Park City Mountain to stay open until April 17th!
Great news for locals! Get out there and enjoy the great snow and great Spring weather.
HEATHER FELDMAN, EQUITY REAL ESTATE LUXURY GROUP PARK CITY 435-731-0803
Wednesday, March 30, 2011
Monday, March 28, 2011
Use a Buyer's Agent? Why would you NOT use a Buyer's agent?
Why not use a Buyer's Agent? Would you use the other guy's attorney in a court proceeding? I think not!
I know, I harp on this now and again, but I just can't wrap my mind around it. Why are people afraid of enlisting the help of a Buyer's Agent? Let's look at a list of some of the duties we deliver to you, the Buyer:
As Agents for the buyer, the Buyer's agent and the Broker have fiduciary duties to the buyer that include loyalty, confidentiality, full disclosure and reasonable care.
Hmmm, sounds like a win-win for a Buyer, right? Well, then explain why some Buyers, when looking to buy a home will only work with the Seller's agent? They drive around and call off of the signs, and yes, some of those calls have come to me, and they think they are doing what is in their best interest.
That Seller's agent represents the Seller. Their job is to look out for their Seller, not you the unrepresented Buyer. Now, that does not mean they will be dishonest, it just means they are working to benefit their client, not you. That seller will still pay the agreed upon commission, they will just be paying it all to their agent instead of splitting it with your agent. You know, the seller pays both the Buyer's and the Seller's agent.
Oh, I get it - Buyers think they can get a better deal by working with the Seller's agent. Sometimes that is true. If the seller's agent and their broker both agree to take a lesser commission, then in theory the Buyer could get a better price. How much are you really saving? 2%? You might have been able to save that and more by having an agent look out for you and your interests. Do you think that Seller's agent is going to work hard to provide you all of the comps and educate you on the area and what this home should really sell for? Maybe. Maybe not. Remember, they aren't representing you.
What about limited or dual agency? Sure, it happens. But, know that it is limited. The agent has fiduciary duties to both the Seller and Buyer. The agent cannot provide both Buyer and Seller undivided loyalty, full confidentiality and full disclosure . For example - being limited or dual, the agent may not disclose to either party any information likely to weaken the bargaining position of the other - like the highest price the buyer will offer, or the lowest price seller will take. It' s kind of like going to court and having the other attorney represent you too. Can't imagine doing that! Yet, with the largest purchase most people will make, they trust that the other agent will do them right.
In Park City Utah, I am your Buyer's Agent
Heather Feldman
heather@parkcityhousehunters.com
435-731-0803
I know, I harp on this now and again, but I just can't wrap my mind around it. Why are people afraid of enlisting the help of a Buyer's Agent? Let's look at a list of some of the duties we deliver to you, the Buyer:
As Agents for the buyer, the Buyer's agent and the Broker have fiduciary duties to the buyer that include loyalty, confidentiality, full disclosure and reasonable care.
Hmmm, sounds like a win-win for a Buyer, right? Well, then explain why some Buyers, when looking to buy a home will only work with the Seller's agent? They drive around and call off of the signs, and yes, some of those calls have come to me, and they think they are doing what is in their best interest.
That Seller's agent represents the Seller. Their job is to look out for their Seller, not you the unrepresented Buyer. Now, that does not mean they will be dishonest, it just means they are working to benefit their client, not you. That seller will still pay the agreed upon commission, they will just be paying it all to their agent instead of splitting it with your agent. You know, the seller pays both the Buyer's and the Seller's agent.
Oh, I get it - Buyers think they can get a better deal by working with the Seller's agent. Sometimes that is true. If the seller's agent and their broker both agree to take a lesser commission, then in theory the Buyer could get a better price. How much are you really saving? 2%? You might have been able to save that and more by having an agent look out for you and your interests. Do you think that Seller's agent is going to work hard to provide you all of the comps and educate you on the area and what this home should really sell for? Maybe. Maybe not. Remember, they aren't representing you.
What about limited or dual agency? Sure, it happens. But, know that it is limited. The agent has fiduciary duties to both the Seller and Buyer. The agent cannot provide both Buyer and Seller undivided loyalty, full confidentiality and full disclosure . For example - being limited or dual, the agent may not disclose to either party any information likely to weaken the bargaining position of the other - like the highest price the buyer will offer, or the lowest price seller will take. It' s kind of like going to court and having the other attorney represent you too. Can't imagine doing that! Yet, with the largest purchase most people will make, they trust that the other agent will do them right.
In Park City Utah, I am your Buyer's Agent
Heather Feldman
heather@parkcityhousehunters.com
435-731-0803
Tuesday, March 22, 2011
April Screaming Deals on Lodging in Park City
Park City April Screaming Deals!
Click the link below.
http://myemail.constantcontact.com/April-Screaming-Deals-on-Park-City-Lodging-up-to-40--off-.html?soid=1104387713397&aid=tZHVJdQmsQc
Click the link below.
http://myemail.constantcontact.com/April-Screaming-Deals-on-Park-City-Lodging-up-to-40--off-.html?soid=1104387713397&aid=tZHVJdQmsQc
Tuesday, March 8, 2011
Tax Tips for Homeowners
As posted in Trulia.com today:
Ask a roomful of homeowners what's so great about owning versus renting, and you'll hear them holler in unison: "the tax deductions!" And it's true – homeowners who itemize their taxes are able to deduct 100% of their mortgage interest and property taxes from their income tax returns.
That means that if you're in a 28% tax bracket, Uncle Sam effectively subsidizes about a third of your borrowing costs or more, making your home more affordable or allowing you to buy a larger home than you could have otherwise. Also, big chunks of your closing costs are tax deductible, and hundreds of thousands of dollars of any profit (or capital gains) that you realize when you sell your home are exempt from income taxes.
At tax time, it's critical to know what you're entitled to, so you can claim it. So, here are five essential need-to-knows about home-related income tax tips to help you get the most tax-reducing bang out of your home-owning buck – and to avoid hefty home ownership-related tax traps.
1. You Have to Itemize Your Return to Claim Your Deductions
During the recent debate on Capitol Hill about whether the mortgage interest deduction should be eliminated (it won't be, not anytime soon), it came out that nearly 40% of homeowners lose out on their major tax advantages every year when they fail to itemize their income taxes. If you own a home and otherwise have a fairly simple return, it might be tempting just to take the standard deduction – and if your mortgage, property taxes and income are low enough, the standard deduction might outweigh your homeowners' deductions. But you'll never know if you're losing out on the tax advantages of itemizing unless you try; before you grab a pen and start filling in that 1040-EZ grab those forms from your mortgage company and answer the questions on tax software like TurboTax, which will automatically do the math on whether itemizing or taking the standard deduction will result in the lowest tax bill – or the highest tax refund – for you.
2. Plan Ahead and Be Strategic When Taking a Home Office Deduction
According to the Small Business Administration, the average home office deduction is $3,686 – multiply that by your tax bracket – 15%, 20%, 30% or whatever it is, and that's what you'll save on your taxes by writing off your home office. Know, though, that the space you designate as your home office cannot be exempted from capital gains tax when you sell your home later. The $250,000 (single)/ $500,000 (married filing jointly) income tax exemption for capital gains is only good on your personal residence, after all – not including any space in your home you've claimed as your tax-advantaged office. If you foresee selling your home for much more than you bought it in the future, near or far, discuss this with your tax preparer to see if the few hundred bucks you save is worth the capital gains complication later.
3. Tax Relief for Loan Modifications, Short Sales and Foreclosures Is Only Around Through 2012
While the long-term housing outlook is beginning to look up, 2011 is projected to be the peak year for foreclosures during this market cycle. Distressed homeowners who are on the brink of a short sale, loan modification or foreclosure should be aware that normally, any mortgage balance that is wiped out by one of these outcomes is taxed as what the IRS calls Cancellation of Debt Income, or CODI.
Under the Mortgage Debt Forgiveness Relief Act of 2007, the IRS is currently not charging income taxes on CODI incurred through a loan mod, short sale or foreclosure on most primary residences through 2012. But right now, banks are taking many months, or even years, to work out mortgages in all of these ways; the average foreclosure in New York state right now occurs only after 22 months of missed mortgage payments. If you foresee any of these outcomes in your future, don't put things off. Do what you can to get to closure on your distressed home and loan, ASAP, while you won't have income taxes to add as the insult on top of your significant housing injury.
4. Project the Income Tax Consequences of a Refinance or Property Tax Appeal
Homeowners everywhere are working on applying for a lower property tax bill on the basis of the last few years' decline in their home's value. Those who have equity have flocked en masse to refinance their 7% home loans into the 4% to 5% rates of the last few months. These strategies offer some of the heftiest household savings out there for the corresponding investment in time and money they take. But here's a caveat for savvy homeowners who slash these costs: remember that property taxes and mortgage interest, the very costs you're minimizing, are also the basis for the major tax benefits of being a homeowner. So plan ahead for your income tax deductions to go down along with your taxes and interest.
5. Don't Forget Those Closing Costs
If you bought or refinanced your home in 2010, you may be so focused on your mortgage interest and property tax deductions that you forget all about your closing costs. Any origination fees or discount points that were paid to your mortgage lender at closing are tax deductible on your 2010 return, get this – even if the seller paid your closing costs. If you can't figure out exactly what you paid, look for your HUD-1 settlement statement, that legal sized paper full of line item credits and debits that you should have received from your escrow provider or title attorney at, or just after, closing. Can't find it? Drop your real estate agent or mortgage broker an email; they can usually get a copy to you quickly.
Please consult your tax professional for details about your tax situation.
Ask a roomful of homeowners what's so great about owning versus renting, and you'll hear them holler in unison: "the tax deductions!" And it's true – homeowners who itemize their taxes are able to deduct 100% of their mortgage interest and property taxes from their income tax returns.
That means that if you're in a 28% tax bracket, Uncle Sam effectively subsidizes about a third of your borrowing costs or more, making your home more affordable or allowing you to buy a larger home than you could have otherwise. Also, big chunks of your closing costs are tax deductible, and hundreds of thousands of dollars of any profit (or capital gains) that you realize when you sell your home are exempt from income taxes.
At tax time, it's critical to know what you're entitled to, so you can claim it. So, here are five essential need-to-knows about home-related income tax tips to help you get the most tax-reducing bang out of your home-owning buck – and to avoid hefty home ownership-related tax traps.
1. You Have to Itemize Your Return to Claim Your Deductions
During the recent debate on Capitol Hill about whether the mortgage interest deduction should be eliminated (it won't be, not anytime soon), it came out that nearly 40% of homeowners lose out on their major tax advantages every year when they fail to itemize their income taxes. If you own a home and otherwise have a fairly simple return, it might be tempting just to take the standard deduction – and if your mortgage, property taxes and income are low enough, the standard deduction might outweigh your homeowners' deductions. But you'll never know if you're losing out on the tax advantages of itemizing unless you try; before you grab a pen and start filling in that 1040-EZ grab those forms from your mortgage company and answer the questions on tax software like TurboTax, which will automatically do the math on whether itemizing or taking the standard deduction will result in the lowest tax bill – or the highest tax refund – for you.
2. Plan Ahead and Be Strategic When Taking a Home Office Deduction
According to the Small Business Administration, the average home office deduction is $3,686 – multiply that by your tax bracket – 15%, 20%, 30% or whatever it is, and that's what you'll save on your taxes by writing off your home office. Know, though, that the space you designate as your home office cannot be exempted from capital gains tax when you sell your home later. The $250,000 (single)/ $500,000 (married filing jointly) income tax exemption for capital gains is only good on your personal residence, after all – not including any space in your home you've claimed as your tax-advantaged office. If you foresee selling your home for much more than you bought it in the future, near or far, discuss this with your tax preparer to see if the few hundred bucks you save is worth the capital gains complication later.
3. Tax Relief for Loan Modifications, Short Sales and Foreclosures Is Only Around Through 2012
While the long-term housing outlook is beginning to look up, 2011 is projected to be the peak year for foreclosures during this market cycle. Distressed homeowners who are on the brink of a short sale, loan modification or foreclosure should be aware that normally, any mortgage balance that is wiped out by one of these outcomes is taxed as what the IRS calls Cancellation of Debt Income, or CODI.
Under the Mortgage Debt Forgiveness Relief Act of 2007, the IRS is currently not charging income taxes on CODI incurred through a loan mod, short sale or foreclosure on most primary residences through 2012. But right now, banks are taking many months, or even years, to work out mortgages in all of these ways; the average foreclosure in New York state right now occurs only after 22 months of missed mortgage payments. If you foresee any of these outcomes in your future, don't put things off. Do what you can to get to closure on your distressed home and loan, ASAP, while you won't have income taxes to add as the insult on top of your significant housing injury.
4. Project the Income Tax Consequences of a Refinance or Property Tax Appeal
Homeowners everywhere are working on applying for a lower property tax bill on the basis of the last few years' decline in their home's value. Those who have equity have flocked en masse to refinance their 7% home loans into the 4% to 5% rates of the last few months. These strategies offer some of the heftiest household savings out there for the corresponding investment in time and money they take. But here's a caveat for savvy homeowners who slash these costs: remember that property taxes and mortgage interest, the very costs you're minimizing, are also the basis for the major tax benefits of being a homeowner. So plan ahead for your income tax deductions to go down along with your taxes and interest.
5. Don't Forget Those Closing Costs
If you bought or refinanced your home in 2010, you may be so focused on your mortgage interest and property tax deductions that you forget all about your closing costs. Any origination fees or discount points that were paid to your mortgage lender at closing are tax deductible on your 2010 return, get this – even if the seller paid your closing costs. If you can't figure out exactly what you paid, look for your HUD-1 settlement statement, that legal sized paper full of line item credits and debits that you should have received from your escrow provider or title attorney at, or just after, closing. Can't find it? Drop your real estate agent or mortgage broker an email; they can usually get a copy to you quickly.
Please consult your tax professional for details about your tax situation.
Monday, March 7, 2011
Local Park City ski video
The Prospector's arts program produced the following video to promote Park City.
http://www.youtube.com/watch?v=oQX2ic_wL-Y
What are your thoughts?
http://www.youtube.com/watch?v=oQX2ic_wL-Y
What are your thoughts?
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