Fed cuts key rate by half-percentage point
Reduction in benchmark will lower borrowing costs, could calm markets
he Federal Reserve Tuesday surprised financial markets with an aggressive half-point cut in a key lending rate, lowering borrowing costs for businesses and consumers in response to a housing downturn that threatens to spread to the broader economy.
More....
Read full article here: http://www.msnbc.msn.com/id/20837026/
MSNBC.com - Sept. 18, 2007.
Tuesday, September 18, 2007
Friday, September 14, 2007
Yes a buyer's market is still a great time to sell a home!
Do not be fooled by the media and unsuccessful real estate agents, a buyer's market is not only a great time for a buyer to buy but also a good time for a seller to sell. Sure it may take a little longer for the average home to sell because there is a lot more inventory, hence more for the buyers to choose from, but a home will sell as long as you have the right real estate broker. If your real estate broker/agent is telling you that this is a bad time to sell, that is because that agent does not know how to sell a home.
In addition, this is a great opportunity for a seller to move up. For example, I have a client who wants to sell her home, she just bought it a little over 1 year ago, it is in a development of many homes of similar design. When she 1st bought her home for $400,000 she really liked the larger model but it was going for $525,000 and that was too expensive for her. The home that she paid $400,000 for is now worth about $340,000-$350,000. On paper it would seem like a very bad time to sell as she just lost, but she really wants a bigger home. The larger model home she really wanted is now.... $410,000! She lost about $60,000 on her home, but the house she could not afford at $525,000 is now $410,000!.. so a savings of $115,000 minus her $60,000 loss and she is ahead of the game at $55,000.
In addition, many of my sellers are able to drop the price of their homes $50,000-$100,000 from what they had wanted to get because the houses they are looking to buy have dropped at least $100,000 so it is a complete wash and usually the seller ends up benefiting from the current buyer's market and not losing after dropping the price of their home. Here is an example of one of my clients:
Her house is listed at $700,000 and I have been telling her it is too high and we need to get it down to $650,000. She is looking to buy a house about 30-40 minutes north. The houses that she has been looking at are around $800,000 and if she gets about $700,000 on her sale she can do the $800,000 purchase. Now the houses that she is interested in have dropped about $75,000, she is now able to drop her price to $650,000 and she will actually make out with a $25,000 savings. If a seller is smart and thinks like this, they will do well in this buyers market.
Any market is a good time to sell, it all depends on each persons situation. This has been my busiest year in real estate!
Michael Trinchitella
Putnam County NY Real Estate
In addition, this is a great opportunity for a seller to move up. For example, I have a client who wants to sell her home, she just bought it a little over 1 year ago, it is in a development of many homes of similar design. When she 1st bought her home for $400,000 she really liked the larger model but it was going for $525,000 and that was too expensive for her. The home that she paid $400,000 for is now worth about $340,000-$350,000. On paper it would seem like a very bad time to sell as she just lost, but she really wants a bigger home. The larger model home she really wanted is now.... $410,000! She lost about $60,000 on her home, but the house she could not afford at $525,000 is now $410,000!.. so a savings of $115,000 minus her $60,000 loss and she is ahead of the game at $55,000.
In addition, many of my sellers are able to drop the price of their homes $50,000-$100,000 from what they had wanted to get because the houses they are looking to buy have dropped at least $100,000 so it is a complete wash and usually the seller ends up benefiting from the current buyer's market and not losing after dropping the price of their home. Here is an example of one of my clients:
Her house is listed at $700,000 and I have been telling her it is too high and we need to get it down to $650,000. She is looking to buy a house about 30-40 minutes north. The houses that she has been looking at are around $800,000 and if she gets about $700,000 on her sale she can do the $800,000 purchase. Now the houses that she is interested in have dropped about $75,000, she is now able to drop her price to $650,000 and she will actually make out with a $25,000 savings. If a seller is smart and thinks like this, they will do well in this buyers market.
Any market is a good time to sell, it all depends on each persons situation. This has been my busiest year in real estate!
Michael Trinchitella
Putnam County NY Real Estate
Thursday, September 13, 2007
Beautiful 3 level townhouse end unit in King's Grant in Carmel NY
Lovely 3 level townhouse END UNIT in sought after King's Grant. 2 bedroom, 1 full and 2 half baths, large finished walkout basement, 2 decks, new carpet, new paint, hardwood floors in dining room. Master bedroom with walk-in-closet. HUGE 2nd bedroom often converted to make 3 bedrooms. Walk to everything, pool, tennis, basketball, new playground. Sought after Phase 3 section! - tons of parking & HUGE backyard and side yard...One of a kind and the most desirable section of Kings Grant! A must see. $309,000
Check out: Townhouse in King's Grant in Carmel NY
Michael Trinchitella
914-403-4868
914-403-4868
Thursday, September 6, 2007
Lower tax rates for Mahopac and Carmel Schools
The Journal News - Thursday, September 6th, 2007
Lower tax rates for some Putnam schools
Lower tax rates have been announced in the Carmel and Mahopac school districts. Read on for more information.MAHOPAC – Mahopac property owners will see a drop in the tax rate increase that was projected last May when the school district’s 2007-2008 Budget was proposed, according to school district officials.
The increase for the Town of Carmel rate will dip from a projected 1.99% to 1.42%. For Putnam Valley, the rate will change from a 1.99% projected increase to a 3.45% decrease. Per $1,000 of assessed valuation, Carmel’s rate will increase 46 cents over last year; Putnam Valley’s will decrease 54 cents.
The change in the rate occurs when an actual accounting of the town’s assessable properties differs from the projection the school district makes prior to the school budget vote in May. “When we propose the budget we have to run with preliminary numbers because that’s all we have,” says David Chapman, Mahopac’s Assistant Superintendent for Business. “Sometimes we’re right on target, sometimes not. We never know until we get the final numbers.” The actual tax figures were received by the district on Friday.
“Though it may seem a small amount, it’s definitely good news,” says Board of Education President Penny Swift. “The voters turned out in record numbers last May to show their commitment to our children’s education. It’s a pleasure to be able to tell them their cost will be less than expected.”
CARMEL — Carmel Schools tax rates are lower than those originally projected when the voters went to the polls last May. Tax rates that were projected to increase by an average of 0.12% actually experienced a decrease by an average of 14.47%.There are two factors leading to this change:1. The Board of Education used $500,000 of the fund balance to reduce taxes.2. Full value assessments increased by an average of 10%, which is more than twice the increase projected in May.The big story behind the increase in assessments comes from the Town of East Fishkill where a re-evaluation caused the total assessments to increase by 27.25% causing the tax rates in East Fishkill to decrease by almost 91%.A decrease in tax rates is only part of the equation for a tax bill with the other component being the individual property owner’s assessment. Although for many property owners a decrease in the tax rate will lead to a decrease in their actual tax bill, others, those with increases in their property assessments large enough to offset the decrease in tax rates, may experience an increase in their total tax bill.“By carefully controlling the budget process the Board of Education was able to keep the tax levy increase to only 4. “When that 4% increase is spread out over a 10% increase in total assessments the effect for most taxpayers is very positive,” said Interim Superintendent Ron Wilson. “Our thanks to the community for their continued support of the Carmel Schools. Our goal is to reward that support with tightly controlled budgets that minimize the impact on property taxes.”
Michael Trinchitella
Putnam County NY Real Estate
Lower tax rates for some Putnam schools
Lower tax rates have been announced in the Carmel and Mahopac school districts. Read on for more information.MAHOPAC – Mahopac property owners will see a drop in the tax rate increase that was projected last May when the school district’s 2007-2008 Budget was proposed, according to school district officials.
The increase for the Town of Carmel rate will dip from a projected 1.99% to 1.42%. For Putnam Valley, the rate will change from a 1.99% projected increase to a 3.45% decrease. Per $1,000 of assessed valuation, Carmel’s rate will increase 46 cents over last year; Putnam Valley’s will decrease 54 cents.
The change in the rate occurs when an actual accounting of the town’s assessable properties differs from the projection the school district makes prior to the school budget vote in May. “When we propose the budget we have to run with preliminary numbers because that’s all we have,” says David Chapman, Mahopac’s Assistant Superintendent for Business. “Sometimes we’re right on target, sometimes not. We never know until we get the final numbers.” The actual tax figures were received by the district on Friday.
“Though it may seem a small amount, it’s definitely good news,” says Board of Education President Penny Swift. “The voters turned out in record numbers last May to show their commitment to our children’s education. It’s a pleasure to be able to tell them their cost will be less than expected.”
CARMEL — Carmel Schools tax rates are lower than those originally projected when the voters went to the polls last May. Tax rates that were projected to increase by an average of 0.12% actually experienced a decrease by an average of 14.47%.There are two factors leading to this change:1. The Board of Education used $500,000 of the fund balance to reduce taxes.2. Full value assessments increased by an average of 10%, which is more than twice the increase projected in May.The big story behind the increase in assessments comes from the Town of East Fishkill where a re-evaluation caused the total assessments to increase by 27.25% causing the tax rates in East Fishkill to decrease by almost 91%.A decrease in tax rates is only part of the equation for a tax bill with the other component being the individual property owner’s assessment. Although for many property owners a decrease in the tax rate will lead to a decrease in their actual tax bill, others, those with increases in their property assessments large enough to offset the decrease in tax rates, may experience an increase in their total tax bill.“By carefully controlling the budget process the Board of Education was able to keep the tax levy increase to only 4. “When that 4% increase is spread out over a 10% increase in total assessments the effect for most taxpayers is very positive,” said Interim Superintendent Ron Wilson. “Our thanks to the community for their continued support of the Carmel Schools. Our goal is to reward that support with tightly controlled budgets that minimize the impact on property taxes.”
Michael Trinchitella
Putnam County NY Real Estate
Subscribe to:
Posts (Atom)
