Wondering What Your Home is Worth?

by char-maccallum-real-estate-group-inc

“Hi Char, I saw the house down the street is for sale.  I was wondering what my home is worth?” 

Yup, we get a LOT of these phone calls in the office these days.  Our Olathe homes for sale are doing well – but how does it affect you?

Knowing the current value of your home is important when you’re considering a move, refinancing or getting a home equity loan. Prices are determined by recent sales and the supply and demand of current inventory.

The process of selecting comparable properties involves matching similar features like bedrooms, baths, square footage and updates. In addition to price, there are other factors that affect the value and ultimately, the sale of a home. For more information check out unsecuredloans4u.co.uk

Location plays a significant role because of the unique combination of improvements and land. Beneficial considerations would be convenience to schools, shopping, transportation and proximity to freeways. Undesirable concerns could include being in the vicinity of busy streets, high-tension lines, commercial property and other things.

To receive a computerized estimate on the value of your home that includes prices of comparable homes that have sold recently and homes currently for sale, click here.

Value is not totally objective and does require a certain amount of subjective considerations. If you have questions after you receive your report by email, contact The Char MacCallum Real Estate Group at 913-782-8857 and we’ll be happy to talk to you about your estimate.  You can also browse current homes for sale on our website www.findkansascityrealestate.com 

Thinking of a Rental Home as an Investment?

by char-maccallum-real-estate-group-inc

As many of our clients know, we work with a lot of families on renting homes as well as our investors who are wanting to purchase homes to rent in Olathe, Kansas.  Single-family homes used for rental property have distinct advantages over other types of investments.

Home prices have adjusted 30-40% around the country (as well as our Kansas City area), mortgage rates are incredibly low and rents have risen in the past two years due to more demand and shorter supply. Indicators like these point to a strong and sustained rental market. A great reason savvy investors are spending their money on Kansas City Real Estate with the Char MacCallum Team.An typical investor in Olathe Kansas can borrow 75-80% at fixed interest rates on appreciating assets with definite tax advantages and reasonable control. The financing alone is attractive compared to some investments that require 50% cash and have floating rates at prime plus for one or two years. For more information check out Oulala’s Valéry Bollier confirmed as iGaming specialist at VIGE2017 – Casino ReviewCasino Review

Consider you bought a $125,000 home for cash that would rent for $1,250 per month. With $15,000 income and allowing for property taxes, insurance and maintenance, it is still reasonable to expect $10,000 net income. You’d have an 8% return on investment without considering tax savings or future appreciation compared with 5-year CDs paying less than 1.5% and a 10-year Treasury yield at 1.65%.  Want to runYOUR investment numbers?

The reasonable control has a lot of appeal to many investors who find the volatility of the stock market unacceptable and don’t want the risk associated with some of the alternative investments.  We know that our Kansas City and Olathe, Kansas investors are smart with their real estate investments!  Helping our friends, past clients and investors is what we love to do – if you have questions, contact us at the office 913-782-8857

Please contact me if you’d like to know more about available opportunities to purchase rental homes in our Olathe and surrounding Kansas City areas.  You can use our free search here http://www.findkansascityrealestate.com/

Wondering about the “Value” of your Olathe KS Home?

by char-maccallum-real-estate-group-inc

Here in Olathe Kansas, we get a lot of questions like “What’s my home worth?”.  What your home is worth depends on why you ask the question. It could be one value based on a purchase or sale and an entirely different value for insurance purposes.

Fair market value is the price a buyer and seller can agree upon assuming both are knowledgeable, willing and unpressured by extraordinary events. This value is generally indicated by the comparable market analysis done by real estate professionals, such as a Char MacCallum Team Member.

Insured value is determined for the proper insurance coverage. Replacement cost could actually exceed the cost of new construction when additional expenses are incurred for demolition and the added complexities of matching existing construction.

Homeowners are generally more familiar with their home’s market value. You know your Olathe, Kansas neighborhoods and surrounding areas – we’re going to ask when we come to visit, “what do you think your home is worth?”.  Since it can be lower than the replacement cost, owners should review the insured value with their property insurance agents periodically. Under-insuring could invoke a co-insurance clause that may limit the settlement and increase your out of pocket expenses.

Did we get you thinking about the value of your home?  Feel free to contact us at the office for any questions or search some of the homes listed to see how they compare to yours!  Of course, you can justclick on this link to have us look up what the market value of your home could be here in Olathe, Kansas!

Thinking about a Second Home?

by char-maccallum-real-estate-group-inc

While a principal residence and a second home have some similar benefits, they have some major differences. A principal residence is the primary home where you live and a second home is used for personal enjoyment while limiting possible rental activity to a maximum of 14 days per year.

The Mortgage Interest Deduction allows a taxpayer to deduct the qualified interest and property taxes on a principal residence and a second home. The interest is limited to a maximum of $1,000,000 combined acquisition debt and a combined $100,000 home equity debt for both the first and second homes.

The gain on a principal residence has a significant exclusion for taxpayers meeting the requirements. The gains on second homes must be recognized when sold. Even if you sell a smaller second home and invest all of the proceeds into a larger second home, you’ll need to pay tax on the gain.

Tax-deferred exchanges are not allowed for properties having personal use including second homes.

If the home is owned for more than 12 months, the gain is taxed at the long-term capital gains rate. If the home is owned for less than 12 months, the gain is taxed as ordinary income which would be a considerably higher rate.

The article is intended for informational purposes. Advice from a tax professional for your specific situation should be obtained prior to making a decision that can have tax implications. 

Are you thinking about a second home?  Free search on www.findkansascityrealestate.com

If I only bought…

by char-maccallum-real-estate-group-inc

We’ve probably all said or at least thought “if I knew then, what I know now, I would have done things differently.” We should have stayed in school longer. We should have listened to our parents. We should have bought Apple stock in 2002 for $8.50 or gold in 2000 for $300.

Years from now, if we look back at 2012, it may be clear that this was the best buyer’s market ever. The prices are down nationwide 35-40% from four years ago, mortgage rates have never been this low and rents are rising. Few homes have been built in recent years to keep up with a growing population. There may never be a better time to buy homes than now.

The housing affordability index which is considered to be good at 100 has increased to over 200 for several months. Shrinking inventories and rising prices in some markets are causing the index to fall for the first time in years.

This ‘buying” opportunity applies equally to acquiring a home to live in or to rent as income property. It is estimated that about one-third of the homes purchased last year were done by investors. It is reasonable because the positive cash flows far exceed most other investment alternatives.

The question we’re all faced with this year is whether we’ll be saying we seized or missed an opportunity of a lifetime.  Are you looking for a home?  Make sure you check us out atwww.findkansascityrealestate.com


Have a “Back Up” Plan for your Home and Belongings!

by char-maccallum-real-estate-group-inc

Have You “Backed Up” Your Home?

Personal computers have been around long enough that everyone has experienced or knows someone who has lost their data due to a hard drive crash, accident or burglary. If they had a backup, the loss was inconvenient but not critical.

Do you have a backup for your personal belongings? Not that you need duplicates of all the items but do you have a journal listing of all the items with a description and their approximate values? That record becomes the backup that supports the claim for your insurance.

If a building sustains a total loss, the insurance company will usually pay the face amount of the policy. When it comes to personal property which might be 40% to 50% of the insured value of the dwelling, the insurance company is going to expect an accounting with receipts or at least, a relatively recent inventory.

The better your inventory, the less likely you’ll have difficulty with the claim. Almost everyone has a digital camera that can take stills and probably even videos. The combination of the images as well as a written description will help you replace the belongings and serve as proof to the insurance company.

Once you’ve made the inventory, store it off site for safe keeping. Online storage in the “cloud” might be the best place to insure you’ll always know where it is. Contact me for a free Home Inventory form; it’s my way of helping you be a better homeowner.

You can contact The Char MacCallum Real Estate Group at 913-782-8857 or visit us at http://www.findkansascityrealestate.com/

Spring Shredding is here!

by char-maccallum-real-estate-group-inc

Time for Spring Shredding!!

It’s tax time!  Many public accountants recommend that you keep your records and receipts for up to seven years.  Well…. I bet you’ve got more than that saved up in your home that you’ve been meaning to do something with!  Bring those papers, receipts, old tax records, and we’ll help you safely and securely shred it for you!

Do you have an Olathe home for sale?  Bet you could use the extra space to de-clutter your home and stage it to SELL!  Let us help you get organized! Shred it!!

Come see us on Saturday, April 21st between 10 am and 1pm

Get organized & Start gathering those documents to shred!

Have questions?  Call us at the office at 913-782-8857 or visit us online at http://www.FindKansasCityRealEstate.com/

Ever Wonder About Safety Recalls?

by char-maccallum-real-estate-group-inc

Don’t Miss the Recall

Occasionally, you hear about an important recall on a product you have and you take care of it immediately. However, if you were to miss such a notice, it could put you or your family in jeopardy.

You can subscribe to the U.S. government’s service to notify the public when recalls are made on vehicles, tires and child restraints through the National Highway Traffic Safety Administration on their site called SaferCar.gov.

You’ll receive a notification by email when there is a new recall based on the type you selected. You can change your selections or unsubscribe at any time by going back to their website in the “Manage Your Notifications” section.

We’re committed to helping you be a better homeowner by providing information on items that can protect your home’s value, reduce expenses, improve maintenance and increase the enjoyment of your home.

For these and many more tips, check us out at http://www.FindKansasCityRealEstate.com/

Olathe, Kansas Founded on Partnerships. Fueled by Innovation

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Wondering what’s going on in Olathe?

There’s been quite a buzz lately about global businesses interested in relocating team members to ourKansas City area.  As we all know, our housing is affordable, our schools top rated and we have plenty to see and do around our Olathe, Kansas area.

Whether you are looking for a quiet place to live and work or close to a major city with professional sports- we have it all!  Looking to move to Olathe?  You can search for homes.  Char MacCallum Real Estate Group be reached at our Olathe office at 913-782-8857 or you can visit us online!

FHA Fees are going up April 1st!

by char-maccallum-real-estate-group-inc

FHA has raised the annual Mortgage Insurance Premium to 1.25% beginning April 1st.  MIP is required on all FHA loans and used to fund losses by lenders for borrowers who default on their mortgages.  As of June 1st, FHA loans in excess of the standard maximum of $625,500, in high-cost areas, will have a premium of 1.5% of the loan amount.

In addition to the increase in the annual MIP, FHA also announced it plans to raise the fee on the up-front MIP from 1.00% to 1.75%.  No date was reported for its implementation.

The bottom line will result in a borrower’s payments going up.  However, it might not be restricted to the MIP.  Freddie Mac’s Primary Mortgage Market Survey showed that both 30 year and 15 year mortgages have gone up too.

One way to avoid the increase is to have a completed sales contract and have your lender order the FHA commitment prior to April 1, 2012.  If you plan on buying a home this spring, there is a reason to do it earlier rather than later.