Tax Deductions to Take in 2017 Before They Disappear

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The Commerce Department reported that January Housing Starts jumped 9.7 percent from December to an annual rate of 1.326 million units. This was the highest level since October 2016 and up 7.3 percent from January 2017. Single-family starts, which account for the largest share of the market, rose 3.7 percent from December while multi-dwelling starts with five or more units surged 19.7 percent. Housing Starts rose in the Northeast, South and West but declined in the Midwest.
Building Permits, a sign of future construction, rose 7.4 percent from December to an annual rate of 1.396 million units. With many buyers facing inventory shortages across much of the country, this strong report regarding new home construction is a welcome sign!
The National Association of REALTORS® reported that January Existing Home Sales declined 3.2 percent from December to an annual rate of 5.38 million units. Sales were down 4.8 percent from a year ago, the largest decline since August 2014. Low inventories of homes for sale were indeed a thorn in the side of would-be buyers with just a 3.4-month supply available at the current sales pace. A 6-month supply is considered healthy.
Retail Sales also disappointed in January, as the Commerce Department reported a 0.3 percent decrease. December’s reading was also revised downward to 0 percent from a 0.4 percent increase. The key highlight was that consumer spending wasn’t strong in recent months, and this could impact GDP expectations.
Consumer inflation edged higher in January, with an important component jumping to a 12-month high! The Consumer Price Index (CPI) rose 0.5 percent in January, just above expectations due to higher gasoline prices, the Labor Department reported. Core CPI, which strips out volatile food and energy prices, rose 0.3 percent from December. This was the largest increase in a year, boosted by rising rents.
Inflation reduces the value of fixed investments like Mortgage Bonds. This means signs of inflation can hurt Mortgage Bonds and impact the home loan rates tied to them, which is a trend we’ve seen through much of this year. Stocks have also reacted negatively to hints that inflation was on the rise because inflation brings higher rates and higher rates hurt corporate borrowing. Stocks even entered correction territory in early February, meaning a 10 percent decline from recent highs.
Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, House Closings, International Home Buyers, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Real estate trends, South Florida Real Estate by Kim Bregman
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Filed under: Blog, Down Sizing, Exclusive Buyer Agent, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Maintenance, Homebuyer Advice, Relocation, Retirement, South Florida Real Estate by Kim Bregman
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After Hurricane Irma, much of Florida lost power. And during Hurricane Maria, all of Puerto Rico is in the dark.
The one-two punch of storms reminded Floridians of the importance of owning a generator. If you’re shopping for a power source, here are factors to consider:
How much do you want to spend?
Stand-by generators can power your whole house and usually run on natural gas or propane. They typically cost $5,000 to $10,000, according to Consumer Reports. And you’ll need to start planning the installation months in advance. Most homeowners opt for portable generators, which usually won’t run central AC and cost $400 to $1,000. (However, Consumer Reports’ top-rated portable generator is a Honda that goes for $3,999.)
What do you want to power?
If you want to run a fridge, a fan and a few lights, a small portable generator will do the job. If you hope to keep living as if the hurricane never hit, you’ll need a stationary generator. And if you’re willing to rough it but would like to run a window AC unit, you’ll want to make sure before the storm that your generator has enough juice to run your AC. Another caveat: Cheap generators can produce power surges that will fry expensive electronics.
How much noise can you stand?
Or, put another way, how many decibels do you want to bombard your neighbors with? In general, the more expensive the generator, the quieter it is.
Technology is getting better.
For decades, Floridians have been buying portable generators that were the mechanical equivalent of muscle cars, says Paul Hope of Consumer Reports. Now, though, manufacturers are designing fuel-injected engines for generators. These models are quieter, more fuel-efficient and emit less carbon monoxide. They’re also more expensive.
The smart move, says Hope, is to shop for a generator between storms or after hurricane season. That gives you time to research what you need — and to hire an electrician to install a transfer switch or interlock device that lets the generator power your house.
Filed under: Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Maintenance, Homebuyer Advice, Insurance Claims, Real Estate, Real Estate Closings, Real Estate Investment, real estate news, Real estate trends, Relocation, South Florida Real Estate by Kim Bregman
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The sensitive information of almost half of all Americans has been compromised, all because the company safeguarding that information reportedly failed to upgrade and update software despite being warned to do so.
To make it worse, company execs sold millions in stock after the breach, but before they told the public what had happened. The company continued to sell consumers like you pricey identity protection packages, even though they knew they were guilty of exposing that same consumer data to hackers. And it seems they suffered another hack earlier in the year but failed to notify us of the potential damage.
No wonder consumers feel helpless as they try to protect themselves from identity fraud.
Read up
The Federal Trade Commission (FTC) has put together some very helpful and comprehensive background information on the Equifax breach, chock full of consumer tips. You can read that guidance here.
Do a test
Visit the Equifax website www.equifaxsecurity2017.com to see if your personal data has been exposed.
Here’s the how-to’s from the FTC: “Click on the “Potential Impact” tab and enter your last name and the last six digits of your Social Security number. Your Social Security number is sensitive information, so make sure you’re on a secure computer and an encrypted network connection any time you enter it. The site will tell you if you’ve been affected by this breach.”
Monitor your credit
If you’re affected, sign up for the year of free credit monitoring that Equifax is offering. Even if you are not affected, you should monitor your credit to make sure no one else is taking out loans in your name. (Many big-name credit card companies offer free credit monitoring as a cardholder perk. Use it).
Once a year, you can get a free copy of your credit report from each of the three major bureaus (Experian®, Equifax®, TransUnion®) at annualcreditreport.com.
Here’s some additional advice from credit card lender Capital One: “It’s important to review all three reports—some lenders don’t report to every bureau, so they may have different information. Read through each report carefully and make sure you recognize the accounts. If something strange turns up, start by contacting the lender to investigate. For more info, take a look at this article on checking your credit report.”
Practice safe financial habits
Keep a close eye on your finances by reconciling bank accounts and credit card statements monthly, shred financial papers, change passwords often, use different passwords for different financial accounts, be careful what you click on, and practice safe computer habits.
It’s not a bad idea to enroll in purchase notification programs with your bank or credit card providers. They’ll alert you by text or email if there are large or unusual purchases in your accounts. Some even let you lock or unlock your card via mobile app. (I’ve got some funny stories to share about the purchase alerts I’ve gotten for my college age kids. Definitely TMI).
Fraud alerts and freezes
There’s been a lot of talk about fraud alerts and freezes. Putting afraud alert on your credit reports lets potential lenders know what’s going on, explains Capital One, and alerts them to take extra steps to verify your identity before issuing credit in your name.
According to Capital One, “you only need to notify one of the three credit reporting companies to put a fraud alert on your credit report and they’re required to tell the other two companies. Make sure you keep copies of all letters and renew the alert every 90 days until the issue is resolved. You can also check out the Federal Trade Commission’s website for more information.”
A credit freeze provides more protection but is time-consuming. A freeze restricts access to your credit report. Without reviewing that info, few lenders will open a new account for you. “This makes it harder for potential thieves to apply for credit or open accounts in your name,” says Capital One. However, freezing your accounts may involve service charges, takes time on the phone or online, and can get in your way the day you want to buy a new car or make some other consumer purchase using credit. To learn more about credit freezes, click here.
Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, Real Estate, real estate news, South Florida Real Estate by Kim Bregman
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The Internet is full of checklists and resources to use if you are planning to move. There are packing timelines. There are lists of packing supplies. There are even directions on how to pack boxes.
But moving is much more than purging and organizing your personal affects. There are legal tasks you need to take care of too.
Here are 5 legal tasks to complete when you move:
Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, Real Estate, Real Estate Closings by Kim Bregman
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When reclining on South Florida’s sandy beaches there’s no need to feel that tug of guilt about your best friend back home. Your dog could be right here with you, frolicking in the blue-green waters of the Atlantic, or fetching a ball or Frisbee on one of South Florida’s dog-friendly beaches.
Remember to always have plenty of water on hand for your pets to avoid dehydration, which can sneak up on humans and dogs alike in Florida’s heat all year round. Seek out frequent breaks for your dogs in the shade while visiting dog-friendly beaches in Florida, and consult with your pet’s veterinarian about special sunscreen for dogs. Bring plastic bags to clean up after your pet and leave the beach like you found it and don’t forget to test the temperature of the sand. If it is too hot for you to walk on it is too hot for your best friend too.
The 80-mile stretch from Jupiter to Miami offers a number dog beaches for you and your pooch to explore. If your dog is friendly and likes to play in the sun and sand, certain beaches and parks in this South Florida region provide designated play areas just for dogs. Each location maintains rules about conduct and charges a nominal access fee; Some municipalities allow visitors to purchase beach passes online or on location. Bring your dog’s current rabies certificate with you to show as needed.
Palm Beach County Dog Beaches
Starting in the North part of the county is Jupiter’s Off Leash Beach. Dogs are welcome on a 2.5 mile stretch of beach on this coastline at A1A and Marcinski Road in northern Palm Beach County. The cost is free and so is parking along the beach. Free dog bags are provided by Friends of Jupiter Beach.
Bark Beach on Spanish River Beach, in Boca Raton is open on Friday’s, Saturday and Sundays from 7-9am and 3pm to sunset from Nov-March and from 5pm to sunset from March to Nov. The dog beach is located between the lifeguard towers 18 and 20 at 3001 N. Ocean Blvd. You will need a valid parking permit if you are a resident of Boca Raton or pay the daily parking fee.
Broward County Dog Beaches
Fort Lauderdale Canine Beach at Sunrise Boulevard at A1Ainvites dogs of all sizes and breeds to its 100-yard beach open Fridays, Saturdays and Sundays from 3 p.m. to 7 p.m. in winter and 5 p.m. to 9 p.m. in summer for an annual fee. When you visit the canine beach, your dog must be leashed. You also must bring waste bags to pick up after your dog, and you must have a permit. You can pick up a permit to let your dog play in the unfenced area from the City of Fort Lauderdale (1350 West Broward Boulevard; 954-828-7275) with proof of current vaccines including rabies.
Dog Beach of Hollywood welcomes socialized dogs to its sandy dunes, equipped with its own park ranger. The beach strongly enforces picking up after your dog to ensure that the area remains sanitary. Open Fridays, Saturdays and Sundays from 3 p.m. to 7 p.m., November through March and 4 p.m. to 8 p.m., April through October, Dog Beach of Hollywood charges a fee at a daily or annual rate. All dogs must have current vaccines. You can purchase a beach pass on site or at Hollywood Parks Recreational and Cultural Arts Office (no website; 1405 South 28th Avenue; 954-921-3404).
Miami-Dade Dog Beach
The only dog beach in the City of Miami Beach is the Miami Bark Beach, this dog beach sits adjacent to North Shore Open Space Park, which is also pet-friendly and a great place for a stroll after a swim in the ocean. There are also plenty of outdoor pet-friendly restaurants nearby. At the beach, dogs must be on a leash except in the designated area. Proof of your dog’s vaccinations is required.
Filed under: Blog, Florida Real Estate by Kim Bregman
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If a flood swamps your home, will insurance cover the damage? That depends on the value of your home, the amount of water damage and whether you have a flood insurance policy.
Let’s look at some persistent myths about flood insurance.
Myth: You must live in a flood plain to get coverage.
If you live in a flood plain, your mortgage company will likely require you to buy flood insurance. But you can purchase it even if you don’t live within a flood zone. “Almost anybody can get flood insurance who wants flood insurance,” says Chris Hackett, director of personal lines for the Property Casualty Insurers Association of America. The price through the federal flood insurance program is based on standardized rates and depends on the home’s value and whether or not it’s in a flood plain.
Myth: Flood insurance covers everything.
When it comes to the physical structure of your house, federal flood insurance policies top out at $250,000. If you have a $300,000 house that’s a total loss because of a flood, the most you can recoup through the program is $250,000 to cover the structure itself. For your personal possessions, the cap is $100,000 under the federal program.
Myth: My homeowners policy covers floods.
“Unfortunately, a lot of folks may be under the impression that their standard homeowners policy might cover flood damage,” Hackett says. But the standard policy does not! The typical home insurance policy doesn’t cover earthquakes or floods. So a homeowner wanting coverage for either of those disasters will need to pick up separate, specific coverage against those types of disasters.
Myth: Water damage is water damage. When it comes to your insurance, not all water damage is the same.
If there’s a storm and your “roof comes off and water comes through, that would be covered under your homeowners policy,” Hackett says. “Versus a flood situation where the water is rising from an over flowing riverbank overflows or an unnatural amount of rain that is rising from the street.
Myth: Flood maps don’t change.
Flood plains (and flood plain maps) change and evolve. Just because you weren’t in a flood plain when you bought your home a few years ago doesn’t mean you’re not in one now.
For more information, visit FloodSmart.gov.
Filed under: Blog, Exclusive Buyer Agent, Flood Insurance, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, Homeowners Insurance, Insurance Claims, Real Estate, Real Estate Investment, real estate news, South Florida Real Estate by Kim Bregman
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Filed under: Blog, Down Sizing, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Homebuyer Advice, Real Estate, Real Estate Closings, Real Estate Investment, Relocation, South Florida Real Estate, western north carolina real estate by Kim Bregman
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Do not read this list and become overwhelmed, it is an extensive list meant to cover basic home maintenance. Not all of these maintenance items will apply to all homes. This is a comprehensive guideline designed for homes in the South as well as Northern climates.
Spring cleaning is a way to demonstrate pride in ownership (or rentership). A home and its contents are investments; money spent on something you really love or really need (ideally both). When you take the time to clean thoroughly and properly, you can maintain and prolong the life of the item or finish for years. Further, it means you live in a cleaner and healthier home; less dust, dust mites, allergens, odors, and dirt.
Always start from the top and work your way down. Think about it like this: dust falls down (like rain or snow) so if you start at the top, you’ll never have to re-clean a surface (which is a time waster). It doesn’t make sense to clean the floors first and then dust the tabletops; you’ll just have to clean the floors again. Use gravity to your benefit and always work from top to bottom. It also helps you not miss anything!
General Spring Cleaning Tasks:
These are a list of some of the things that need to be done around the house, and spring is a great time to do them. So often we don’t remember to do them, so let this be your wake-up call!
Tests and replacements:
Test smoke alarm
Test carbon monoxide alarm
Check flashlight batteries
Check fire extinguishers
Change air filters
Check all window screens for tears and repair or replace as required
Overall Spring Cleaning Chores:
Remove fingerprints and dirt from light switches and door handles
Spring Clean Outside:
Filed under: Blog, Exclusive Buyer Agent, First Time Homebuyers, Florida Real Estate, Home Buyer Advice, Home Buyers, Home Maintenance, Homebuyer Advice, Real Estate, Real Estate Investment, South Florida Real Estate, western north carolina real estate by Kim Bregman
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