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Paying off my house and the BIGGEST load of CRAP in real estate.
Aug 30th 10
Are tax deductions worth the interest?
Should you pay off your mortgage? I think most people should.
Today I’m talking about mortgages, paying them off and what I consider to be a load of crap pushed on home buyers by the lenders of America, accountants and YES the real estate brokers.
I’ve never understood why everyone says “oh you have to have a mortgage because you get the tax write off.”
I say BS. Wouldn’t it be better to have a paid for house with no interest payment and just pay the tax?
Here’s my way of thinking and no it didn’t originate from me. I was raised by two depression era grandparents that were basically in a steady savings cycle preparing for the next GREAT DEPRESSION.
(BELOW-I may be off a little but I hope you are getting the picture. I’m going off memory as I did not go into the basement and dig out my tax returns to write this post.)
Two years ago I remember looking at my year end taxes and seeing that my wife and I had paid around $14,000 in interest to the bank over the year. I also noticed that my WONDERFUL tax deduction was around $2,400.
So basically I have to pay a bank ~ $14,000 in interest to keep from sending the government $2,400. Is this the Great American Home Tax Deduction everyone says is so wonderful? Not to mention over the life of these mortgage loans you pay hundreds of thousands in interest to get in my opinion “NOT MUCH” in the way of a deduction.
It looks like a load of goods the banks & government put together to make us feel batter about all the interest the banks charge us.
Personally I think I would rather send the government their tax and just keep all my interest. Besides living in a paid for house has got to be a GREAT FEELING. Think about it. You are recession proof. If you lost your job you could easily go work at an hourly job and make the yearly tax and insurance payments. Hopefully it would only be temporary..right?
Vacations Paid For in Advance
I talked to my accountant about ways to payoff our house and told him that over our lifetime it would save my wife and I nearly $200,000 in interest. He told me “oh, well if you do that you won’t get your deduction.” I explained my theory to him and he still tried to tell me I needed this deduction. When I asked repeatedly why I have to have this deduction he couldn’t give me a real answer. He like so many others in the country have been brainwashed into thinking that we MUST have our deduction. Again BS.
Pay your house off and live like a Prince or Princess and have your income to save, invest and SPEND as you wish. Can you imagine that?
The other side is my investment adviser. He says “Steve you need to be putting money away for retirement.” Well, we are still saving. He says all that money in the house could be earning more money in the market. REALLY. Have you seen the market? I don’t know about you but a few more of these every 10 year implosions and I’m done with “the market.” I have highly paid professionals begging for alternatives to the stock market. They all love real estate right now. YEAH.
If you have your house paid for at an early age and have the remaining years of your working life to save, invest and actually enjoy a paid for vacation how would that feel? I think it would feel pretty damn good wouldn’t it.
No matter how you do it I think paying off your home as quickly as possible is the best way to go. Here is a recent article to help prove that it isn’t just me thinking this way. A lot of Americans are starting to see the benefits of being free from all debt and especially the home mortgage.
I think this guy, Dave Ramsey, has a lot going on in his debt free classes. A few years ago my wife and I went to his Financial Freedom class in Colorado Springs. We were basically on his program without knowing it. His word is true and if you stick with it you too will live like no one else so you can then live like no one else. Think about it. If you live frugally for several years to payoff all your debt it will allow you to live the rest of your life debt free. Plus along the way you will learn tricks (personal self control) that you apply once you become debt free that will save you money after you become debt free. In our society putting off our instant gratification so we could possibly live a better and more financially rewarding life in the future is a TOUGH sell.
I’m sure there are people out there that have different circumstances, needs and investment goals so this may not apply. But I believe for the average middle class person/family this is a viable option and should be explored. Just a few years ago talking about this to friends and clients was a dead end and they all thought I was a crazy person but now they seem to be coming out of the wood work to share their new goals of paying off their house.
Steven Beam is a CRS Realtor in Parker, Colorado. See client testimonials.
Steven Beam Social Media Connect.
Newlin Meadows Homes for Sale in Parker. Colorado
Meridian Village in Parker Colorado
Townhome for Sale in Parker Colorado
Lone Tree Colorado Homes for Sale
Idyllwilde in Parker Colorado Real Estate Market Report
Jul 8th 10
This is the real estate & homes sold market report for Idyllwilde and Reata North in Parker Colorado. These are homes that sold and closed from January 1, 2010 to June 1, 2010.
This homes sold report does not inclde FSBOs so there could possibly be other sales.
Idyllwilde is a neighborhood in Parker Colorado that was developed and built by Village Homes. Twice winning the neighborhood of the year for the Denver Metro area. Amenities such as a great trails, parks and a massive pool and Clubhouse make Idyllwilde a definite MUST SEE for any Parker Colorado home buyer.
Home prices in Idyllwilde range from the MID $200’s to well over $500,000.
“It’s been a GREAT year so far for Idyllwilde. In all of 2009 there were 16 homes sold and closed. We are almost at 2009 levels for only six months in 2010 with 15 sold and closed homes in Idyllwilde.“
Market Report for Idyllwilde
- Total Homes sold in Idyllwilde from Jan 1, 2010 to June 1, 2010 = 15
- Average Total Days on Market = 104
- Average NET Sales Price = $346,643 (NET is after any seller concessions)
- Average Original Asking Price = $376,913 (asking price before any price reductions)
- Average Asking Price at Time of Sale = $347,591
- Average Price Per SQFT = $143
- Lowest NET Sales Price = $265,000
- Highest NET Sales Price = $514,500
- Highest Original Asking Price = $614,900
- NET Volume Sold = $5,199,650
Canterberry Crossing Real Estate Homes Sold Market Report
Idyllwilde Home Currently For Sale – VIDEO
Article about a new listing in Idyllwilde by Village Homes
Fun things to do in and around Parker Colorado
Housing Market News for Denver and Colorado
Jun 29th 10
Here are some quick links to local and National news articles pertaing to the housing & real estate market. I thought you might enjoy.
U.S. home prices rise 0.8% in April: S&P – Prices have moved up 3.8% in the past year, marking the third consecutive year-over-year gain. Prices rose in 18 of the 20 metropolitan areas tracked by Case-Shiller in April compared with March. Over the past year, prices rose 4.4% in Denver.
Additional articles that you may find of interest:
- Peloton offers stimulus discounts to next 12 buyers
- Utter, Bowes form firm
- Fannie Mae gets tough with ’strategic defaults’
- Home prices rise 0.8 pct. in April from March (Denver up 4.4% over the past year)
- Furniture Row buys Watkins land for $6.5M
- Banks: We’re Hiring
- Factory-Built Homes Gaining Acceptance
- Renovation Projects For Older Housing Must Follow EPA Rules
- What Wall Street reform means for your mortgage
Fannie Mae is Making Obtaining a Home Loan EVEN More Difficult!
Jun 10th 10
Fannie Mae Loans?
Wow with all the good news of late in the housing industry I thought we were maybe heading for smoother waters. Slow down partner. Now Fannie Mae has to step up and change the rules yet again.
Fannie Mae new rule starting June 1st. When you apply for a loan Fannie Mae will screen your credit (like normal) at the beginning of the process but also a “Last Minute CREDIT Screening” just before closing.
WHY?
They do not want your debt to income ratio to change from the time of application and initial approval to closing. for some home buyers this is a really difficult thing to not do. They think of a house and automatically think of all the cool stuff they want to buy and have in the new home. I suggest you just say NO to new credit until after the closing.
It’s simple…Fannie Mae wants to check to see if you have opened or EVEN applied for new credit since you applied for your loan with them to purchase your home. Basically if you make applications of ANY TYPE for credit prior to closing other than your home loan you could be in serious trouble. It could cause your loan to be put on hold and possibly sent back into underwriting or even denied if they find a new credit application or credit check.
When you apply for a home loan with Fannie Mae do NOT do this!
Do not:
- open a new credit card
- call the bank for higher limit on your current cards
- miss a payment on an existing credit account
- apply for credit for furniture for the new home
- hire a landscaper on credit
- buy a new car on credit
- open a home equity line
- you get the picture-do not apply or open any type of credit or you could be in DEFAULT and lose your Earnest Money.
Bottom line is you shouldn’t do anything that should jeopardize your home loan between initial application and closing which means NO new purchases or credit accounts.
Howmeowners ANGRY Over Stonegate Pool Registration
Jun 9th 10
Stonegate is where I live. I love it here and generally have never had much of an issue with the HOA (Homeowners Association) until now.
“If it’s the last thing we do we will protect this POOL from NON-RESIDENTS”
OK what about the people that live here?
Apparently several homeowners were angry last year when on occasion some non residents invaded our pool. Evidently these homeowners really made a huge issues out of it and have NOW caused a major problem with pool registrations and getting pool passes.
Please understand that I am not alone in this beef. I’ve talked to dozens of homeowners through email and by phone and know that there are hundreds if not more that are just as angry.
Please feel free to leave a comment below. Click the comment link.
It seems the Stonegate HOA took it upon themselves to require that ALL Stonegate homeowners re-register this year at the same time. Ok now there are over 3500 homes in here and at least 2 people in every home plus the multiple kid homes so we are talking at least 7000 plus people. I would even guess 8000 plus people.
To register for the pool you need to do the following.
- Register at the HOA website
- Bring a copy of the receipt
- Bring a copy of our water bill
- Bring a Photo ID
First of all who keeps their water bill handy just for this occasion? We sure don’t. Yes I now know that you can have a new one emailed to you NOW but that wasn’t offered when this fiasco first started. I use my drivers license everywhere I go and can even bring them a Passport with my info but NOOOOOO not the Stonegate Pool. An official government ID wouldn’t hold up to the rigors of the Stonegate Pool ID test. I was a little disappointed they didn’t collect a hair sample for later DNA testing. Maybe next year?
They gave us time slots each week from around 6-8:00 to come get into the cattle line with our 7000+ neighbors and be prodded along until they had all the stars aligned and their computers were working perfectly. Oh and the line to get registered was wrapped around the building 5 of the 6 times we went up there to get our passes. Try that with a 2 year old when it’s bed time. This all to get our photos and check our documentation. “PAPERS PLEASE” reminds me of the old WWII movies.
In the name of all mankind we are going to protect this POOL from outsiders! Out you damn non-residents! OUT!
Wouldn’t it have been MUCH easier to walkover to the offender and ask “do you have a pool pass?” if they don’t have a pool pass tell them to leave. If that doesn’t work for the life guards then ask one of Moms sitting there and I guarantee you they will get them out. There are moms up there with 3-5 kids at a time. Those women are not afraid of anything. Worked well when I was a kid so I guess it would still work today. How hard is that?
Personally I believe the board should be punished for the ridiculous actions and overbearing requests. We all need to show up at the next HOA meeting and voice our opinions. If you want to attend here are the meeting times and locations.
Stonegate Village HOA MEETING TIME LOCATION:
- 3rd Wednesday of the month, 5:30 PM at the District Offices: 2 Inverness Drive East, Suite 200, Englewood, CO 80112.
- The annual budget meeting is held in either October or November at the Stonegate Village Clubhouse.
Come on Stonegate HOA board! You should know better than to do this!@ Shame on you!
Pradera Golf Club Real Estate Market Report
Jun 8th 10
Custom Home for Sale in Parker Colorado
Pradera Real Estate in (Parker Colorado) Real Estate Market Report
January 1, 2010 to June 1, 2010
This is the homes SOLD report for Pradera Golf Course Community. All homes sold and closed should be shown here except for possibly FSBO’s and may a builder sale.
See every home for sale in Pradera Here.
- Total homes sold in Pradera Golf Club = 10
- Highest Priced home sold = $1,095,000 ( Steve Beam sold this one!)
- Lowest priced home sold = $439,900
- Average NET Sales Price = $627,745 (sale price minus any sales concessions from the seller)
- Average Original Asking Price = $688,857
- Average Asking Price at time of offer = $658,842
- Average Days on Market = 129
- Average Price per SQFT = $161
- Average Price Per SQFT FINISHED AREA = $127
- Total Sale Volume = $6,277,453
Video helps Sell Million Dollar Home in Pradera
2009 Yearend Sales Report for Pradera Golf Club
Stonegate Neighborhood Homes Sold Report
Bradbury Ranch and Auburn Hills Homes Sold Report
Jun 3rd 10
This real estate market report for Bradbury Ranch is for January 1, 2010 to June 1, 2010. This repost shows all the homes sold and closed during that period.
Bradbury Ranch is another “favorite” Parker Colorado neighborhood. A few years ago Bradbury Ranch grew in size with the addition of Auburn Hills across Mainstreet. The new sections added several hundred homes to the neighborhood.
See all homes for sale in Bradbury Ranch HERE.
Being located in the heart of Parker Colorado at the intersection of Jordan Road and Mainstreet make this an obvious chioce for home buyers in the Parker CO area. The new Chambers Road extension also allows for super quick access to I-25. Bradbury Ranch has a beautiful pool area and extensive open spaces that home buyers also seek.
Top 10 List for Parker Colorado 2010. I’ve already blown a few!
- Total Homes Sold in Bradbury Ranch Jan 1 to Jun 1, 2010 = 22
- Average Original Listing Price $276,284
- Average List Price at time of sale $271,334
- Average Sold Price $256,382
- Average NET sold price (after seller concessions) $262.298
- Highest Sold price so far $372,000
- Lowest Sold Price so far $185,000
- Sold Homes Volume $5,838,407
- Average Price SOLD per SQFT $136
Stonegate Neighborhood Homes Sold Report
Stonegate Neighborhood Homes Sold Report 1st Half 2010
Jun 2nd 10
Quickly this is a report on all the homes that have sold and closed in Stonegate in Parker Colorado since January 1, 2010. This does not include homes sold as for sale by owner.
Ideally I would post this report every quarter but honestly with two small kids and a busy real estate career blogging all the neighborhood reports quarterly is sometimes a touch overwhelming.
Every Home for Sale in Stonegate Here NOW
See the full spreadsheet here for the homes sold in Stonegate.
- Total Homes Sold in Stonegate Jan 1 to May 25th, 2010 = 43
- Average Original Asking Price (before price reductions) = $317,503
- Average Listing Price at time of sale = $309,049
- Average Sold Price $303,111
- Average NET sold price (after seller contributions) $299,398
- Highest sold price $460,000
- Lowest Sold Price $163,000
- Sold Volume $13,033,760
We are all waiting to see the impact from the Home Buyer Tax Credit expiring. If the market continues to be this active Stonegate Home Sales should see another good year. The location and amenities of this neighborhood make it a highly desirable area to live. Check out the new pool area and the massive open spaces and playgrounds.
Parker Colorado Real Estate Market Update
Apr 20th 10
Parker Colorado Real Estate Update
The real estate market in Parker Colorado and South Metro Denver is on fire. The current market activity reminds me of the late 1990’s and the early 2000’s.
My listings are going under contract at record speed and the inventory for buyers is shrinking compared to 2 years ago. I have also noticed that the homes that are for sale have been well maintained as the sellers have really worded hard to get them into show quality condition. I’m noticing updates on homes that were not previously there such as granite, tile and new carpet and paint.
“I see many homes back on the market now that were listed last year with unrealistic asking prices and definitely not in show condition. These homes have been spruced up and re-listed for sale with new lower prices.”
I seriously need more homes/listings for the current demand. Call so we can sell your property. Steven Beam 303-941-4663.
All indications point to a great year in real estate sales. Enjoy 2010!
Sincerely,
Steven Beam, Parker Colorado Realtor.
The Home Buyer Tax Credit is Going Away!
Apr 2nd 10
Home Buyer Tax Credit
I guess we can all kiss the government Home Buyer Tax Credit bye, bye, bye. From the reports I’ve read and information I’ve heard it appreas to be going away with not much of a chance for a second extension.
NAR , The National Association of Realtors, appears to have given up hope of getting it extend and posted this information on a website.
“NAR has had extensive discussions with congressional allies and concluded that an additional extension of the tax credit is unlikely. While lawmakers recognize that the tax credit helped stabilize the market, it appears that much of the benefit has been realized. NAR is now focusing on improving the availability of financing.”
Well that sure is a bummer but at least we know they are going to now try and work out the many wrinkles in the mortgage industry. This should be interesting going forward.
Congratulations to all you buyers and sellers that took advantage of the tax credit and received your benefits.
Steven Beam is a member of the National Association of Realtors.
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