If you are a homeowner, make sure you take advantage of all the credits available to you when you file your taxes this year. Numerous deductions and credits are available for homeowners. These include capital gains and mortgage interest deductions, as well as credits for energy-efficient upgrades.
To get the latest information on energy credits for this year's tax return, visit EnergyStar.gov. You may be able to deduct portions of improvements on everything from windows and doors to water heaters.
Why do homeowners get such special treatment? For starters, the National Association of Realtors reports that "home owners pay 80-90 percent of all U.S. federal income taxes." And the credits and deductions don't just benefit wealthy homeowners.
Ninety-one percent of home owners who claim the mortgage interest deduction earn less than $200,000 a year, and the ability to deduct the interest paid on a mortgage can mean significant savings at tax time. For example, a family who bought a home in 2010 with a $200,000, 30-year, fixed-rate mortgage, assuming an interest rate of 4.5 percent, could save nearly $3,500 in federal taxes when they file this year. (NAR)
NAR President Ron Phipps says that homeownership has many positive impacts. "Recent proposals to reduce or eliminate the mortgage interest deduction and remove government support of the housing finance market could have disastrous consequences for the economy, not to mention making it harder or nearly impossible for millions of families to own their own homes. We believe America must continue to invest in home ownership, for the future of our families and our nation.”
Need some tips for this tax season? Take a trip over to houselogic.com, a free source of information from NAR, for the latest tips.
If you would like a detailed sales report on your specific property type or neighborhood, or would like information on the best buys at the lake, contact C. Michael Elliott & Associates at 866.Your.Lake or cme@yourlake.com View thousands of lake area listings at www.YourLake.com. You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com
Monday, April 11, 2011
Thursday, March 3, 2011
The Light at the End of the Tunnel
As we progress over the next few months into this Spring market we will be better able to review sales statistics to see if we truly are starting to rebound however, the research I have done based on the first six weeks of this year are promising. Based on data from our Bagnell Dam Association of REALTORS Multiple Listing System comparing the time frames of January 1 thru February 15 of each year from 2002 to the present, I am seeing an upward trend in the number of homes sold, the total sales volume and an increase in the upper range of sales prices.
This chart lays out the numbers of homes sold, average sales price, range of sales prices and the total volume of sales dollars.
The next 30 days will be the strongest indicator as to whether we are starting to get back on track (or if perhaps we should get off the track in case this light I’m seeing is another train). I personally have had more business in the first six weeks of 2011 than I had the last six months of 2010.
On another positive note in my life, Karen and I were fortunate to be able to sell our personal home in The Villages at Shawnee Bend during this tough market. We moved in February to another property we own on Horseshoe Bend. We had just sold another home we owned in Osage Beach the end of last year so we are breathing a lot easier. As we’ve done in the past, we’d like to purchase another lot and build again but plan to spend at least the next year concentrating on taking our real estate business to the next level, making time for family and friends and hopefully for some personal enjoyment and relaxation.
If you would like a detailed sales report on your specific property type or neighborhood, or would like information on the best buys at the lake, contact C. Michael Elliott & Associates at 866.Your.Lake or cme@yourlake.com View thousands of lake area listings at www.YourLake.com. You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com
Tuesday, November 16, 2010
Recent Events and Future Forecast
Kudos to Matt Duenke and the Duenke family. They have enlisted the Zanola Company firm to conduct in depth demographic and market research and economic forecast research for the lake area. This will enable them to better gauge the future development at the lake. This will assist them in determining the best use of the Duenke Family Properties around the new expressway. They have generously set up meetings open to area business people and general public to share the information. The Duenke Family is carrying the costs of these studies and presentations.
I am excited to announce that The Duenke Family has chosen C. Michael Elliott & Associates to represent them in the marketing and sales of The Estates at Palisades Highlands. We are looking forward to a long term relationship coordinating the sale of their properties.
The response to my article last month was huge. I want to thank everyone that took the time to share their thoughts with me. I have seen an increase in real estate activity since the election. I feel that regardless of the outcome, people were waiting to see what happened before making any decision to move forward with purchasing property.
As Colin Powell said in a recent interview; "American people still believe in this country. What they're waiting for is for the political leaders in Washington to get on with the solution to problems and not continue to argue with each other. The next year is going to be important."
It has almost been a year since Karen and I started C. Michael Elliott & Associates. It has certainly been an interesting year. We have seen our local market finally stabilize. There has been an increase in home sales and we are now seeing movement in the luxury home market. There have also been several commercial transactions where the commercial market was almost non-existent the previous two years. In all, indicators point toward a much better 2011 both locally and nationwide.
We appreciate all of our family, friends, clients and the Realtor community who have helped us to have a successful year in the toughest market we’ve experienced in our combined 55 years in the lake real estate business. Best wishes to everyone for a Merry Christmas and Happy New Year!
If you would like a detailed sales report on your specific property type or neighborhood, or would like information on the best buys at the lake, contact C. Michael Elliott & Associates at 866.Your.Lake or cme@yourlake.com View thousands of lake area listings at www.YourLake.com. You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com
I am excited to announce that The Duenke Family has chosen C. Michael Elliott & Associates to represent them in the marketing and sales of The Estates at Palisades Highlands. We are looking forward to a long term relationship coordinating the sale of their properties.
The response to my article last month was huge. I want to thank everyone that took the time to share their thoughts with me. I have seen an increase in real estate activity since the election. I feel that regardless of the outcome, people were waiting to see what happened before making any decision to move forward with purchasing property.
As Colin Powell said in a recent interview; "American people still believe in this country. What they're waiting for is for the political leaders in Washington to get on with the solution to problems and not continue to argue with each other. The next year is going to be important."
It has almost been a year since Karen and I started C. Michael Elliott & Associates. It has certainly been an interesting year. We have seen our local market finally stabilize. There has been an increase in home sales and we are now seeing movement in the luxury home market. There have also been several commercial transactions where the commercial market was almost non-existent the previous two years. In all, indicators point toward a much better 2011 both locally and nationwide.
We appreciate all of our family, friends, clients and the Realtor community who have helped us to have a successful year in the toughest market we’ve experienced in our combined 55 years in the lake real estate business. Best wishes to everyone for a Merry Christmas and Happy New Year!
If you would like a detailed sales report on your specific property type or neighborhood, or would like information on the best buys at the lake, contact C. Michael Elliott & Associates at 866.Your.Lake or cme@yourlake.com View thousands of lake area listings at www.YourLake.com. You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com
Hope Pray Vote
As I write this, we are a week away from the November mid term elections. I hope and pray that this election will regain some balance to our country’s economic situation and I will be voting my support for a return to conservative values and agendas. I feel we will begin to see a return in consumer confidence as power shifts from the current idea that we can spend our way out of debt and cover those debts by increased taxes on a society that has already been taxed to death.
The lake area is positioned for its next growth phase. The opening of the latest phase of the expressway has met with some controversy but I feel will contribute to a renewed commercial market which has been almost non existent in the past two years. Combined with other developments; I feel we are poised for growth that far exceeds anything we have experienced in the lake’s history.
Dierberg’s plan to locate in the former High Point Center also includes a 36,000 square foot Best Buy along with another big box store that has not yet been named. John Q. Hammons’ Chateau at the Lake is on schedule to break ground by late winter. Plans are still in the works for the Horseshoe Bend Parkway and Prewitt’s development at the corner of the Parkway and Expressway includes several big box stores.
All of this progress will mean more jobs, more revenue to our local businesses as well as local governments. Housing demands will increase along with both residential and commercial real estate values.
I have worked with many clients over the past year that are capable of purchasing but have been concerned about what is happening in our country and hesitant to move forward. Our country was built on private land ownership and I truly feel that with historically low interest rates and property values as well as what is going on in local development, those who purchase now will see a great long term gain on their investment. I feel this is true of all property types; commercial, residential and income producing properties. Where and what you purchase is still a very important factor and I urge you to enlist the support of a real estate professional in making these decisions.
If you would like a detailed sales report on your specific property type or neighborhood, or would like information on the best buys at the lake, contact C. Michael Elliott & Associates at 866.Your.Lake or cme@yourlake.com View thousands of lake area listings at www.YourLake.com. You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com
The lake area is positioned for its next growth phase. The opening of the latest phase of the expressway has met with some controversy but I feel will contribute to a renewed commercial market which has been almost non existent in the past two years. Combined with other developments; I feel we are poised for growth that far exceeds anything we have experienced in the lake’s history.
Dierberg’s plan to locate in the former High Point Center also includes a 36,000 square foot Best Buy along with another big box store that has not yet been named. John Q. Hammons’ Chateau at the Lake is on schedule to break ground by late winter. Plans are still in the works for the Horseshoe Bend Parkway and Prewitt’s development at the corner of the Parkway and Expressway includes several big box stores.
All of this progress will mean more jobs, more revenue to our local businesses as well as local governments. Housing demands will increase along with both residential and commercial real estate values.
I have worked with many clients over the past year that are capable of purchasing but have been concerned about what is happening in our country and hesitant to move forward. Our country was built on private land ownership and I truly feel that with historically low interest rates and property values as well as what is going on in local development, those who purchase now will see a great long term gain on their investment. I feel this is true of all property types; commercial, residential and income producing properties. Where and what you purchase is still a very important factor and I urge you to enlist the support of a real estate professional in making these decisions.
If you would like a detailed sales report on your specific property type or neighborhood, or would like information on the best buys at the lake, contact C. Michael Elliott & Associates at 866.Your.Lake or cme@yourlake.com View thousands of lake area listings at www.YourLake.com. You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com
Monday, February 22, 2010
Better Lucky than Smart?
I’d like to think I’m smart enough to know when I’ve gotten lucky. The past 60 days have been some of the most challenging in my life. At the onset of the new year, I resolved my partnership in my real estate company, started a new company, lost my mother to COPD in January and, like so many of you, have battled a slow economy and down real estate market.
The outpouring of sympathy, well wishes, support and assistance from friends, family and acquaintances in the business community has been incredible as well as humbling. The offers of assistance from agents in competing companies has been amazing. I am truly blessed and very lucky indeed to be surrounded by people so generous and caring and I appreciate each kindness.
The increase in new business since the start of the year has been both exhilarating and at times, overwhelming. Homes sales are up over last year and interest rates are still extremely attractive. Congress extended the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010 and expanded the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home by April 30, 2010. Again, I have gotten very lucky to have such key items in play at such a crucial time in my business.
C. Michael Elliott and Associates new real estate offices are located at 3738 Highway 54 in Osage Beach next to U.S. Mortgage. The offices are under construction and we are on target to move in this month. My wife and business partner, Karen, and I will host an open house on Saturday, April 24th from Noon to 4 p.m. and hope you will be able to stop by and visit us and meet our staff and sales agents.
If you would like a detailed sales report on your specific property type or neighborhood, or would like to ask a lake real estate question, contact C. Michael Elliott & Associates at 866.Your.Lake or cme@yourlake.com View thousands of lake area listings at www.YourLake.com. You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com
The outpouring of sympathy, well wishes, support and assistance from friends, family and acquaintances in the business community has been incredible as well as humbling. The offers of assistance from agents in competing companies has been amazing. I am truly blessed and very lucky indeed to be surrounded by people so generous and caring and I appreciate each kindness.
The increase in new business since the start of the year has been both exhilarating and at times, overwhelming. Homes sales are up over last year and interest rates are still extremely attractive. Congress extended the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010 and expanded the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home by April 30, 2010. Again, I have gotten very lucky to have such key items in play at such a crucial time in my business.
C. Michael Elliott and Associates new real estate offices are located at 3738 Highway 54 in Osage Beach next to U.S. Mortgage. The offices are under construction and we are on target to move in this month. My wife and business partner, Karen, and I will host an open house on Saturday, April 24th from Noon to 4 p.m. and hope you will be able to stop by and visit us and meet our staff and sales agents.
If you would like a detailed sales report on your specific property type or neighborhood, or would like to ask a lake real estate question, contact C. Michael Elliott & Associates at 866.Your.Lake or cme@yourlake.com View thousands of lake area listings at www.YourLake.com. You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com
Condo vs. Condo
There are 1063 new and resale condominium units currently on the market at the end of January through the Bagnell Dam and Lake of the Ozarks Multiple listing systems not including villas and townhomes. How do you choose which one is right one for you?
After determining criteria like square footage, and number of bedrooms and baths you can locate the developments with units that fit your needs as well as your pocket book. Sounds fairly easy, however, in searching for a 2-3 bedroom, 2-3 bath, 1000-1800 square foot unit in the $150,000 to $200,000 price range you will still have 277 units to consider. Obviously, you can narrow your search to a more specific area and determine what amenities are important to you such as pools, tennis courts and clubhouses.
At this point you could easily still have at least 150 units to choose from. I’d like to give you some pointers that will assist you in determining which development will be the best value for you. Whether you are hoofing it on your own or you have enlisted the aid of one of our many fine lake area real estate agents, here are some questions you need to ask.
ASSESSMENTS: How much are they and what do they include? If it is a new, developer held project, do they seem exceedingly low? (If so, look for them to rise in the future). How much reserve does the association hold? (This covers unexpected items not in the budget and if the reserve is low, plan on a special assessment should any problems arise.) Are there past, current or future special assessments and what was the assessment for? If the association has voted to put in new amenities that benefit the development you may be able to consider it an improvement but if construction elements (decks, roofs, siding, etc.) are failing before normal expectations, you may be looking at a money pit not only in terms of the assessment but in a negative impact on the project in unit value and resale potential.
CONSTRUCTION: Quality products, excellent workmanship and attention to detail will require you to look beyond the surface and make certain that shortcuts haven’t been used that will cost you in terms of value and repairs down the road.
DEVELOPER: Who developed this project, other projects? Are they still involved? Are they still in business? Look for a solid, reputable builder with a good track record.
The Condominium Act will allow you to see a “Resale Certificate” and view budgets and assessments prior to closing so even if you have made an offer on a condo; you still have an opportunity to review these items. If you are still in the looking stages, wouldn’t you rather know of any potential problems before you are heading to the closing table and already have your heart and dreams set on a condo that is not in your best interest?
If you would like a detailed sales report on your specific property type or neighborhood, or would like to ask a lake real estate question, contact C. Michael Elliott & Associates 866.Your.Lake or cme@yourlake.com View thousands of lake area listings at www.cme1st.com You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com
After determining criteria like square footage, and number of bedrooms and baths you can locate the developments with units that fit your needs as well as your pocket book. Sounds fairly easy, however, in searching for a 2-3 bedroom, 2-3 bath, 1000-1800 square foot unit in the $150,000 to $200,000 price range you will still have 277 units to consider. Obviously, you can narrow your search to a more specific area and determine what amenities are important to you such as pools, tennis courts and clubhouses.
At this point you could easily still have at least 150 units to choose from. I’d like to give you some pointers that will assist you in determining which development will be the best value for you. Whether you are hoofing it on your own or you have enlisted the aid of one of our many fine lake area real estate agents, here are some questions you need to ask.
ASSESSMENTS: How much are they and what do they include? If it is a new, developer held project, do they seem exceedingly low? (If so, look for them to rise in the future). How much reserve does the association hold? (This covers unexpected items not in the budget and if the reserve is low, plan on a special assessment should any problems arise.) Are there past, current or future special assessments and what was the assessment for? If the association has voted to put in new amenities that benefit the development you may be able to consider it an improvement but if construction elements (decks, roofs, siding, etc.) are failing before normal expectations, you may be looking at a money pit not only in terms of the assessment but in a negative impact on the project in unit value and resale potential.
CONSTRUCTION: Quality products, excellent workmanship and attention to detail will require you to look beyond the surface and make certain that shortcuts haven’t been used that will cost you in terms of value and repairs down the road.
DEVELOPER: Who developed this project, other projects? Are they still involved? Are they still in business? Look for a solid, reputable builder with a good track record.
The Condominium Act will allow you to see a “Resale Certificate” and view budgets and assessments prior to closing so even if you have made an offer on a condo; you still have an opportunity to review these items. If you are still in the looking stages, wouldn’t you rather know of any potential problems before you are heading to the closing table and already have your heart and dreams set on a condo that is not in your best interest?
If you would like a detailed sales report on your specific property type or neighborhood, or would like to ask a lake real estate question, contact C. Michael Elliott & Associates 866.Your.Lake or cme@yourlake.com View thousands of lake area listings at www.cme1st.com You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com
December Real Estate News
I have watched sales at Lake of the Ozarks increase over the past three months and, based on the current activity from buyers, I expect this to continue forward right into Spring.
At the end of November, Federal Reserve Chairman Ben Bernanke, speaking to the Economic Club of New York, described some of the well-known problems standing in the way of economic growth, especially double digit unemployment and consumer confidence that's shaky week by week at best.
But buried away in his speech he said: Housing in the coming year is going to be a relative bright spot - a helpful driver of national economic growth, rather than the wet blanket it's been for the past couple of years.
Think about that: Home sales and new home construction, at least according to the Fed, are likely to stimulate the economy in 2010; enough to generate jobs and help avoid a double-dip recession.
That forecast just happens to track nicely with another that came out last week: Fannie Mae issued its projections for the coming year and predicted that housing sales will jump by 11 percent even in the face of a slow recovery for the economy as a whole.
Meanwhile, scattered reports from hard-hit local real estate markets suggest that there may be some reasons for guarded optimism.
For example, research firm MDA DataQuick's latest report on sales and prices in southern California, found that October sales were up nearly three percent over September, and that prices are rebounding as well.
Now, as is almost always the case, not all the news is on the up side. New home starts dropped by a surprisingly large, seasonally-adjusted 10.6 percent, according to the U.S. Commerce Department however a lot of the decline came in multifamily housing apartment starts -- a volatile month by month index.
Finally into the mix, mortgage rates continue to be the magic potion for home buyers, dropping again further into the four percent range. Homes are at the most affordable in years, interest rates are at record lows and the first time homebuyer credit has been extended along with the addition of a second home buyer credit. Take advantage of these factors to secure a sound investment for yourself.
A brief update on the latest luxury home auction held the end of November. None of the four homes were sold at the auction. Again, I urge you to consult with a professional, knowledgeable REALTOR prior to making a decision on how to sell or buy property.
If you would like a detailed sales report on your specific property type or neighborhood, or would like to ask a lake real estate question, contact Michael at 877.365.cme1 (2631) or cme@yourlake.com View thousands of lake area listings at www.cme1st.com You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com
At the end of November, Federal Reserve Chairman Ben Bernanke, speaking to the Economic Club of New York, described some of the well-known problems standing in the way of economic growth, especially double digit unemployment and consumer confidence that's shaky week by week at best.
But buried away in his speech he said: Housing in the coming year is going to be a relative bright spot - a helpful driver of national economic growth, rather than the wet blanket it's been for the past couple of years.
Think about that: Home sales and new home construction, at least according to the Fed, are likely to stimulate the economy in 2010; enough to generate jobs and help avoid a double-dip recession.
That forecast just happens to track nicely with another that came out last week: Fannie Mae issued its projections for the coming year and predicted that housing sales will jump by 11 percent even in the face of a slow recovery for the economy as a whole.
Meanwhile, scattered reports from hard-hit local real estate markets suggest that there may be some reasons for guarded optimism.
For example, research firm MDA DataQuick's latest report on sales and prices in southern California, found that October sales were up nearly three percent over September, and that prices are rebounding as well.
Now, as is almost always the case, not all the news is on the up side. New home starts dropped by a surprisingly large, seasonally-adjusted 10.6 percent, according to the U.S. Commerce Department however a lot of the decline came in multifamily housing apartment starts -- a volatile month by month index.
Finally into the mix, mortgage rates continue to be the magic potion for home buyers, dropping again further into the four percent range. Homes are at the most affordable in years, interest rates are at record lows and the first time homebuyer credit has been extended along with the addition of a second home buyer credit. Take advantage of these factors to secure a sound investment for yourself.
A brief update on the latest luxury home auction held the end of November. None of the four homes were sold at the auction. Again, I urge you to consult with a professional, knowledgeable REALTOR prior to making a decision on how to sell or buy property.
If you would like a detailed sales report on your specific property type or neighborhood, or would like to ask a lake real estate question, contact Michael at 877.365.cme1 (2631) or cme@yourlake.com View thousands of lake area listings at www.cme1st.com You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com
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