Fortunately the internet makes home insurance shopping much easier especially with sites like InsWeb for the US and Money for UK residents. InsWeb provides a free database  which offers quotes from up to 8 insurers and the UK Money site provides up to 20. They are basically search engine comparison sites so you can access quotes from one location without having to hop from one insurance site to another.

There’s also an article on the CNN site under the money section which I recommend reading that discusses the top things to know about insurance. They even provide some other good articles worth reading pertaining to home ownership in general.

Insurance coverage and requirements also vary based on which state and country you live in. For example, I live in San Francisco which is very earthquake prone so an optional earthquake insurance option is available. Others who live in the mid-west are prone to hurricanes so their insurance will be more expensive.  Regardless of your location, it’s always important to seek out and find at least 2-4 quotes before making your decision. Not only will you save money but you’ll also have peace of mind knowing that you didn’t just select the first insurance plan you came across. Good luck in your search!

Although nominally a Christian holiday, Christmas is also widely celebrated by many non-Christians,^[1][13] and many of its popular celebratory customs have pre-Christian or secular themes and origins. Popular modern customs of the holiday include gift-giving, music, an exchange of greeting cards, church celebrations, a special meal, and the display of various decorations; including Christmas trees, lights, garlands, mistletoe, nativity scenes, and holly. In addition, several similar mythological figures, known as Saint Nicholas, Father Christmas and Santa Claus among other names, are associated with bringing gifts to children during the Christmas season.^[14]

Because gift-giving and many other aspects of the Christmas festival involve heightened economic activity among both Christians and non-Christians, the holiday has become a significant event and a key sales period for retailers and businesses. The economic impact of Christmas is a factor that has grown steadily over the past few centuries in many regions of the world.

Daylight Saving Time was instituted in the United States during World War I in order to save energy for war production by taking advantage of the later hours of daylight between April and October. During World War II the federal government again required the states to observe the time change. Between the wars and after World War II, states and communities chose whether or not to observe Daylight Saving Time. In 1966, Congress passed the Uniform Time Act, which standardized the length of Daylight Saving Time.

Daylight Saving Time is four weeks longer since 2007 due to the passage of the Energy Policy Act in 2005. The Act extended Daylight Saving Time by four weeks from the second Sunday of March to the first Sunday of November, with the hope that it would save 10,000 barrels of oil each day through reduced use of power by businesses during daylight hours. Unfortunately, it is exceedingly difficult to determine energy savings from Daylight Saving Time and based on a variety of factors, it is possible that little or no energy is saved by Daylight Saving Time.

Arizona (except some Indian Reservations), Hawaii, Puerto Rico, the U.S. Virgin Islands, and American Samoa have chosen not to observe Daylight Saving Time. This choice does make sense for the areas closer to the equator because the days are more consistent in length throughout the year.

Twin Falls Idaho is the largest city in the Magic Valley area of Idaho. In addition to the many attractions in Twin Falls Idaho, including fishing and other outdoor activities, Twin Falls Idaho remains a popular destination for vacations of various types. One of the major attractions in Twin Falls Idaho is the Snake River Canyon, where in the 1970's stunt man Evil Knievel attempted to jump the wide canyon on his motor bike but was unsuccessful.

The history of Twin Falls Idaho actually stretches back more than 10,000 years. Before the area was named Twin Falls by settlers in the early 19^th century, it was inhabited by Native American tribes. In the year 1959, evidence of human presence, including arrowheads and other tools were found at a site near the Wilson Butte Cave. Twin Falls as we know it today was settled in the early 1800's by Robert Stuart and other settlers from the American east coast.

Twin Falls today has a bustling economy and enjoys a healthy stream of tourists. Attractions in Twin Falls include plenty of outdoor activities, including great fly fishing in the spring and summer, as well as excellent trails for hiking and mountain biking. In the winter, travelers are able to head to some of the great ski sites in Idaho, including Schweitzer to the north or Silver Mountain. Other ski resorts in Idaho include Sun Valley, Soldier Mountain and Tamarack Resort.

The downtown section of Twin Falls, known as the Olde Town, is the site of many a great restaurant Twin Falls offers. The Olde Town restaurant Twin Falls experience includes cuisine from around the world, but most specifically cuisine from the Pacific Northwest. Salmon and other fish dishes are also of particular popularity in a restaurant Twin Falls offers, and travelers should have no trouble finding a great place to eat out in Twin Falls. Blue Lakes Boulevard is a street in downtown Twin Falls that is heavily developed with commercial retail shops and restaurants.

Another of the city's best attractions is Shoshone Falls, which is found along the Snake River. Close by these stunning falls is Twin Falls, a pair of waterfalls from which the city has taken its name. Pillar Falls is also located less than two miles from these waterfalls and from the Perrine Bridge, which is the best way to cross Snake River Canyon in Twin Falls. Idaho, and in fact the only way to cross the canyon in a car or other kind of vehicle.

Picking the right insurer for your home can be a daunting task especially if you’re a new home buyer with no prior experience. There are so many providers out there with such a vast range of insurance packages, it’s difficult to tell which is the right plan just for you.

Fortunately the internet makes home insurance shopping much easier especially with sites like InsWeb for the US and Money for UK residents. InsWeb provides a free database  which offers quotes from up to 8 insurers and the UK Money site provides up to 20. They are basically search engine comparison sites so you can access quotes from one location without having to hop from one insurance site to another.

There’s also an article on the CNN site under the money section which I recommend reading that discusses the top things to know about insurance. They even provide some other good articles worth reading pertaining to home ownership in general.

Insurance coverage and requirements also vary based on which state and country you live in. For example, I live in San Francisco which is very earthquake prone so an optional earthquake insurance option is available. Others who live in the mid-west are prone to hurricanes so their insurance will be more expensive.  Regardless of your location, it’s always important to seek out and find at least 2-4 quotes before making your decision. Not only will you save money but you’ll also have peace of mind knowing that you didn’t just select the first insurance plan you came across. Good luck in your search!

 Of course money is a driving factor in becoming a Real Estate agent. Helping clients share the dream of home ownership can be very rewarding in many ways. Agents spend countless hours and several weeks working to help you find the home of your dreams. Real Estate agents are required to pay dues to their local MLS and quarterly dues to their state office just to be able to show you homes located in your area. In many ways to be a Real Estate agent you must be a self motivating individual, working less will not be an option like you may have thought. Ask most agents and they would tell you the market is down or very slow. It is only slow because they make it slow. To be a Real Estate agent in this market you must know times have changed and agents must work harder not less.

 This spectacular bridge spans the majestic Snake River Canyon on the northern edge of Twin Falls. It is 1,500 feet long and 486 feet above the Snake River. The four-lane bridge has pedestrian walkways with views of the river, sheer cliffs, the Blue Lakes, waterfalls, a park and two golf courses. A road descends to these areas. The Buzz Langdon Visitor Center is next to the bridge. BASE jumpers enjoy the Perrine Bridge as their launching pad for parachuting from the bridge to the canyon floor below. BASE jumping is a sport involving the use of a parachute to jump from fixed objects. "BASE" is an acronym that stands for the four categories of fixed objects from which one can jump: Building, Antenna, Span, Earth. A parking area adjacent to a Visitor Center allows for close inspection of Idaho's most striking bridge. It also provides easy access to the developed canyon rim trail system.

Perrine Memorial Bridge: The first Perrine Memorial Bridge was open in 1927. It towered 475 feet above the Snake River Canyon, and was the highest bridge in existence at the time. The old bridge was replaced in 1974 with this new two lane bridge.

Who Qualifies for the Extended Credit?

• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer’s tax credit is determined by two additional factors:

1. The price of the home.
2. The buyer's income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009,  single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

 Time will run out on this great offer, please do not wait!-Lezamiz Real Estate Co.

1.       Tax breaks:  The U.S. Tax Code allows you to deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs that go with purchasing your home.

2.      Appreciation:  Real estate has stable, long-term growth in value.  Year-to-year fluctuations are a normal occurrence, but median existing-home sale prices have increased an average of 6.5 percent each year through 2005.

3.      Equity:  Mortgage payments let you build equity ownership interest in your home.

4.      Savings:  Building this equity in your home is a ready-made savings plan.  When you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5.      Predictability:  Unlike rent, your fixed-mortgage payments don’t rise over the years, so it is possible your housing costs may actually decline as the years progress. 

6.      Freedom:  The home is yours.  You can decorate how you want, and gain the benefits from your investment.

7.      Stability: Remaining in one neighborhood for several years gives you a chance to become active in your community, and gain lifelong friendships for your family.

If you would like to experience the freedom and benefits of owning a home, call Lezamiz Real Estate Co. today at 208-734-7007.  We look forward to exploring your needs, and finding you a beautiful home!

1.       Find a real estate agent that you connect with.  It is very important that you and your realtor get along and are able to connect with each other.  At Lezamiz Real Estate Co., we strive to combine both knowledge and understanding to make buying a home fun. 

2.      If you are ready to buy- buy!  Don’t try second-guessing the market or interest rates.  If you feel that now is the right time for you, then it probably is.

3.      Don’t ask too many opinions.  It is natural to want reassurance for such a big decision, but too many ideas can make it an even harder decision and you might start second guessing yourself.  Focus on the wants and needs of your family- the people who will be living in the home.

4.      Accept that no house is ever perfect.  Shoot for finding a house that meets your top priorities, and then be able to let the little things go.

5.      Don’t try to be a killer negotiator.  Negotiation is a give and take process.

6.      Look at everything around your house- not just the home.  Be sure to check out important issues like noise level, location to amenities, and other aspects that have a big impact on your quality of life.

7.      Plan ahead.  Even before you find the home you want to buy, get approved for a mortgage, price out home insurance policies, and start working on a schedule for moving.  Being prepared will make your offer much more attractive to the sellers.

8.      Be sure to factor in maintenance and repair costs in your post-home buying budget. 

9.      Recognize the benefits of buying a home!  Don’t lose sight of why you bought your home, and how much you love it.

10. Choose a home for the number one reason that you love it!  Then think about appreciation.  The value of your home will increase, but it’s most important role is to function as a comfortable and safe place to live.

We want to help make these top ten things happen for you as a home buyer.  Give Lezamiz Real Estate Co. a call at 208-734-7007 and find out how we can be of service to you!

This tax credit was modified as part of the American Recovery and Reinvestment Act.  The tax credit amount was previously $7500, but several changes were made, and became effective as of January 1, 2009.  The amount of credit now awarded to a homebuyer will be 10% of the cost of the home or $8000, whichever is less.  This means if you buy a $50,000 home, you could potentially receive a $5000 tax credit!  Conversely, if you bought a $150,000 home, your tax credit would be limited to $8,000, instead of you receiving $15,000 (10%).  There is a separate tax form that you must fill out for this tax credit, called Form 5405.  The tax credit is a line item deduction on your 1040 that gives you another reduction in your taxes, and the Form 5405 is an attachment to the 1040.  The tax credit can reduce or eliminate your tax liability, or will actually increase your tax rebate.  Additionally, when you take your new home purchase tax credit, you are NOT required to pay the tax credit back.  There is one important caveat though.  Lezamiz Real Estate Co. recommends that you stay in your newly purchased home for at least three years after taking the tax credit, because if you sell the home within three years from the date of your purchase, the entire amount of the tax credit is recaptured from you upon the sale of your home.  This only applies to homes that are bought in 2009. 

In order to receive this tax credit, there are some eligibility requirements.  First, you cannot have owned a principal residence in the last three years, or else you are ineligible for the tax credit.  Second, there are income limitations.  If you file your taxes individually, your adjusted gross income cannot be more than $75,000; if you file joint tax returns, your adjusted income cannot exceed $150,000.  Because this tax credit is very subjective to your own individual situation, we advise speaking with your accountant, because they will be able to give you much more specific information on how to take advantage of the tax credit.

So let’s put all these components together to see the total amount of your monthly payment for your beautiful new home!

As promised, Rent vs. Buy is the topic at Lezamiz Real Estate Co. this week.  We are going to look at renting, and some of the costs you can expect when living in a rental.  Also, we will examine the pros and cons of renting.  Then, using home prices based on a current median price for homes in Twin Falls, ID, we will look at the approximate monthly cost faced when buying a home. 

Rent                           

Currently in Twin Falls, a three bedroom, two bathroom home with a two-car garage is renting for around $900/month.  Many landlords will ask for first and last month’s rent, which gives you, as the tenant, an $1800 cash expense up front.  If you have pets, there may be an extra deposit asked for- say, $100 per pet, and an additional $25 per pet for rent each month.  This increases your monthly expense to $925.00, most likely not including utilities expenses you owe.

There are no tax deductions for any interest a tenant pays while renting.  As the tenant, you are making the owner’s mortgage payment for them each month. 

Usually, tenants aren’t able to make many, if any, changes to the home to personalize it to their taste.  In addition, if any repairs are required for the home, the tenant is at the mercy of the landlord, who may or may not pay the expense to fix the problem.

In some cases, the landlord may decide to sell the rental property, which takes away your security.  You may need to go through the hassle and expense of finding a place to live as soon as the property is sold. 

However, in some cases renting is a good idea for the short term if you fit into any of these situations:

·        New to the area.  While a family gets settled, and become familiar with the area, renting is a great idea.

·        Need a short term place to live while building a new home

·        Allows a person to “downsize” temporarily, in order to get finances back into shape and accumulate money for a sizable down payment when the time comes to purchases a home.

·        Living in the area short term, or less than two years, because of work, school, or other conditions.

Buy

Now, let’s look at the benefits of buying a home.  At this time in Twin Falls, ID, the median price for a three bedroom, two bathroom, two-car garage home between 1400-1600 square feet is $162,400.  You might be thinking it is out of your price range, but keep reading!

Let’s take a look at what it would take to leverage your monthly rent and put it to work for you in buying a home.  Currently the interest rate for a 30-year fixed rate mortgage is approximately 5.4%.  You would need a good chunk of money saved up, so you can put at least 5% down on the house, or about $9,920.  You should expect a loan about of approximately $152,480.  In today’s market, the seller has been willing, in most cases, to pay your closing costs and prepaid expenses.  This amounts to a savings to you of about $4800.  Property taxes on this home would be approximately $1400 per year, and you also have Homeowner’s Insurance that would be about $450 yearly.  Based on these figures, your total monthly payment would be $1010.22.  What this means is that for $85.22 more each month, you could be buying a home instead of renting. 

Another great benefit of home ownership is the enormous tax savings you receive when you file your tax returns.  Given the assumption that you would be in the 28% tax bracket, in this scenario, you would expect a tax savings of about $2665 per year, or $220 each month.  This would more than make up for your monthly increase of $85.22 each month to buy a home.  In fact, you would have a net decrease in your monthly expenditures if you owned your house!  You would be building YOUR equity, instead of having nothing to show for it at the end of the month. 

Why not explore buying a home today?  You might be surprised at what you find out, as you visit with our buyer specialists.  Give Lezamiz Real Estate Co. a call today at 208-734-7007. 

PLEASE NOTE: No figures presented are exact.  These are meant to be an estimate for example purposes only, and are not an exact quote for a rental or a loan.

            Last week at Lezamiz Real Estate Co., we defined absorption rate in depth.  Today we will explore absorption rate further, and what exactly that rate means to you when you are ready to buy or sell real estate in Twin Falls or Jerome.

            As we talked about last week, the absorption rate equals the number of months it will take for all the listed homes, listed in a certain price range, to sell, provided that no more homes enter the market.  Depending on the absorption rates, this would categorize a group of homes price into either a seller’s, buyer’s or a neutral market.

            Below we elaborate on homes in Twin Falls and Jerome Counties, and what price ranges are falling into what market. 

Seller’s Market: 0-6 months

            A seller’s market favors the seller.  This is when there is more demand for a limited amount of inventory.  Another way to think about it is there are more buyers wanting to buy than there is seller’s wanting to sell.  In terms of absorption rates when there is less than six months worth of inventory, then we are in a seller’s market.

            There are seller’s markets in Twin Falls County in the $69,999 and under price range, as well as $70-89,000 and $100-119,999.

            In Jerome County, seller’s markets exist in the $69,999 and under price range, from $90-99,999 and $120-159,999.- Lezamiz Real Estate Company

Number of homes listed in specific price range (Number of homes sold       Number of Months)

 We realize this can be very confusing, so here is an example of how we figure absorption rates with our data at Lezamiz Real Estate.