Considering Buying A House? – Current opportunities are Unbeatable!

A recent survey was conducted across Strathpine to Kallangur on 3^rd June 2013. At survey there were 125 real estate agencies controlling the market and David Deane real estate rated NO#1 over the last six months for both house listings and sales.

Prices have flat lined since 2007. Current prices generally represent fantastic value which is way below replacement value. If value is what buyers want they will get no better opportunity than an extended lull in the market which has always preceded a substantial lift in prices.

Rates remained a 53 year low today at 2.75%. Speculation of further modest falls abound, but its near the bottom.

Over the years we dreamed about low interest rates, never imagining we would see less than 5% on offer! This is fantastic considering that rental properties are returning this sort of figure in weekly rents. It sounds like some further falls may be forthcoming.

Finally the share market is struggling. Many investors chasing returns may well redirect their funds to residential real estate. With a likely change federally we could expect business confidence to improve which just might give the whole community a lift as we return to less turbulent days and an end to the carbon tax.

So at the moment the Strathpine district can be summarised:

- Plentiful supply of good homes listed for sale
- Low prices for the last six years
- Lowest interest rates in history
- Closer now to next market lift!

Although the supply is good it will not take long for various price ranges to become short which could result in some sharp increases in price. This is what has happened historically over the last 50 years.

LOCAL REAL ESTATE AGENT NAMED ONE OF AUSTRALIA'S BEST!

 

KEY POINTS

 

. Report uncovers the country’s top 100 real estate agents

. Local real estate agent Mark Rumsey makes the list

 

 

Tuesday 21 May, 2013: A local businessman has been named one of Australia’s leading real estate agents in a national list of top performing agents.

 

Mark Rumsey of David Deane Real Estate Pty Ltd in Strathpine has been included in the 2013 Real Estate Business Top 100 Agents benchmark report which ranks real estate agents across Australia according to a range of 2012 calendar year business metrics,

including sales volumes, sales dollars and average sale price.

 

According to the report, Mr Rumsey sold 118 properties in 2012, totaling more than $39.7 million – an extraordinary feat given current market conditions, Stacey Moseley editor of Real Estate Business said.

 

“While market activity picked up slightly in 2012, we are still a long way from saying the Australian property market has fully recovered,” Ms Moseley said. “Economic uncertainty still looms over consumers and as a result, market confidence has taken a hit with fewer buyers and sellers willing to take the plunge.

 

“In boom markets everyone can prosper, but when times are tough, only those agents with the right business acumen can truly excel.

 

“The Real Estate Business Top 100 Agents ranking provides consumers and industry leaders with insight into those practitioners who are going above and beyond their peers to ensure they get the best result for their clients,” she added.

 

Partnered by leading property analytics company, RP Data, the 2013 Real Estate Business Top 100 Agents ranking was based on submissions supplied by the leading agents across Australia.

 

The data collected included sales numbers, sales volumes, years in the industry and listing numbers, among other information, with RP Data verifying the sales data provided by every agent.

 

More than half of the Top 100 Agents were based in New South Wales(57), followed by 15 in Victoria, 12 in Western Australia and 9 in Queensland. The ACT featured 4 agents, while South Australia and the Northern Territory achieved 2 and 1 agent respectively.

 

 

Eight Tax Breaks for Homeowners

Taxes are due April 15, which means it’s time to start gathering your receipts and bank statements.

But before you sit down with your accountant, it’s important for you to know that merely owning a home could mean you qualify for tax breaks. In most cases, you need to itemize your taxes in order to take advantage of these deductions. Yes, it makes the tax-filing process seem impenetrable, but the benefits may outweigh the complications.

Here are a few of the tax breaks you’ll want to investigate:

Mortgage interest paid at settlement

Take a look at your closing statement; one item that’s generally listed there is home mortgage interest. On a mortgage of up to $1 million, you can deduct the interest that you pay at settlement if you itemize your deductions on Schedule A (Form 1040). This amount should be included in the mortgage interest statement provided by your lender.

Points

Did you pay points in order to obtain your home mortgage? These fees are included on the income tax deductions list and can be deducted as long as they are associated with the purchase of a home. If you refinanced your home, these points are still deductible, but it must be done over the life of the mortgage.

Property taxes

As long as they are based on the assessed value of the real property, you can deduct your state and local property taxes. However, if your money is being held in escrow for the purpose of paying property taxes, you cannot claim this deduction until the money is actually taken out of escrow and paid. If you do this, check your Form 1098 for the amount you may deduct. Be aware that if you receive a partial refund of your property tax, the amount of the deduction you can claim will be reduced.

Selling costs

If you sold a home in the past year, you may be able to reduce your income tax by the amount of your selling costs. These costs can include things such as repairs, title insurance, advertising expenses and broker’s fees. The IRS only allows the deduction of repair costs associated with selling if the repairs were made within 90 days of the sale. It’s also crucial that the repairs were made with the intent of improving your home’s marketability. Selling costs are deducted from your gain on the sale.

Home office

If you use a portion of your home exclusively for the purpose of an office for your small business, you may be able to claim a deduction on your taxes for costs related to insurance, repairs and depreciation. You may only claim this deduction if the space within your home is used exclusively and regularly as either your principal place of business or a place where you meet and deal with customers or patients. You may also be able to take advantage of this deduction if a portion of your home routinely is used for storing items (product samples, inventory, etc.) used in your business.

In tax year 2010 (the most recent year for which figures are available) nearly 3.4 million taxpayers claimed the home office deduction.

Mortgage insurance premiums

You may be able to deduct the premiums paid for private mortgage insurance for your principal residence and for a non-rental second home.

The deduction begins to phase out once your adjusted gross income reaches $100,000 ($50,000 for married filing separately). In general, you can deduct the premiums paid for the current tax year only. A qualified tax adviser can provide information about rules for mortgage insurance provided by the Federal Housing Administration, Department of Veterans Affairs and Rural Housing Service.

Home improvement loan interest

If you’ve taken out a loan to make improvements on your home, you may be able to deduct the interest on this loan. Qualifying loans are those taken out to add “capital improvements” to your home, meaning the improvement must increase your home’s value, adapt it to new uses or extend its life. New carpeting or painting are not considered capital improvements, while adding a garage, installing a water heater or building a deck are all examples of capital improvements.

Construction loan interest

If you take out a construction loan to build a home, you may qualify to deduct the interest. The IRS only allows a deduction for mortgage interest if the loan relates to a “qualified” home, which means it must either be your principal residence or a vacation home that you will use for personal purposes. You can only use this deduction for the first 24 months of the loan, even if the actual construction takes longer.
Tax codes can be confusing. You may want to consult the IRS website for information concerning deductions and credits. Additionally, consider meeting with a professional to ensure you’re not missing any deductions for which you’re eligible.