Buying a home for the first time is one of the most important financial decisions most Americans will make. While the price tag of a fixer upper may seem appealing to a first-time homebuyer, is it really the right financial move for someone who has no experience being a homeowner? According to William Giakoumatos, vice president of American Custom Contractors and a contributor to a recent article for RISMedia, there are seven important factors a first-time homebuyer should consider before … [Read more...]
Average U.S. Household Income is Less Now Than in 2007
September 24, 2015 by
The average U.S. household income has not fully rebounded from The Great Recession according to a report released last week from the U.S. Census Bureau. Based on the findings of that report, the median household income in 2014 was $53,657. When factoring in inflation, that amount is 6.5 percent less than the median household earned in 2007—one year prior to the recession. The report also found a significant disparity still exists in household income by race. Asian households earned the highest … [Read more...]
IRS Tells Coca-Cola It Owes $3.3 Billion in Back Taxes
September 22, 2015 by
The IRS notified Coca-Cola last week that it owes $3.3 billion in unpaid taxes and interest for 2007 through 2009. Coca-Cola says it disagrees with the IRS and plans to pursue "all administrative and judicial remedies necessary to resolve the matter." According to Coca-Cola, the tax issue stems from a disagreement over the amount of taxable income the international beverage maker should report on its federal tax returns for its revenue overseas. The company says it has used the same methodology … [Read more...]
Is Your College Major Limiting How Much House You Can Buy?
September 16, 2015 by
Not all college majors are created equal when it comes to achieving the American Dream of buying a home. According to the data team at Realtor.com, your college major actually plays a big role in predicting how much house you’ll be able to afford once you’re ready to settle down. Of the nation’s 10 most popular majors, mechanical engineers are poised to afford the most house with a max price of $452,000. Social workers, on the other hand, are only able to afford half that amount with a max home … [Read more...]
How Long Does It Take to Rehab a Poor Credit Score?
September 14, 2015 by
If your credit score is too low to qualify for a home mortgage today, it could take less time than you think to turn things around according to ABC News. In a recent article, they shared two informative charts that show how long it takes your credit score to rebound from certain negative credit events. For example, if your starting FICO credit score is 680 and you file for bankruptcy, it could take as little as five years for your credit score to get back to 680. Although technically a … [Read more...]
What is the Best Day of the Year to Buy a Home?
September 10, 2015 by
Is there really a best day of the year to buy a home? According to RealtyTrac, the online marketplace for real estate information, home sales data points to a specific day in October that homebuyers should be aware of this fall. RealtyTrac analyzed data from more than 32 million single family home and condo sales from 2000 to the present and found that home buyers get the best deal to buy a home on October 8. In fact, over a 15-year period, home sales on that day are 2.6 percent below average … [Read more...]
8 Home Selling Mistakes Keeping Your House on the Market
September 8, 2015 by
When selling your home, the idea is to get it off the market as quickly as possible. However, there are a number of home selling mistakes you can make that will actually cause your house to sit longer without an offer. According to Michael Corbett, host of NBC's EXTRA's Mansions and Millionaires and a contributor to Trulia’s Blog Real Estate 101, one of the major home selling mistakes amateurs make is to hide property problems from potential buyers. He says, “If you hide anything, the … [Read more...]
9 Ways to Improve Your Credit Score Before You Buy
September 2, 2015 by
When it comes to buying a home, your credit score is one of the most important criteria lenders look at to determine whether you qualify for a mortgage. If you suspect your current score needs a boost, there are several things you can do now to improve your credit score profile before you buy. In addition to paying all your bills on time, Trulia says one surefire way to improve your credit score is to pay your credit card balances down to less than 50 percent of their limit. They also recommend … [Read more...]
8 Red Flags to Look for in a Seller Disclosure Report
August 28, 2015 by
A seller disclosure report is a valuable tool that helps homebuyers know exactly what they are getting into before they sign on the dotted line. Sadly, many buyers have little experience reading a seller disclosure report, so they often fail to spot the red flags that could end up costing them thousands of dollars down the road. Fortunately, Trulia has compiled a list of the top 8 red flags homebuyers should look for when reviewing this important report. According to the list, one seemingly … [Read more...]
IRS Data Breach Prompts Taxpayers to File Suit
August 24, 2015 by
Taxpayers affected by the recent IRS data breach have filed suit against the tax authority alleging that access to their private information “would have been prevented, had the IRS fixed the known security deficits in its data storage system.” According to the suit, the IRS ignored documented recommendations from the Treasury Inspector General for Tax Administration (TIGTA) to improve deficiencies in their security program. Acknowledging that the IRS has faced significant budget cuts in recent … [Read more...]
