Scott's Blog

Buying a Short sale property in Westchester, NY allows a buyer or investor to buy a home at a great price. There are many variables and reasons why one is selling in a short sale. A short sale is when a home owner sells a home for less than what is owed on the mortgage. Someone who got in over their head, is facing financial trouble or possible foreclosure may opt to sell as a short sale. This is a deal in which the lender who is holding the mortgage forgives the remainder of the debt. When one is negotiating on a short sale, you should deal with an agent who has short sale experience. It is quite different than negotiating on a traditional home. There are banks to deal with as well as home owners and agents. It can often be more time consuming, however, if a buyer has both time and patience, it is a amazing opportunity to buy a home in Westchester in this market. 

If you are looking to buy or sell a home in any state or market, please contact us and we can let you know how we can help or refer you to a qualified short sale specialist in your area.  If you would like to have a custom report of available Westchester and Fairfield, CT short sales emailed to you, please click here and we will email you the report promptly. If you are a home seller or looking to learn how a short sale might help you and your situation, please contact us here for a prompt reply.

To rent or to buy....This is a very common question we hear at our monthly real estate meetups. In certain markets and situations, it might actually make more sense to rent. If you are currently working on building your credit, for instance, or if you need a larger down payment and are saving your money, an inexpensive rental may be the way to go. NYTimes has a great table that calculates if renting or buying makes more sense. So, what about our current market in Westchester? Lets use White Plains for an example. The average rental price in White Plains, for a 2 bedroom rental is around $2,500/month. The average home price for a starter home is around $400,000. According to the table, it makes sense to buy if you plan on living in the home for 3-7 years depending on appreciation rates for the next few years. Considering most families live in their homes for an average of 7 years according to the National Association of Realtors, it would make sense to buy in White Plains/Westchester area taking these factors into consideration. The main factor is the rate of appreciation. Considering recent market events, it is very hard to predict the actual appreciation for the next 3-7 years. For our example, we used 1-3%.

We had seen large gains and then a correction over the past few years even in Westchester. Presently, most towns in Westchester are classified as being a "Buyers market" due to the market correction. The plus to this market is that it is increasing affordability, allowing more first time buyers to better afford their Westchester dream home. It would not be unreasonable to predict positive appreciation for Westchester over the next 3-7 years considering the long term stability of real estate in our area.

In addition, the tax benefits of home ownership, and the historically low interest rates make it a great time to get in the game and buy in Westchester! Search the MLS today for your Westchester dream home!

(Information and examples are provided as a helpful tool, but numbers are not guaranteed and should be independently verified. Properties subject to prior sale or rental.)

Looking to get away, but don't have the time or resources for a long vacation? Plan a "staycation" instead! For some locally grown fun and great ideas, check out our feature "To Do in Westchester"... from nearby beach island getaways, to local hiking trails and more, we personally recommend them because we tried and loved them!

We have put together a great blog and site which is helpful for First time buyers, newlyweds and recently engaged. Check out our Westchester NY Newlywed blog and info site!

Our latest helpful First time buyer blog post:

 8 Steps to Home Ownership

First Time, New Home Buyer Tax Credit

Please note the new home buyer tax credit is a “Credit” and not a deduction. Deductions are often less valuable than a credit.

The actual credit is really also considered a “loan”. It is interest free, but is payable back over 15 year installments.

The maximum you can qualify for is the lesser of 10% of the purchase price of the home, or $7,500 ($3,750 for married couples filing separately).

The credit only pertains to First Time buyers, defined as an individual who has had no ownership interest in a principal residence for a three-year period ending on the date of the current home purchase.

Also, there’s a small window for this credit. It only applies only to homes purchased on or after April 9, 2008, and before July 1, 2009.

High-income homebuyers won’t benefit as much or at all. The phaseout starts for single filers with adjusted income of more than $75,000 and $150,000 for joint filers. It completely phases out at $95,000 for singles; $170,000 for married couples filing jointly.

Again, this is a CREDIT not a DEDUCTION. Heres an example of a tax deduction vs. a tax credit. This is where my accounting skills come into play.

Ex: of a Tax Deduction: If you & your spouse make a combined income of $80,000 and have a $7,500 tax deduction, instead of paying taxes on $80,000 you are paying taxes on $72,500, and are really not “getting” $7,500 back, you are getting taxed on less income.
Now, The same scenario with a Tax Credit: lets say the $80,000 income places you in X% tax bracket (theoretical of course) resulting in you having to pay say $9,000 of taxes on your income. The credit will take the $7,500 tax credit right off your actual tax owed, and you would then pay $1,500 in income taxes.)

Not everyone can qualify, For more information on the New Home Buyer Tax Credit Check out this straightforward chart issued by the National Association of Realtors.

Please consult with your CPA & Attorney regarding this tax credit. The information is provided as informative guide, but should never replace the advice of your CPA & Attorney.

Serving: Westchester County: Armonk, Bedford, Chappaqua, Mt. Kisco, Pound Ridge, South Salem, Katonah, and more.

Also serving Fairfield, CT County: Stamford, Danbury, Ridgefield, and more. 

Check out our blog & listings: www.LiveArmonk.com & www.RichardsonRealtyTeam.com for more info!

Check out the following link to search for your Armonk NY dream home.

http://livearmonk.com/search-the-mls/

or follow the link: http://www.mlsfinder.com/ny_wpmls/scottrichardson?action=newsearchsession&zip_code=10504&state=ny&single_family=Y&single_family_detached=Y

Interested in Armonk NY history? Nicole and I are both from North Castle/Armonk area. Nicole's family dates back over 5 generations in the area.

Check out: http://livearmonk.com/history/ to view a recent slideshow of Armonk NY monuments and beautiful scenic countryside

Have a question? Feel free to contact us anytime! Find us on meebo here: http://livearmonk.com/ (right side of screen) or simply fill out the following form: http://livearmonk.com/contact-us/ for a quick reply!

Our new blog discusses living in armonk, ny 10504. Enjoy!

Hello & Happy August!

The Richardson Realty Team Presents:

YOUR ULTIMATE WESTCHESTER REAL ESTATE NEWSLETTER *AUGUST EDITION 2008*