Town & Country Realty Inc.

Mike, Jim, and Sue,

Thanks for all you did to make our Field Mentoring class a success. We saw some great properties, got valuable insights about the local market, and John and Teresa contributed a lot to helping us develop ways to take advantage of various real estate lending programs. Using the CMAs Jim sent we analyzed some of the properties and were especially interested in the Peach Road one. Hope someone follows up on it.

You have an exceptionally strong team and I appreciate you letting us gain from it. It is experiences like the one we had in Raliegh that make real estate investing fun, as well as profitable.

 Alex

If you’re thinking about buying a home, the US Government is ready to stuff your piggy bank with $7,500, but don’t delay. The program ends next summer.

The Federal Housing bill signed in July by President Bush gives first-time home buyers a $7,500 tax credit as a head start to home ownership.

According to the terms of the Housing and Economic Recovery Act, first-time home buyers will get a tax credit of 10 percent of the purchase price of a home up to $7,500. That means if you buy a new home any time from April 9, 2008 to June 30, 2009, you get up to $7,500 off your taxes.

That can mean a lot to the average wage earner. A couple earning a total of about $90,000 a year, typically pay about $10,000 in taxes if they do not itemize. Under the provisions of the current bill, the wage earner couple who buys a home during this period, would get to subtract $7,500 from their tax bill.

However, the credit is not a pure gift and it is really more like a zero-interest government loan. Homeowners will be asked to pay back the credit during a 15-year period. Each year, they will be required to repay a small percentage. For example, if a homeowner qualifies for a $7,500 tax credit, would repay the credit at $500 a year beginning with their 2010 tax return.

But even considering that homeowners will repay the $7,500 this adds up to big savings over the life of the mortgage. After all, if they had to finance $7,500 over 30 years at 7 percent interest, a homeowner would pay more than $8,000 in interest.

It’s easy to qualify for this unique credit. To be classified as a first-time homeowner, you must not have owned a home in three years. You must take the standard deduction on your income taxes (meaning you must not itemize). In addition you must buy a home between April 9, 2008 and June 30, 2009.

According to the National Association of Home Builders, first-time home owners make up to about 40 percent of the entire market.

Excisting homeowners also get something in the housing bill. Homeowners can expect to get the tax deduction of they don’t itemize their taxes. The deduction is $500 to $1000 for ereal property taxes they currently can’t write off.

Have a happy and safe Halloween

The grass is always greener on the other side, right? Well, next year it doesn’t have to be. Lawn and garden supplier Scotts Company offers tips to help you protect your lawn through the winter months and keep it looking lush and beautiful next summer.
• Re-seed any grass that has been hurt by summer heat and drought. Keep the new seed and grass watered, and don’t do any weed control until after the fourth watering.
• Help keep disease and bugs at bay by cutting back old perennials and vegetable gardens. Use the clippings to start a compost pile. 
• Instead of raking fallen leaves, run your mower over them two or three times. Leaves left on the lawn during the winter can block sunlight and thin the grass.
• Plant trees and shrubs toward the beginning of the fall season, so there is less shock to the roots and they start growing early in the spring.
• Continue to cut the grass the same height (2 to 3 inches) until the final cut at the beginning of winter. Don’t go any shorter on that last cut.

http://activerain.com/blogsview/694050/BrokerIPTV-com-presents-Russell

With a recent increase in demand for Active Adult Living in the Triangle, builders are stepping up to the plate and designing innovative, premier communities, offering the lifestyle and amenities you are looking for. Here are a few of the more popular communities in the area offering the lifestyle you deserve…

1. Carolina Preserve by Del Webb. Cary, NC. Active 55+ community w/incredible amenities including healthcare facilities. New Homes by Pulte from the $200s. Gorgeous ranch plans w/covered porches and 2 Car Garages. Pre-sale of new homes now available Q12008. You can even go on their site and create a sample brochure with the amenities that you want on their site.
2. Heritage Pines. Cary, NC. Built by K. Hovanian. Great location around the block from my office. 7 left that are under contract but the families can’t sell back home so they may come back on the market in May 2007. Active 55+ community w/swim, tennis, and activities. These re-sale fast and there is only one currently on the market. From the mid $200s.
3. Ivy Hall. East Raleigh, NC Active 55+ community. Growing area due to I-540 completion. New 2 Bedroom Ranches w/2-Car Garage. Homes From the $220s. WKB Properties, Inc. is the builder.
4. The Village at Aversboro Garner, NC. New Homes From the $250s. 1,650-2,600 sq. ft. 147 Total Homesites. All brick ranch homes w/2 Car Garages & Screened Porches.
5. Johnson’s Landing. Fuquay Varina/Angier, NC. New Villas from the $220s w/2-Car Garages. 2,050-2,600 sq.ft.
6. Heritage Spring Wake Forest, NC. From the $220s. 1,372 -2,225 sq. ft. Not an actual Active Adult community but marketed as one. Close to your friends in Wakefield Plantation.
7. Summerwind Plantation Clayton, 55+ Single family, cluster homes, condominium, townhome starting in the $120s. The community will have be a wellness center on 3 acres overlooking a pond, SummerWind Plantation will have a 4 acre stocked fishing pond, and fishing pier for use by the owners and their guests, and a large gazebo and fountain.
8. Fearrington Village-Millcroft Low maintenance single family homes. One and Two level floorplans available. Pittsboro, NC Homes 1,600 - 2,500 square feet. One or two car garage. $60k and $80k for lot. $138/square foot average price. $350k-$450k.
9. The Villas at Wake Forest The Villas of Wake Forest features 144 ranch style luxury condominium homes where all exterior maintenance is provided. Prices from the $200s. Builder is Cornerstone Homes.

If you are thinking of moving to the Triangle I’d love to help you find the perfect active adult living community.

• Check all window and door locks for proper operation
• Check your home for water leaks
• Review your fire escape plan with your family
• Make sure there are working nightlights at the top and bottom of all stairs
• Have a heating professional check your heating system every year
• Protect your home from frozen pipes
• Replace your furnace filter
• Run all gas-powered lawn equipment until the fuel is gone
• Test your emergency generator
• Have a certified chimney sweep inspect and clean the flues and check your fireplace damper
• Remove bird nests from chimney flues and outdoor electrical fixtures
• Inspect and clean dust from the covers of your smoke and carbon monoxide alarms
• Make sure the caulking around doors and windows is adequate to reduce heat/cooling loss
• Make sure that the caulking around your bathroom fixtures is adequate to prevent water from seeping into the sub-flooring

Fire can destroy a home and everything in it within minutes.
While smoke detectors are essential for fire safety, many homeowners are choosing to install sprinklers in their homes as a way to contain fires and limit potential damage. According to the Home Fire Sprinkler Coalition, 90 percent of home fires can be contained by just one sprinkler, and by using them in addition to smoke detectors, the risk of death in a home fire is reduced by 82 percent. Also, 62 percent of U.S. homeowners believe that a fire sprinkler system can increase a home’s value, according to a Harris Interactive poll.
A home sprinkler system can cost as little as $1 to $1.50 per square foot to install. Modern systems no longer look like bulky industrial sprinklers; they can be mounted flush against walls and ceilings to blend in with any decor, and they require very little maintenance. Sprinklers are temperature sensitive, so they won’t go off simply due to the presence of smoke, cooking vapors or steam. Only the sprinkler closest to the fire activates, so you don’t need to worry about water damage in other areas of your home.

As temperatures begin to fall, your home can become a safe haven for insects and rodents. Like people, pests seek shelter from the elements too. Experts at the National Pest Management Association suggest yard maintenance is the simplest, most inexpensive way to protect your home from unwanted pests.

Start by reducing the number of access routes into your home by collecting fallen leaves, cleaning out gutters, keeping shrubs neat and trimmed, cutting back tree branches from the roof, and removing leaves and grass clippings from around the foundation of the house. Next, stack firewood away from the house and make sure screens are on all windows and doors to prevent pests from entering into the home.

Falls are the leading cause of home injuries and injury-related deaths in the United States, but only 25 percent of adults have taken steps to prevent them from occurring in their homes, according to research by the Home Safety Council (HSC). Adults over age 65 and children under age 5 are especially vulnerable to falls. Older adults experience an average of 4,700 fall-related deaths and 1.5 million nonfatal fall injuries each year, while falls are the leading cause of nonfatal home injury for children up to age 14.

The HSC offers several tips to secure your home against home-related injury.
• Install a banister or hand-rail along stairways that extends the full length of the stairs.
• Make sure porches, hallways and stairwells are well-lit.
• Use nightlights to help light hallways, stairwells and bathrooms during nighttime hours.
• Keep stairs, landings and floors clear of clutter, and tuck telephone and electrical cords out of the way.
• Use child safety gates to secure the top and bottom of stairs, and make sure toys and games are not left on steps or landings.
• In the bathroom, install grab bars in the bathtub or shower stall.
• Use a non-slip mat or safety strips in the bathtub. If you use a bath mat on the floor, choose one that has a non-skid bottom.
• Keep the floor clean and dry. Promptly clean up any grease, water or other spills.

Daily Real Estate News  |  July 30, 2008

President George W. Bush signed into law a bipartisan housing stimulus bill Wednesday that is expected to bring greater stability to housing markets nationwide.

The bill, strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, will help some 400,000 home owners refinance into affordable, government backed loans and offer a temporary first-time home buyer tax credit, which is expected to serve as an attractive incentive to buyers and help reduce high inventories of unsold homes.

The temporary first-time home buyer tax credit would offer $7,500 for the purchase of any home and  be used for purchases between April 9, 2008, and July 1, 2009.

The bill — H.R. 3221, the Housing and Economic Recovery Act of 2008 — also includes reform of Fannie Mae and Freddie Mac, FHA modernization, and permanent increases in conforming and FHA loan limits.

“These are all designed to help the housing and mortgage industries and boost the U.S. economy,” NAR President Dick Gaylord said in a statement. “NAR has been a leading advocate for many of these changes long before the current housing and economic downturn. We are pleased that the president and Congress worked together to enact meaningful legislation that protects and enables families in this country to continue to strive for and enjoy the dream of homeownership.”

Source: NAR, Associated Press (7/30/08)