Are you Paying Too Much in Property Taxes?
More than half of homeowners pay too much because their property has been wrongly assessed. Here's how to research and correct mistakes, and how to navigate the appeals process.
By Bankrate.com
You could be paying more than you owe in property taxes.
In a hot market, owners often find themselves facing double, sometimes triple, increases in property taxes, according to the National Taxpayers Union, a Washington, D.C., advocacy group whose goal is to lower taxes. Now, with home values decreasing in many areas, owners may be stuck with a property assessment that's too high.
There is a remedy: Appeal the assessment.
How it works
Property-tax increases largely are based on rising home values, not the increase of taxes by local governments. Different formulas are used to figure property taxes, but all depend on a home's assessed value. Some jurisdictions use a home's actual market value, while others use a percentage of a property's worth.
Whatever value is used, it's multiplied by the local tax rate to compute the property's bill. As home values increase, so do their assessed values. Homeowners end up paying more, even though the tax rate stays the same.
The National Taxpayers Union estimates that as much as 60% of taxable property in the United States is overassessed. But only half of homeowners protest their assessments. This means many may be paying more in property taxes than necessary."A property owner really should monitor his assessment every year, with a particular emphasis in a reassessment year, if applicable," says Franco A. Coladipietro of the law firm of Amari & Locallo in Chicago.
Many taxpayers fail to fight because they don't understand the process, or because they can't stomach doing the research and providing evidence to prove the assessment is wrong. Instead, they opt for what Glenn Straus, president of Straus & Co., a Dallas property-tax consulting firm, calls the cuss-and-pay system.
"They cuss the bill, and then they pay it," Straus says.
Swear aloud, then swing into action
That's too bad, because the appeal work isn't as difficult as homeowners fear. In fact, it's something most can do themselves. Sure, the process is tedious and bureaucratic, says Peter J. Sepp, the National Taxpayers Union's vice president of communications, but it's no more difficult than representing yourself in traffic or small-claims court.
If you really don't have the time, hire a property-tax consultant or attorney to do the work. Many of these consultants charge on a contingency basis, meaning they'll take a percentage of the tax savings if they succeed in lowering your assessment.
"Fees are charged various ways," says Les Abrams, a property-tax analyst with Nearhood Law Offices in Scottsdale, Ariz. "Some will work on contingency, others will charge flat fees, and some will do work by the hour."
Know the appeals process
If you decide on a do-it-yourself appeal, you first need to establish your timeline. When do assessments go out? When is the deadline for appealing? Call your local assessor's office for this information.
The appeals process varies from locality to locality. So does the amount of time permitted for an appeal. In some cases, a homeowner might have only 30 days to appeal. In other jurisdictions, it could be 120 days.
If your request for an appeal arrives at the assessor's office even a day after the protest deadline, you're out of luck. You'll have to wait until the following year (or sometimes the next assessment, which could be longer) before you can appeal. Straus says you might want to send your request for an appeal by certified mail, so you'll have proof that it was received before the deadline.
Once you receive your assessment, it's time to build your case. It's not enough to bemoan how high your taxes are. Complaining about how those tax dollars are spent won't work, either. You need cold, hard facts.
Assessments can be appealed on two grounds: a mistake in the assessment of your house, or an assessment at a higher rate than comparable homes.
Correcting the mistakes
Mistakes happen more often than you think. Many assessors don't even come onto your property to inspect it. They simply compare a written description of your home with that of similar properties in your neighborhood.
Appraisers also may use historical information that's wrong. A home's square footage, for example, might have been incorrectly calculated on original construction documents.
Or the assessor may have a slightly different view than you do of your home. "The assessor may be counting a screened in porch as year-round living space, and you only use it in the summer," says Sepp.
Obvious mistakes aren't difficult to spot. Is the inhabitable-square-footage figure correct? Does the assessment say your home has four bedrooms when it has only three? But you also should consider comparing the assessment with a recent appraisal of your property. If you don't have one, hire an appraiser for a new evaluation.
Make sure that any property changes, particularly those that would negatively affect the value of your home, are part of the assessment. For example, maybe a bridge has gone out near your home, making your house less accessible (and less valuable).
Don't forget any modifications you've made. If you've torn down a garage to increase garden space, your home's value likely would decrease.
Look closely at your neighbors
The other way to challenge an assessment is to see how your home stacks up to comparable houses in your neighborhood. "Comparable" means homes of the same size, age and general location.
For example, Straus lives in a 550-home subdivision in Texas. But even within the subdivision, there are differences that affect value. Homes near a busy road in the community are valued less than those abutting a quiet creek.
You can find information on comparable homes and their worth at the assessor's office, or start with property-value sites like Zillow.com, Domania.com and Trulia.com. If you don't want to do the legwork yourself, hire a Realtor or an appraiser to collect the data. Straus recommends getting comparisons on five to 10 homes.Once you have your comparative data, go over the figures and decide whether you have a case. If you think your assessment is too high, contact your assessor's office and try to arrange a one-on-one, informal meeting. Sometimes simply pointing out the facts can be enough for the assessor to lower an assessment.
Straus says 95% of his commercial cases are settled informally without the need of a hearing. Just be aware that when you meet with your assessor, it's a negotiation. You may still end up with a higher valuation than you'd like, but one that is lower than the assessor's original appraisal.
Prepare to protest
If the assessor won't meet with you (and some counties won't permit informal meetings), or if you meet but fail to reach an agreement, the next step is to protest the assessment.
Ask the assessor about the procedures and deadlines for filing a protest. Follow the guidelines to the letter to ensure that your appeal isn't thrown out on a technicality.
Before your hearing, gather all of your evidence and put it in order. For example, you may want to collect photos of comparable properties or put the market data into a spreadsheet that makes it easy for the hearing officials to see the basis of your argument. Your presentation doesn't have to be as polished as Perry Mason's, but being organized will help you make the strongest possible case.
Consider sitting in on somebody else's hearing before your appeals date. You'll see how the board operates. You can also get a sense of which arguments do and don't work.
What if the board doesn't rule in your favor, despite your compelling presentation? You can go to court, but in most cases it will cost you more than the amount of tax money you might save. But you may not need to take such drastic action. Many states have a state appeals board, Straus says, where you can take your case if the local panel rejects your petition.
Just remember to stay composed and professional throughout the process.
"Calling them SOBs is not a good negotiation tactic," Straus says. "The appeal hearing is an emotional thing because it goes straight to your wallet, but you have to stay calm."
Published June 13, 2007
Tuesday, December 2, 2008
Wednesday, November 12, 2008
Year-end moves to trim your tax bill
The holidays -- a season of giving and joy -- are almost here. It's also your last chance to cut your 2008 taxes. (Keep those receipts when you give to charities!)
By Jeff Schnepper
Yes, it's November. The holidays are nearly here. And my gift to readers is a gentle reminder to make those last-minute tax moves.
I say this every year: Your tax planning for your 2008 return should have started last December. Still, there are things you can and should do before Dec. 31 to trim your 2008 tax bill.
Let's start with the simple things.
The easy stuff
Charitable donations. If you contribute to your church, your college, the local dog pound, United Way, organizations that help with disaster relief or whatever, make these donations before Dec. 31.
And make sure, before you file your tax return, that you have a receipt from the organizations that benefited from your generosity. Picture dead presidents on the receipt. It represents real money in your pocket.
If you don't have the cash, find out whether the organization can process a donation via credit card. As long as the donation is made by Dec. 31, it's valid as a 2008 deduction, even if you don't pay the bill until next year.
Separately, any contributions of clothes or household goods must be in good condition or better to qualify for a deduction. If a single item has a value of $500 or more, an appraisal is now required. The Internal Revenue Service can deny a deduction for items of minimal value.
Complicating any deductions are new requirements on record keeping. This is important.
To deduct a cash donation, regardless of the amount, you must have a bank record or a written communication from a charity that shows the charity's name and the date and amount of the contribution. Acceptable bank records include canceled checks or bank or credit union statements.
So, if you're just putting cash in the collection plate, you're making a donation, but it's not deductible. Use either a check or an envelope where you can get a receipt later.
Talk back: What money moves do you plan to make by Dec. 31?
Your flexible spending account, or FSA. This isn't exactly a tax savings, but if you don't use the dollars you contribute to a flex plan, you lose them.
The IRS allows purchases made up through March 15, 2009, to count. Your employer can give you a debit card for your FSA spending. You can even pay for nonprescription drugs through an FSA. That eliminates a whole lot of paperwork.
Be careful, however. Unless your employer's plan also is amended to allow the March 15 extension, you won't qualify.
Mortgage interest. Make your Jan. 1 mortgage payment by Dec. 31. Remember to add the extra interest paid to what your bank reports on its Form 1098 -- it'll get your payment in 2009 and won't report it for 2008. But you paid it then, so it adds to your deduction this year. (The downside is that you won't be able to deduct the payment from your 2009 return.)
Jared Bernstein of the Economic Policy Institute and Republican strategist Jack Burkman discuss the effect of the economy on the president-elect's tax plans.
Real-estate taxes. If you pay your own real-estate taxes, make any payments due in the beginning of 2009 by Dec. 31. My fourth-quarter real-estate tax is due Feb. 1. By paying before the end of 2008, I can get the deduction a year earlier. (Again, you can't deduct payments made in 2008 from your 2009 return.)
A friendly warning: Taxes aren't allowed as a deduction under the alternative-minimum-tax computation. If you think you will be hit by the AMT, don't prepay.
A happy note: Beginning this year, you can increase your standard deduction by as much as $500 ($1,000 on a joint return) in property taxes paid.
Medical and miscellaneous deductions. These have "floors." For medical expenses, only those in excess of 7.5% of your adjusted gross income count. Miscellaneous itemized expenses have to exceed 2% of your AGI to qualify.
Your health insurance premiums count so long as you're not paying them out of a flexible spending account.
If you're going to exceed the floor, accelerate your expenses. Prepay your orthodontist or your tax preparer. Mail your checks on or before Dec. 31. Alternatively, if you're not going to exceed your floors, defer the deductions to 2009. You may exceed your floors then.
Pension or IRA contributions. These are especially important if you are self-employed. Unless you expect tax rates to shoot up, you want to pay your tax "tomorrow" rather than today.
If you're contributing to a retirement plan such as a 401(k) or a 403(b), you can put in $15,500 this year and $16,500 in 2009. If you're 50 or older, you can put in an additional $5,000 ($5,500 for 2009) as a catch-up contribution.
Cash gifts. If you might ever be subject to the estate tax, make your $12,000 tax-free gift ($13,000 for 2009) before the end of the year.
Capital gains and losses. 2008 has been a wacky, volatile year for investors. "Volatile" is a technical term for "Oh, my God! What happened to my money?!"
If you have capital gains, remember that any net capital losses over the $3,000 allowed on your 2007 tax return should be carried forward to offset those 2008 gains. If you still have net losses, up to $3,000 may be used to offset ordinary income for 2008.
All net long-term gains are subject to a maximum 15% rate. If you're in the 15% or lower tax bracket, your tax hit this year is now zero!
Talk back: What money moves do you plan to make by Dec. 31?
If you're single with taxable income of $32,550 or less, you get the 0% rate. With a standard deduction of $5,450 and a $3,500 personal exemption, you can have as much as $41,500 in gross income and still qualify.
If you have net capital gains, sell losers to offset those gains. If you have more losers, sell at least enough to get the $3,000 offset against ordinary income. If you have shares of stock pregnant with gains and you don't expect them to appreciate further, sell those shares and shelter the gains with the losses on your losers. Worst case: Pay the maximum 15% tax. You can't go broke taking profits.
I fully expect some relief on the alternative minimum tax. Then again, I also believe in Santa Claus and the tooth fairy. And if we don't get AMT relief, I encourage you to really yell at your representative and senators for not getting the job done.
More and more middle-income taxpayers are being hit with the AMT each year, which is basically a parallel tax system designed to ensure that everyone pays some tax. It is, however, forcing too many people to pay more tax than they should.
Last year, Congress extended the AMT exemption, increasing the exemption to $69,950 in taxable income for married couples filing jointly and $46,200 for single taxpayers.
Jared Bernstein of the Economic Policy Institute and Republican strategist Jack Burkman discuss the effect of the economy on the president-elect's tax plans.
Tax-free IRA distributions to charities
If you're 70 1/2 or older and looking to make a donation to a favorite cause by using funds from your individual retirement account, this may be the year to do it. For 2008 and 2009, you can still distribute as much as $100,000 directly from your IRA without recognizing any income.
You don't get a charitable-donation deduction (unless the distribution was from a Roth IRA), but the distribution does count toward your minimum-distribution amount.
Published Nov. 12, 2008
The holidays -- a season of giving and joy -- are almost here. It's also your last chance to cut your 2008 taxes. (Keep those receipts when you give to charities!)
By Jeff Schnepper
Yes, it's November. The holidays are nearly here. And my gift to readers is a gentle reminder to make those last-minute tax moves.
I say this every year: Your tax planning for your 2008 return should have started last December. Still, there are things you can and should do before Dec. 31 to trim your 2008 tax bill.
Let's start with the simple things.
The easy stuff
Charitable donations. If you contribute to your church, your college, the local dog pound, United Way, organizations that help with disaster relief or whatever, make these donations before Dec. 31.
And make sure, before you file your tax return, that you have a receipt from the organizations that benefited from your generosity. Picture dead presidents on the receipt. It represents real money in your pocket.
If you don't have the cash, find out whether the organization can process a donation via credit card. As long as the donation is made by Dec. 31, it's valid as a 2008 deduction, even if you don't pay the bill until next year.
Separately, any contributions of clothes or household goods must be in good condition or better to qualify for a deduction. If a single item has a value of $500 or more, an appraisal is now required. The Internal Revenue Service can deny a deduction for items of minimal value.
Complicating any deductions are new requirements on record keeping. This is important.
To deduct a cash donation, regardless of the amount, you must have a bank record or a written communication from a charity that shows the charity's name and the date and amount of the contribution. Acceptable bank records include canceled checks or bank or credit union statements.
So, if you're just putting cash in the collection plate, you're making a donation, but it's not deductible. Use either a check or an envelope where you can get a receipt later.
Talk back: What money moves do you plan to make by Dec. 31?
Your flexible spending account, or FSA. This isn't exactly a tax savings, but if you don't use the dollars you contribute to a flex plan, you lose them.
The IRS allows purchases made up through March 15, 2009, to count. Your employer can give you a debit card for your FSA spending. You can even pay for nonprescription drugs through an FSA. That eliminates a whole lot of paperwork.
Be careful, however. Unless your employer's plan also is amended to allow the March 15 extension, you won't qualify.
Mortgage interest. Make your Jan. 1 mortgage payment by Dec. 31. Remember to add the extra interest paid to what your bank reports on its Form 1098 -- it'll get your payment in 2009 and won't report it for 2008. But you paid it then, so it adds to your deduction this year. (The downside is that you won't be able to deduct the payment from your 2009 return.)
Jared Bernstein of the Economic Policy Institute and Republican strategist Jack Burkman discuss the effect of the economy on the president-elect's tax plans.
Real-estate taxes. If you pay your own real-estate taxes, make any payments due in the beginning of 2009 by Dec. 31. My fourth-quarter real-estate tax is due Feb. 1. By paying before the end of 2008, I can get the deduction a year earlier. (Again, you can't deduct payments made in 2008 from your 2009 return.)
A friendly warning: Taxes aren't allowed as a deduction under the alternative-minimum-tax computation. If you think you will be hit by the AMT, don't prepay.
A happy note: Beginning this year, you can increase your standard deduction by as much as $500 ($1,000 on a joint return) in property taxes paid.
Medical and miscellaneous deductions. These have "floors." For medical expenses, only those in excess of 7.5% of your adjusted gross income count. Miscellaneous itemized expenses have to exceed 2% of your AGI to qualify.
Your health insurance premiums count so long as you're not paying them out of a flexible spending account.
If you're going to exceed the floor, accelerate your expenses. Prepay your orthodontist or your tax preparer. Mail your checks on or before Dec. 31. Alternatively, if you're not going to exceed your floors, defer the deductions to 2009. You may exceed your floors then.
Pension or IRA contributions. These are especially important if you are self-employed. Unless you expect tax rates to shoot up, you want to pay your tax "tomorrow" rather than today.
If you're contributing to a retirement plan such as a 401(k) or a 403(b), you can put in $15,500 this year and $16,500 in 2009. If you're 50 or older, you can put in an additional $5,000 ($5,500 for 2009) as a catch-up contribution.
Cash gifts. If you might ever be subject to the estate tax, make your $12,000 tax-free gift ($13,000 for 2009) before the end of the year.
Capital gains and losses. 2008 has been a wacky, volatile year for investors. "Volatile" is a technical term for "Oh, my God! What happened to my money?!"
If you have capital gains, remember that any net capital losses over the $3,000 allowed on your 2007 tax return should be carried forward to offset those 2008 gains. If you still have net losses, up to $3,000 may be used to offset ordinary income for 2008.
All net long-term gains are subject to a maximum 15% rate. If you're in the 15% or lower tax bracket, your tax hit this year is now zero!
Talk back: What money moves do you plan to make by Dec. 31?
If you're single with taxable income of $32,550 or less, you get the 0% rate. With a standard deduction of $5,450 and a $3,500 personal exemption, you can have as much as $41,500 in gross income and still qualify.
If you have net capital gains, sell losers to offset those gains. If you have more losers, sell at least enough to get the $3,000 offset against ordinary income. If you have shares of stock pregnant with gains and you don't expect them to appreciate further, sell those shares and shelter the gains with the losses on your losers. Worst case: Pay the maximum 15% tax. You can't go broke taking profits.
I fully expect some relief on the alternative minimum tax. Then again, I also believe in Santa Claus and the tooth fairy. And if we don't get AMT relief, I encourage you to really yell at your representative and senators for not getting the job done.
More and more middle-income taxpayers are being hit with the AMT each year, which is basically a parallel tax system designed to ensure that everyone pays some tax. It is, however, forcing too many people to pay more tax than they should.
Last year, Congress extended the AMT exemption, increasing the exemption to $69,950 in taxable income for married couples filing jointly and $46,200 for single taxpayers.
Jared Bernstein of the Economic Policy Institute and Republican strategist Jack Burkman discuss the effect of the economy on the president-elect's tax plans.
Tax-free IRA distributions to charities
If you're 70 1/2 or older and looking to make a donation to a favorite cause by using funds from your individual retirement account, this may be the year to do it. For 2008 and 2009, you can still distribute as much as $100,000 directly from your IRA without recognizing any income.
You don't get a charitable-donation deduction (unless the distribution was from a Roth IRA), but the distribution does count toward your minimum-distribution amount.
Published Nov. 12, 2008
Wednesday, October 29, 2008
What's Happening in the Ulster County Market Today.
WHAT’S HAPPENING IN THE ULSTER COUNTY MARKET TODAY.
Historically, summer slows activity, but we are experiencing a good number of serious local and dual-residence buyers taking advantage of a larger inventory going into the Fall season. We usually experience an increase in the number of showings after Labor Day that will give an indication of where our market is heading. Buyers are out and about in respectable numbers, but the down side for sellers is that the inventory hit a high this spring. There have not been this many homes available for buyers in many years. As a result, buyers have the upper hand and we anticipate a Buyer's Market for some time to come.Nationally it probably will take another year or even more to settle down after the sub-prime credit crisis which has had a serious impact on the real estate market. It will take a long time for the massive over-supply of inventory to be absorbed across the country. But, in Ulster County, we did not have major new construction, and we are very connected to the strength of the NYC real estate market, which has, for the last 2 years, remained an exception to national trends. The fundamentals of the market in Ulster County are markedly different from those across the country and even across the Northeast. Though we now have a relatively larger inventory of available homes, we also have a historically conservative outlook on development of raw land and Ulster County property owners who highly value and protects natural open spaces. Supply is only going to get tighter in Ulster. This trend is enhanced by our proximity to NYC as we continue to grow in the desirability of our communities as more and more potential buyers learn about them on the Internet. The finite supply of buildable raw land will continue to increase the demand for real estate here, despite the national malaise which exists elsewhere. Location! Location! Location! Real estate markets are made locally and Ulster Rocks!As for demand, Ulster is still a magnet for city dwellers and home buyers seeking a rural lifestyle as telecommuting becomes more viable for a greater number of generation X, and next, money earners. Many potential buyers have been postponing their purchases here, trying to time the bottom of the market. That latent demand is building and is expected to burst forth sooner rather than later. The signs this Summer are very clear.
In the long term, prices will again rise, as they have historically over 3 decades. This is the time to take advantage of the lull before the storm as wise buyers begin to enter the market. Buyers leverage in negotiations and substantial reductions of asking prices have made it a great time to be a buyer. Sellers without real motivation are taking their homes off the market. This will help bring more balance to the market for sellers. More motivated and realistic seller pricing, and a continued edging up of the mortgage interest rates will trigger more buying. Many buyers who have been waiting on the sidelines for up to two years now are starting make their moves and are swooping in to pick up bargains while they can. Especially in the upper ranges, we note, financially savvy buyers are seeing opportunities peaking. There have been more sales over a million dollars than ever before. Although the national market has been hit hard, the increased inventory has made The Law of Supply and Demand work in favor buyers and now is the time to strike a great deal! Buyers are becoming aware that we are in a Classic Buyer's Market now and are returning to capitalize on that reality. Over the long haul, the up-trend will accelerate sharply again in coming years.
The median selling price of a home went up from $245,000 in 2005 to $247,000 in 2006. In 2007, the median was up again to $250,000
Through July 31, the median selling price of homes (not inclusive of condos and mobiles) in 2007 was $255,000. Now, mid-year 2008 it's $247,000, a minor decline.
There are currently 2135 active homes on the market as of mid August with a median asking price of $289,000. For up to the minute market conditions and more personal insights phone me at (800) 293-0232 x 112. For access to ALL ULSTER COUNTY Multiple Listings and AUTOMATIC e-mail ALERTS ON ALL NEW MLS LISTINGS which meet your criteria...check out our web site: http://www.ddooley.westwoodrealty.com/
Westwood is Ulster County's Consistent Market Leader, based on closed residential sales on MLS from January 1, 1993- June 30, 2008.Integrity, Commitment and Service are our most important values. We are your Ulster Professionals. WE MAKE YOUR DREAMS REALTY!
Historically, summer slows activity, but we are experiencing a good number of serious local and dual-residence buyers taking advantage of a larger inventory going into the Fall season. We usually experience an increase in the number of showings after Labor Day that will give an indication of where our market is heading. Buyers are out and about in respectable numbers, but the down side for sellers is that the inventory hit a high this spring. There have not been this many homes available for buyers in many years. As a result, buyers have the upper hand and we anticipate a Buyer's Market for some time to come.Nationally it probably will take another year or even more to settle down after the sub-prime credit crisis which has had a serious impact on the real estate market. It will take a long time for the massive over-supply of inventory to be absorbed across the country. But, in Ulster County, we did not have major new construction, and we are very connected to the strength of the NYC real estate market, which has, for the last 2 years, remained an exception to national trends. The fundamentals of the market in Ulster County are markedly different from those across the country and even across the Northeast. Though we now have a relatively larger inventory of available homes, we also have a historically conservative outlook on development of raw land and Ulster County property owners who highly value and protects natural open spaces. Supply is only going to get tighter in Ulster. This trend is enhanced by our proximity to NYC as we continue to grow in the desirability of our communities as more and more potential buyers learn about them on the Internet. The finite supply of buildable raw land will continue to increase the demand for real estate here, despite the national malaise which exists elsewhere. Location! Location! Location! Real estate markets are made locally and Ulster Rocks!As for demand, Ulster is still a magnet for city dwellers and home buyers seeking a rural lifestyle as telecommuting becomes more viable for a greater number of generation X, and next, money earners. Many potential buyers have been postponing their purchases here, trying to time the bottom of the market. That latent demand is building and is expected to burst forth sooner rather than later. The signs this Summer are very clear.
In the long term, prices will again rise, as they have historically over 3 decades. This is the time to take advantage of the lull before the storm as wise buyers begin to enter the market. Buyers leverage in negotiations and substantial reductions of asking prices have made it a great time to be a buyer. Sellers without real motivation are taking their homes off the market. This will help bring more balance to the market for sellers. More motivated and realistic seller pricing, and a continued edging up of the mortgage interest rates will trigger more buying. Many buyers who have been waiting on the sidelines for up to two years now are starting make their moves and are swooping in to pick up bargains while they can. Especially in the upper ranges, we note, financially savvy buyers are seeing opportunities peaking. There have been more sales over a million dollars than ever before. Although the national market has been hit hard, the increased inventory has made The Law of Supply and Demand work in favor buyers and now is the time to strike a great deal! Buyers are becoming aware that we are in a Classic Buyer's Market now and are returning to capitalize on that reality. Over the long haul, the up-trend will accelerate sharply again in coming years.
The median selling price of a home went up from $245,000 in 2005 to $247,000 in 2006. In 2007, the median was up again to $250,000
Through July 31, the median selling price of homes (not inclusive of condos and mobiles) in 2007 was $255,000. Now, mid-year 2008 it's $247,000, a minor decline.
There are currently 2135 active homes on the market as of mid August with a median asking price of $289,000. For up to the minute market conditions and more personal insights phone me at (800) 293-0232 x 112. For access to ALL ULSTER COUNTY Multiple Listings and AUTOMATIC e-mail ALERTS ON ALL NEW MLS LISTINGS which meet your criteria...check out our web site: http://www.ddooley.westwoodrealty.com/
Westwood is Ulster County's Consistent Market Leader, based on closed residential sales on MLS from January 1, 1993- June 30, 2008.Integrity, Commitment and Service are our most important values. We are your Ulster Professionals. WE MAKE YOUR DREAMS REALTY!
Saturday, October 18, 2008
Panasonic Lumix
Panasonic Lumix FX35
Panasonic Lumix FX35 vs. Kodak v705Published by RES at 9:59 am under Tips & AdviceWhen I recommended the Kodak v705, I did so without reservations.It took a long time for me to find a point and shoot camera that I felt comfortable recommending to real estate agents. There were several criteria that needed to be met and the Kodak met all of them.Cost: Must be less than $400.Portability: Small enough to carry with you at all times.Simplicity: Works right out of the box without reading instructions.Ultra-Wide Angle: Not your basic 28mm wide angle lens, “extra” wide for capturing small rooms.Lots of you purchased the Kodak v705 based on my recomendation. So many, I wish I were making some form of commission, that’s for sure. But the Kodak v705 has been discontinued and no replacement has been announced.Enter the Panasonic Lumix FX35.The Panasonic Lumix FX35 was announced in January, but was not officially launched to the public until last week. Mine arrived yesterday and I tested it this morning. For me to recommend a camera for the average user, it has to do one thing very well, take a great photo right out of the box without changing a single setting. Why? Because I know most people will never take the time to learn how to use all of the feature of any camera. So, if a camera doesn’t allow you to take a good photo with it’s basic, default settings, I can’t recommend it.How does it compare?Cost: $239 - $349 online.Portability: It is slightly smaller than the Kodak v705.Simplicity: The photos below were taken using the default settings.Ultra-Wide Angle: The Panasonic Lumix FX35 has a 25mm wide angle lens.You must not underestimate the importance of a really wide angle lens.It took me a long time to find a replacement for the Kodak v705, mainly because most of the “wide” angle lenses touted by camera makers are 28mm. The Kodak was 23mm and really showed off rooms in a home. A 28mm lens doesn’t come close enough. The Panasonic Lumix FX35 touted a 25mm lens, so that caught my attention. As you can see from the photos below, it gets very close to the viewable range of the Kodak, but with better color quality.House shot from sidewalk: click on photos to view large originals.The photo above on the left was taken with the default settings on the Kodak v7o5, the one on the right, with the Panasonic Lumix FX35. As you can see, the Kodak caught a slightly wider angle, but the Panasonic has much richer, truer color. This was shot near sundown. No question, the Panasonic does a better job of capturing this shot. Changing the settings would improve the Kodak shot, but that would not be a fair comparison. Also, the slight difference in viewable area between the 23mm on the left and the 25mm on the right, is not significant.Room Shot With Curtains Closed: click on photos to view large originals.Again, the Kodak is on the left and the Panasonic on the right. There is a slight difference in viewable area, but not enough to make a real difference. The real difference is the photo quality, again. It is noticeable and relevant. When you view the photos at their original size, 5.o megapixels for the Kodak and 10.1 megapixels for the Panasonic, you will see the difference even more clearly. The Panasonic Lumix FX35 wins on this test as well.Small Bathroom: click on photos to view large originals.This is a very small room and the difference in the wide angle lenses is noticable, but not significant. And the photo quality of the Panasonic Lumix FX35 is superior once again.What’s missing?The Panasonic Lumix FX35 does not have the ability to stitch a panoramic shot in the camera. This is a nice feature for real estate. However, I have found myself using my Autostitch software more often than in-camera stitching. Mainly because aligning the shots in camera is a bit of a hassle. Using a tripod with stitching software can achieve superior results.The addition of High Definition VideoThe Panasonic also allows you to shoot in high definition video. Here you can see a direct comparison between video shot with the Kodak v705 and HD Video shot with the Panasonic Lumix FX35. The quality difference is readily apparent.If you’re looking for a new camera to shoot real estate, this one will do the trick.I’ve spent the day out and about with the FX35. I really like the Intelligent Auto Focus on this camera. It can sense faces, scenes and proximity to subject and adjust the settings automatically. And it does a good job of it, as you will see in this photo of ice in a glass. One of the complaints about the Kodak v705 was not knowing what setting to switch on to get the best shot. There is less need to know that on the FX35.I’ll be posting more photos from this camera on Flickr. You can find them in this Panasonic Lumix FX35 Tests photo set. Every photo in this set will be shot using the Intelligent Auto Mode, and the comparison shots on the Kodak v705, or any other camera, will be taken on the default setting.So far, I am very, very impressed.Technorati Tags: kodak v705, panasonic fx35, panasonic lumix, point and shoot camera, real estate, real estate agents, Tips & Advice, wide angle lens, wide angle lenses
Posted by realestatenews at 3:41 PM 0 comments
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Barbara Corcorens "Staging Tips"
Barbara Corcoren is a Real Estate Gru. Her credentials include straight D’s in high school and college and twenty jobs by the time she turned twenty-three. It was her next job, however, that would make her one of the most successful entrepreneurs in the country, when she borrowed $1,000 from her boyfriend and quit her job as a waitress to start a tiny real estate company in New York City. Over the next twenty-five years, she’d parlay that $1,000 loan into a five-billion-dollar real estate business named The Corcoran Group. She sold the business in 2001 for seventy million dollars. These days Barbara is a real estate contributor for NBC's Today Show and CNBC.
Here is a list of her Insider Tips for Staging Your Home
1. Make the Right First Impression “Buyers decide in the first 8 seconds whether or not they want to buy your home.” -- Barbara Corcoran
Here is a list of her Insider Tips for Staging Your Home
1. Make the Right First Impression “Buyers decide in the first 8 seconds whether or not they want to buy your home.” -- Barbara Corcoran
- Paint the front door and trim.
- Hang a wreath on the door.
- Add potted flowers (flowers in front say this is a happy house).
- Fertilize the grass to make it bright green.
- Put fresh mulch around the bushes.
- Fix the doorbell if it’s broken.
2. Let the Sun Shine In! “After location, light is the second most quoted reason why a buyer chooses the house.” -- Barbara Corcoran
- Clean all the windows
- Replace drapery with sheer curtains or white shades
- Replace lamp shades with sheer white shades
- Replace light bulbs with higher wattage
- Trim back shrubs that block window light
- Paint the inside walls white
- Put white slipcovers on all dark furniture
- Put up lights in each corner of the major rooms
3. Remove Clutter “People can’t visualize themselves living there when they can’t see past your clutter.” -- Barbara Corcoran
- Store half your “stuff,” including knick-knacks and furniture.
- Remove personal objects like family photos and children’s artwork.
- Remove all objects from closet floors.
- Put half your clothes into storage.
- Make your linen closet meticulous; people judge hidden wiring and plumbing by how neat your linen closet is.
- Hide all electric cords and wiring.
- Eliminate unhealthy plants.
- Put fresh sheets on beds with four extra pillows.
4. Send Kitty to Grandma’s House “People buy with their eyes and their noses.” -- Barbara Corcoran
- Remove kitty litter, dog beds and other smelly pet items.
- Warm a few drops of vanilla inside the oven door.
- Smoke outside; remove ashtrays.
- Open all windows an hour before the buyer arrives.
- Keep the trash can clean.
5. Freshen the Kitchen “The kitchen is everyone’s favorite room in the house.” -- Barbara Corcoran
- Clear all countertops.
- Replace cracked, scratched or broken appliances.
- Re-grout the tile.
- Wax the floors.
- Update kitchen knobs.
- Paint or replace cabinet fronts.
- Put in a window; it can increase the value of your home 10%.
6. Clean the Bathroom “No one wants to move into your bathroom.” -- Barbara Corcoran
- Scrub the walls and floors.
- Clear off all shelves and put away personal items.
- Re-grout tiles and replace caulking.
- Hang a new shower curtain.
- Buy fresh hand towels and rug.
- Replace old soap.
7. Add Color “Touches of yellow and other warm colors say ‘welcome home.’” -- Barbara Corcoran
- Buy new throw pillows for the sofa and bed.
- Add a fresh focus tree.
- Define areas with colorful rugs.
Monday, January 7, 2008
Who Owns the Word MLS
Who Owns the Word MLS?
Lately I have been coming across more and more real estate boards that having been banning the use of the word “MLS.” They can't use it in print, radio, TV and especially Internet to convey the service they offer. The public knows what the MLS is and expects their agent to offer it. If they don't see that, they are going to go to the next guy that does. So if agents have their hands tied and the boards are selectively enforcing this rule, it makes for quite an unfair business environment.
It's akin to a car salesmen not being able to use the word car because a corporate lawyer felt it was leaving the company open to a lawsuit because they were being bias to trucks and SUVs. The corporate lawyer recommended the salesmen only use the words automobile or personal transportation device to cover their asses (I mean bases).
This is basically the same reasons some Board of Realtors are banning the use of the word. They feel since some brokerages opt out of the MLS, the public is getting only a subset of the data and that would be misleading. Thus the board's corporate lawyers are afraid this will leave them open to legal action. Hogwash, just because some stingy brokerages want to keep everything in-house shouldn't affect all the other agencies from being able to use a word on their advertisements. This is border line insanity and the only way it is going to stop is if you, the broker, stand up and flex you legal muscles. You need to make the board more afraid of a lawsuit, from their reaction to being afraid of lawsuit, then just being afraid of a lawsuit. Whoa, lots of lawsuits.
If any broker out there wants to flex their muscles here is some ammo to help them out.
History of the MLS (Multiple Listing Service)(Reprinted, in part, from the Fifteenth Edition of the Handbook on Multiple Listing Policy, 2001)
Multiple listing, in one form or another, dates back into the nineteenth century. The first Boards of Realtors® were established as “Real Estate Exchanges.” On certain appointed days, the Members of a Board of Realtors® gathered at the Board offices and “exchanged” information about their listings. They, in effect, carried on an auction as they frequently came prepared to purchase certain property desired by their principals, but listed by another broker. This practice was common in the 1880s and 1890s. Shortly after the end of the nineteenth century, the term “multiple listing” was in use. It is mentioned as an activity of Boards of Realtors® as early as 1907. In the 1920s, multiple listing had become widely accepted. The expansion of this function continued through succeeding years and spread throughout the country with the result that today hundreds of local Boards of Realtors® provide Multiple Listing Services, in one form or another, to their Members.
This little tid-bit of knowledge may have put you to sleep, but if you read carefully it unveils an important tool in your tool belt to quash the insanity. The tool is the fact that the word MLS was in the public domain before NAR or any other formalized real estate board was in existence.
Thus, the word is public, out there and no one can limit the use of the word. Stand up to the board, it only exists because you pay your dues. The board of Realtors is set up to represent you and make you job easier not harder. Stop this craziness right now, before they try and tell you can't use the word realtor or something crazy like that. Oh shucks they already did. Good luck out there, don't let the man keep you down.
Know MLS Boards that Limit Usage of Word “MLS”
Trend MLSNWMLS Carolina Multiple Listing Service Austin Board of Realtors
Teton Board of RealtorsRMLS, Oregon
Justin TracyMarketing Director
RET Certifiedinfo@retcertified.comwww.retcertified.com
Lately I have been coming across more and more real estate boards that having been banning the use of the word “MLS.” They can't use it in print, radio, TV and especially Internet to convey the service they offer. The public knows what the MLS is and expects their agent to offer it. If they don't see that, they are going to go to the next guy that does. So if agents have their hands tied and the boards are selectively enforcing this rule, it makes for quite an unfair business environment.
It's akin to a car salesmen not being able to use the word car because a corporate lawyer felt it was leaving the company open to a lawsuit because they were being bias to trucks and SUVs. The corporate lawyer recommended the salesmen only use the words automobile or personal transportation device to cover their asses (I mean bases).
This is basically the same reasons some Board of Realtors are banning the use of the word. They feel since some brokerages opt out of the MLS, the public is getting only a subset of the data and that would be misleading. Thus the board's corporate lawyers are afraid this will leave them open to legal action. Hogwash, just because some stingy brokerages want to keep everything in-house shouldn't affect all the other agencies from being able to use a word on their advertisements. This is border line insanity and the only way it is going to stop is if you, the broker, stand up and flex you legal muscles. You need to make the board more afraid of a lawsuit, from their reaction to being afraid of lawsuit, then just being afraid of a lawsuit. Whoa, lots of lawsuits.
If any broker out there wants to flex their muscles here is some ammo to help them out.
History of the MLS (Multiple Listing Service)(Reprinted, in part, from the Fifteenth Edition of the Handbook on Multiple Listing Policy, 2001)
Multiple listing, in one form or another, dates back into the nineteenth century. The first Boards of Realtors® were established as “Real Estate Exchanges.” On certain appointed days, the Members of a Board of Realtors® gathered at the Board offices and “exchanged” information about their listings. They, in effect, carried on an auction as they frequently came prepared to purchase certain property desired by their principals, but listed by another broker. This practice was common in the 1880s and 1890s. Shortly after the end of the nineteenth century, the term “multiple listing” was in use. It is mentioned as an activity of Boards of Realtors® as early as 1907. In the 1920s, multiple listing had become widely accepted. The expansion of this function continued through succeeding years and spread throughout the country with the result that today hundreds of local Boards of Realtors® provide Multiple Listing Services, in one form or another, to their Members.
This little tid-bit of knowledge may have put you to sleep, but if you read carefully it unveils an important tool in your tool belt to quash the insanity. The tool is the fact that the word MLS was in the public domain before NAR or any other formalized real estate board was in existence.
Thus, the word is public, out there and no one can limit the use of the word. Stand up to the board, it only exists because you pay your dues. The board of Realtors is set up to represent you and make you job easier not harder. Stop this craziness right now, before they try and tell you can't use the word realtor or something crazy like that. Oh shucks they already did. Good luck out there, don't let the man keep you down.
Know MLS Boards that Limit Usage of Word “MLS”
Trend MLSNWMLS Carolina Multiple Listing Service Austin Board of Realtors
Teton Board of RealtorsRMLS, Oregon
Justin TracyMarketing Director
RET Certifiedinfo@retcertified.comwww.retcertified.com
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