Getting a lower home mortgage rate is a numbers game worth playing, according to Realtor.com. Their chief economist, Jonathan Smoke, explains why house hunters should take the Moneyball approach to scoring a lower home mortgage rate. Not only does the interest you pay on your mortgage impact your monthly payment, but the rate ultimately determines how much house you can afford. Smoke says there are seven data-driven metrics you should pay attention to in order to get the most competitive rate. … [Read more...]
Is January the Best Month to Sell a House?
December 17, 2015 by
Listing your home during the coldest month of the year seems counterintuitive—especially if you live in Chicagoland. However, according to nationally recognized real estate expert Brendon Desimone, January might be the best month to sell a house. There are three reasons why many home sellers end up better off for selling their home in January instead of waiting for the busy spring season. One good reason Desimone shares is that in January, many house hunters are more motivated after receiving … [Read more...]
How to Holiday Shop After Getting Pre-Approved for a House
December 15, 2015 by
Congratulations! You've jumped that critical first hurdle toward homeownership—getting pre-approved for a house loan. But that doesn’t mean you’re in the clear to spend like crazy for the holidays. In fact, you should be more cautious, according to Trulia. In a recent blog, they recommend three “don’ts” to follow to ensure that closing on your dream home is hassle-free. In addition to the obvious caution against racking up any new credit card debt, they also warn against doling out cash for … [Read more...]
IRS Urged to Shift Tax Audit Focus to Wealthier Americans
December 11, 2015 by
With tax season around the corner, the IRS is re-examining its auditing practices of Americans who make between $200,000 and $400,000 annually. Instead of seeing this group as high-income, the IRS may shift its focus to tax filers with multi-million dollar incomes. The potential shift is in response to a recent report from the inspector general, which revealed that the IRS would get more bang for its buck by allocating tax audit resources to wealthier tax filers. The report found that in 2014, … [Read more...]
What Salary Do You Need to Buy a Chicago Home?
December 7, 2015 by
Does your paycheck give you enough purchasing power to buy Chicago home? That’s the question a new article from Realtor.com is seeking to answer for potential homebuyers across the nation. They examined median home prices in 27 metropolitan areas to determine what the minimum salary requirement would be for an interested buyer. In Chicago, the median home price was $229,300 for the third quarter of 2015. Assuming buyers put 20 percent down and secure a 30-year fixed mortgage with an average … [Read more...]
Unpaid Tax Bills May Soon Lead to Passport Denial
December 3, 2015 by
If you owe the IRS $50,000 or more in unpaid taxes, you might need to cancel your international travel plans in 2016 due to passport denial. Thanks to a new bill, H.R. 22, which passed earlier this year in the U.S. Senate and House of Representatives, the State Department could revoke, deny or limit passports to anyone with a serious tax debt. According to a recent Forbes article, critics of the bill say travel is a “fundamental and constitutional” right that should not be threatened by a tax … [Read more...]
Filing Bankruptcy: Why You Shouldn’t Feel Guilty
December 1, 2015 by
Deciding whether or not to file for bankruptcy is one of the most emotional decisions a person can make. One common emotion people report is guilt. But should you feel guilty for exercising a legal remedy to free yourself from overwhelming debt? That’s the question a recent article from Money Talk News sought to answer for one reader who was the perfect candidate for filing bankruptcy but felt a moral obligation to pay back all her debts. The article's author, Stacy Johnson, suggests that you … [Read more...]
October Home Sales Exceed Expectations
November 30, 2015 by
After plummeting 12.9 percent in September, real estate sales of new, single-family homes recovered in October with 495,000 sales, according to numbers recently released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. The median October home sales price for all new single family homes sold was $281,500, while the average sales price was $366,000. Economists like Lindsey Piegza, chief economist for Stifel Fixed Income, agree that despite slow income growth … [Read more...]
Concern Over New Official Bankruptcy Forms Coming Dec. 1
November 25, 2015 by
For the first time in more than 30 years, bankruptcy experts are revamping the forms people use to file for bankruptcy. The new official bankruptcy forms, which are expected to become available on Dec. 1, are designed to be less confusing and free of legal jargon to make it easier for the average person to complete. However, during the recent public comment phase for the new forms, critics complained that the simpler format may mislead filers into incorrectly thinking they can handle their own … [Read more...]
8 Real Estate Professionals That Help You Sell Your Home
November 23, 2015 by
Selling your home, especially during the slow winter season, can be a major challenge—even if you have a house full of must-have features. But, the right team of professionals working with you to get your home sold can make a stressful process flow more smoothly. According to Trulia, there are eight key real estate professionals every seller should have on their team to help them get to closing as quickly as possible. In addition to working with a real estate agent, Trulia recommends hiring a … [Read more...]
