Monthly Archives: December, 2010

Wishing everyone a very Healthy, Happy a

Wishing everyone a very Healthy, Happy and Prosperous New Year!

Invest between Okemo and Killington



Multi Family
Main Features
4 Bedrooms
4 Bathrooms
Interior: 2067 sqft
Lot: 0.50 acre(s)
4738 Route 100A
Plymouth, VT 05056

Irene Gaffigan

Irene Gaffigan

Bean Group
(802) 353-1983

Listed by: IRene Gaffigan

Nearby properties for sale,%20VT%22listing%20type:for%20sale&mcenter=43.531082,-72.73414&orderby=modification_time

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What You Should Know About Proposed Eliminations of the Mortgage Interest Deduction

Currently, the co-chairs of the bipartisan deficit committee have initiated proposals for the 2010 budget. The current budget includes the elimination or reduction of the home mortgage interest deduction. Presently, the goal of the report pertains to improving the countries current fiscal situation over the medium term. Furthermore, it aims to achieve long-term fiscal sustainability.

The original recommendations entailed savings of $208 billion over the next decade. On the other hand, recent revisions made by Democrat Erksine Bowles and former Sen. Alan Simpson propose a zero option plan, which would eliminate tax credits for homeowners and businesses. In their revised draft, they projected cutting the deficit by $3.9 trillion by 2020. In addition, they proposed that by the year 2035 this would reduce the national percentage of Gross Domestic Product (GDP) debt by 40%.

The current proposal indicates how the mortgage interest deduction is a nonessential. It further stipulates how other countries as Australia and Canada do not have it, yet people still buy homes. Furthermore, Simpson and Bowles assert that the mortgage interest deduction is part of tax expenditures considered unfair in draining the treasury. Therefore, they propose the elimination of all tax credits.

In the event that people do not want to accept their recommendations, they proffer a reduction. The aforementioned would include placing a limitation on the current mortgage interest deduction so that it would not exceed more than $500,000. Furthermore, homeowners could no longer apply it to a second home purchase.

Mortgage Interest Deductions Defined

Under Title 26, of U.S.C. § 16 3(c) of the United States Internal Revenue Service (IRS), homeowners are entitled to the mortgage interest deduction as long as they adhere to specific guidelines. These guidelines specify that a homeowner must itemize deductions. Additionally, the interest deducted may not surpass one million dollars.

Furthermore, the deductions may only involve the acquisition, construction, or comprehensive home improvement. On the other hand, despite a homeowners intended purpose or use, they may use up to $100,000 of their home equity.

Reasons Congress Should Continue Mortgage Interest Deduction

As illustrated above, the benefits of mortgage interest deductions are many. Ultimately, it provides a way for homeowners to reduce their taxable income in accordance with the interest paid on their home loan. Therefore, it serves as a huge benefit for those who own their own home.

Presently, more than ¾ of all homeowners utilize this deduction throughout their home ownership. Generally, most of the people who need it the most are the middle class. Ultimately, the reduction or elimination of the mortgage interest deduction would eliminate one of the largest buying incentives within the national housing policy.

In the end, the National Association of Realtors (NAR) asserts that removing such a deduction will affect the overall stability of the current economy and housing market. In addition, the tax policy director, Ryan Ellis with the Americans for Tax Reforms contends that any changes with the current mortgage interest deduction will lead to tax increases amounting to over one trillion dollars in 10 years.

6 Reasons to Reduce Your Home Price

While you’d like to get the best price for your home, consider our six reasons to reduce your home price.

Home not selling? That could happen for a number of reasons you can’t control, like a unique home layout or having one of the few homes in the neighborhood without a garage. There is one factor you can control: your home price.

These six signs may be telling you it’s time to lower your price.

1. You’re drawing few lookers

You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think it’s overpriced and are waiting for the price to fall before viewing it.

2. You’re drawing lots of lookers but have no offers

If you’ve had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer.

3. Your home’s been on the market longer than similar homes

Ask your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you’re pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there’s something wrong with it, which can delay a sale even further. At least consider lowering your asking price.

4. You have a deadline

If you’ve got to sell soon because of a job transfer or you’ve already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: It’s not how much money you need that determines the sale price of your home, it’s how much money a buyer is willing to spend.

5. You can’t make upgrades

Maybe you’re plum out of cash and don’t have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn’t as well-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it’s time to accept that buyers expect to pay less for a home that doesn’t show as well as others.

6. The competition has changed

If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what’s still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.

More from HouseLogic

How to ready your home for sale at little cost

How to review offers on your home

Other web resources

Setting the right price

More on setting the right price

G.M. Filisko is an attorney and award-winning writer who made strategic price reductions that led to the sale of a Wisconsin property. A frequent contributor to many national publications including, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

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In the Heart of Vermont ski Country

Right between Killington and Okemo ski resorts. Located just off VAST (Snowmobile Trails) there are possibilities for direct access to the trails the building features a heated garage which would be a perfect place to store and work on your sleds. It is also equidistant to echo lake and Woodard reservoir and just down the road from the Coolidge historical sites, Long Trail brewery, and the village of Woodstock this is the perfect location for year round vacation or daily life! There are 4 bedrooms, 4 large bathrooms, and an updated kitchen. Each room has individually controlled thermostat, and a propane fireplace. The building is very energy efficient! Owner financing available – this is not a drive-by – Priced to sell!  $229,900.00

Holiday Lighting Safety Checklist

By: Pat Curry

Published: November 18, 2009

Before you plug in and light up for the holidays, run your decorations through this quick safety check.

Inspect light strings. Discard any that are damaged. Frayed or cracked electrical cords or broken sockets are leading fire hazards. 

Follow the manufacturer’s instructions for connecting multiple strings. The general limit is three strings.  Light strings with stacked plugs can usually accommodate greater lengths than end-to-end connections.

Replace burned-out bulbs promptly. Empty sockets can cause the entire string to overheat. 

Make sure outdoor lighting is UL-rated for exterior use. Exterior lights, unlike those used inside the house, need to be weather-resistant. The same goes for any extension cords used outdoors.

Don’t use outdoor lights indoors. They’re too hot for interior use. For the coolest bulbs and greatest energy efficiency, try LED lights, which come in a wide range of styles and colors.

Don’t attach light strings with nails or staples. They can cut through the wire insulation and create a fire hazard. Only use UL-approved hangers.

Take exterior lights down within 90 days. The longer they stay up, the more likely they are to suffer damage from weather and critters chewing on them. 

Store lights safely. Tangled lights can lead to damaged cords and broken sockets. After the holidays, coil each string loosely around a stiff piece of cardboard, wrap it in paper or fabric to protect the bulbs, and store in a sturdy container until next year.  

Pat Curry is a former senior editor at BUILDER, the official magazine of the National Association of Home Builders, and a frequent contributor to real estate and home-building publications.