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January 2013 Real Estate Update & Newsletter

By Jeana Cowie

Real Estate Agent with RE/MAX Real Estate Limited

January 01, 2013 11:50 PM

Call Jeana Cowie, your Bergen County REALTOR© Cell# 201-982-2200

Jeana Cowie, ABR, CRS, GRI, SRES

January 2013

Over 600+ Homes SOLD. Paramus Real Estate Agent Specialist. Selling Bergen County Real Estate for 19+ years.
Call Jeana Cowie today at cell 201-982-2200

Mortgage Rates Low,
Tips To Qualify

Mortgage rates continue to remain low despite a recent slight increase. The 30-year fixed rate increased just a bit at the end of November but that comes on the heels of setting a record low of 3.31 percent. The 30-year fixed rate is still lower than it was this time last year, when it was at 4 percent.
While many people are taking advantage of the low rates and either refinancing or shopping for a home, some are finding it difficult to qualify. The tightening of credit and the increased lending restrictions have made the effort to get a new mortgage a headache for

Mortgage Rates

U.S. averages as of December 27, 2012:

30 yr. fixed: 3.35%
15 yr. fixed: 2.65%
1 yr. adj: 2.56%

View current rates

some. The good news is there are tips to help you qualify for a mortgage.
Here are a few that you should consider before you head to the bank or a mortgage company.

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Wondering What Your Bergen County Home Is Worth in Today's Market?

Call me for a free, no obligation market analysis 201-982-2200. Thinking of buying a Bergen County home? Call or email me today Email: jmcowie@optonline.net

Preserving the Mortgage Interest Deduction

In a time when the U.S. government is looking for tax hikes and ways to cut back and reduce the federal deficit of $16 trillion, the homeowners' mortgage interest deduction is on the chopping block. While the whole deduction might not be scrapped, modifications and limitations to it could affect many homeowners.
According to the Christian Science Monitor/TIPP survey, Americans would rather lose the charitable giving tax deduction than the mortgage interest deduction. The National Association of Realtors (NAR) reports that's because it's a middle class key incentive that helps Americans build wealth.
Suggestions from economists range from implementing an overall cap on itemized deductions, to eventually having a flat credit for the mortgage interest deduction. Other ideas include capping the amount of the deduction, say, at $500,000 instead of $1 million "or the rate at which mortgage interest deducted would be lower than the top marginal tax rate," said Jed Kolko Chief Economist of Trulia.com. A complete abolishment of the mortgage interest deduction "could greatly destabilize the economy," says

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Real Estate Resolutions
For 2013

For years, both buyers and sellers have been sitting on the fence.
Buyers have been waiting for the market to bottom out, so they can purchase at the best price. Sellers have been waiting for prices to improve, so they can sell at a better price.
With the housing recovery underway, 2013 is shaping up to be the perfect time to resolve those concerns.
Buyer or selling, here are some top-of-the list resolutions you should consider.
Resolutions for Buyers:
• Monitor your credit - Stop paying for a credit monitoring service and do-it-yourself. You get one free credit report from each of the big three credit reporting agencies - Experian, Equifax and TransUnion - as well as from any smaller credit reporting agency regulated by the Consumer Financial Protection Bureau.
If you begin in January getting a report from one agency, get the other two over the course of the year, ideally four months apart - January, May and September - effectively creating your own credit monitoring service - at no charge.
Your credit report is free, but you should also buy your credit score - a numerical rendition of your credit report.
Dayle Snyder with Snyder Group Luxury Real Estate in Las Vegas, NV, says look at your credit score from the lender's perspective. The least expensive loans are available at a score of 670 and above.

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Walkable Neighborhoods Driving Real Estate Interest

The closer your home is to shops, restaurants, community parks, and the easier it is to get around on foot increases buyer interest in your neighborhood and maybe your home.
With highly fluctuating gasoline prices and many people trying to conserve in an unstable economy, buyers are looking for ways to scale back. Walking is one of them. A home that's located in a neighborhood that offers pleasant and easy walks to multiple retail stores and eateries scores high among buyers, according to a report by a George Washington University professor. Compact urban areas like the Washington, D.C. area are seen as a national model that showcases how it's possible for residents to live and work in Washington without needing cars.

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Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.

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