Tax-law Changes

I read an interesting article in the AZ Republic today about tax law changes for 2007. If you originated a new loan in 2007 through the purchase or a home or refinancing, you should read the article to see if the deduction applies to you. Additionally, you need to read the article if you had a home which was sold short or foreclosed upon. As always, we recommend that you consult an accountant with any tax questions.

AZ Republic Article - Mortgage Mess Spurs Tax-law Changes

What Is Web 2.0?

At the National Association of REALTORS® Conference in November, we heard a lot about Web 2.0. So what is Web 2.0? My understanding is that it is not a new version of web software. Instead it is a way of using the internet to increase communication. The increase in communication can be between business and their customers, between people with similar interests, or other types of groups. This increase in communication can be accomplished through various internet platforms such as blogs, podcasts, RSS feeds, and many others. One example of increased interaction is the ability of customers to post reviews of products at sites like Amazon. We have made real connections with people through blogs and I have friends who have also made new friends through their blogs. Just start a blog about something that interests you and comment on blogs written by people with similar interests to yours and before you know it, you may deciding to meet some of these people face to face.



More information about Web 2.0:



"Web 2.0 is the business revolution in the computer industry caused by the move to the Internet as platform, and an attempt to understand the rules for success on that new platform." [4] . . . Web 2. 0 From Wikipedia



For the past three years, the Web 2.0 Summit has explored ideas which have already begun to slip into the mainstream. This year, we'll highlight news from unusual suspects—the enthusiasts and dreamers touching the edges of spaces not yet conquered by the Web, as well as established players who are looking to expand into new and previously unimaginable realms. . . .



You TUBE Web 2.0 ... The Machine is Us/ing Us



Web 2.0 Directory

Before You Hire a Contractor

The Arizona Department of Real Estate Buyer Advisory has a lot of good information for buyers and for home owners. When we need roof repairs a few years ago, I looked at the Buyer Advisory information regarding roofs. It provided a link to the Arizona Registrar of Contractors. This site provides information that is very help to read BEFORE you hire a contractor to do any work on your home. It includes a feature that allows you to check on a contractors license to see if there have been any complaints filed in the past and if they were resolved. Contractor License Search I was able to take the Yellow Pages, yes the old fashioned ones, and look up the roofers, their license number was frequently listed in the ads, and make a list of who I wanted to call for bids. I considered length of time in business as well as the complaint record. You can also do a search based upon the name of the company.

There is a lot of other useful information on the Buyer Advisory. You might want to take the time to read it even if you already own your home. It is only nine pages long and doesn't take very long to read.

Energy Efficient Homes

Did you know that in Maricopa County you can call The Salt River Project (SRP) and Arizona Public Services (APS) and find out the untility bill for any residence? Let's say you like the home on Elm and the home on Ash. You're weighing the pro's and con's of each home and you want to know how much the electric is going to cost you. One home is larger and is a two story. You can ask the homeowner, ask to see past bills or call the utility company. They'll tell you what the high and low bill are for the year. Sometimes they'll have the average for you too.

Once you have these numbers, you then need to figure out if the home was lived in all year, how many people lived in the home and any other particulars. Now, if the one on Ash was vacant all year, the figures won't be very useful. However, if the home next door has the same floorplan you can call about that home.

SRP : (602) 236-8888

APS : (602) 371-7171

What else can you do to get an energy efficient home?

1. Look for Energy Star appliances.
2. Look for a programmable thermostat.
3. Look for dual pane windows. You can usually see a black rubber gasket between the glass.
4. Look for sun screens. Especially on the south and west windows.
5. Look for ceiling fans.
6. Look for an attic fan.
7. Look for tall trees shading the home.
8. A neighbor to the south or west that shades your home. Or, with condos and townhomes may even be attached to your home will provide a relief to your energy bill.
9. A neighbor above you (condos) will decrease your utility bill.
10. A garage on the south or west side will take the brunt of the summer heat.

Change in Real Estate Capital Gains Tax Exclusion

Here is a link to an interesting article about real estate taxes. This will only affect a small number of people, those whose spouse passed away, but it seems like Congress did the right thing allowing them two years to qualify for the "married" capital gains exclusion on the sale of their home.

Hardly anybody noticed it, but Congress tucked away a valuable bit of holiday cheer for real estate when it passed its final tax bill of the year.

Walk Across Arizona

Happy New Year!

Who wants to walk across Arizona with me? It's about 410 miles from the Mexican border, past the Grand Canyon and onto Utah. The walk or run starts on January 26th and it only cost $10 to participate. The money goes to the University of Arizona Cooperative Extension and you get a T shirt, pedometer and maybe a prize.

I need a team of 5-10 athletes. You can do any amount of mileage over a 16 week period. You can walk or run.

Now, here's the best part. You don't have to come to Arizona. You can do your miles anywhere with anyone or by yourself. And you'll get a cool "Walk Across Arizona" tee. I'm thinking we'll be the BlogWalkRun Team. So, whether you plan to walk, run or treadmill the first part of 2008, this will be a great way to do it.

Sign up by leaving a comment with contact info or by calling Pat at 480-917-1922.