Market Conditions And Taxes

Stay up-to-date with the most current Ulster County Real Estate market conditions and news on taxes.

There are currently 7 blog entries related to this category.

Many websites are available to view Ulster County real estate, such as realtor.com, homes.com, trulia.com & zillow.com. These national real estate websites have become more and more popular over the years, especially Zillow which displays their own estimated value (Zestimate) on each home for sale. The value of a home is an important number to both buyers and sellers. Both parties need this number to be accurate. If the number is understated, the buyer is likely to push for a price close to this number while the seller will probably not agree with the number. If the value is overstated, the seller likes the number and the buyer does not.

Zillow calls its home value number a Zestimate. Both home owners and home buyers can see this number and while it often

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The recent real estate report of May 2012 has given a boost of confidence to companies associated with real estate.  The people who sell luxury homes across the land have even more reason to celebrate.  Improved conditions in the market are enticing more transactions for properties priced at $500,000+.

Defining Luxury Home Loans

Fannie Mae and Freddie Mac, the two largest conventional mortgage lenders, have long held in place some guidelines about loan amounts.  One rule is the maximum mortgage that they will underwrite.  As of this writing that maximum rests at $417,000.  For all intent and purposes, that amount would seem more than fitting for the vast majority of American looking to buy a home.  But you might be surprised to learn that there are

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Is the Ulster County Real Estate Market improving?   This infographic shows Ulster County Market trends as compared to the entire New York State real estate market. See how Ulster County stacks up in new listings, closed sales, inventory and median price. Statistics show May 2012 compared to May 2011.

 

ulster-county-real-estate-stats_1094

Put this graphic on your site:

<br> <p><a href="http://www.murphyrealtygrp.com/blog/how-ulster-county-stacks-up-against-new-york.html"><img src="http://www.murphyrealtygrp.com/images/ulster-county-real-estate-stats_1094.png" border="0" alt="Ulster County Real Estate Market Stats" /></a></p><p>For more <a href="http://www.murphyrealtygrp.com/">Ulster County Real Estate Stats</a> visit MurphyRealtyGRP.com </p>
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 housing crisisAs banks are loosening credit, the housing crisis is expected to end this year, which is great news. This is due to the fact that mortgage lending has remained stable over the past three quarters, now in the forth, with the requirements of a credit score of 700. According to banks, they are now lending amounts up to 3.5 times borrower earnings, up from the low of 3.2 times borrower earnings. Banks are also loosening loan-to-value ratios, which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”

With that said, if borrowing and credit conditions return to normal, maybe, just maybe, home sales will increase again!

Homes for sale!

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Ulster County Executive Mike Hein is proposing a property tax exemption for first time homebuyers who move into newly constructed homes or buy used existing or renovated homes.

Ulster County Executive Mike Hein wants to keep up the momentum, by keeping first time homebuyers on the Ulster tax rolls. He's proposing to cut their property tax levy over five years by fifty percent in the first year of a newly constructed home sliding down to a 10 percent savings in the fifth year, totaling on average, more than a $1,000 in savings. The same scale would exist for the value of improvements made to existing homes.

"This is hundreds and hundreds of dollars on an annual basis to people," said Hein. "That makes a difference in making a mortgage payment, it makes a

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Putting the FOMC statement in plain EnglishWednesday, the Federal Reserve's Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent.

The Fed Funds Rate has been near zero percent since December 2008.

For the third consecutive month, the Fed Funds Rate vote was nearly unanimous. Just one FOMC member dissented in the 9-1 vote, objecting only to the language used in the Fed's official statement.

In its press release, the Federal Reserve noted that the the U.S. economy has "expanding moderately" since its last meeting in December 2011, adding that the growth is occurring despite "slowing in global growth" -- a reference to ongoing economic uncertainty within the Eurozone.

The Federal Reserve expects moderate economic

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Time is running out to boost to your 2011 federal tax refund. All you have to do is make your January 2012 mortgage payment while it's still December.Ulster County Real Tax Deduction

It's a simple tax strategy that works because of how mortgage interest is paid, and of how the U.S. tax code is written.

Different from rent which is paid for the month ahead (i.e. "you're paying January's rent"), mortgage payments are made only after mortgage interest has accrued (i.e. "you're paying for money you've already borrowed from the bank").

This is called "paying interest in arrears" and U.S. tax code states that the mortgage interest is tax-deductible in its year paid, subject to limitations.

By making the January 2012 mortgage payment in December 2011, therefore, homeowners who itemize

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