REMINDER: Deadline looming for BASIC STAR Tax Exemption!

REMINDER: Deadline looming for BASIC STAR Tax Exemption!
Below are the key eligibility requirements. New York State will be carefully monitoring your qualifications, so please read below before beginning the process:

What is the STAR Exem...ption?

It’s New York State’s School Tax Relief Program, which includes a school property tax rebate program and a partial property tax exemption from school taxes. The STAR program is truly a win/win situation, as your school district gets income tax revenue back from Albany and school taxes are reduced accordingly.

What has changed?

All Eligible homeowners must re-register for the Basic STAR exemption by December 31, 2013 in order to receive their exemption in 2014 and subsequent years. It is a one-time registration, and the tax department will now be monitoring homeowner eligibility in the future so there won’t be a need to reapply.

What do I need to register with New York State?
The names and social security numbers for all property owners and spouses
Your STAR code – this can be looked up online at: http://www.tax.ny.gov/pit/property/star13/lookup.htm

(The state is also in the process of mailing the codes to all Basic STAR recipients)

In order to register for the Basic STAR, you must be able to confirm these three things:
Confirm that the property is the primary residence of one of the owners.

(Married couples with multiple residences may only claim one STAR exemption)
Confirm that the combined income of the owners and their spouses who reside at the property does not exceed $500,000.
Confirm that no owner received a residency-based tax benefit from another state.

How can I register?

Online: http://www.tax.ny.gov/pit/property/star13/

By Phone: # (518) 457-2036See More

STAR Code Lookup

Don't Be Afraid

Buying a Home? Don’t Let Fear Get in Your Way

I had to share this great Steve Harney piece with you! ~Vicky

Our founder, Steve Harney, occasionally asks to do a personal post on what he sees as important to our industry. Today is one of those days. Enjoy! – The KCM Crew
Last week, I was talking to a young couple I know that was about to close on their first home. They were riding the wild rollercoaster of current mortgage rate swings and were not happy about the mortgage process overall. Yet, when the conversation shifted to finally living in a home that they own, their disposition changed dramatically.
A smile came across their faces as they talked about decorating their son’s bedroom and how much he will enjoy the backyard. They talked about inviting friends over for dinner and their family over for the holidays. The more they talked, the more excited they became.
I asked them if many of their friends were also buying. I was shocked to find out that they weren’t. Why not? Their friends believed that homeownership was financially unobtainable right now. Many wanted to own but didn’t think they could afford the monthly mortgage payment. They decided to rent instead.
I said that, with interest rates and prices where they are today, owning a home might not be any more expensive than renting one. The couple agreed but said their friends were afraid; afraid they might not qualify for a loan, afraid to handle negotiations with a seller, afraid of the home buying process itself.
Wow!
People should not make decisions out of fear! I’m not saying that every young person should own a home. I am saying that anyone that is qualified and wants to buy should not be afraid of the process. I realize the process may seem daunting but realize over 10,000 homes sell every day in this country. Sit down and discuss your goals with professionals from both the real estate and mortgage industries. Get the facts. Make an informed decision. Don’t let the fear of the unknown prevent you from living the life of your dreams.  SOURCE: KCM.COM

I Used To Have a Corner Office in Rockefeller Plaza....

....but now this is where I conduct most of my business. Ergonomically correct chair, and all.

I Used to Have a Corner Office in Rockefeller Plaza....

...but now I find that some of my most productive meetings take place on the street, with a small bag of dog poop in my hand.

Two Additional Experts Upgrade their Pricing Forecast

The Guys at KCM get it right again.

 

Last Monday, we reported that several analysts had upgraded their projections for home price appreciation in 2013. A few days later, the Wall Street Journal revealed that two additional analysts had also upgraded their forecasts.

Zelman & Associates

“Ivy Zelman, chief executive of research firm Zelman & Associates, said Wednesday she was now expecting prices to rise by 7% this year, up from earlier estimates of 6%, 5%, and 3%…She’s also calling for a 5% gain next year because she says the supply shortages and growing demand that fueled last year’s turnaround show no signs of easing.“

Her reasons:

“The shortage of housing capacity continues to resonate. Just as deflation was a national headwind that stretched deeper into the economy than anyone would have imagined, we believe that appreciation can carry broad, positive implications for the consumer and economy beyond many expectations.”

John Burns Real Estate Consultants

“John Burns, who runs a real-estate consulting firm in Irvine, Calif., is calling for a 9% gain in home prices this year, up from a 5% forecast late last year.”

His reasons:

“Strong investor demand and low interest rates that have boosted the purchasing power of buyers.”

These two experts join a long list of housing analysts who have now called for a major rebound in housing prices in 2013.

SOURCE: KCMblog.com

Home Prices Strongest in 7 Years.

Case Shiller Indices Post Strongest Gain Since 2006

       

 

Home prices posted their strongest year-year gain in almost seven years in January according to the Case Shiller 10- and 20-city Home Price Indexes released Tuesday. Home prices rose year-year in all 20 of the cities in the Case Shiller survey.
Month-over-month, The 10- index improved 0.1 percent in January while the 20-city index was up 0.1 percent.Year-year, the 10-city index was up 7.3 percent and the 20-city index rose 8.1 percent.
Economists had forecast the month-month gain in the 20-city index would be 0.1 percent and the year-year gain would be 8.2 percent.
Prices rose in nine cities in January over December while falling in eight. Prices were unchanged in the remaining three. December data were revised showing prices rose month-month in 10 cities compared with nine in the original report.
The 10-city index rose to 158.72, its highest level since October 2010 while the 20-city index improved to 146.14, its highest level since September 2010.
The year-year price gains were led by Phoenix where prices rose 23.2 percent, consistent with a sharp drop in that city’s unemployment rate which fell to 7.3 percent from 8.3 percent in the same period.

Prices rose 17.5 percent year-year in San Francisco which saw its unemployment rate tumble to 6.8 percent from 8.1 percent. In Las Vegas where the unemployment rate fell to 10.4 percent from 13.3 percent in the last year, prices rose 15.3 percent.
Price rose 13.8 percent in Detroit despite an increase in the unemployment rate from 18.8 percent to 19.8 percent.
Three other cities saw double digit percent gains in prices in the last year: Atlanta, 13.4 percent and Los Angeles and Minneapolis, 12.1 percent each. In Atlanta, the unemployment rate fell to 11.2 percent from 11.7 percent in the last year, in Los Angeles the unemployment rate dropped to 12.1 percent from 13.3 percent from January 2012 to January 2013 and in Minneapolis, the unemployment rate increased to 5.8 percent from 5.5 percent in the last year.
Month-month price gains were led by Las Vegas, 1.6 percent, Phoenix, 1.1 percent and Atlanta, 1.0 percent. Prices rose by less than 1.0 percent in January in Charlotte, Los Angeles, Miami, New York, San Francisco and Tampa.
Prices fell in 0.9 percent in January in Chicago and Detroit and 0.7 percent in Washington D.C. Prices fell by less than 0.6 percent in January in Cleveland, Minneapolis, Portland, San Diego and Seattle.
Prices were unchanged in January in Boston, Dallas and Denver.
The report showed a steady improvement in prices in the West. Prices have increased in Phoenix for 16 straight months, in Los Angeles and San Francisco for 11 straight months, in Denver for 11 of the last 12 months and in Las Vegas for 10 straight months.
By contrast prices in cities in other regions have been more erratic: down for the last five months in Washington DC and Cleveland after improving for six straight months, down in Chicago for the last five months after improving for the previous five months and down in Boston for four of the last five months.
By: Mark Lieberman, Five Star Institute Economist
The 10-city index, at 158.72, is down 29.9 percent from its June 2006 high of 226.29 and the 20-city index at 146.14 is off 29.2 percent from its July 2006 peak of 206.52.
Hear Mark Lieberman Friday on P.O.T.U.S. radio, Sirius-XM 124, at 6:20 am EDT and again at 9:20 am EDT.
SOURCE: DSNEWS.COM