How Does the White House Compare to the Typical American Home?

 

Let’s see a few interesting facts comparing the White House to a typical home in America. My conclusion is the White House is just like my house in the urban area of Washington DC. 🙂  Also, it seems like people don’t seem to enjoy living in the White House as much, so they usually “move” after 4 years (some may want to stay for 8 years) instead of a typical American living in their homes for around 12 years.  Happy President’s Day!

Compare White House to American homes

Source: http://www.realtor.org/infographics/infographic-how-does-the-white-house-compare-to-the-typical-american-home

2014 Housing Market Year-End Update

Quận Fairfax chứng minh thị trường nhà năm 2014 khá ổn định. Mặc dù những thông số gần giống như năm 2013, nhưng rõ ràng thị trường khá mạnh. Toàn quận có 13,549 căn nhà bán (phân nửa là nhà Single Houses và phân nửa kia gồm cả condos và townhouses) trong năm 2014, con số này ít hơn năm 2013. 

Fairfax County demonstrated a stable market in 2014.  It was a healthy market although the stats are almost the same to previous year of 2013. There were 13,549 houses sold in 2014, a 10% decrease from 2013, and almost 1/2 of which is single family homes while the other half was comprised of townhouses and condos .

Giá thành trung điểm tăng khoảng 1.1% tới giá $460,000. Giá nhà single houses cao hơn, ở tầm $702,606, và nhà townhouses trung bình ở giá $368,002.  Chủ nhà trung bình nhận được 97.3% giá rao bán.  Các căn nhà nằm trên thị trường lâu hơn năm ngoái.  Trung bình tốn khoảng 45 ngày thay vì 37 ngày trong năm 2013. Điểm này chứng thực rằng số lượng nhà quá thừa thãi trên thị trường trong mùa Xuân và mùa Hè của 2014.

Median sold price still gained 1.1% to $460,000. Single family homes were at $702,606 and Townhouses were averaged at$368,002. Sellers generally got 97.3% of their list price. It took a bit longer for sellers to sell their homes in 2014 than the previous year.  The average days on market was 45 days versus 37 days in 2013. This was a true reflection of the abundant inventory during the spring and the summer of 2014.

Vấn đề vay mượn vẫn gây khó khăn cho người mua nhà, khoảng 13% không vay mượn, 65% mượn theo chương trình vay mượn thông thường, chỉ có 8% sử dụng chương trình do chính phủ bảo đảm.

Những chủ nhà hiểu biết thực tế của thị trường cảm thấy mạnh dạn, nhưng những người mua tìm giá rẻ thì thất vọng vì số lượng nhà gặp khó khăn trả nợ giảm dưới 5%.

Nếu bạn quyết định mua nhà thì có thể yêu cầu Hướng dẫn mua nhà ở đây.  Hoặc bạn có thể email để tìm hiểu chi tiết về thị trường trong khu vực mình ở.

Financing continued to be a challenge for many buyers, 13% of buyers made their purchase in cash (no financing). 65% of buyers used Conventional Financing and only 8% used FHA financing.

It is very encouraging to realistic sellers while it could be challenging for buyers who are looking for good deals. Distressed inventory went way down to less than 5% in the county.

Email now to discover the market update for your own neighborhood.

Don’t Miss These Home Tax Deductions

From mortgage interest to property tax deductions, here are the tax tips you need to get a jump on your returns.

Owning a home can pay off at tax time.

Take advantage of these homeownership-related tax deductions and strategies to lower your tax bill:

Mortgage Interest Deduction

One of the neatest deductions itemizing homeowners can take advantage of is the mortgage interest deduction, which you claim on Schedule A. To get the mortgage interest deduction, your mortgage must be secured by your home — and your home can be a house, trailer, or boat, as long as you can sleep in it, cook in it, and it has a toilet.

Interest you pay on a mortgage of up to $1 million — or $500,000 if you’re married filing separately — is deductible when you use the loan to buy, build, or improve your home.

If you take on another mortgage (including a second mortgage, home equity loan, or home equity line of credit) to improve your home or to buy or build a second home, that counts towards the $1 million limit.

If you use loans secured by your home for other things — like sending your kid to college — you can still deduct the interest on loans up $100,000 ($50,000 for married filing separately) because your home secures the loan.

PMI and FHA Mortgage Insurance Premiums

You can deduct the cost of private mortgage insurance (PMI) as mortgage interest on Schedule A if you itemize your return. The change only applies to loans taken out in 2007 or later.

By the way, the 2014 tax season is the last for which you can claim this deduction unless Congress renews it for 2015, which may happen, but is uncertain.

What’s PMI? If you have a mortgage but didn’t put down a fairly good-sized downpayment (usually 20%), the lender requires the mortgage be insured. The premium on that insurance can be deducted, so long as your income is less than $100,000 (or $50,000 for married filing separately).

If your adjusted gross income is more than $100,000, your deduction is reduced by 10% for each $1,000 ($500 in the case of a married individual filing a separate return) that your adjusted gross income exceeds $100,000 ($50,000 in the case of a married individual filing a separate return). So, if you make $110,000 or more, you can’t claim the deduction (10% x 10 = 100%).

Besides private mortgage insurance, there’s government insurance from FHA, VA, and the Rural Housing Service. Some of those premiums are paid at closing, and deducting them is complicated. A tax adviser or tax software program can help you calculate this deduction. Also, the rules vary between the agencies.

Prepaid Interest Deduction

Prepaid interest (or points) you paid when you took out your mortgage is generally 100% deductible in the year you paid it along with other mortgage interest.

If you refinance your mortgage and use that money for home improvements, any points you pay are also deductible in the same year.

But if you refinance to get a better rate or shorten the length of your mortgage, or to use the money for something other than home improvements, such as college tuition, you’ll need to deduct the points over the life of your mortgage. Say you refi into a 10-year mortgage and pay $3,000 in points. You can deduct $300 per year for 10 years.

So what happens if you refi again down the road?

Example: Three years after your first refi, you refinance again. Using the $3,000 in points scenario above, you’ll have deducted $900 ($300 x 3 years) so far. That leaves $2,400, which you can deduct in full the year you complete your second refi. If you paid points for the new loan, the process starts again; you can deduct the points over the life of the loan.

Home mortgage interest and points are reported on Schedule A of IRS Form 1040.

Your lender will send you a Form 1098 that lists the points you paid. If not, you should be able to find the amount listed on the HUD-1 settlement sheet you got when you closed the purchase of your home or your refinance closing.

Property Tax Deduction

You can deduct on Schedule A the real estate property taxes you pay. If you have a mortgage with an escrow account, the amount of real estate property taxes you paid shows up on your annual escrow statement.

If you bought a house this year, check your HUD-1 settlement statement to see if you paid any property taxes when you closed the purchase of your house. Those taxes are deductible on Schedule A, too.

Energy-Efficiency Upgrades

If you made your home more energy efficient in 2014, you might qualify for the residential energy tax credit.

Tax credits are especially valuable because they let you offset what you owe the IRS dollar for dollar for up to 10% of the amount you spent on certain home energy-efficiency upgrades.

The credit carries a lifetime cap of $500 (less for some products), so if you’ve used it in years past, you’ll have to subtract prior tax credits from that $500 limit. Lucky for you, there’s no cap on how much you’ll save on utility bills thanks to your energy-efficiency upgrades.

Among the upgrades that might qualify for the credit:

To claim the credit, file IRS Form 5695 with your return.

Vacation Home Tax Deductions

The rules on tax deductions for vacation homes are complicated. Do yourself a favor and keep good records about how and when you use your vacation home.

  • If you’re the only one using your vacation home (you don’t rent it out for more than 14 days a year), you deduct mortgage interest and real estate taxes on Schedule A.
  • Rent your vacation home out for more than 14 days and use it yourself fewer than 15 days (or 10% of total rental days, whichever is greater), and it’s treated like a rental property. Your expenses are deducted on Schedule E.
  • Rent your home for part of the year and use it yourself for more than the greater of 14 days or 10% of the days you rent it and you have to keep track of income, expenses, and allocate them based on how often you used and how often you rented the house.

Homebuyer Tax Credit

This isn’t a deduction, but it’s important to keep track of if you claimed it in 2008.

There were federal first-time homebuyer tax credits in 2008, 2009, and 2010.

If you claimed the homebuyer tax credit for a purchase made after April 8, 2008, and before Jan. 1, 2009, you must repay 1/15th of the credit over 15 years, with no interest.

The IRS has a tool you can use to help figure out what you owe each year until it’s paid off. Or if the home stops being your main home, you may need to add the remaining unpaid credit amount to your income tax on your next tax return.

Generally, you don’t have to pay back the credit if you bought your home in 2009, 2010, or early 2011. The exception: You have to repay the full credit amount if you sold your house or stopped using it as primary residence within 36 months of the purchase date. Then you must repay it with your tax return for the year the home stopped being your principal residence.

The repayment rules are less rigorous for uniformed service members, Foreign Service workers, and intelligence community workers who got sent on extended duty at least 50 miles from their principal residence.

Related: A Homeowner’s Guide to Taxes

This article provides general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.

Dona-DeZube Dona DeZube has been writing about real estate for more than two decades. She lives in a suburban Baltimore Midcentury modest home on a 3-acre lot shared with possums, raccoons, foxes, a herd of deer, and her blue-tick hound. Follow Dona on Google+.

Read more: http://www.houselogic.com/home-advice/tax-deductions/home-tax-deductions/

The Heat Is On!

As the weather gets cooler, it’s a good time to check your HVAC (heating, ventilating and air conditioning) system to make sure it’s operating properly. While it’s wise to have your HVAC inspected by a heating professional every fall and spring, you can increase the efficiency of your system by following Heat during winterthese simple maintenance tips from American Home Shield.

Now:  Use a high-efficiency pleated filter with an electrostatic charge that works like a magnet to grab the tiniest particles. Replace the filter every 90 days and check it monthly. If it looks dark and clogged, change it, and if you have pets, you may need to change it more often.
Keep the air-conditioning unit free of leaves, pollen, grass or branches that can interfere with its future efficiency. Make sure there is at least two feet of space cleared around outdoor units.

Monthly or Seasonally: Inspect the insulation and refrigerant lines monthly. Before winter sets in, replace the humidifier filter and turn on the water.

Annually: Replace the battery in the carbon monoxide detector. Walk around the exterior of the house and check that outdoor AC units and heat pumps are on firm and level ground. Pour one cup of bleach mixed with water down the AC condensate drain to prevent a buildup of mold and algae, which can clog the drain.

Always: Keep at least 20 percent of a home’s registers open to avoid putting unnecessary strain on the HVAC system.

Following these simple tips can prolong the life of your HVAC system and help you be prepared for whatever the winter season may bring.

 

FromCRS – Your Home newsletter, Monday, 27 October 2014

Northern Virginia Housing Condition Update – Spring 2014

After a slow down of the unusual cold and snowy winter, the housing market in the area is just like the Awakening. It is going strong with $1,130,955,371 in Sales Volume – it is almost 20% increase from the month of April.  There were 3,679 houses entered the market for sale (9% more compared to May 2013), while there were 2,349 houses under contract (8% less compared to May 2013).

The median sold price was $480,000, slightly higher than April 2014 with an average days on the market of 32 days (1 week shy from last month).

Most sellers appear to get 98.6% from list price at an Average Sales Price of $566,044 – a 3.43% increase from last month, and an increase of 10% compared to 5-year Average.

Although the report and analysis are in clear details, every locality is different, even subdivisions are different.  I recently installed a tool for automated home value calculation.  It is an automated tool, so there are still errors. Yet, you can try it on your own and see if you like it: wwwfairfaxhouseprice.com

Statistics from RBINTEL.com

Hãng Mortgage Lớn Giúp Đỡ Tiền Phí Mua Nhà Tịch Thu

Fannie Mae đang tặng chi phí làm giấy tờ (closing costs) cho những người mua nhà mà hãng đã tịch thu và rao bán trên www.homepath.com.

Sự giúp đỡ của hãng này sẽ là 3.5% của tổng giá trị bán của căn nhà trên 27 thị trường.  Để nhận được 3.5% này thì người mua nhà phải thỏa mãn vài điều kiện như là người mua nhà để ở, hợp đồng mua bán phải được nộp vào trước ngày 31 tháng 3 năm 2014, và phải hoàn tất giấy tờ sang nhượng trước cuối tháng 6.  Rất may mắn là Virginia và Maryland nằm trong danh sách này nên đây là 1 cơ hội hiếm có cho những người mua nhà trong vùng.

Bản gốc ở đây: http://realtormag.realtor.org/daily-news/2014/02/14/mortgage-giant-offers-closing-cost-help-reo-buyers

Search homes on MLS: www.DynamicHomeTeam.com

Cập Nhật Thị Trường Nhà Cửa Quận Fairfax

Quận Fairfax tháng vừa rồi có nhà bán hơn tháng Giêng năm 2013 (tổng cộng 1,127 nhà được đưa lên rao bán trong tháng) Tuy nhiên, nó cũng không đủ thỏa mãn nhu cầu nhà cửa trong vùng.  Tỉ số thất nghiệp rất thấp, chỉ có 3.6% vào cuối năm 2013 (www.virginialmi.com).  Quận Fairfax có những ngành nghề chuyên nghiệp, khoa hoc kỹ thuật là chính, và đã cung cấp 10% tổng cộng số việc làm đã phát triển trong tháng.

Giá nhà bình quân của quận Fairfax là $491,144. Người bán đạt được khoảng tỉ lệ rao bán và giá bán thực là 96.4%. Trung bình 1 căn nhà nằm trên thị trường khoảng 58 ngày, đây là chỉ số thấp nhất trong 5 năm qua.

Thị trường nhà vẫn là thị trường của người bán nói chung. Mặt khác, người mua nhà hiện vẫn còn nhiều thắc mắc về thị trường này.  Với sự giúp đỡ của người Realtor, người mua tìm được căn nhà mình mong ước và người bán đạt được ước vọng của mình nhanh chóng hơn.  Những cuộc tranh đấu giá vẫn diễn ra nhưng ở mức độ trung bình hơn trước.

Housing market condition – January 2014

Fairfax County alone had more listings than a year ago (total of 1,127 new homes entered the market).  Nevertheless, it does not satisfy the high demand in the area.  Unemployment rate is way down to 3.6% as of the end of 2013 (www.virginialmi.com).  Fairfax main employment is still in the area of Professional, Scientific, and Technical services, which added 10% of job growth to the field.

Average Home Sales Price in Fairfax County is $491,144 at a 96.4% Average Sold to List Price that a homeowner will get from listing the house. Average days on market of a house is 58 days, and it is at its 5-year low.

It is still a seller’s market in general. On the other hand, buyers are currently very skeptical about the market.  With the help of Realtors, buyers are getting the right home for their family, and sellers are moving towards their goals faster. The price bidding war is still happening although it is more tolerable now than before.

Lunar New Year Celebration Around Fairfax

Lunar New Year plays a very important role in Asian culture.

Year of the Horse - 2014

It marks the great start for the year and creates pleasant momentum throughout the year.  Here are various celebrations around the area of Fairfax that I got from a friend.

Sat., Jan. 18 – Lunar New Year Celebration at Thomas Jefferson Library, Falls Church

Celebrate the Chinese and Vietnamese New Year with a Lion Dance, music, and crafts at this free, all-ages community event from 10:30 am to 11:15 am.

Sat., Jan. 18th – NOVA TET Festival, Annandale
The Vietnamese Literary and Artistic Club of Metropolitan DC hosts the most festive Vietnamese holiday at the NOVA TET Festival 2014. The festival will begin with the Spring Welcoming Lion Dance to bring great luck to start the Year of the Horse! There will be fames for all ages, raffles, artwork, traditional and modern dances, singing, comedy, and of course plenty of food. The event is at the NOVA Annandale Campus, 8333 Little River Turnpike, from 11 am to 5 pm; admission is just $3 per person.

Mon., Jan. 27nd – Centreville Library Chinese New Year Celebration, Centreville
Afternoon celebration (remember, it’s early-release day for elementary schools!) at Centreville Regional Library with food and crafts about the Chinese New Year. The event runs 3-4 pm.

Fri., Jan. 31st – Celebrate the Year of the Horse at Hidden Oaks, Annandale
Join the festivities of the Chinese New Year with traditions, games, stories, and a craft at Hidden Oaks Nature Center. Decorate a paper lantern and find out which animal represents your birth year; $8 per person.

Fri., Jan. 31st – Eden Center Tet Flag Raising, Falls Church
Each year, Eden Center, Northern Virginia/s premier Asian center with approximately 120 stores, hosts the Tet Celebration (Vietnamese Lunar New Year) with family-friendly festivities. This year’s event includes a flag raising at 11:30 am on Fri., Jan. 31, and continues with community celebrations beginning at beginning at 11 am on Saturday and Sunday, Feb. 1 and 2; typical features include kids’ activities and a lion dance. Eden Center is in the Seven Corners area at 6751 Wilson Blvd. in Falls Church.

Fri., Jan. 31st – Chinese New Year Gala 2014, Fairfax
The Chinese American Association in the Washington DC area has organized “Chinese New Year Gala” performances for more than 15 years. This year, more than 300 artists from throughout North America will perform and work together to share Chinese culture and art. The program, at 7:30 pm, includes traditional and modern Chinese dances, singing, and more. The gala is at the Center for the Arts Concert Hall on the George Mason University Fairfax Campus. Tickets start at $20.

Sat., Feb. 1st – Asian Community Service Center Chinese New Year Festival, Falls Church
The Chinese New Year Festival at Luther Jackson Middle School in Falls Church is a huge annual all-day event hosted by ACSC. This indoor festival includes a dragon dance, lion dance, folk songs, Vietnamese Hat dance, Kung Fu demonstration, children’s fan dance and lantern dance, a meditation demonstration, and Thai, Indian, Tibetan, Korean dances, and more. There’s even a Lunar New Year parade at 2 pm! Admission is free! Luther Jackson M.S. is at 3020 Gallows Road in Falls Church. For details, see the website or call ACSC at 703-868-1509. Snow date is Saturday, Feb. 8.

Sat. & Sun., Feb. 1st & 2nd – Fair Oaks Mall Lunar New Year Celebration, Fairfax
One of the largest events of its kind in the country, Fair Oaks Mall’s 10th annual Lunar New Year Festival is expected to once again attract close to 200,000 people to the award-winning retail center over the course of the two-day celebrations. Come see more than 300 performers participate at Fair Oaks Mall’s 10th Annual Lunar New Year, representing such countries as China, Korea, India, Thailand, Vietnam, Mongolia, Malaysia, Indonesia, Philippines, Tahiti and the 50h state of Hawaii. The Lunar New Year celebration features traditional Chinese dragon dances, music and dance performances, daring martial arts demonstrations, children’s crafts, multi-cultural displays and a special lantern festival. The festival is produced with the Washington Hai Hua Community Center.

Sat. & Sun., Feb. 1st & 2nd – Eden Center Tet Celebration, Falls Church
Each year, Eden Center, Northern Virginia/s premier Asian center with approximately 120 stores, hosts the Tet Celebration (Vietnamese Lunar New Year) with family-friendly festivities. This year’s event includes a flag raising at 11:30 am on Fri., Jan. 31, and continues with community celebrations beginning at 11 am on Saturday and Sunday, Feb. 1 and 2; typical features include kids’ activities and a lion dance. Eden Center is in the Seven Corners area at 6751 Wilson Blvd. in Falls Church.

Sun., Feb. 2nd (2-4:30PM) Chinese New Year Parade and Festival in Washington, DC
February 2, 2014, 2-4:30 p.m. Chinatown – on H Street, NW, between 6th and 8th Streets. Each year a parade is held in Chinatown to celebrate the Chinese New Year. The event features the traditional Chinese Dragon Dance, Kung Fu demonstrations and live musical entertainment. Celebrate from 12-5 p.m. at the Chinatown Lunar New Year Festival, Chinatown Community Cultural Center, 616 H Street, NW Washington, DC. Programs and activities will include: live music and dance performances, traditional Chinese calligraphy, children’s crafts, face painting, tai chi and kung fu demonstrations, lion dancing, poetry readings, film screenings, art and photo exhibits, raffle prizes, New Year souvenirs, free giveaways, and much more. Special guest performances by: Wong People and students of Yu Ying Public Charter School.

Sat., Feb. 15 – Painting Lucky Animals at Hidden Pond, Annandale

Celebrate Chinese New Year with Chinese Brush Painting. After a beginner lesson, paint at least one lucky animal of the Chinese zodiac. Meet a live “lucky” animal and enjoy a story about this tradition. All materials provided; $8 per person.

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