Tag Archives: Mount Kisco Homes

Survey says: Hispanic investors face housing challenges | Mt Kisco Real Estate

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Despite financial confidence and an overall optimistic outlook, debt remains a top concern for many Hispanic investors, according to a recent survey.

Twenty-five percent of Hispanics surveyed are more concern about losing their home, compared to 12% for the overall population, Wells Fargo ($41.25 0%) said in its latest survey.

While Hispanic investors appear to be taking steps towards saving, there is still anxiety about having enough for retirement.

“Hispanic investors are facing tremendous challenges when it comes to saving for retirement. We are seeing immediate financial concerns like covering household bills and mortgage payments are interfering with their ability to put money away toward retirement,” said David Roda, regional chief investment officer for Wells Fargo Private Bank.

He added, “These are complex challenges where one size doesn’t fit all in terms of a possible course of actions, but we would certainly encourage all investors to double down on their planning efforts, and really seek guidance from an advisor to ensure they are on track to meet their financial goals.”

Living in multi-generational households may also have a significant impact on Hispanic investors’ savings, as a number of respondents are caring for their own children, as well as parents or grandparents, the survey noted.

Nearly one in five, 18%, of Hispanic investors report currently living in a three-generation household and 27% expect to do so within the next decade.

 

Survey says: Hispanic investors face housing challenges | HousingWire.

Fannie, Freddie and FHA shrinking REO inventories | Mount Kisco Real Estate

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Fannie Mae, Freddie Mac and FHA had 189,529 homes in their real estate owned (REO) inventories at the end of March — a 9 percent drop from a year ago and a decline of nearly 36 percent from the 2010 peak,  financial blogger Bill McBride reports.

Other institutions — portfolio lenders and loan servicers who collect payments on “private-label” mortgage-backed securities (MBS) — also have stockpiles of REOs, but those inventories are declining, too, McBride says. Source: calculatedriskblog.com.

 

 

 

Fannie, Freddie and FHA shrinking REO inventories | Inman News.

Forget Lowballing: Bidding Wars Return in Hot Housing Markets | Mt Kisco Real Estate

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Are buyers being manipulated into overbidding for the relatively few attractive homes on the market?
Earlier this year, the National Association of Realtors (NAR) announced that the number of homes for sale in the U.S. had reached a low not seen since 1999. More homes have hit the market since then, but Lawrence Yun, NAR’s chief economist, said in March that in many areas around the nation, the inventory of homes for sale is unlikely to keep up with the number of interested buyers.
“Buyer traffic is 40% above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country,” said Yun. “We expect a seasonal rise of inventory this spring, but it may be insufficient to avoid more frequent incidences of multiple bidding and faster-than-normal price growth.
Bidding wars have been commonplace in Connecticut this spring, especially for mid-range properties ($300K to $600K), reports the Hartford Courant. Buyers are reportedly frustrated by “the slow trickle of new listings,” and “they are ready to pounce,” according to a local realtor, when an attractive property in their price range comes onto the market.
Bidding wars have also been popping up in cities such as Denver, where half of new homes on the market have been selling in under 30 days. CNN Money recently noted that nine in 10 homes in hot markets in northern and southern California have attracted bidding wars, as have at least two-thirds of properties in Boston, New York City, Seattle, and Washington, D.C. “The only question is not whether a new listing will get multiple bids but how many it will get,” one agent in the Sacramento area explained.

 

Forget Lowballing: Bidding Wars Return in Hot Housing Markets | Mt Kisco Real Estate | Bedford NY Real Estate | Robert Paul Talks Life in Bedford NY.

6 ways to increase your chances of being audited | Mt Kisco Realtor

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Now that we’ve entered the tax filing season, many taxpayers’ thoughts naturally turn to the subject of IRS audits. What are the chances you’ll be audited by the IRS? It depends.

The overall audit rate is low. In 2012 only 0.94 percent of all individual taxpayers with incomes under $200,000 were audited. Taxpayers with incomes of $200,000 to $1 million were audited at a 3.7 percent rate.

However, there are a number of ways to greatly increase your audit odds. Here are six:

1. Be a real estate professional

There are no statistics available on how often real estate professionals are audited, but anecdotal evidence indicates they are in the IRS’ crosshairs. This is particularly true for real estate pros who own rental property and claim rental losses.

Unlike everybody else, real estate professionals can be exempt  from the passive loss rules that greatly limit the ability to deduct rental property losses from other nonrental income. If you claim such losses, the IRS will take more interest in your return.

This is especially likely if you have a full-time job and also claim to be a real estate pro. The IRS is highly skeptical that people who have day jobs can put in enough hours in real estate to qualify as a real estate professional for tax purposes.

2. Claim 100 percent business use of your only vehicle

Another way to greatly increase your audit chances is to claim that you use a vehicle 100 percent for business when you own only one vehicle. When you claim the business mileage deduction on Schedule C you are specifically asked how many cars you own. If you own only one, the IRS is not going to believe you use it exclusively for business.

3. Claim large travel and entertainment deductions

Large travel and entertainment deductions invite scrutiny by the IRS. Historically, these have been some of the most abused deductions by taxpayers. As a result, the record keeping requirements for them are particularly stringent. Remember, you can deduct entertainment or meals only if there is a business purpose for the expense.

4. Large charitable deductions

You’ll invite IRS scrutiny if your charitable deductions are disproportionately large compared to your income. Also, remember that you must file IRS Form 8283 if you claimed a total deduction of more than $500 for all donations of property. You’ll need to get an appraisal if you claim a deduction of $5,000 or more for a single item.

5. Claim ambiguous or general expenses

Listing expenses under vague categories such as “miscellaneous” or “general expense” invites IRS scrutiny. Be specific. IRS Schedule C lists specific categories for the most common small-business expenses. If an expense doesn’t fall within one of these classifications, create a specific name for it.

6. Fail to report all of your income

IRS computers compare 1099 forms that self-employed real estate pros receive with their tax returns to determine whether there are any discrepancies. If there are, you’ll be contacted by the IRS.

 

via inman.com