New Tax Law for 2018

How will it affect you?  Click on the link below for a great explanation (with easy-to-understand charts) presented by Kiplinger Magazine...

26 Ways the Tax Reform Will Affect Your Wallet
 

Here is a list of the topics covered in the presentation:

1. Bigger Standard Deduction, Goodbye Exemptions
2. Say Hello to a Higher Child Tax Credit
3. Tax Bracket Bingo
4. Squeezing Homeowner Tax Breaks
5. Deduction for State and Local Taxes6. Casualty Losses
6. Casualty Losses
7. Estate Tax Dodges a Bullet (again)

8. Medical Deductions Survive . . . and Get Healthier

9. Alimony Becomes Tax Free . . . but Not Until 2019
10. Status Quo for Teachers' Tax Break
11. Squeezing Commuter Benefits
12. Tax Breaks for Students Survive
13. A Reprieve for Dependent Care Plans
14. No More Roth Do-Overs
15. Investors' Control Over Tax on Capital Gains
16. 0% Capital Gains Rate Survives
17. Like-Kind Exchanges Survive ... But Only for Real Estate
18. Fewer Taxpayers Need Fear the AMT
19. Tax Relief for Passthrough Businesses
20.  (This one appears to be missing from the presentation... but, there are two #22s.)
21. Deductions (That Lots of People Take) Get the Ax but Two Credits Survive
22. Kiddie Tax Gets More Teeth
22. Individual Mandate: Dead or Alive?
23. Wither Withholding?
24. 529 Plans Aren’t Just for College Anymore
25. Expanded ABLE Accounts
26. Relief for Some 401(k) Plan Borrowers

Best Wishes for a Joyous Holiday Season

My husband joins me in extending best wishes for a wonderful holiday season and healthy and happy New Year.  May the joy and spirit of the season remain within our hearts all through the year.

Please click to enlarge image.

What is the Cost of Waiting Until Next Year to Buy?

Article Courtesy of Keeping Current Matters/The KCM Blog
12/13/17

We recently shared that over the course of the last 12 months, home prices have appreciated by 7.0%. Over the same amount of time, interest rates have remained historically low which has allowed many buyers to enter the market.
As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost’ of the home.
The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 4.7% over the next 12 months.

What Does This Mean as a Buyer?

If home prices appreciate by 4.7% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:

Bottom Line

If buying a home is in your plan for 2018, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.

Before You Make an Offer, Here Are 4 Tips for Success

Article courtesy of Keeping Current Matters/The KCM Blog
12/12/17
 

So, you’ve been searching for that perfect house to call a ‘home,’ and you finally found it! The price is right, and in such a competitive market, you want to make sure that you make a good offer so that you can guarantee that your dream of making this house yours comes true!
Freddie Mac covered “4 Tips for Making an Offer” in their Executive Perspective. Here are the 4 tips they covered along with some additional information for your consideration:

1. Understand How Much You Can Afford

“While it’s not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.”

This ‘tip’ or ‘step’ should really take place before you start your home search process.
Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amount. You will also need to know if you are prepared to make any repairs that may need to be made to the house (ex: new roof, new furnace).

2. Act Fast

“Even though there are fewer investors, the inventory of homes for sale is also low and competition for housing continues to heat up in many parts of the country.”

The inventory of homes listed for sale has remained well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.
Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as soon as possible.

3. Make a Solid Offer

Freddie Mac offers this advice to help make your offer the strongest it can be:

“Your strongest offer will be comparable with other sales and listings in the neighborhood. A licensed real estate agent active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer based on their experience and other key considerations such as recent sales of similar homes, the condition of the house and what you can afford.”

Talk with your agent to find out if there are any ways that you can make your offer stand out in this competitive market!

4. Be Prepared to Negotiate

“It’s likely that you’ll get at least one counteroffer from the sellers so be prepared. The two things most likely to be negotiated are the selling price and closing date. Given that, you’ll be glad you did your homework first to understand how much you can afford.
Your agent will also be key in the negotiation process, giving you guidance on the counteroffer and making sure that the agreed-to contract terms are met.”

If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.” If the inspector uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller, or cancel the contract.

Bottom Line

Whether you’re buying your first home or your fifth, having a local professional on your side who is an expert in their market is your best bet in making sure the process goes smoothly. Happy House Hunting!

Why Getting Pre-Approved Should Be Your First Step

Article courtesy of Keeping Current Matters/The KCM Blog
12/11/17

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.
Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.” 
Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:

1. Capacity: Your current and future ability to make your payments
2. Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
3. Collateral: The home, or type of home, that you would like to purchase
4. Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line

Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.

What Your Buyer's Agent Does for You

Article by National Association of REALTORS®/ REBAC Staff:

10/23/2017

Finding and purchasing a home involves more steps than most buyers realize. A buyer’s representative can be an incredibly beneficial resource, helping you navigate the entire process. Here’s a partial list of everything they can do for you.

Help arrange financing.

1. Assist in locating sources of mortgage loans.
2. Help you examine how much you can afford but how much you may want to spend.
3. Assist in comparing different financing options.
4. Provide information on purchasing incentives that may be available.
5. Educate and discuss the differences between being prequalified and preapproved for a mortgage.

Assist in finding the right property.

6. Identify your needs and wants in a property.
7. Find appropriate available properties.
8. Set up an automated email alert system that immediately notifies you of properties that fit your requirements.
9. Sort through inaccurate information about homes in the area.
10. Provide ready access to all MLS-listed properties.
11. Network with other agents for properties not yet in the MLS.
12. Preview properties prior to showing.
13. Help select for viewing only those homes that fit your needs.
14. Aid in narrowing your search until you have identified your top choices.
15. Assist in analyzing the pros and cons of each property.
16. Disclose all known latent material defects.
17. Assist you in evaluating properties for suitability, affordability, and resale value.

Educate you on market conditions.

18. Educate you on whether it is a buyer’s market or a seller’s market.
19. Show statistics on what percent of list price the sellers are currently receiving.
20. Show trends, current average days on market, current absorption rate, and/or current months of inventory.

Guide you through making an offer and represent you and your interests in negotiations.

21. Prepare a CMA so that you make an informed decision when offering a price.
22. Advise you on what comparable properties are selling for.
23. Explain common contract contingencies.
24. Obtain appropriate seller disclosures.
25. Prioritize your goals.
26. Help create a negotiating strategy to achieve those goals.
27. Ensure that you receive and understand all state and federally required disclosure forms.
28. Handle the completion of the offer to purchase or sales contract.
29. Educate you on the contents of the sales contract.
30. Ensure that all appropriate additional forms are completed.
31. Assist you in getting the best property at the best price with the least amount of inconvenience based on current market conditions.
32. Prepare you for multiple offer situations and develop negotiation strategies specific to multiple offers.

Get you to closing and serve as your trusted real estate resource.

33. Recommend inspectors, lenders, attorneys, and other professionals as necessary.
34. Be an advocate and advisor during the closing process.
35. Review and discuss home inspection concerns. 
36. Monitor and communicate required contract deadlines to ensure that you meet them.
37. Assist in coordinating communications between the listing agent, lender, attorneys, title company, appraiser, and other professionals.
38. Accompany you on the walk-through prior to closing to ensure the property is in the same condition as when you entered into the contract.
39. Remain a life-long trusted advisor regarding real estate questions, needs, or concerns.

HAPPY THANKSGIVING

As you are surrounded by family and friends, and as you think about those who may be separated by distance or circumstance on Thanksgiving Day, may you find peace and joy in the beauty and blessings of your life. 

 From my family to yours, best wishes for a wonderful Thanksgiving.

Fondest regards,

Pook Bellini

THANKSGIVING DAY FOODS THAT CAN KILL YOUR DOG

Thanks to The Dogington Post for this important list of foods that can make your dog severely ill or, even worse, potentially kill your dog.

• Turkey skin
• Cooked bones
• Onions and garlic
• Alcohol
• Nuts
• Nutmeg
• Sage
• Chocolate, dough, and batter

Visit DogingtonPost.com for the details.

http://dogingtonpost.com/thanksgiving-day-foods-that-can-kill-your-dog/

TOP 4 RENOVATIONS FOR MAXIMUM ROI

Infographic courtesy of Keeping Current Matters/The KCM Blog
11/17/17

7 REASONS TO LIST YOUR HOME DURING THE HOLIDAY SEASON

Article courtesy of Keeping Current Matters/The KCM Blog
11/13/17
For anyone thinking that the holiday season is not a good time to list a home, think again!  Please note that statistics given in this article are national and will differ by location.  Please use the stats tab above or CLICK HERE for stats for Sun City Carolina Lakes.

Every year at this time, many homeowners decide to wait until after the holidays to put their homes on the market for the first time, while others who already have their homes on the market decide to take them off until after the holidays. 

Here are seven great reasons not to wait:

1. Relocation buyers are out there. Many companies are still hiring throughout the holidays and need their employees in their new positions as soon as possible.
2. Purchasers who are looking for homes during the holidays are serious buyers and are ready to buy now.
3. You can restrict the showings on your home to the times you want it shown. You will remain in control.
4. Homes show better when decorated for the holidays.
5. There is less competition for you as a seller right now. Let’s take a look at listing inventory as compared to the same time last year:

6. The desire to own a home doesn’t stop when the holidays come. Buyers who were unable to find their dream home during the busy spring and summer months are still searching!
7. The supply of listings increases substantially after the holidays. Also, in many parts of the country, new construction will continue to surge reaching new heights in 2018, which will lessen the demand for your house.

Bottom Line

Waiting until after the holidays to sell your home probably doesn’t make sense.

VETERANS DAY 2017

Each year, with grateful appreciation, I like to offer my personal thank you to all the men and women who have bravely served in our Armed Forces, protecting our nation and preserving the freedoms we cherish.  This year I would like to honor our veterans by sharing two very special music videos.

The first is this lovely rendition 
of HALLELUJAH by Sailor Jerri. 

The second, is a beautiful tribute to our veterans 
by Richard Kerry Thompson.   YOU RAISE ME UP

While there are many monuments around the country recognizing our veterans, one of the most powerful visuals is a monument in Anthem, Arizona that honors the five military branches with marble pillars of varying size, lined up one behind the other, in the order of precedence set by the Department of Defense:  Army, Marine Corps, Navy, Air Force, Coast Guard.  Each pillar has a precisely engineered elliptical opening which allows the sun's rays to pass through at exactly 11:11 a.m. each Veterans Day (11/11) to form a spotlight on a glass mosaic of The Great Seal of the United States.  

VA LOANS - What You Need to Know

Since its inception in 1944, over 22 million veterans have become homeowners using their Veterans Administration Home Loan benefit.  Veterans Day is the perfect time to remind those you know who may qualify about VA home loans. This great infographic explains "VA Loans by the Numbers." 

Infographic courtesy of Keeping Current Matters/The KCM Blog.

HAPPY 242ND BIRTHDAY TO THE UNITED STATES MARINE CORPS

"On November 10, 1775, the Continental Congress commissioned Samuel Nicholas to raise two Battalions of Marines. That very day, Nicholas set up shop in Tun Tavern (in Philadelphia). He appointed Robert Mullan, then the proprietor of the tavern, to the job of chief Marine Recruiter -- serving, of course, from his place of business at Tun Tavern. Prospective recruits flocked to the tavern, lured by (1) cold beer and (2) the opportunity to serve in the new Corps of Marines."
Source: http://www.usmcpress.com/heritage/usmc_heritage.htm

Since those earliest days when the "Continental Marines" fought for our country's independence at sea and on shore, the United States Marine Corps has responded to conflicts around the world, participating in combat operations and humanitarian relief efforts by air, land, and sea. Mandated by Congress to be our county's rapid response force, the United State Marine Corps has proudly served our country for 242 years. From the shores of Tripoli to Guadalcanal and Iwo Jima, Korea, the jungles of Vietnam, the mountains of Afghanistan, the Iraqi desert, and all the operations in-between, Marines from all walks of life have defended our nation.
Each year on November 10th, Marines around the world live up to the motto "Semper Fidelis" (Always Faithful) as they celebrate the birth of the Corps. Whether attending a formal Marine Corps Ball or a small informal gathering, or even with just a phone call or a handshake, those who share the bond of being one of "The Few. The Proud." proudly honor the values, traditions, and history of the Corps on this day by wishing each other  a Happy Birthday.   

On a personal note...

Love and thanks to my husband and his Marine Corps brothers for their dedication and service, and heartfelt thanks to all who have served or are currently serving.  This year I had the privilege of sharing a very special anniversary with these great guys, as 150+ members and guests of their OCS and Basic Class got together in the DC area to celebrate the 50 years that have passed since they graduated as Marine Corps officers and to honor the memory of members of their class who made the ultimate sacrifice for our country.  It was a wonderful gathering and it was truly an honor to be there with these great patriots.  

In Loving Memory of  Bob "Heavy" Petrella

Today and always we remember with deep love and affection our dear friend, Bob "Heavy" Petrella, who was a USMC Captain during the Vietnam War and was a recipient of 2 Purple Hearts and a Bronze Star for Valor. Heavy will always be with us in spirit.

SEMPER FI!

Thinking of Selling Your Home Without an Agent?

 You may want to rethink that!


Hiring an Agent to Sell Your House May Cost You NOTHING!
Article Courtesy of Keeping Current Matters/The KCM Blog

There is no doubt that it is easier to sell your house when using the services of a local real estate professional. The agent will provide:

• Greater exposure to more buyers
• The skills of a professional negotiator
• A layer of protection from possible legal liabilities
• Professional guidance in navigating any pitfalls that may arise
• A level of safety while showing the home

There is no doubt that these services are valuable to any family that decides to sell. The only question is – how valuable? One of the main reasons For Sale By Owners (FSBOs) don’t use a real estate agent is because they believe these services are not worth the fee an agent charges. But, what if those services didn’t cost the seller a penny?
A study by Collateral Analytics, however, reveals that FSBOs don’t actually save anything and, in some cases, may be costing themselves more by not listing with an agent.
In the study, they analyzed home sales in a variety of markets in 2016 and the first half of 2017. The data showed that:

“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.” (emphasis added)

Why would FSBOs net less money on their own than if they used an agent?

The study makes several suggestions:

• “There could be systematic bias on the buyer side as well. FSBO sales might attract more strategic buyers than MLS sales, particularly buyers who rationalize lower-priced bids on with the logic that the seller is “saving” a traditional commission. Such buyers might specifically search for and target sellers who are not getting representational assistance from agents.” In other words, ‘bargain lookers’ might shop FSBOs more often.
• “Experienced agents are experts at ‘staging’ homes for sale” which could bring more money for the home.
• “Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.” If more buyers see a home, the greater the chances are that there could be a bidding war for the property.

Three conclusions from the study:

1. FSBOs achieve prices significantly lower than those from similar properties sold by Realtors using the MLS.
2. The differential in selling prices for FSBOs when compared to MLS sales of similar properties is about 5.5%.
3. The sales in 2017 suggest the average price was near 6% lower for FSBO sales of similar properties.

Bottom Line

If you are thinking of selling, FSBOing may end up costing you money instead of saving you money.

Should I Buy a Home Now or Wait Until Next Year?

Infographic Courtesy of Keeping Current Matters / the KCM Blog

Thinking of Selling? You Should Do it TODAY!!

Thinking of Selling? You Should Do It TODAY!!
Article courtesy of Keeping Current Matters / The KCM Blog

That headline might be a little aggressive; however, as August 2017’s housing market data begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME TODAY!
In a recent article by CBS News, they explained that the number of existing home sales is shrinking, and Lawrence Yun, Chief Economist for the National Association of Realtors, said:

“There should be 3 million homes on the market right now…Yet, there are only 1.9 million.”

And this situation will be affected greatly by recent natural disasters. Yun continued by saying:

“Before the hurricanes I would have predicted 1.35 million in new-home construction in 2018…I’ll have to scale that down now.”

NAR, in their August 2017 Realtors® Confidence Index , indicated that:

“Amid sustained job creation and sustained historically low mortgage rates, REALTORS^® reported…that buyer demand is stronger compared to conditions one year ago… and that fifty percent of properties were on the market for less than one month when sold.”

The only challenge to today’s market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is only a 4.2-month supply of inventory, which is down from 4.5 months one year ago.

Bottom Line

With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Contact a local real estate professional today to see if that is the case in your neighborhood.

SCCL NUMBER OF CLOSED SALES BY MONTH 2015-PRESENT

This chart can also be found by going to the UP-TO-DATE STATS FOR  SCCL tab above.   There are some great interactive charts at the same location.  Be sure to check them out!

4 REASONS TO SELL NOW

Infographic Courtesy of Keeping Current Matters / The KCM Blog

Remember that all markets are different, 

but much of this is true wherever you live!

BEAUTIFUL HOME WITH AMAZING GOLF COURSE VIEW

Do you want to live the dream at Sun City Carolina Lakes?  
This is the home you've been waiting for! Gorgeous Surrey Crest w/spectacular view of Carolina Lakes 11th fairway.  Enjoy beautiful sunsets/fabulous views from bright sunroom and custom paved patio.  Patio features pond w/waterfall. Only single level home on golf course side of double cul-de-sac.  Level entry. Custom bookcase/TV/storage cabinet in great room. Hardwood flooring throughout w/tile in bathrooms and sunroom. Plantation shutters. Custom storage cabinets in garage.
VIRTUAL TOUR

Mortgage Rates Strike New 2017 Low

Article Courtesy of REALTOR® MagazineDaily 
Real Estate News | Friday, September 08, 2017 

For the third consecutive week, the 30-year fixed-rate mortgage averaged a new year-to-date low.

“The 10-year Treasury yield fell 9 basis points this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate followed, dropping 4 basis points to a year-to-date low of 3.78 percent.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Sept. 7:

• 30-year fixed-rate mortgages: averaged 3.78 percent, with an average 0.5 point, falling from last week’s previous yearly low of 3.82 percent. Last year at this time, 30-year rates averaged 3.44 percent.
• 15-year fixed-rate mortgages: averaged 3.08 percent, with an average 0.5 point, falling from last week’s 3.12 percent average. A year ago, 15-year rates averaged 2.76 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.15 percent, with an average 0.4 point, rising from last week’s 3.14 percent average. A year ago, 5-year ARMs averaged 2.81 percent.

Source: Freddie Mac

SCCL COMMUNITY OPEN HOUSE

Carolinas HealthCare Merging With UNC To Form One Of The Largest Medical Giants In America

Article courtesy of Charlotte Stories

Carolinas HealthCare System and UNC Health Care have officially announced plans to create one of the leading non-profit healthcare systems in the nation, by merging a high-performing comprehensive healthcare system with a renowned academically-based enterprise, according to a recent press release.
 
Their signed Letter of Intent states that “UNCHCS and CHS will come together to create a new organization that blends the best of a high-performing comprehensive healthcare system with a renowned academically-based healthcare enterprise. The joint enterprise will provide solutions for healthcare’s most pressing challenges, including access and affordability, while offering unparalleled clinical expertise tied to a renowned academic enterprise and contributing to our region’s economic vibrancy.”

To read complete article, click below:
http://www.charlottestories.com/carolinas-healthcare-merging-unc-form-one-largest-medical-giants-america/

IS SOUTH CAROLINA A GOOD PLACE FOR RETIREES?

Map Source:  Kiplinger.com

For folks looking for great locations for retirement, here are some links to articles that you might find of interest regarding taxes.  Some are SC specific, while others make comparisons to other states.  There's lots to consider when making your decision about where it would be financially beneficial to call home in your retirement,  including income taxes, sale, use and motor fuel taxes, estate tax, and gift tax.  As you contemplate this important decision, be sure to consult with your financial advisor. 
 

This report on the 10 best states for retirees was something I posted at my blog in December 2015.
https://pooksscclnews.blogspot.com/2015/12/kiplingers-10-best-states-for-taxes-on.html

This article was published by AARP in June of this year.
http://www.aarp.org/money/taxes/info-2017/states-best-tax-breaks-retirees-fd.html

Here's some info from the SC Bar Association:

https://www.scbar.org/public/get-legal-help/common-legal-topics/south-carolina-property-tax-for-senior-citizens/ 

Here's some information from a group of financial folks at The Balance.  I am not familiar with this group, but their info on the best states for retiring is interesting.

https://www.thebalance.com/best-states-for-retirees-3193239 

No date on this posting, but it has good info regarding SC taxes.  Not familiar with this group, but they've been promoting the Carolinas since 1986.
https://carolinaliving.com/financial-matters/south-carolina-taxes
This source has lots of great information for those considering the Carolinas.  Additional link through this source:  https://carolinaliving.com/search?indexCatalogue=entire-site&wordsMode=AllWords&searchQuery=retirement 

Here's an older article I came across with some interesting information.  Like comps for houses, it should be more current, as a lot has changed since 2013 and they need to do an update.  But the info is interesting, none the less.  Gives an idea of things to consider.
 http://www.postandcourier.com/archives/south-carolina-a-top-state-for-retirees-due-to-tax/article_943d26f4-a483-58c6-8c3c-ffab8821d8a3.html

HURRICANE VICTIMS GRANTED LOAN FORBEARANCE

Article Courtesy of REALTOR® Magazine
Daily Real Estate News | Thursday, August 31, 2017 

Harvey Victims Granted Loan Forbearance

The mortgage-backing government entities announced that they will offer mortgage forbearance for at least 90 days to borrowers in the Houston area affected by Hurricane Harvey. In some cases, this could be extended for up to a year.

Storm victims with Fannie Mae, Freddie Mac, and Federal Housing Administration–backed loans will not have to make their monthly payments. They will face no penalty fees. Interest on their loans, however, would still accrue.

At least $23 billion worth of property has been affected by record-level flooding from Hurricane Harvey in parts of Texas’ Harris and Galveston counties alone, according to a Reuters analysis. 
Freddie Mac announced on Tuesday that it was suspending evictions and foreclosures on homes with mortgages that it owns or guarantees in disaster areas impacted by Hurricane Harvey. Fannie Mae issued a similar statement.

“We’re committed to ensuring that homeowners receive the mortgage assistance they need to overcome the devastating tragedy of Hurricane Harvey,” Yvette Gilmore, Freddie Mac’s vice president of single-family servicer performance management, said in a statement. "Once they’re out of harm’s way, homeowners should contact their servicers—the company to which they send their monthly mortgage payments. They may be eligible for forbearance on mortgage payments for up to one year if their mortgage is owned or guaranteed by Freddie Mac.”

In the Houston area and nearby areas, there are more than twice as many mortgage properties with nearly four times the unpaid principal balance as there were in the Louisiana and Mississippi counties hit by Hurricane Katrina in 2005, Mortgage News Daily reports. Black Knight Financial Services estimates more than 75,000 borrowers in Houston may be unable to make a mortgage payment within the next two months.

“This is an unprecedented crisis in the region as it relates to housing,” says Dave Stevens, CEO of the Mortgage Bankers Association. “We are not even at the point where we can evaluate the total costs, walkaways, insurance coverage, homes uninsured, jobs lost, not being able to make your mortgage payments.”

Source: “Harvey Hits Mortgages: Flood-Stricken Homeowners Less Likely to Pay,” Mortgage News Daily (Aug. 30, 2017)

EMPTY NESTERS: BEST TO REMODEL OR TIME TO SELL?

Empty Nesters: Best to Remodel or Time to Sell?
Article courtesy of Keeping Current Matters/The KCM Blog
8/31/47

Your children have finally moved out and you and your spouse now live alone in a four-bedroom colonial (or a similar type of house). You have two choices to make: 

1. Remodel your house to fit your current lifestyle and needs
2. Sell your house and purchase the perfect home

Based on the record of dollars spent on remodeling and renovations, it appears that many homeowners are deciding on number one. But, is that the best long-term solution?
If you currently live in a 3-4-bedroom home, you probably bought it at a time when your children were the major consideration in determining family housing needs. Along with a large home, you more than likely also considered school district, the size of the property and the makeup of other families living in the neighborhood (example: you wanted a block with other kids your children could play with and a backyard large enough to accommodate that).

Remodeling your home to meet your current needs might mean combining two bedrooms to make one beautiful master suite and changing another bedroom into the massive walk-in closet you always wanted. However, if you live in a neighborhood that historically attracts young families, you may be dramatically undermining the value of your house by cutting down the number of bedrooms and making it less desirable to the typical family moving onto your block.
And, according to a recent study, you will recoup only 64.4% of a remodeling project’s investment dollars if you sell in the future.

Your home is probably at its highest value as it stands right now. Instead of remodeling your house, it may make better financial sense to sell your current home and purchase a home that was built specifically to meet your current lifestyle and desires.
In many cases, this well-designed home will give you exactly what you want in less square footage (read less real estate taxes!) than your current home.

Bottom Line

If you are living in a house that no longer fits your needs, at least consider checking out other homes in your area that would meet your lifestyle needs before taking on the cost and hassle of remodeling your current house.

FLOODED HOMES CAN BE FIXED, BUT...

Sadly, many homes will be unsalvageable.  Mold will be the greatest threat. The BUT in this article is a HUGE one. And at what cost? 

-Pook

Flooded Homes Can Be Fixed But…

Article Courtesy of REALTOR® Magazine
Daily Real Estate News | Wednesday, August 30, 2017

As Hurricane Harvey moves off the coastline of Texas, it's leaving massive flooding in its wake that has destroyed homes and businesses.

More Harvey Coverage
REALTORS® Promise to Send Help to Texas
Tips for Filing an Insurance Claim
Harvey Sparks Flood Insurance Disaster

Until the floodwaters recede, cleanup efforts are mostly on hold. But remediation companies say they’re ready to jump into action as soon as they’re able. In preparation for the undertaking, here are a few important items to share about repairing a flooded home, compiled by realtor.com®.

Time is of the essence.
A home that has been flooded does not need to be torn down, but the water does need to be removed quickly. Truck-mounted vacuums with 2,000 horsepower and dehumidifiers can extract moisture from furniture, hardwood, tile, and Sheetrock. But Robyn Kent, a claims administrator at Dalworth Restoration in Euless, Texas, says the most important element is getting it cleaned up quickly: “Closer to the three- to five-day mark is when it becomes questionable, since by then, all the materials have become fragile.”

Mold is the real issue.
"One of the biggest problems—especially in Houston in the summer—is going to be mold," Tyler Drew, a Los Angeles real estate professional and investor, told realtor.com®. "The longer a house sits with water, the worse the mold infestation. Affected areas have to be removed, the wood and concrete treated with anti-mold agents, and all of this has to be done after the house is sealed, in order to prevent the infestation from spreading and sickening people."

Repair costs can escalate.
"Drying off a 2,000-square-foot house in normal conditions may cost more than $2,500, while in situations like Harvey is producing, the job scope expands quickly—and so will costs," says Peter Duncanson, director of operations and safety with ServiceMaster Restore. Flood insurance may cover the cost of repairs, but it depends on what type of insurance the owner has. Standard homeowner's insurance policies don’t typically cover flooding inside a home, and many in Houston don't have flood insurance.
Source: “5 Surprises About Fixing a Flooded Home,” realtor.com® (Aug. 29, 2017)

HURRICANE HARVEY SPARKS FLOOD INSURANCE DISASTER

Harvey Sparks Flood Insurance Disaster
Article Courtesy of REALTOR® Magazine

Daily Real Estate News | Monday, August 28, 2017

Only 15 percent of homeowners in Houston have flood insurance on their properties. The city is under two feet of water after Hurricane Harvey ravaged the Texas coastline over the weekend. (Getty Images)

The majority of the thousands of Texas homes submerged in floodwaters after Hurricane Harvey slammed the coastline over the weekend do not have flood insurance—a costly reminder of the importance of extending the National Flood Insurance Program, which the National Association of REALTORS® is fighting to support. Only 15 percent of homes in Harris County—which includes Houston, now under two feet of water—are covered by flood insurance, CNN reports. Only 20 percent in the coastal town of Corpus Christi are covered. Fannie Mae alone says more than 36,500 homes in its portfolio are in the storm’s path, according to Fox Business.
Standard homeowners insurance polices cover wind damage caused by a hurricane, but not damage caused by flooding from storm surges or overflowing rivers. Harvey, now downgraded to a tropical storm that could dump up to 50 inches of rain on parts of Texas by Tuesday, will leave many homeowners in the storm’s path unable to cover the costs of repairs to their homes. “This could be the worst flooding disaster in U.S. history,” Greg Postel, a meteorologist with The Weather Channel, told news agency UPI.
NAR is assessing the situation as it worsens and expects to send an all-member email about relief efforts for homeowners and renters displaced by the storm.
Federal financial regulators also have urged lenders to work with customers affected by Harvey to accommodate their needs. Freddie Mac has announced the availability of disaster relief options, including forbearance programs, for borrowers living in places that have officially been declared major disaster areas. “We strongly encourage the many American families whose homes or businesses are being impacted by Hurricane Harvey to call their mortgage servicer if the Federal Emergency Management Agency’s declaration is announced,” said Yvette Gilmore, Freddie Mac’s vice president of single-family servicer performance management. “Relief—including forbearance on mortgage payments for up to one year—may be available.”

The Department of Housing and Urban Development also announced measures to provide disaster relief to homeowners affected by Hurricane Harvey, including reallocating existing federal funds to recovery efforts in Texas, granting a foreclosure moratorium and forbearance in affected areas, and providing mortgage insurance to victims. “Our thoughts and prayers are with those who are beginning the process of recovering from Hurricane Harvey,” HUD Secretary Ben Carson said in a statement. “As FEMA begins to assess the damage and respond to the immediate needs of residents, HUD will be there to offer assistance and support the longer-term housing recovery efforts.”
—REALTOR® Magazine

THIS IS A CHAMBER OF COMMERCE MORNING!!

73º! Working out on the deck... with Rudy, of course! Loving life at Sun City Carolina Lakes!

I've added some more great interactive stats for Sun City Carolina Lakes to my website/blog.  Click on "UP-TO-DATE STATS FOR SCCL" above.  Stats now include numbers for: New Listings, Homes For Sale, Pending Sales, Closed Sales, Average Days on Market, Months Supply, Average List to Close Days, and Average Percent of Original Price. Great info! Please share with anyone interested in our awesome community! 

SOUTH CAROLINA IS GETTING READY FOR ECLIPSE 2017!

Those of us observing from Sun City Carolina Lakes will see between 98% and 99% of the total eclipse.  How cool is that??!!!

Don't have certified eclipse watching glasses?  

If you've procrastinated, the glasses are now hard to come by... especially since many of the ones sold by Amazon were recalled because they were not certified.  But, worry not, there's another safe way to observe the eclipse.  The teacher in me loves this old-fashioned pinhole approach!  Here are instructions, courtesy of NASA.

https://eclipse2017.nasa.gov/how-make-pinhole-projector-view-solar-eclipse

Great visual:    
http://interactives.courier-journal.com/projects/eclipse-2017/ 

Additional links about the eclipse:

https://www.greatamericaneclipse.com/
https://www.greatamericaneclipse.com/
http://www.eclipse2017.org/eclipse2017_main.htmhttps://eclipsemega.movie/ 
https://www.aao.org/eye-health/tips-prevention/how-to-safely-watch-great-american-eclipse-of-2017

GREAT PLACES TO KAYAK IN THE CHARLOTTE METRO AREA

After a year of not taking our kayaks off the wall in the basement, we finally went out for a morning paddle with the SCCL Canoe and Kayak Club last week.  It was great to be out on the water again!  We don't get out to paddle much, but we're excited about all the possibilities out there for us when we do decide to go.  So far we've paddled at a place called "Stumpy Pond" (a generally quiet - except when we were there - reservoir also known as Rocky Creek and Cedar Creek Reservoir, operated by Duke Power Company), Cane Creek Park in Waxhaw. NC, Chester State Park in Chester, SC, and the quiet (and just my speed) Bowers Lake (aka Lake B) at Sun City Carolina Lakes.  BTW, if you haven't tried out the kayak launch next to Grandparents' Park in SCCL, you really should!  It's the best darn launch I've ever seen!  (Not that I have that much experience with such things, but it's really awesome!)

As relative beginners, my husband and I prefer the quiet lakes and it's doubtful that we'll ever tackle anything more than that.  Quiet (and no wind) works for me!  That being said, I wanted to share this great article about places to paddle by Scott Jensen of  CharlotteStories.com.  It lists what they call "Top 10 Places To Go Kayaking Around The Charlotte Region."  If you know of any other great kayaking locations in the area, please let me know.  Happy paddling!