Troy Corman On Texas Real Estate: t2 Real Estate

Showing posts with label t2 Real Estate. Show all posts

Monday, March 18, 2013

Dallas Real Estate Daily News - March 20, 2013

By Troy Corman, www.t2realestate.com

Saturday, March 16, 2013

Dallas Real Estate Daily News - March 16, 2013

By Troy Corman, www.t2realestate.com

Thursday, March 14, 2013

Dallas Real Estate Daily - March 14, 2013

Via Troy Corman, www.t2realestate.com

Monday, February 18, 2013

Historic Lakewood Homes of Dallas for President's Day!

By Troy Corman, t2 Real Estate

Enjoy these beautiful patriotic-adorned Dallas homes near White Rock Lake,

and the renowned Lakewood Boulevard. Happy President's Day!

This updated 3/2/2 is offered for $317,500. See more details at 6541Patrick.com

Troy Corman is the founder of t2 Real Estate LLC, a Dallas real estate firm providing specialized knowledge with a hands-on approach. Specialties include residential real estate brokerage, land and acreage, and commercial real estate services. Contact us today at 214.827.1200 if you need to sell, buy or get your DFW property leased.

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Saturday, February 16, 2013

A History of U.S. Mortgage Rates.

Reproduced with the permission of Mortgage-X.com

By Troy Corman, t2 Real Estate

We've never had it so good - that is, if you're a buyer of real estate right now. If you're a saver, it's not so good.

As you can see in the orange graph in the above chart, 30-year fixed rate mortgages are at their lowest levels, basically ever. Right now, if you can get a mortgage at 3.5% on a $250,000 loan, principal and interest costs will be around $1,122 a month. Bumping the rate up to the 6.5% levels we experienced in 2006 and 2007, and the monthly costs rises to $1,580 a month. That's an extra $5,496 a year. We've been lulled into thinking that these low rates are the norm, but as we can see above, nothing could be further from the historical truth.

As mortgage rates begin to inch up, it isn't likely that they'll return to the historic low levels. U.S. banks reportedly have $1.5 trillion (with a "T") parked at the Fed. According to this article, Why Inflation In 2013 Is Imminent, the money is not being disbursed into the economy because it's more difficult for the banks to make money with the government-manufactured interest rates.

Sooner or later, the spigots will be turned and the money will flow. In fact, it's already happening in the private investor market. Money is flowing into construction and home building. Talk to a local home builder and you'll get the real story on inflation. Material, land and labor costs are all rapidly rising. As are home prices - nationwide.

Speaking of hints of inflation, some farm land prices have doubled in the last five to ten years. During the weakest recovery in the history of the United States! And the U.S. stock market recently hit a multi-year high.

Experts agree that more inflation is imminent, but opinions vary on it's arrival date. It's most likely to occur when bond investors see the value of the dollar decline more than the interest rates they're being paid. Then, they'll no longer buy bonds unless they're offered better rates of return, or higher interest rates.

How does inflation affect you? Well for starters, you'll pay more for gas, food, clothing and shelter. It's called the hidden tax, because no socio-economic class can escape it.

To get an idea of how higher interest rates could affect your home buying plans, check out this mortgage rate chart below.

Monthly principal and interests costs on a $250,000 30-FRM at various interest rates.

3.5% - $1,122

4.5% - $1,266

5.5% - $1,419

6.5% - $1,580

7.5% - $1,748

8.5% - $1,922

9.5% - $2,102

If I can help answer any questions regarding your real estate buying or selling needs, I'd be happy to help. Reach me at 214-690-9682.

$275,000 loan at 3.6% on this home = total monthly costs of about $1,875.
View photos and details at 6541Patrick.com

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Tuesday, February 12, 2013

Dallas - Fort Worth Home Prices Rise 7.5%.

Updated 3/2/2 home in Lakewood Elementary. See more at 6541Patrick.com.

By Troy Corman, t2 Real Estate

The Dallas Morning News' Steve Brown reported this morning that Dallas - Fort Worth home prices rose 7.5% in 2012, making up losses during the recession. Last year's median price of single family homes in the Dallas - Fort Worth metro, averaged $159,300, quite a jump from the 2009 low of $140,500.

Nationwide, home sales in 2012 were up 10%, led by big gains in cities on the left coast. Low interest rates with very few homes for sale continue to push prices even higher in early 2013. With the bond market beginning to signal higher interest rates on the horizon, look for more buyers to get off the fence if the ultra-low mortgage rates continue to tick upward. This would likely fuel even more demand and higher prices going forward in 2013. As always, time will tell!

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Monday, November 5, 2012

Urban Reserve, Dallas Texas - A Pictorial Review of Modern Homes.

By Troy Corman, www.t2realestate.com

The Urban Reserve is a 13-acre site located south of Loop 635 and east of Central Expressway (I-75). It features rolling terrain and easy access to the White Rock Trail that run just west of the subdivision. Vanguard Way is the only street in Urban Reserve and it dissects the homes into a "wet" side and a "dry" side.

Drought-tolerant desert willows and native grasses occupy the dry-side lawns. The wet side benefits from storm water-filtering rain gardens. Two pond systems collect rainwater to irrigate the front lawns of the wet side.

Urban Reserve utilizes green building methods so that it's homes must be 20% more efficient than current code mandates. You can find out more at the Urban Reserve web site. Enjoy these Urban Reserve homes below.

There are currently two homes listed for sale at Urban Reserve. One is priced at $563,880 and the other is $1,233,890. If you have any interest, I would be happy to set up an appointment for you. Reach me at 214.690.9682 or email troycorman@t2realestate.com.

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Friday, November 2, 2012

Junius Heights Home Tour 2012 - Pictures Of Homes.

The 6th Annual Junius Heights Home Tour is scheduled for this Sunday, November 4 from 11 a.m. to 4 p.m. Get advance tickets for the Junius Heights Home Tour at the Lakewood Whole Foods and at Talulah Belle for $10 through Saturday. Tickets can also be purchased on the day of the tour at each of the homes, or at the Junius Home Tour Fair at Lipscomb Elementary.

This home at 5422 Gaston Avenue is an Italian-Renaissance style home designed by
architect Bertram Hill, who also designed numerous homes on Swiss Avenue.

This airplane bungalow at 723 Parkmont was once the home of John R. Eldridge,

a developer who built more than 200 homes in the area.

Once a duplex, this Junius Heights home at 6027 Worth has been remodeled smartly

to combine historic charm with a nod to modern design and style.

5424 Worth is an arts and craft bungalow style you see

often in both Junius Heights and the lower Greenville Avenue area.

720 Nesbitt is a 1924 Tudor style home, that is also common in popular Dallas inner-city

hot-spots like the M-streets, Hollywood Heights and parts of Oak Cliff.

715 Parkmont is also on the 6th Annual Junius Heights Home Tour but was getting some finishing touches added so it wasn't quite photo-ready. Hope you can make it out to see the homes this Sunday!

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Tuesday, October 23, 2012

Dallas Home Sales Statistics Through September 2012..

By Troy Corman, www.t2realestate.com

This 4-bedroom home at 805 Brookshire Circle in Garland, Texas
is for sale at $111,500 or for rent at $1,200 monthly. View details

Below are the Dallas area home sales statistics year-to-date through September 2012. Statistics are courtesy of the Real Estate Center for NTREIS (North Texas Real Estate Information System). If you're neighborhood or area is not covered, contact me for a free, over the internet, no-obligation custom report at 214-690-9682 or email troycorman@t2realestate.com and I'd be happy to help.

Cedar Hill home sales year-to-date were up 12% in September 2012 while the average sold price increased to $137,355, up 1% over 2011. Average days on market was 78 days, and there are 3.7 months of inventory.

Desoto home sales year-to-date were up 23% in September 2012 while the average sold price decreased to $123,420, down 2% from 2011. Average days on market was 84 days, and there are 3.5 months of inventory.

Lancaster home sales year-to-date were up 4% in September 2012 while the average sold price increased to $78,893, up 1% over 2011. Average days on market was 71 days, and there are 3.0 months of inventory.

Mesquite home sales year-to-date were up 4% in September 2012 while the average sold price increased to $86,930, up 8% over 2011. Average days on market was 69 days, and there are 3.5 months of inventory.

Sachse and Rowlett home sales year-to-date were up 23% in September 2012 while the average sold price increased to $160,615, up 8% over 2011. Average days on market was 69 days, and there are 3.3 months of inventory.

Addison and far north Dallas home sales year-to-date were up 31% in September 2012 while the average sold price increased to $342,946, up 5% over 2011. Average days on market was 65 days, and there are 4.6 months of inventory.

North Dallas home sales year-to-date were up 25% in September 2012 while the average sold price decreased to $731,121, down 9% from 2011. Average days on market was 94 days, and there are 6.7 months of inventory.

East Dallas home sales year-to-date were up 25% in September 2012 while the average sold price increased to $274,452, up 7% over 2011. Average days on market was 78 days, and there are 4.3 months of inventory.

North Oak Cliff home sales year-to-date were up 2% in September 2012 while the average sold price increased to $114,700, up 9% over 2011. Average days on market was 67 days, and there are 4.5 months of inventory.

South Oak Cliff home sales year-to-date were up 1% in September 2012 while the average sold price increased to $61,658, up 5% over 2011. Average days on market was 67 days, and there are 2.5 months of inventory.

North West Dallas home sales year-to-date were up 30% in September 2012 while the average sold price increased to $253,313, up 8% over 2011. Average days on market was 74 days, and there are 3.7 months of inventory.

Oak Lawn home sales year-to-date were up 44% in September 2012 while the average sold price decreased to $438,721, down 27% from 2011. Average days on market was 77 days, and there are 7.7 months of inventory.

North East Dallas home sales year-to-date were up 29% in September 2012 while the average sold price increased to $269,613, up 11% over 2011. Average days on market was 55 days, and there are 3.3 months of inventory.

Sunnyvale home sales year-to-date were down 57% in September 2012 while the average sold price decreased to $284,224, down 2% from 2011. Average days on market was 106 days, and there are 7 months of inventory.

Plano home sales year-to-date were up 17% in September 2012 while the average sold price increased to $273,705, up 1% over 2011. Average days on market was 57 days, and there are 3.3 months of inventory.

Coppell home sales year-to-date were up 8% in September 2012 while the average sold price decreased to $303,753, down 6% from 2011. Average days on market was 55 days, and there are 3.2 months of inventory.

Richardson home sales year-to-date were up 23% in September 2012 while the average sold price increased to $178,756, up 2% over 2011. Average days on market was 57 days, and there are 2.8 months of inventory.

Garland home sales year-to-date were up 12% in September 2012 while the average sold price increased to $114,006, up 4% over 2011. Average days on market was 77 days, and there are 3.3 months of inventory.

University Park and Highland Park home sales year-to-date were up 24% in September 2012 while the average sold price decreased to $1,039,596, down 5% from 2011. Average days on market was 77 days, and there are 4.9 months of inventory.

Irving home sales year-to-date were up 15% in September 2012 while the average sold price increased to $199,945 up 8% from 2011. Average days on market was 71 days, and there are 4.1 months of inventory.

Duncanville home sales year-to-date were down 2% in September 2012 while the average sold price increased to $108,894 up 4% from 2011. Average days on market was 83 days, and there are 3.9 months of inventory.

Wylie home sales year-to-date were up 20% in September 2012 while the average sold price increased to $178,657, up 1% over 2011. Average days on market was 68 days, and there are 3.1 months of inventory.

Allen home sales year-to-date were up 13% in September 2012 while the average sold price increased to $247,834, down 1% from 2011. Average days on market was 58 days, and there are 2.8 months of inventory.

Frisco home sales and Denton county east year-to-date were up 17% in September 2012 while the average sold price increased to $302,339, up 5% over 2011. Average days on market was 58 days, and there are 3.0 months of inventory.

Prosper home sales year-to-date were up 27% in September 2012 while the average sold price increased to $326,775, down 1% from 2011. Average days on market was 85 days, and there are 4.6 months of inventory.

Celina home sales year-to-date were up 20% in September 2012 while the average sold price increased to $222,988, up 1% over 2011. Average days on market was 81 days, and there are 6.0 months of inventory.

Bedford home sales year-to-date were up 18% in September 2012 while the average sold price increased to $173,536, up 9% over 2011. Average days on market was 51 days, and there are 2.9 months of inventory.

Euless home sales year-to-date were up 33% in September 2012 while the average sold price increased to $162,732, up 3% over 2011. Average days on market was 55 days, and there are 3.0 months of inventory.

Hurst home sales year-to-date were up 40% in September 2012 while the average sold price increased to $152,584, up 15% over 2011. Average days on market was 60 days, and there are 3.4 months of inventory.

Colleyville home sales year-to-date were up 30% in September 2012 while the average sold price increased to $473,508, up 15% over 2011. Average days on market was 95 days, and there are 5.8 months of inventory.

Grapevine home sales year-to-date were up 21% in September 2012 while the average sold price increased to $260,215, up 3% over 2011. Average days on market was 53 days, and there are 2.8 months of inventory.

Southlake home sales year-to-date were up 30% in September 2012 while the average sold price decreased to $593,135, down 3% from 2011. Average days on market was 71 days, and there are 5.0 months of inventory.

Keller home sales year-to-date were up 26% in September 2012 while the average sold price increased to $326,868, up 3% over 2011. Average days on market was 78 days, and there are 4.8 months of inventory.

Roanoake home sales year-to-date were down 18% in September 2012 while the average sold price decreased to $164,670, down 5% from 2011. Average days on market was 74 days, and there are 4.1 months of inventory.

Finally, the hottest residential real estate market in DFW... Trophy Club and Westlake home sales year-to-date were up 52% in September 2012 while the average sold price increased to $517,968, up 20% over 2011. Average days on market was 76 days, and there are 4.7 months of inventory.

Again, if your neighborhood or area was not covered, or if you're just curious as to what your home is worth, contact me for a free over-the-net, no obligation, custom markreport. Call 214.690.9682 or email troycorman@t2realestate.com.

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Tuesday, October 16, 2012

To Succeed In Real Estate, You Can't Be A Jackass.

Those that are "stubborn as a mule" in real estate dealings
usually lose financially and emotionally.

By Troy Corman, www.t2realestate.com

I am often amazed at how many folks in real estate transactions get locked in to a single way of thinking. Whether, they don't want to sell for a certain price, or they don't want to put in the physical effort to make their property more attractive, the folks usually end up losing time, money and emotional well-being in the end.

What often happens is a seller turns down an early offer. Then, they never get the offer they really want. Then, they get worn down mentally and emotionally. And finally, they just want the process to end so they take whatever they can get.

To me, adaptability is the key to real estate, and to life. Sure, there is certainly some admiration for those with persistence and discipline, but when it gets in the way of common sense and reasonableness, then nobody wins.

I must admit I am prone to this character defect myself. I often want what I want, when I want it. I can get all wound up and notted up and waste a lot of valuable time and emotional energy wearing myself out. I then have to turn my will over to my God and trust in His will being done, not mine. This brings a calming effect - even though I still hope things turn out the way I want them to!

I know that we're all wired differently, and some are more prone to be "as stubborn as a mule" than others. But do yourself a favor if things aren't getting done in your real estate transaction. The world doesn't revolve around YOU, or what YOU want. So get over it. Get things done. And make your life a jackass-free zone!

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Tuesday, October 9, 2012

Tips For Buying A New Home In Today's New Home Market.

Almost an acre of land for sale. 212' x 200' per DCAD. Zoned for 10,000' lots minimum.
Priced at only $10.85'. 6506 Robin Rd. Dallas, Tx

By Troy Corman, www.t2realestate.com

Home builders are back. Demand for new homes in some areas is exceeding supply. Commodity costs for land, concrete, lumber, steel and labor are rising. And so are the prices of new homes. So much for tame inflation, huh, Helicopter Ben? Nationally, the median price of new homes sold in July was $224,200 which is up 9.8% from only one year ago.

Last year marked the lowest units of new homes sold ever recorded - a meager 306,000 according to the U.S. Commerce Department. Dallas-Fort Worth home builders are now on pace to build almost 16,000 new homes this year, which is up 25% from last year, but still well below the 2006 pace, when they built almost 50,000 homes.

Dallas housing analyst Ted Wilson, a partner with Residential Strategies said, "there is a concern by the builders that the pace of the recovery is outstripping their capacity. There is a shortage of new home lots. In a market like Frisco, lot prices are up 50% from where they were." He continued. "We are hearing across the northern suburbs that builders are raising their prices a couple of thousand dollars a month."

North Texas and Dallas new home inventory is at a 20-year low, with finished new homes at less than a 2-month supply, according to Metrostudy, Inc. The last time there were only 2,500 finished new homes on the market was us 1993, when there were 2.5 million fewer residents in the DFW metroplex.

With the current new home market more favorable to sellers, it's more important than ever to have a Realtor represent your interests when purchasing a new home. Below are a few suggestions.

The advertised price isn't always the final price. Often, builders advertise a base model so to speak, and then charge you for extras like, upgraded cabinets and carpet, or a lot premium.

Speaking of premium, expect to pay one on a new home, as new homes nationally sell for 34% more than existing homes.

Strategically, you're in a stronger position as a new home buyer when the home is completed or near completion. Builders are usually more motivated to sell, when a home is sitting finished and vacant. In fact, often, the last couple of homes in a subdivision sometimes sell for healthy discounts.

Finally, one thing to keep in mind when buying a new home in rural areas is - how much land is available for additional new homes to be built? It's very hard to compete with home builders when you're trying to sell your 2-year old to 5-year old home versus their brand new homes.

If you are a home buyer looking for a new home, or a home builder looking for land for sale, I'd love to help you. Contact me directly at 214-690-9682.

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Thursday, September 6, 2012

Non-distressed Dallas-area Home Prices Up 7.2% Over 2011.

Dallas-area July home prices continue to rise. DFW home prices are up 3.2% versus 2011.

By Troy Corman, www.t2realestate.com

National real estate research analysis group CoreLogic reports that Dallas-area homes sold for prices 7.2% higher than a year ago when excluding distressed sales. Distressed sales refer to foreclosed homes or short sales. Short sales occur when a home lender agrees to allow the home owner to sell their home for less than the mortgage balance.

Speaking of foreclosures, filings for residential foreclosures in Dallas-Fort Worth are down 22% versus 2011, with 4,786 filings a year ago versus 3,724 in 2012.

When including all home sales, Dallas home prices were still up 3.8% in July versus a year ago. Standard and Poor's Case-Shiller Home Price Index reported last week that Dallas home prices were up 3.7%.

Available Dallas-Fort Worth homes for sale are at the lowest level in years which is market-favorable for sellers of well-maintained homes in Dallas' best neighborhoods.

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Saturday, September 1, 2012

Is DFW Residential Real Estate Market Spring-Loaded?

6506 Robin Road, (the Inwood and Mockingbird area of Dallas)is zoned for 10,000' single-family lots.
Lot shown is 212' x 200' per DCAD.

By Troy Corman, www.t2realestate.com

Is the Dallas-Fort Worth residential real estate market spring-loaded? Over the past few months, the big news in the residential real estate market is that there are fewer Dallas area homes for sale. In some sought-after neighborhoods, local title companies and Dallas real estate brokers are witnessing multiple offers and bidding wars.

Nothing creates higher prices like scarcity, when demand exceeds supply. And that appears to be happening in Big D as we speak. As the nationally noted Case-Shiller Index reported for June, Dallas home prices were up 3.7% versus June of 2011. It was Dallas' fourth straight month of year-over-year increases.

David Brown who heads up housing consultant Metrostudy locally, was quoted by the Dallas Morning News this week saying "absolutely, our view is that the market has turned." Furthermore, he quipped, "my expectation is that we'll see increasing appreciation in the second half of the year locally, and in a lot of markets around the country." He went on to say that there are currently about 29,000 homes listed for sale in the DFW area, but he expects that number to drop to 22,000 homes by years' end. If that happens, it would mark the lowest level of homes for sale in the Dallas-Fort Worth metro since 2000, when 1.5 million fewer people resided in the metroplex. "That's a recipe for higher prices," Brown said.

Through the first eight months of this year, 52,851 DFW area homes have been sold versus 47,611 in 2011, a 11% increase. Surprisingly, new home sales are about 2% below last year, with NTREIS (North Texas Real Estate Information System) reporting 4,273 new homes sold in 2012 versus 4,358 in 2011. Lots booked as sold are up 9% year-to-date year-over-year, as builder confidence is at a 5-year high and new home construction is picking up across north Texas. Let's hope the positive momentum continues to build!

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Sunday, August 5, 2012

Why You Can Buy a Home For 25% Less Than 1 Year Ago.

This home at 6506 Robin Road in Dallas resides on a 212'x200' lot.
Zoned for 10,000' lots and located across the street from Greenway Parks.

By Troy Corman, www.t2realestate.com

Perhaps home builder confidence is at a 5-year high because home buyers can now buy a home at a 25% discount versus a year ago. Huh? What? How - you ask?

Very simply, the cost of financing. Average 30-year mortgage rates on a FHA loan are around 3.54% versus 4.54% last year. According to bankrate, on a $200,000 30-year loan, you would pay $902.56 per month for financing versus $1,018.13 in 2011. If that's not enough to whet your appetite, just imagine the savings long term. Over the course of the full 30 years, your savings would total a cool $41,604!

If you max out to the FHA single family loan limit in Texas ($271,000), your monthly mortgage payment this year would be around $1,222.97 versus $1,379.57 a year ago. Over the course of thirty years, you'd save over half a hundred (thousand), as Barry Switzer liked to say, $56,374. As homes for sale inventories shrink, and multiple offers are commonplace today on good homes in good neighborhoods, the housing bottom may be in the rear view mirror. Don't be one of those folks who looks back in a few years and says "coulda, woulda, shoulda".

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Sunday, July 8, 2012

How Much are Lots in Highland Park, University Park and Greenway Parks?

Just west of Greenway Parks and Highland Park, this lot at 6506 Robin Rd. is 212' wide

and large enough to accommodate three 10,000'+ lots (zoned R10). $498K. More info

By Troy Corman, www.t2realestate.com

In just the past few weeks, the Dallas Morning News has reported robust home sales and an increased demand for new homes. As a result, both home prices and lot prices are beginning to tick up as lending and mortgage interest rates tick down. While builders can go out to the burbs to find cheap land, it's a different story in highly sought-after urban neighborhoods. Below, we'll take a look at the average asking prices for three upscale neighborhoods just north of downtown Dallas.

First is Greenway Parks, known for it's serene setting, large trees and green belts that dissect the neighborhood. Only one Greenway Parks lot is listed for sale currently and it's priced at $795,000 for .641 acres. When compared to University Park and Highland Park, it's a dirt-cheap at $28.47 a square foot.

Next up is University Park, where we found sixteen University Park lots listed at an average price of $4,478,118 per acre, or $102.80 a square foot. University Park is located just north of Highland Park, and is the home of Southern Methodist University, and the future home of the George W. Bush Library.

And finally, the cream of the crop comes in a hefty $162.26 a square foot, as we found a mere thirteen Highland Park lots listed for sale. There was only one Highland Park lot listed below $1 Million, while two properties are asking north of $15 mil. If you'd like to buy one of these, I'd be more than happy to help!

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Sunday, June 3, 2012

Dallas Home Sales Statistics for May 2012

This East Dallas home in the m-streets at 6350 Malcolm has 1,589'. See More

By Troy Corman, www.t2realestate.com

The following are Dallas area home sold statistics for May 2012 versus homes sold in May 2011. If you're area isn't included, contact me at 214.690.9682 and I'll be happy to provide you a custom report.

East Dallas Homes May 2012 80 Sold $161 psqft. 125 CDOM

East Dallas Homes May 2011 90 Sold $157 psqft. 84 CDOM

White Rock Lake Area Homes May 2012 44 Sold $164 psqft. 70 CDOM

White Rock Lake Area Homes May 2011 29 Sold $156 psqft. 89 CDOM

Highland / Univ. Park Homes May 2012 69 Sold $309 psqft. 72 CDOM

Highland / Univ. Park Homes May 2011 69 Sold $305 psqft. 107 CDOM

Mesquite Homes May 2012 69 Sold $52 psqft. 65 CDOM

Mesquite Homes May 2011 103 Sold $47 psqft. 76 CDOM

Garland Homes May 2012 175 Sold $58 psqft. 71 CDOM

Garland Homes May 2011 198 Sold $60 psqft. 106 CDOM

Richardson Homes May 2012 109 Sold $92.5 psqft. 45 CDOM

Richardson Homes May 2011 94 Sold $84.5 psqft. 74 CDOM

Plano Homes May 2012 284 Sold $91 psqft. 54 CDOM

Plano Homes May 2011 260 Sold $92 psqft. 96 CDOM

Frisco Homes May 2012 255 Sold $97 psqft. 68 CDOM

Frisco Homes May 2011 203 Sold $93 psqft. 91 CDOM

Lewisville Homes May 2012 92 Sold $86 psqft. 76 CDOM

Lewisville Homes May 2011 98 Sold $84 psqft. 101 CDOM

Flower Mound Homes May 2012 119 Sold $98 psqft. 69 CDOM

Flower Mound Homes May 2011 104 Sold $98 psqft. 90 CDOM

Irving Homes May 2012 108 Sold $90 psqft. 92 CDOM

Irving Homes May 2011 121 Sold $86 psqft. 116 CDOM

Arlington Homes May 2012 244 Sold $64 psqft. 79 CDOM

Arlington Homes May 2011 249 Sold $60 psqft. 103 CDOM

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Friday, June 1, 2012

The Tax Advantages of Using a Vacation Home as a Part-time Rental Home.

By Troy Corman, www.t2realestate.com

If you rent out your vacation home less than 14 days a year, the rental income is tax-free!

With the record low interest rate environment, expected hyper-inflation, and uncertain stock market, the well-heeled are increasingly turning to real estate as an investment that they can use and enjoy. Whether it's a high-rise condo, a resort property, or a modest home in small-town USA, renting your vacation home on a partial basis can help offset acquisition expenses and in some cases, reduce taxes on your ordinary income.

Renting out your home less than 14 days means it's still considered a personal residence and you can put the rental cash in your pocket, tax-free. Hello, resort area property owners!

If you rent out your second home more than 14 days a year, you must report ALL rental income. Your rental expenses are deducted according to the percentage of time the home was used as a rental property. For instance, if you used the home for your personal use for 30 days out of the year, and you rented it out for 100 days, divide the 100 days rented by 130 days (total days home was used). This results in 77% for rental use, so you would be able to deduct 77% of depreciation, mortgage interest, insurance premiums, utilities and repairs as rental expenses. Also, 100% of property management expenses would be deductible.

Another great advantage of real estate is the ability to deduct up to $25,000 in real estate losses against your rental income and ordinary income. If you're a Real Estate Professional, or Realtor, this cap is unlimited. However, to qualify for the passive activity loss, your AGI, or adjusted gross income would have to be below $100,000. In addition, the passive activity loss phases out progressively for those with incomes between $100,000 and $150,000 a year. Also, if you use the home for more than 14 days a year, or more than 10% of the total number of days it's rented - whichever is more, the $25,000 passive activity loss doesn't apply, as the home is then considered a personal residence.

If you know anyone looking to buy or sell a vacation home in Dallas - Fort Worth, I'd love to help. You can reach me at 214-690-9682.

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