toby john williams: Deadline Approaches to Apply for the STAR Tax Rebate in Suffolk County
- 02/19/11 01:09 AM
Suffolk deadline for STAR tax rebate Suffolk homeowners have until March 1 to file for the STAR tax rebate. The School Tax Relief program returns a portion of a homeowner's local school tax. The program has two parts. Basic STAR is available to all homeowners for your primary residence. Once you apply for Basic STAR, you don't have to reapply unless you've bought a new primary residence. The Enhanced STAR, which returns a bigger chunk of taxes, is available only to homeowners 65 or older by Dec. 31, 2011, with 2010 income of less than $79,050. Reapply each year for … (0 comments)
toby john williams: Don't Sweat Rising Mortgage Rates - Affordability is Still KEY
- 02/17/11 05:29 AM
Posted by Colin Barr February 15, 2011 Will rising interest rates slam the door on a fragile housing recovery? No -- though that only underscores just how grim the housing picture is. The rate on the 30-year conforming mortgage has risen to a recent 5.1% from 4.2% last October (see chart, right), tagging along behind an even larger rise in the yield on the 10-year Treasury note over that period. Good news, bad news The jump in the mortgage rate has added around $50 to the monthly tab on a 30-year, fixed-rate mortgage on a median-price house ($170,000 or so) purchased … (0 comments)
toby john williams: Long Island Home Sales Fall for Seventh Straight Month
- 02/16/11 01:52 AM
Long Island home sales fell for the seventh straight month in January, said the Multiple Listing Service of Long Island. And the median closing price for Nassau, Suffolk and Queens was $360,400, down 1.3 percent from $365,000 a year ago, MLS said. But the dampening of sales started last spring, right after the deadline for the federal home-buyers tax credit, which has been blamed for even sharper drops in monthly closings last year. To get up to $8,000, buyers rushed to sign contracts by April 30, pulling more sales into the first half of 2010. After that deadline, the summer … (0 comments)
toby john williams: 5 Reasons You Should Sell Now
- 02/15/11 06:15 AM
The conventional wisdom when selling a home has always been to wait until the ‘Spring Buying Season’. Over the years, that has seemed to make sense and is now accepted as a good strategy for those who want to sell their house and receive the best possible price. This real estate market has shattered many previously held beliefs. The wisdom of waiting for a spring market is another belief that is about to fall. Here are five reasons why? 1.) Interest Rates Are On the Rise Interest rates have spiked up rather dramatically over the last ninety days and are now … (2 comments)
toby john williams: Interest Rates on Mortgages Break 5%
- 02/14/11 04:04 AM
By Les Christie, staff writerFebruary 10, 2011: 2:49 PM ET NEW YORK (CNNMoney) -- It's time to say hello to 5% loans. The national average interest for a 30-year, fixed-rate mortgage surpassed 5% for the first time since May 2010, according to Freddie Mac's Primary Mortgage Market Survey. During the week ending Feb. 11, rates averaged 5.05%. That factors in an average of 0.8 points in fees that the average borrower paid to lower his or her rate. And rates quoted by Bankrate.com -- which look at loans not backed by mortgage giants Fannie Mae or Freddie Mac -- spiked to … (1 comments)
toby john williams: Rent vs. Buy: Do the Math and Then Ask Mom
- 02/03/11 03:01 AM
We are starting to hear from real estate professionals that a growing number of purchasers are young adults being persuaded to buy now. Who are the people selling them on the American Dream? Their parents! It seems that parents of some adult children are strongly suggesting that their children take advantage of the low cost of homeownership available today. Some moms and dads are helping financially and are even co-signing for the mortgage. At first, we found this to be rather surprising. However, after thinking about it, it made complete sense. Here are the reasons why. Do the Math Let’s … (1 comments)
toby john williams: Where are Home Prices Headed?
- 01/28/11 01:54 AM
The National Association of Realtors (NAR) has been reporting great news recently. Last week’s Existing Home Sales Report and yesterday’s Pending Sales Report both showed consecutive months of increases in the number of homes sold. Finally, buyers are jumping off the fence and taking advantage of one of the most opportune times to purchase a home in America’s real estate history. With an increase in demand, price appreciation can’t be far behind, can it? Actually, the answer is NO! Prices are not determined by demand alone but in the relationship of demand to available supply. The inventory of homes for sale … (1 comments)
toby john williams: Long Island Home Prices for 2010
- 01/27/11 11:07 AM
House prices for the last three months of 2010 rose in the North Fork and the Hamptons market but fell for the rest of Long Island, according to data released Thursday. Among high-end homes, the median closing price of $730,000 was a jump of 4 percent from a year ago and 17 percent from the preceding quarter, said Prudential Douglas Elliman Real Estate, which commissioned the report. Data show sales fell 5 percent from a year ago, when pent-up demand led to many deals, but rose 15 percent from the preceding quarter. But for what is considered Main Street Long … (0 comments)
Q. Is there a big new tax on home sales that is supposed to raise money to pay for health reform? A. Readers from South Carolina to Washington state report there's an e-mail going around warning about the dire consequences of a new real estate tax included in the health reform law. They worry that more taxes will make it tougher to sell their homes. But the information they received leaves out some key details, including the fact that most people won't have to … (1 comments)
toby john williams: This Year, A House Becomes a Home Again!
- 01/25/11 08:55 AM
For almost a decade now, every time we talked about real estate we immediately discussed money. We didn’t talk about the value of a home but instead about the price of the house. We didn’t worry about a roof over our heads but instead the ceiling on our interest rate. We didn’t care as much about where we raised our family as we cared about how much we increased our family’s net worth. That will change in 2011. The KCM Crew believes very strongly that real estate will return to what it has been for the 200+ year history of this country: a … (0 comments)
If you don't own real estate now, BUY NOW while interest rates are low and prices are low! … (6 comments)
toby john williams: Struggling Homeowners - Know Your Options
- 01/18/11 05:52 AM
Avoid foreclosure. Get the help you need. If you are struggling with your mortgage payments or facing foreclosure, you may feel overwhelmed and frustrated. Many homeowners simply don’t know what to do or where to go for assistance, and they feel too helpless to take action. We understand. Fannie Mae has created KnowYourOptions.com to help homeowners just like you. We’ve made it easy to find the information you need, so you can get help before it’s too late.
Here is a link for property owners who have questions about their options. Short Sale - Foreclosure - Deed in … (0 comments)
toby john williams: Long Island Home Foreclosure Filings Drop 4% in 2010
- 01/13/11 12:11 AM
The number of homes on Long Island hit with some type of foreclosure filing dipped 4 percent last year as state courts ramped up demands on lenders to prove ownership of mortgages and have their paperwork in order, a new report says. In year-end data from RealtyTrac released Thursday, the 13,105 properties represented the first such decrease since before the subprime mortgage market imploded in fall 2007. The Island's December and fourth-quarter numbers show an overall decrease in the filings - new cases, auction notices and repossession of homes - when compared to the previous month, quarter and year ago. For … (1 comments)
toby john williams: Will More Bank Foreclosures Be Erased?
- 01/11/11 02:26 AM
A court in Massachusetts voided two bank foreclosures this past Friday. The decision has already created a ripple effect across the banking community. Will other courts also decide to void local foreclosures? Does this put an added burden on banks when they are trying to complete a foreclosure process? What will it mean to the real estate market? Let’s take a look. What actually happened? Though the challenges addressed yesterday might have been brought to light by the robo-signing mess, that situation was not involved in this ruling. The question addressed here was much deeper than someone not checking paperwork. The question … (2 comments)
toby john williams: 2011: The Year a House Again Becomes a Home
- 12/29/10 01:07 AM
2011: The Year a House Again Becomes a Home by The KCM Crew on December 29, 2010 For almost a decade now, every time we talked about real estate we immediately discussed money. We didn’t talk about the value of a home but instead about the price of the house. We didn’t worry about a roof over our heads but instead the ceiling on our interest rate. We didn’t care as much about where we raised our family as we cared about how much we increased our family’s net worth. That will change in 2011. The KCM Crew believes very strongly that real … (0 comments)
toby john williams: 5 Reasons You Should Sell Today
- 12/28/10 02:08 AM
5 Reasons You Should Sell Today by The KCM Crew on December 21, 2010 Selling your house in today’s market can be extremely difficult. It is for that reason that every seller should take advantage of each and every chance that appears. There is a fantastic opportunity available right now. Meet with your real estate agent and mortgage professional today and see whether it is the right time for you and your family to make a move. Here are five reasons you should consider selling in the first 90 days of 2011. 1. Interest rates have spiked up. Rates have jumped over 1/2 … (0 comments)
toby john williams: SENATE PASSES 9/11 HEALTH CARE BILL, HOUSE to Soon Follow
- 12/22/10 07:19 AM
Senate passes 9/11 health bill Originally published: December 22, 2010 2:09 PMUpdated: December 22, 2010 3:11 PMBy KEITH HERBERT keith.herbert@newsday.com Photo credit: Newsday/Viorel Florescu | Rescue workers remove debris as they search for survivors at Ground Zero. (Sept. 15, 2001) Videos WTC responder mourned Video Gallery: 9/11 events past and present Galleries Ground Zero immediately after 9/11 photos LI remembers 9/11 nine years later WASHINGTON - A bill that provides health care for 9/11 first responders passed the Senate on Wednesday afternoon, clearing a major hurdle. The bill goes to the House, which is expected to approve it and send it … (1 comments)
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