9 Common Mistakes Homeowners Make On Their Taxes

Do not pay more taxes than necessary.  Also, tips on how to avoid causing the IRS to look at your tax return.  Information is from the National Association of Realtor's  and is helpful advice on completing your 2013 Federal Tax Return.  LInk to article is below:

http://members.houselogic.com/articles/common-tax-mistakes/preview/

You may be surprised at what the best return on your investment is on a single home improvement.

What is the single best ROI (return on investment) on a home improvement?  You may be surprised.

According to National Association of Realtors (NAR), the best return on investment for a home remodeling job is replacing the front door. 

HouseLogic reports: The winner is a Steel Entry Door.  The perennial champ when it comes to giving a return on your investment, an entry door replacement featuring a modestly priced steel door upgrades both energy efficiency and curb appeal. Steel doors come in many colors and can be painted to fit your exterior scheme.

National average cost: $1,162

ROI: 96.6%

Source is: http://www.houselogic.com/photos/home-improvement/best-home-improvement/slide/steel-entry-door/

30 Year Interest Rates Fall To Lowest Level In 10 Weeks. Now is the time to buy!

Unexpected good news.  The rates on 30 year mortgages has fallen to the lowest rates in 10 weeks according to the Wall Street Journal today.  This is an unexpected drop as rates for mortgage loans had been going up due to the Federal Government easing their purchase of bonds.  If you have been sitting on the sidelines trying to decide if now is the time to buy a home---you should act now if you want low mortgage rates.

Rates today, according to Bankrate.com is 4.24% for 30 year fixed mortgage.  

Chart below is from my website, www.SoldBySeven.com, courtesy of BankRate.   On my website you can look at the mortgage rates for 30 year, 15 year, 30 year fixed  jumbo and 5/1 adjustable rate mortgages.  

Older Buyers Do Not Want To Climb Stairs

According to the National Association of Reactors®, if you are young you do not mind climbing stairs.  Once you hit 55 years of age or older, it becomes more important for you to live in a house that is a single level.  

Source is 2013, NAR Home Features Survey.

7 Smart Strategies for Kitchen Remodeling

HouseLogic® from Realtor.org reports that Kitchen Remodeling does not return all of the investment in the remodeling back to you in resale value.

Major remodeling often defined as a project costing $50,000+ is reported by HouseLogic to return about 74% of the cost back to you in your home's resale value.  However, smaller remodeling projects, defined around $19,000 return a higher resale percentage or approximately 82%.    

If you are spending this  much money, you want to  do your remodeling right.  HouseLogic reports on the "7 Smart Strategies for Kitchen Remodeling", article.

More Homeowners Return to Positive Equity in 2014

According to Realtor.com®, more homeowners will return to positive equity in 2014. ☺

Today it is estimated that over 1/5 of all homeowners are still underwater or had negative equity.  

In Northern Virginia last year, the average home value rose 7%.  It is expected in 2014 that home prices in Northern Virginia will rise 9%.   Good news for those with negative equity.

"Rising prices helped 2.5 million homeowners who were previously underwater regain positive equity status during the second quarter of 2013. However, approximately 7.1 million homes were still in negative equity at that time and an estimated 10 million homeowners, or about 21.1 percent of all homeowners with a mortgage, remained “under-equitied,” with less than 20 percent in home equity. The good news is that prices are expected to continue rising in 2014, which will lift more homeowners into positive territory. According to realtor.com®, median list prices for homes in October rose 7.57 percent above the same month of 2012."  

Source is:  http://www.realtor.com/news/experts-predict-2014-housing-market/#.Uri8hpEimVj

Mortgage Rates Drop

USA Today reported yesterday that the average  30-year mortgage rates dropped to 4.41% This is great news!  Full  article at http://usat.ly/1aaoAGX

15-year rates also dropped to 3.45% from 3.56%

Many economist are expecting rates this year to go up to 5%.  If you are thinking of buying a home---now is the time!