credit when you next pay your federal taxes. Also, anyone who sold their home, or stopped using it as their main home, may have to repay the entire credit whether their home was purchased in 2008, 2009, or 2010. If you took advantage of a later version of the tax credit and stayed put, you don’t have to repay it.

  To make it easier to calculate how much you have to pay back, the Internal Revenue Service developed an online tool, which tells you:

  • The original amount of the tax credit you got
  • How much of the tax credit you’ve already paid back
  • How much you still owe
  • How much you’re going to owe in future years (your annual installment repayment amount)

  All you need to use the tool is your Social Security number, date of birth, your street address, and Zip code.

  Enter the information you get from the online tool into line 59b of Form 1040 or line 58b of Form 1040NR. You don’t need to attach Form 5405, the First-Time Homebuyer Credit and Repayment of the Credit, to your return unless you’re repaying the credit because the home stopped being your main home.

   

  First-time home buyer tax credit complications

  In some cases, calculating your tax credit repayment is complicated — say your property has a separate building that you use for a business, your spouse dies, you converted your home to a rental property, or your home is destroyed or condemned — so check the rules on your repayment situation. You may also need to consult an earlier version of the form

   

“The problem for many,” noted consumer finance consultant Elizabeth Ray, “is the lack of a down payment. But favorable price and mortgage conditions will likely last for a while. The smart and hopeful first-time buyer will take advantage of the opportunity to save now for that needed down payment.”

For those willing to make a few sacrifices in the short-term, Ray suggests eight possible ways to help consumers watch their savings pile up more quickly:

• Bank the extras – Anytime you get a refund, bonus, commission or birthday check, bank it in a separate savings account.
• Live on one income – Working couples should try to live on one income and bank the other—or half of it.
• Get a roommate – If single and living on your own, think about halving your monthly costs by taking in a roommate.
• Ditch the second car – If possible, use public transportation and bank the sale funds or payments.
• Do without extras – Can you do without cable? Eating out every night? That Starbucks stop every morning?
• Pay off debt – As you pay off high interest debt to better your credit rating, you will also be saving that high interest spend. Try to bank the payments you no longer need to make.
• Ask about a piggyback mortgage – Consult with a mortgage broker. If you can’t quite get the required percentage together for your down payment, but have a high enough monthly income, you may be able to get a piggybank loan to cover what your first mortgage won’t.
• Check out loan assistance programs – Government organizations like Veterans Affairs and FHA offer special programs designed to help people who don’t have large down payments obtain mortgage financing. Also check with state and local housing authorities to find out what assistance they may offer.

Sin #1: Deducting the wrong year for property taxes

You take a tax deduction for property taxes in the year you (or the holder of your escrow account) actually paid them. Some taxing authorities work a year behind — that is, you’re not billed for 2011 property taxes until 2012. But that’s irrelevant to the feds.

Enter on your federal forms whatever amount you actually paid in 2011, no matter what the date is on your tax bill. Dave Hampton, CPA, tax manager at the Cincinnati accounting firm of Burke & Schindler, has seen home owners confuse payments for different years and claim the incorrect amount.

Sin #2: Confusing escrow amount for actual taxes paid

If your lender escrows funds to pay your property taxes, don’t just deduct the amount escrowed, says Bob Meighan, CPA and vice president at TurboTax in San Diego. The regular amount you pay into your escrow account each month to cover property taxes is probably a little more or a little less than your property tax bill. Your lender will adjust the amount every year or so to realign the two.

For example, your tax bill might be $1,200, but your lender may have collected $1,100 or $1,300 in escrow over the year. Deduct only $1,200. Your lender will send you an official statement listing the actual taxes paid. Use that. Don’t just add up 12 months of escrow property tax payments.

Sin #3: Deducting points paid to refinance

Deduct points you paid your lender to secure your mortgage in full for the year you bought your home. However, when you refinance, says Meighan, you must deduct points over the life of your new loan. If you paid $2,000 in points to refinance into a 15-year mortgage, your tax deduction is $133 per year.

Sin #4: Failing to deduct private mortgage insurance

Lenders require home buyers with a down payment of less than 20% to purchase private mortgage insurance (PMI). Avoid the common mistake of forgetting to deduct your PMI payments. However, note the deduction begins to phase out once your adjusted gross income reaches $100,000 and disappears entirely when your AGI surpasses $109,000. Also, unless Congress acts to extend the PMI deduction again, 2011 is the last tax year for which you can take this deduction.

Sin #5: Misjudging the home office tax deduction

This deduction may not be as good as it seems. It’s complicated, often doesn’t amount to much of a deduction, has to be recaptured if you turn a profit when you sell your home, and can pique the IRS’s interest in your return. Hampton’s advice: Claim it only if it’s worth those drawbacks. If so, here’s what to know about what you can write off.

Sin #6: Missing the first-time home buyer tax credit

While the original home buyer tax credit deadline passed in April 2010 (and isn’t available in 2012), military families and some government workers on assignment outside the U.S. were given an extension until April 30, 2011, to get a home under contract and take advantage of up to $8,000 in tax credits for first-time buyers and $6,500 in credits for repeat buyers.

It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

Sin #7: Failing to track home-related expenses

If the IRS comes a-knockin’, don’t be scrambling to compile your records. Many people forget to track home office and home maintenance and repair expenses, says Meighan. File away documents as you go. For example, save each manufacturer’s certification statement for energy tax credits, insurance company statements for PMI, and lender or government statements to confirm property taxes paid.

Sin #8: Forgetting to keep track of capital gains

If you sold your main home last year, don’t forget to pay capital gains taxes on any profit. However, you can exclude $250,000 (or $500,000 if you’re a married couple) of any profits from taxes. So if you bought a home for $100,000 and sold it for $400,000, your capital gains are $300,000. If you’re single, you owe taxes on $50,000 of gains. However, there are minimum time limits for holding property to take advantage of the exclusions, and other details. Consult IRS Publication 523.

Sin #9: Filing incorrectly for energy tax credits

If you made any eligible improvement, fill out Form 5695. Part I, which covers the 30%/$1,500 credit for such items as insulation and windows, is fairly straightforward. But Part II, which covers the 30%/no-limit items such as geothermal heat pumps, can be incredibly complex and involves crosschecking with half a dozen other IRS forms. Read the instructions carefully.

Sin #10: Claiming too much for the mortgage interest tax deduction

You can deduct mortgage interest only up to $1 million of mortgage debt, says Meighan. If you have $1.2 million in mortgage debt, for example, deduct only the mortgage interest attributable to the first $1 million.

This article provides general information about tax laws and consequences, but shouldn’t be relied upon by readers as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.

By: G. M. Filisko

Published: January 5, 2012

Prime Lending notes the eight most important factors to compare when shopping for a mortgage:
• Principal – The principal is the amount you are borrowing—or the price of the home you are buying minus the down payment. Lenders will tell you how much they are prepared to lend you based on your income and credit score. That will help you determine how much house you can afford. Plan on putting down 10% to 20% to get the best rates.

• Mortgage type – Mortgages fall into two categories; fixed rate or adjustable. With a fixed rate mortgage, you pay the same amount each month for as long as you have the loan. The interest rate is slightly higher than some adjustable rate mortgages, but adjustable rates change with the market and will likely rise over time. Currently rates are at historically low rates.

• Interest rate – A loan with the lowest posted rate may have higher closing costs. Consider the Annual Percentage Rate (APR), which takes into account the interest rate and the loan’s other costs.
• Monthly payment – A mortgage loan should help you build equity in your home. The best one may or may not be the one that carries the lowest monthly payment. Consult a mortgage broker for details.
• Term – The term is the number of years your loan will remain active. Mortgages with shorter terms generally carry a higher monthly payment but they can save you a lot of interest over the years.
• Discount points - A point is equal to one percent of the principal. Lenders may offer you the chance to pay points in order to lower the interest rate of your mortgage. If you plan to stay in the home a long time, it may make sense to pay points.
• Lock-ins – When you apply for a loan, the lender will quote you the rates. But rates can go up while you shopping for a home, so it’s a good idea to lock in the quoted rates. There may or may not be a fee to do so. You can lock in your Prime Lending rate by contacting a mortgage specialist at 949.633.2919.
• Closing costs – Origination fees, appraisal fees, and other costs will be added to your loan. Ask your lender for a good faith estimate of the costs, and an explanation of any charges you don’t understand.

Original article available at Forbes.com

Buy outright or invest? This recent Forbes article showcases one man’s decision.

When a 62-year-old financial advisor bought a two-bedroom Manhattan co-op recently, he showed up at the closing with a check for the full $970,000 purchase price. No mortgage? “The money I had in cash was sitting getting 0% interest,’’ explains the man, who asked not to be named. “It made absolutely no sense to borrow.”

There were other benefits as well to buying for cash, he says. He figures he got a “liquidity discount” for being able to close quickly—the asking price had been $1.05 million. And he avoided the hassles and paperwork that come with getting a mortgage these days. At the closing, he gloats, “they spent more time making photocopies than anything, so we sat discussing Broadway plays.”

Similar closing scenes are playing out across the country these days—minus the theater chitchat. Rates for 30-year fixed mortgages are hovering at 4%, and 15-year fixed loans can be had for 3.5% or less, the lowest in more than 50 years. Yet the National Association of Realtors ­estimates that roughly 30% of U.S. home buyers are now making their purchases 100% in cash, compared with 15% in 2008.

Some cash buyers are foreigners, who have never easily qualified for U.S. mortgages. Some are very-high-net-worth folks who have long favored cash for their multimillion-dollar trophy mansion purchases. The increase in cash buying comes mainly from two other groups: real estate investors, who nowadays rarely qualify for mortgages at all, and older buyers (like the New York financial advisor) who could qualify for mortgages but don’t want to.

In foreclosure-plagued Florida, where prices in some areas are down 55% from the peak, investors and ­snowbirds bearing cash dominate the market. Charlie Brasington is chief executive of Hoffman Development Group, which since 2008 has been using cash from private investors to buy distressed Tampa- and Palm Beach-area condo buildings from banks. Hoffman fixes the properties up and then sells the units to end users. Brasington reports two-thirds of the roughly 300 units Hoffman has sold so far, through Engel & Völkers, have gone for cash, as have all eight of the $1 million-plus penthouses it has moved.

“These people probably have $5 million or more, so to take 10% of it out and buy a quality home in Florida and know that you’ve got your stake in the sand, that may be a good investment,” Brasington says. “Your cash is not ­making money in a CD, that’s for sure, and in the stock market there’s volatility. In real estate, sure, you may have some downward trend still, but there’s not that volatility anymore.”

A sales pitch? Sure. But recent cash buyers make similar points, and signs abound that Florida prices may have bottomed. If you’re considering a cash purchase, here are some pointers.

Continue reading at Forbes.com.

For businesses, the Central Coast offers many Commercial advantages. Commercial rents run from $1 per square foot to $3.50 per square foot for comfortable office space. Sure, there are some locations that charge more, but they are more unique rather than the norm.

According to a list compiled by the Building Owners and Managers Association (BOMA), San Luis Obispo County commercial rents are at an awesome discount to the Bay Area and Los Angles Area. These metropolitan areas represent 5 of the top 10 most expensive commercial rental markets in America. New York is number one at $48.27 per square foot, followed by Washington, D.C. at 42.63 per square foot.

San Mateo, CA $41.61 per square foot

Santa Monica, CA 36.67 per square foot

San Francisco, CA 34.86 per square foot

San Jose, CA 30.35 per square foot

Los Angles, CA 27.97 per square foot

Companies who lease in the cities can probably afford to buy commercial property here.

Century 21 Hometown is a full service real estate brokerage. We can support you in moving your business and your people. Our firm can help with your relocation needs for both businesses and your talented staff.

Contact our Director of Commercial Services, Jim Kelsey at 805-541-1941 to learn more about commercial real estate opportunities in San Luis Obispo County. Century 21 Hometown has 14 offices with local real estate experts throughout San Luis Obispo County and Bakersfield.

Templeton has a Mediterranean climate that is characterized by mild winters and dry summers. The area usually has low humidity. Rain generally falls only between November and March, with the rainy season tapering off almost completely by the end of April.

Templeton is home to businesses that serve the local ranching and agriculture, including horse ranches and vineyards. The four largest parts of the economy are the hospital, the school, the wine and agriculture brought in from the country-side, and the businesses on Main Street.

Templeton is emerging as a world class wine producer many of the wineries with the “Paso Robles” appellation are actually located in the unincorporated Templeton area – including Castoro, Peach Canyon, York Mountain, and Wild Horse.

There is a growing production of olive oil, and there are many small groves growing excellent olives for oil and table olives.

A very limited number of large corporations have made Templeton their primary place of business. Major businesses that operate with primary locations in Templeton include Weyrick Lumber, Santa Margarita Construction Corp (Brukiewicz Western) and Castoro Cellars, Peachy Canyon Winery, York Mountain Winery, Wild Horse Winery amongst other wineries.

The 2010 United States Census reported that Templeton had a population of 7,674.

Templeton, is a small, fast growing, rural town. It has added dwelling units faster since 1990 than any other community in the county (a 63% increase), with developments competing for prime land with vineyards.