Monday Market Update

More clouds and rain coming this week – where is the sun? Great time to catch up on Spring Cleaning!

Whether you are buying or selling, market trend and value is critical in determining pricing for a property. Today’s stats cover Ossining. If you would like to better understand what’s happening in your own neighborhood every month, just click on the “How’s The Market” Button above in the green box!

90-day stats for Single Family properties in
OSSINING, NY as of May 11, 2012
Median List Price:$402,403Average List Price:$467,101
Total Inventory:59Price per Square Foot:$213
Average Home Size:2,006Median Lot Size:13,168
Average # Beds:3.26Average # Baths:2.03
Homes Absorbed:3Newly Listed:3
Days on Market:185Average Age:67

90-day stats for Condo properties in
OSSINING, NY as of May 11, 2012
Median List Price:$357,915Average List Price:$383,078
Total Inventory:14Price per Square Foot:$231
Average Home Size:1,428Median Lot Size:n/a
Average # Beds:1.94Average # Baths:1.97
Homes Absorbed:1Newly Listed:1
Days on Market:157Average Age:30

Monday Market Update

Another day of rain – that’s ok – look how Green it’s getting!

Whether you are buying or selling, market trend and value is critical in determining pricing for a property. Today’s stats cover Croton-on-Hudson. If you would like to better understand what’s happening in your own neighborhood every month, just click on the “How’s The Market” Button above in the green box!

90-day stats for Single Family properties in
CROTON ON HUDSON, NY as of May 11, 2012
Median List Price:$624,156Average List Price:$736,025
Total Inventory:52Price per Square Foot:$243
Average Home Size:2,465Median Lot Size:82,144
Average # Beds:3.48Average # Baths:2.60
Homes Absorbed:2Newly Listed:3
Days on Market:188Average Age:55

90-day stats for Condo properties in
CROTON ON HUDSON, NY as of May 11, 2012
Median List Price:$313,865Average List Price:$432,618
Total Inventory:9Price per Square Foot:$182
Average Home Size:1,762Median Lot Size:n/a
Average # Beds:2.79Average # Baths:1.63
Homes Absorbed:0Newly Listed:1
Days on Market:257Average Age:23

Celebrate Earth Day Everyday!


Did You Know?
One mature tree can remove 216 pounds of carbon dioxide from the atmosphere per year. This is the equivalent of 11,000 miles of car emissions. Aside from removing pollutants from the atmosphere, one mature tree releases enough oxygen every day to supply a family of four.

The typical plastic bag is constructed with high-density polyethylene and can take more than 20 years to degrade. In a sealed landfill, a plastic bag can take more than 1,000 years to degrade.

Americans use about 100 gallons of water at home each day, according to National Geographic. Millions of people living in economically challenged environments subsist on fewer than five gallons a day. And people in developing countries walk an average of 3.7 miles to get water.

Monday Market Update

Can you believe how Mother Nature has exploded!!! So has the market, buyers are coming out, open houses were packed this weekend! There is still time to get listed and sold!

Whether you are buying or selling, market trend and value is critical in determining pricing for a property. Today’s stats cover Yorktown Heights. If you would like to better understand what’s happening in your own neighborhood every month, just click on the “How’s The Market” Button above in the green box!

90-day stats for Single Family properties in
YORKTOWN HEIGHTS, NY as of May 11, 2012
Median List Price:$451,038Average List Price:$565,805
Total Inventory:128Price per Square Foot:$224
Average Home Size:2,162Median Lot Size:35,374
Average # Beds:3.56Average # Baths:2.15
Homes Absorbed:5Newly Listed:8
Days on Market:160Average Age:50

90-day stats for Condo properties in
YORKTOWN HEIGHTS, NY as of May 11, 2012
Median List Price:$222,869Average List Price:$227,587
Total Inventory:19Price per Square Foot:$203
Average Home Size:1,120Median Lot Size:n/a
Average # Beds:1.66Average # Baths:1.49
Homes Absorbed:1Newly Listed:2
Days on Market:123Average Age:29

I Bought My House, Now What? Spring Cleaning Guide

You are in your new home! You are unpacked and settling in. But wait! Yesterday was the first day of Spring – that means Spring Cleaning – check out this Spring Cleaning Guide:

By: Alyson McNutt English, Published: September 30, 2009

Make spring cleaning less of a chore by following these smarter–and mostly greener–tips for this annual rite of homeownership.

Bathrooms

When it’s time to get down and dirty, many people start with the bathroom. Allen Rathey, founder of The Housekeeping Channel, says removing mineral deposits, rust, and such from toilets doesn’t have to mean chemical warfare. Don rubber gloves and use a pumice stone to erase stubborn stains. If you want more scouring power, Rathey recommends mixing baking soda with acidic vinegar. The concoction is just as effective as conventional cleaners, and there are no toxic fumes to inhale. This approach works equally well on tub and shower stains.

Buy your supplies in bulk to save. A 64-ounce bottle of vinegar costs about $4; a 12-pound bag of baking soda, about $7. Both items can be used throughout the house. For just $1 you can mix equal parts vinegar and water in a 32-ounce spray bottle to make a terrific all-purpose surface cleaner. That’s about $4 cheaper than buying a spray cleaner at the store.

Spring cleaning is the perfect time to extract dirt from porous grouted surfaces. For tile floors use your usual cleaner, but don’t mop. Instead, run a wet/dry vac, which will suck contaminants out of the grout. Mopping drives the grime into the grout rather than removing it. According to Rathey, grout can harbor stinky bacteria that leave a bad odor in the bathroom. This technique is more time-consuming than mopping, but it’s worthwhile to do at least once a year.

Kitchens

The kitchen can be a tough room to clean because there’s usually so much stuff in it, says Justin Klosky, founder and creative director of The OCD Experience, an organizational service. Before you break out the broom, go through your cabinets and drawers, and put together a box of items to donate and a box of items to store somewhere besides the kitchen. Clear your countertops of everything except items you use nearly every day.

After you’ve de-cluttered, you can get to work cleaning. Cloud Conrad, vice president of marketing for cleaning company Maid Brigade, says one tool you shouldn’t overlook is an all-purpose microfiber cloth (about $5). These aren’t run-of-the-mill dusting rags. Microfiber is a densely woven synthetic fabric that picks up dirt and greasy deposits without chemicals thanks to its unique composition. You should be able to clean surfaces like countertops, sinks, and stoves with warm water, a microfiber cloth, and a bit of elbow grease, Conrad says.

Since you prepare your food in the kitchen, consider using green commercial products for surfaces, or make your own vinegar/water spray. Conventional cleaners may remove dirt, but they can also harbor some nasty substances you don’t want in your PB&J. Microfiber, vinegar, and baking soda will clean and disinfect almost every kitchen surface at a fraction of the price. Don’t neglect once-a-year chores like vacuuming refrigerator coils (unplug your fridge first), and tossing out expired food from the back of the pantry.

Bedrooms

Since bedrooms are such individual spaces, there’s a lot of diversity in what needs to happen. Most homeowners should at least rotate and flip innerspring mattresses, and store out-of-season sheets and clothing. Also go through your closet, and donate or Freecycle items you haven’t worn in the last 12 months. For carpets and mattresses, consider using a professional cleaning service. Figure a typical mattress will cost about $70-$90 to clean, a bargain considering how much time you spend in bed.

Even if you’re getting your carpet professionally cleaned, you still need to break out the vacuum, says Leslie Reichert, owner of The Cleaning Coach. Use the hose attachment to get to the hidden particles along baseboards, under your bed, and in your curtains, favorite environments of dust mites. If you have a large-capacity dryer, throw curtains in on high heat for good measure to kill the little pests.

Living area

Another surface you should consider getting professionally cleaned is living room upholstery. It can be tricky to know exactly how to deep-clean different types of fabrics, says Rathey, especially if there are stains you can’t quite identify. Costs vary widely depending on the size of the furniture piece and the quality and state of its covering, but a typical sofa might run $70 to $90.

Microfiber cloths are great to use in the living area as well. Make sure you have cloths for each area of the house, though, so you’re not cross-contaminating bathroom, kitchen, and living areas. Use a damp microfiber cloth to wipe down windows, wood, mirrors, the tops of bookshelves, ceiling fan blades, and even the plastic housing of electronics for a quick, chemical-free clean.

Visit houselogic.com for more articles like this.

Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®

Happy Spring!

Today is the official first day of Spring 2012!

Monday Market Update

Back is just about healed – should have been using that infrared heating pad for every back problem!!!

Whether you are buying or selling, market trend and value is critical in determining pricing for a property. Today’s stats cover Cortlandt Manor. If you would like to better understand what’s happening in your own neighborhood every month, just click on the “How’s The Market” Button above in the green box!

90-day stats for Single Family properties in
CORTLANDT MANOR, NY as of May 11, 2012
Median List Price:$450,615Average List Price:$464,762
Total Inventory:76Price per Square Foot:$191
Average Home Size:2,299Median Lot Size:26,689
Average # Beds:3.46Average # Baths:2.04
Homes Absorbed:3Newly Listed:6
Days on Market:199Average Age:41

90-day stats for Condo properties in
CORTLANDT MANOR, NY as of May 11, 2012
Median List Price:$509,096Average List Price:$482,025
Total Inventory:6Price per Square Foot:$223
Average Home Size:2,134Median Lot Size:n/a
Average # Beds:2.40Average # Baths:2.20
Homes Absorbed:1Newly Listed:1
Days on Market:194Average Age:24

 

 

 

 

 

 

 

 

 

Happy St. Patrick’s Day All!

I Bought My House, Now What? How to Budget for Home Maintenance

You are in your new home!  You’ve shelled out thousands of dollars on attorney fees, closing cost, home inspections and more!   Besides the affordable home improvements we mentioned in our earlier post, there are maintenance fees.  “How do I pay for that” you ask?  You have a vested interest in maintaining the property, so it’s important for you to plan for annual checkups as well as unexpected surprises, like a broken appliance or leaky roof. Find out what maintenance tasks you’ll need to perform each year.

Try these tips for creating a home maintenance budget:

  • Build a reserve. Set aside 1 percent to 3 percent of your home’s purchase price each year in a separate savings account specifically for home maintenance and repairs. For example, if your home cost $300,000, set aside at least $3,000 each year. Make one large deposit or spread the amount out in monthly deposits.
  • Assess your needs. Prioritize projects and work within your budget. Increase your budget as needed for bigger projects. For instance, if you know the furnace needs to be replaced, get an estimate and start saving for it.
  • Conserve energy. Minimize gas and electricity costs by using energy-efficient appliances and light bulbs.
  • Do it yourself. Depending on your level of comfort with a hammer and drill, consider doing minor repairs around the home yourself.
  • Use credit wisely. Cut expenses and save money first. Avoid opening new credit cards or getting a home equity loan to fund major remodeling projects.

Monday Market Update

Sorry this is late – hurt my back again!!! Back to the heating pad!

Whether you are buying or selling, market trend and value is critical in determining pricing for a property. Today’s stats cover Peekskill. If you would like to better understand what’s happening in your own neighborhood every month, just click on the “How’s The Market” Button above in the green box!

90-day stats for Single Family properties in
PEEKSKILL, NY10566 as of May 11, 2012
Median List Price:$279,327Average List Price:$274,052
Total Inventory:37Price per Square Foot:$152
Average Home Size:1,867Median Lot Size:14,006
Average # Beds:3.33Average # Baths:1.74
Homes Absorbed:1Newly Listed:2
Days on Market:219Average Age:57

90-day stats for Condo properties in
PEEKSKILL, NY10566 as of May 11, 2012
Median List Price:$243,865Average List Price:$269,471
Total Inventory:41Price per Square Foot:$193
Average Home Size:1,241Median Lot Size:n/a
Average # Beds:2.01Average # Baths:1.72
Homes Absorbed:2Newly Listed:2
Days on Market:178Average Age:30

 

 

 

 

 

 

 

 

 

 

 

 

I Bought My House, Now What? Affordable Ways to Go Green!

You are in your new home!  If you have some cash left over after closing, a few simple, inexpensive home improvements can add value to your home and bring it more in line with your tastes. There are plenty of easy and affordable ways to “go green with a home makeover and stay within your budget.” Here are some green living tips for doing environmentally friendly home and yard makeovers on a tight budget:

Audit

Start with a home energy audit. Check to see if your local utilities company provides this service. If it doesn’t, plenty of other companies do. The auditor should make a complete inventory of all your household appliances that use electricity and/or water. An energy audit is a good way to determine how efficient (or inefficient) your appliances are, and whether your home heating and cooling system is running efficiently.

Change your lights

Replace your incandescent light bulbs with more efficient compact fluorescent light bulbs (CFLs). The latter will last longer while using less power.

Water, water everywhere

Some modern, multi-headed shower systems spew out water at the incredibly wasteful rate of 80 gallons per minute (gpm). Buy a water saving showerhead that emits water at a rate of 1.75 gpm instead. You will save thousands of gallons a year.

Toilet

Composting toilets, that turn human waste into natural fertilizer, are a great way to conserve water. However switching to a composting toilet is a pretty major step for most people. Fortunately, there’s no shortage of other things you can do in the bathroom to go green. Use recycled, processed-chlorine free toilet paper, organic cotton bath linens and a PVC-free shower curtain.

Magic carpet ride

Your home contains a magnet for dirt, dust, bugs, fungi, animal dander and toxins. It’s called a carpet—i.e. the wall-to-wall variety found in so many American living rooms. Not only is your carpet a dirt reservoir, but it’s probably made from nylon or some other petrochemical synthetic material. Use area rugs made from natural fibers instead. Make sure the rugs are stitched, not glued.

Naturescaping

Instead of drowning your lawn in a sea of dangerous pesticides and chemicals, make your own bug and weed repellent from hot peppers and water. Some households remove the grass from their yards and replace it with rocks, gravel, wild flowers and native plants (hearty species that don’t require much water or fertilizer). If you do have a grass lawn, don’t feel obliged to constantly mow it. A “high mow” with a push mower gives grass the chance to grow sufficiently to deny shade to weeds, and hopefully, kill them.

Other simple suggestions:

  • Don’t run the water while brushing your teeth
  • Only use your toilet for its intended purpose, not as a ‘garbage disposal’
  • Cut shower time to five minutes max
  • Dry your clothes on an outdoor line or on a drying rack
  • Wash your clothes in cold water instead of hot
  • Use an organic, cotton or wool mattress and organic cotton bedding
  • Turn your thermostat down two degrees in winter. Turn it up to 73 in summer

These simple methods will help reduce your carbon footprint while saving money on utility bills. Any structural upgrades you make to the home will be especially valuable, as green homes are increasingly sought-after by many homebuyers. With global warming quickly becoming a huge issue, it’s up to each of us increase our focus on environmentally friendly, sustainable living.

 

I Bought My House, Now What? Affordable Home Upgrades

You are in your new home!  If you have some cash left over after closing, a few simple, inexpensive home improvements can add value to your home and bring it more in line with your tastes. Consider making these updates in your first year of home ownership:

  • Make basic repairs. Go ahead and fix things that are broken before or shortly after you move into your home.
  • Paint. Painting is one of the simplest, most cost-effective home improvements out there. Also, don’t think of paint as something that’s just for walls. Have outdated, dark wood cabinets? Roll a coat of crisp, white paint on them for an instant kitchen update.
  • Install new floors. If your home has carpeting or linoleum that still looks dingy even after a thorough cleaning, new floors could be a great investment..
  • Spruce up your ceilings. Popcorn ceilings were once all the rage, but these days, they make a home look outdated.
  • Update fixtures and hardware. Lighting, faucets and doorknobs may seem like details that only the most nitpicky of homeowners would notice, but outdated or cheap fixtures can really affect the overall look of a home.
  • Add low-cost landscaping. Shrubs and colorful plants add beauty and value to your home. Purchase plants that are native to your region or water-conserving, drought-tolerant vegetation.
  • Go green. Eco-friendly home improvements are a great investment because they add value to your home and save you money in the long run.

Next Week:  Affordable Ways to Go Green!

Monday Market Update

Another  bone-chilling COLD and windy weekend!!!  Today is supposed to be in the 50′s and Wednesday Snow!  Wacky weather but we still can’t complain!

Whether you are buying or selling, market trend and value is critical in determining pricing for a property. Today’s stats cover Bedford. If you would like to better understand what’s happening in your own neighborhood every month, just click on the “How’s The Market” Button above in the green box!

90-day stats for Single Family properties in
BEDFORD, NY as of May 11, 2012
Median List Price:$1,445,423Average List Price:$2,191,381
Total Inventory:64Price per Square Foot:$340
Average Home Size:4,280Median Lot Size:136,242
Average # Beds:4.31Average # Baths:3.46
Homes Absorbed:2Newly Listed:3
Days on Market:221Average Age:57

 

 

 

 

 

 

Is There a 3.8% House Sales Tax in the Health Care Bill?

I felt this was more important that my post that was supposed to be there yesterday on Affordable Home Upgrades which I will post next week!  Feel free to pass this on to dispel any myths that are circulating!

Is There a 3.8% House Sales Tax in the Health Care Bill?

by The KCM Crew on February 23, 2012

The presidential election has renewed the debate about the Administration’s Health Care Bill. We are again getting many questions about a possible 3.8% tax on home sales that some claim is in the bill. To answer these questions, we have decided to re-run a blog post we did last year. – The KCM Crew

We have received many questions about a possible 3.8% tax which will be put on home sales beginning in 2013. We want to do our best to clarify this situation for everyone. We are not accountants and give you this information just as a simple answer to the misconception. Understand that, when it comes to IRS regulations, you should check with your accountant for the most accurate and up-to-date information.

A little history on the confusion

Fact Check.org explains it this way:

The truth is that only a tiny percentage of home sellers will pay the tax. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. And even for those who have such high incomes, the tax still won’t apply to the first $250,000 on profits from the sale of a personal residence — or to the first $500,000 in the case of a married couple selling their home.

We can understand how this misconception got started. The law itself is couched in highly technical language that only a qualified tax expert can fully grasp. (This provision begins on page 33 of the reconciliation bill that was passed and signed into law.) And it does say the tax falls on “net gain … attributable to the disposition of property.” That would include the sale of a home. But the bill also says the tax falls only on that portion of any gain that is “taken into account in computing taxable income” under the existing tax code. And the fact is, the first $250,000 in profit on the sale of a primary residence (or $500,000 in the case of a married couple) is excluded from taxable income already. (That exclusion doesn’t apply to vacation homes or rental properties.)

The Joint Committee on Taxation, the group of nonpartisan tax experts that Congress relies on to analyze tax proposals, underscores this in a footnote on page 135 of its report on the bill. The note states: “Gross income does not include … excluded gain from the sale of a principal residence.”

And just to be sure, we checked with William Ahern, director of policy and communications for the nonprofit, pro-business Tax Foundation. “Some home sales would see a tax increase under this bill,” Ahern told us, “but it would have to be a second home or a principal residence generating [a gain of] more than $250,000 ($500,000 for a couple).”

Simple Explanation:

The following simple explanation comes from midiShaw:

The tax will affect those sellers of real property who will be otherwise taxed on capital gains under current tax laws. Under current laws, if you sell your primary residence and meet the ‘time ‘ criteria, you are exempt up to $250,000 or $500,000 (filing individually or jointly). Any amount realized OVER that amount is taxable under current tax schedules based on income. As such, this new tax will apparently be added to the current capital gains tax burden IF your income is over $200,000/$250,000 (filing individually or jointly). For those selling second homes and investment properties, the tax, once again, will be applied to the amount of gain realized.

Detailed Explanation:

The following also comes from midiShaw in a comment to the above answer.

Beginning in 2013, the national health care reform legislation that became law in March, 2010, imposes a new 3.8 percent tax on certain investment income. The new tax will apply to single filers with incomes over $200,000 and married taxpayers with incomes over $250,000. Under the law, the investment tax provisions in Chapter 2A of the Internal Revenue Code are placed under the heading “Unearned Income Medicare Contribution.” In general, this new Medicare tax will apply to investment income that is subject to income tax, which includes capital gains. Pursuant to IRC Section 1402 (C)(1)(A)(iii), the investment income to which this new tax applies includes “net gain” (to the extent taken into account in computing taxable income) attributed to the disposition of property that qualifies as a capital asset under Section 1221 (capital gains), as well as gains on other property that are considered part of ordinary income.

We offer this just as an explanation. Remember, when it comes to IRS regulations, you should check with your accountant for the most accurate and up-to-date information.

Monday Market Update

In honor of President’s Day, we will not provide market stats this week.

Today is a day to remember and honor our leaders. The holiday commemorates George Washington and Abraham Lincoln, both born in February, as well as other presidents. Because it’s a federal holiday, the following will be closed: Most banks, including Bank of America, Chase, Wells Fargo and Citibank, Post offices, Schools, State and federal offices and all town buildings.

Energy Efficient Upgrades Program

The only thing keeping many people from having a more energy-efficient home is money.

A brand new program allows people to get green upgrades now and pay for them later in their monthly utility bill.

My parents have lived in Yorktown for 32 years with poor insulation, inefficient lighting fixtures, and a faulty boiler causing the utility bills to skyrocket. It didn’t help either that the oil provider was ripping them off! One of the bedrooms was extremely cold compared to the other bedroom, so I knew something was wrong!  We contacted NYSRDA 3 years ago and had the entire house insulated for a 3rd of the cost.  We changed oil providers and are saving heaps!

Now, there is a new state program that allows New Yorkers to make energy-efficient upgrades in their homes without paying any cash up front, it’s called the On-Bill Recovery Loan Program. Through on-bill homeowners can now take advantage of upgrading their homes through energy-efficient improvements and make their payments through their utility bill.”

Homeowners first agree to a comprehensive home energy audit to identify areas to save energy. We have a great company to recommend – email us for the info.   The next step is applying for a 2.99 percent loan. If approved the homeowner will be eligible for up to $25,000 to make necessary changes.  The loan is repaid each month through a line item on the homeowner’s utility bill.

There are no income limitations for homeowners wishing to participate in the program. Participants must have a credit score of at least 640 or a good payment history for both their mortgage and their utility bills. They must also own the property.

New Yorkers who apply now won’t have to start repaying the loan until June.

Will you be taking advantage of the new program? Let us know in our comments section below…

Monday Market Update

Ok – I guess we were spoiled. Saturday wasn’t too bad but Sunday was bone-chilling COLD!!!

Whether you are buying or selling, market trend and value is critical in determining pricing for a property. Today’s stats cover Briarcliff Manor. If you would like to better understand what’s happening in your own neighborhood every month, just click on the “How’s The Market” Button above in the green box!

90-day stats for Single Family properties in
BRIARCLIFF MANOR, NY as of May 11, 2012
Median List Price:$945,423Average List Price:$1,308,665
Total Inventory:49Price per Square Foot:$288
Average Home Size:3,401Median Lot Size:45,353
Average # Beds:4.04Average # Baths:2.93
Homes Absorbed:1Newly Listed:3
Days on Market:225Average Age:50

90-day stats for Condo properties in
BRIARCLIFF MANOR, NY as of May 11, 2012
Median List Price:$530,527Average List Price:$930,561
Total Inventory:10Price per Square Foot:$238
Average Home Size:2,471Median Lot Size:n/a
Average # Beds:2.62Average # Baths:2.65
Homes Absorbed:1Newly Listed:0
Days on Market:132Average Age:15

I Bought My House, Now What? Top Ten Tax Tips for Home Owners

Some of the best perks of owning a home are the tax breaks. Know what expenses you can deduct, and understand how new laws affect you. If you’re currently renting, consider the tax advantages of home ownership. This may be the time to buy a home. Remember to consult your tax advisor.

1. Deduct mortgage interest and real estate taxes. Interest paid on home loans is deductible up to $1 million for a principal residence plus a second home. Property taxes on all real estate are fully deductible.

2. If you bought a home this year, deduct any money paid toward points or origination fees. You cannot deduct closing costs. Points paid on a new mortgage loan for the purchase or improvement of a principal residence are deductible for the year in which they were paid.

3. If you refinanced your mortgage this year or took out a loan to buy a second home or investment property, deduct any points you paid equally over the life of the loan. Any points paid on a refinanced mortgage or a loan to purchase a second home or income property must be spread over the life of the loan. Some exceptions apply.

4. Taxpayers with adjusted gross income of $100,000 or less can fully deduct premiums for private mortgage insurance (PMI). The deduction is allowable only for insurance on loans that were originated after Dec. 31, 2006, and before Jan. 1

5. If you moved 50 miles or more for a new job, deduct moving expenses. If you relocated for a new full-time job at least 50 miles away from your previous home, you can deduct the cost of packing, transporting or storing your household goods.

6. If you sold your house this year, see if you’re subject to a capital gains tax. If the profit you received from the sale of your house is under $500,000 for married couples or $250,000 for single owners, you are exempt from the capital gains tax.

7. Home improvements and mortgage closing costs are not tax deductible. But, when you sell your house, they can be used to offset your capital gains tax burden, should you have one. Keep all receipts of permanent home improvements and mortgage closing costs so they can be figured into the adjusted cost basis of your home when you go to sell.

8. If you did a short sale this year, the debt forgiven by your lender can be excluded from your taxable income. Thanks to a new law, you can exclude debt up to $2 million if it was discharged by the lender in 2007, 2008 or 2009.

9. Take advantage of energy efficiency tax credits. Going green is good for the environment and your wallet. You can qualify for a tax credit with documentation of energy efficient updates to your home.

10. If your home was damaged from a sudden, unexpected event, such as a natural disaster, fire, vandalism, or theft, deduct some of the loss. You may deduct all expenses not covered by your homeowner’s insurance, minus a $100 deductible and 10 percent of your adjusted gross income.

Next Week:  Affordable Home Upgrades

I Bought My House, Now What? The Cost of Home Ownership


By now, you should know that the cost of home ownership is more than just the monthly mortgage payment. There are property taxes, homeowner’s insurance, HOA fees, if applicable, utilities and maintenance costs, which can add up to thousands of extra dollars per year. Your bank may have required you to put the taxes and insurance into an escrow account.

Most experts recommend setting aside 1 percent to 3 percent of the purchase price of your home each year for maintenance.  Don’t neglect any of these items as they can turn into health and safety issues which can cost you even more!  So what does this money cover? Here are some items that need yearly maintenance:

  • Gutters and downspouts – leaves and other debris need to be removed from your gutters and downspouts so water can flow freely through them away from your home.
  • Chimney – If you use a fireplace, the should be professionally cleaned each year to remove the build-up of creosote, the flammable material that collects on the chimney walls.
  • Safety devices – Change the batteries in your smoke detectors and carbon monoxide detectors at least twice a year. Also, check the expiration date on your fire extinguishers and make sure they’re working properly.
  • Refrigerator – If you have a coil-back refrigerator, vacuum the coils at least twice a year for efficiency.
  • Heating system – Have your furnace professionally checked and cleaned each year before it comes time to heat your home.
  • Air conditioning – Have your air conditioning system checked each year as well, and clean or replace the filters monthly.

If you need to hire any kind of maintenance professional, let us know.  We have an approved vendor list we can provide!

Next Week:  Top Ten Tax Tips for Home Owners

Monday Market Update

Wow – again – can you believe this weather – sunny, a little chilly, I can handle that!  Way to go Giants!!!

Whether you are buying or selling, market trend and value is critical in determining pricing for a property. Today’s stats cover Croton-on-Hudson. If you would like to better understand what’s happening in your own neighborhood every month, just click on the “How’s The Market” Button above in the green box!

90-day stats for Single Family properties in
CROTON ON HUDSON, NY as of May 11, 2012
Median List Price:$624,156Average List Price:$736,025
Total Inventory:52Price per Square Foot:$243
Average Home Size:2,465Median Lot Size:82,144
Average # Beds:3.48Average # Baths:2.60
Homes Absorbed:2Newly Listed:3
Days on Market:188Average Age:55

90-day stats for Condo properties in
CROTON ON HUDSON, NY as of May 11, 2012
Median List Price:$313,865Average List Price:$432,618
Total Inventory:9Price per Square Foot:$182
Average Home Size:1,762Median Lot Size:n/a
Average # Beds:2.79Average # Baths:1.63
Homes Absorbed:0Newly Listed:1
Days on Market:257Average Age:23