Question: Can a person deduct the mortgage interest on a second home or condo?
Answer: In general, yes. As long as the debt on the first home and the second home combined does not exceed $1,000,000.
Next time you are in downtown K-Town stop by the Ketchum Town Square and check out the cool welded bike art. You can’t miss it. Plus, while you are there you can grab an ice cream at Leroy’s or maybe check out a show or local event in the square. Good times in the summer. Remember, its the Sun Valley winters that bring us, but it’s the summers that keep us.
Super cute and spotless North Bellevue home with North Valley finishes & upgrades. High end bathroom remodels & spacious master suite. Warm and inviting family space with toasty wood stove. Light & bright kitchen, concrete counters, breakfast bar & cheery dining area. Perfectly private, fenced and grassy yard for the kids with extra shed storage. Bellevue’s top pick this summer..See it today!
2 Bedroom and 2 Baths in 1,400 square feet. 7,560 square foot lot. Listed for $179,900. Easy to see, just call me.
Backyard Chickens in Hailey, Idaho
Last year, Hailey City Council approved backyard chickens for a trial period of one (1) year. Next year, the City Council will review the ordinance again and determine whether the ordinance should be renewed to allow backyard chickens without a permit or whether they should be prohibited with or without a conditional use permit.
Prior to May, 2010 it was confusing as to the status of backyard chickens. The Hailey City Council had been discussing the topic at their meetings but evidently had not made a final decision on the matter. However, the word on the street was that up to 5 hens were going to be allowed. An article in the Idaho Mountain Express talked about it and basically gave the impression that backyard chickens were a go.
So everybody went, even though they weren’t really allowed yet. Chicken coops began springing up all over Hailey. I built a really cool one that is an exact replica of my house. Mine has enough room to easily house 5 chickens. In fact, it even has a dual pane window and a fully insulated hen house with heat lamps and luxury roosting area for winter. Plus, there is a large open area for scratching and clucking in during the day. In fact, it is so roomy that we picked up a few rabbits from the Wood River Animal Shelter to live there, too. The chickens and the rabbits get along very well. I think they even like each other. Plus, they don’t take up too much real estate in your yard so almost any size property can handle a few birds.
My wife loves her chickens and calls them “the ladies.” They are great for the kids, too. Neighboring kids and adults like to come by and feed them some grass and watch them for a while. It’s amazing that each chicken lays an egg pretty much every day. And the eggs are beautifully colored with various shades of tan and brown, blue and green. But once you crack one open you really see the difference. The yolks are bright yellow and very firm. The whites are super shiny and the edges and lines between yolk and white are very clear and distinct. Once you eat one, the difference is huge. They are delicious and no store bought egg can compare.
We can never eat all of the eggs so we are constantly giving Read the rest of this entry »
I think we can all agree we are in a buyer’s market. So why sell your house right now? Why would it make sense?
Selling in today’s means SELLING for less than you would have sold for several years ago. That’s a given. But buying today means BUYING for much less than you would have a few years ago. In other words this market cuts both ways. It can be a neutralizer or perhaps even an improved situation for a home owner. What you may lose on the selling end, you can make up for on the buying end.
Possibly an opportunity to move into a better home in a nicer neighborhood for an equivalent monthly payment. Plus, since mortgage rates are at all time lows, there is a good chance you would be able to lower the interest rate on your mortgage.
Would this make sense for you? Would this be a good time to find opportunity in a tough market? It’s something to think about.
It’s the ABC’s of real estate…..Always Be Creative. Give me a call to roll around some ideas.
These days, the vast majority of people who are thinking about buying real estate start their search right here. On the computer. And the information they are after is the listings posted on the local MLS.
I hear all kinds of stats. For a while the percentage of real estate searches started online was around 70%, then 80%. Now there are indications that up to 90% of people looking for real estate start online.
So, what has this created?
Real estate agent evolution for starters. Pretty much every residential agent and office worth its salt offers search-able MLS listings on their sites. The general public is essentially privy to everything licensed real estate agents can see, except for some private information that can only be shared between fellow Realtors. This is huge for Read the rest of this entry »
250 Cranbrook in Hailey. Located in Hailey’s most popular neighborhood, Northridge.
I like everything about this deal and here’s why. The property hit the market on February 25th, 2011 at $585,000. My clients had been seriously following the Hailey market for a long time for just the right property. Nothing had quite fit the bill. We dismissed this Cranbrook property because it was overpriced at $585,000. So, we didn’t even look at it.
A few days later I was meeting them in front of a house in Deerfield. Sitting in my car checking the “hot sheets” on my i phone, I noticed Cranbrook had been reduced to $499,000. Down from $585,000, which was a huge drop for just a few days after it was listed.
Needless to say, we flew over there to check it out. And it turned out to be a great property match. So we made an offer that same day and struck Read the rest of this entry »
You should check out the movie Inside Job. It’s a documentary about the mortgage mess we have been dealing with for the past 5 years. Government deregulation, greedy bankers, academics posing as financial consultants and the “Wall Street Government” that has driven national and global economics condition into the ground. Both in the past and evidently, even today. Curl up on the couch with a bowl of popcorn this week end and let me know what you think. It’s narrated by Matt Damon, too.
Does the world have amnesia? I don’t understand why I am still seeing advertisements for 100% mortgage financing. Did everyone forget what happened a few years ago? What is still happening today? Our global economy darn near collapsed because of 100% financed, adjustable and seriously questionable lending practices. Why would financial instituions even consider offering mortgages of this kind? Even Fannie Mae still has a 3% down payment program. In my opinion, loans like these stand to throw consumers back into the fire that they are still smoldering from. It’s nuts.
The good thing is that we do have some new rules, regulations and restrictions that should help to shape lending practices going into the future. Hopefully, higher down payment and mortgage insurance requirements will be necessary to keep consumers from getting mixed up with an economically foolish home loan. Don’t get me wrong, I want people to be able to buy a house without excessive fees and costs, but not if it will cause the nightmare many of us are currently living. New regulations and documentation requirements will hopefully ensure consumers are informed about what they are signing are comfortable with their commitment to pay. It could cost timing for a loan to be processed and approved and fees might be higher but I think it will be worth the extra effort and will be good protection against another mortgage crisis. That being said… want to go check out a few properties?!
If you are a homeowner in Blaine County, Idaho you may have some questions about the way your property is assessed. The assessed value of your home helps to determine how much tax you pay. All assessments should be accurate so that all taxpayers pay their fair share of the total property tax.
Most frequently asked questions about property assessment and taxes:
HOW IS PROPERTY ASSESSED?
Idaho law requires that all taxable property be assessed at market value each year. To do this, the county assessor develops valuation guidelines based on the sales prices and some of the features of homes that have recently sold. Some of the features that often influence what a buyer would pay for your home and land include size, quality, age, condition, and location.
The county assessor uses this information to estimate how much a buyer might reasonably pay for your home if it were to sell on January 1 of the assessment year.
WHAT IS MARKET VALUE?
Market value is the value that property would sell for in the open market. It is the amount of U.S. dollars or equivalent for which a property would probably exchange hands between a willing seller and an informed buyer.
HOW OFTEN ARE PROPERTY VALUES ADJUSTED?
The value of your property may change each year depending Read the rest of this entry »