Texan Spirit



DON BURNS TEAM- REAL ESTATE

as one of the TOP 500 Top Producing Teams/Individuals in Texas

CDPE, CRS, ePRO®

http://www.har.com/donburns
don@donburns.com
(281) 491-6274
(281) 734-8715

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Convincing Advantages with Standard Deduction

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The new tax law doubles the standard deduction and it is estimated that over 90% of taxpayers will elect to use it. However, even without considering tax benefits, homeownership has convincing advantages. Besides the personal and social reasons for owning a home, one of the most compelling is that it is cheaper. Principal reduction and appreciation are powerful dynamics that reduce the effective cost of housing. Amortized loans apply a specific amount of each payment to the principal amount owed to retire the loan over the term. Some people consider it a forced savings account; when the payment is made, the unpaid balance is reduced. The price of homes going up over time is appreciation. While there are lots of variables and it is not guaranteed, it is easy to research the history of an area and make predictions based on supply and demand. Interest rates are still low and can be locked-in for 30 years. Without considering the tax benefits at all, the a...
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Motivated Sellers, Better Prices and Less Competition

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The Winter Home Buyer Report conducted in the second week of November by REALTOR.com ®  revealed the sentiments of current home buyers expecting to buy a house during the winter months.  It appears that there is pent-up demand with buyers who were unable to purchase a home recently. Most cited as an impediment to purchase was the challenge of low inventory.  Strong demand coupled with short supply explains why home prices have been increasing. "This summer and spring home buying season was particularly challenging for buyers, especially first-time home buyers trying to compete with all-cash offers and bidding wars because of reduced inventory.  In fact, a quarter of the winter home buyers revealed they are in the market now because they were unable to find a home during this last home buying season," said Alison Schwartz, vice president of corporate communications at REALTOR.com ® .  "While buyers are still experiencing challenges with inventory and approxi...
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Homeowner Tax Changes

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The new tax law that was signed into effect at the end of 2017 will affect all taxpayers. Homeowners should familiarize themselves with the areas that could affect them which may require some planning to maximize the benefits. Some of the things that will affect most homeowners are the following: Reduces the limit on deductible mortgage debt to $750,000 for loans made after 12/14/17. Existing loans of up to $1 million are grandfathered and are not subject to the new $750,000 cap. Homeowners may refinance mortgage debts existing on 12/14/17 up to $1 million and still deduct the interest, so long as the new loan does not exceed the amount of the existing mortgage being refinanced. Repeals the deduction for interest on home equity debt through 12/31/25 unless the proceeds are used to substantially improve the residence. The standard deduction is now $12,000 for single individuals and $24,000 for joint returns. It is estimated that over 90% of taxpayers will elect to take the st...
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