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IT'S A GREAT TIME TO BUY REAL ESTATE! (2008 Update) Market Conditions: The local housing market is entering year six of it's current uptrend. Rising gold and silver prices, gold over $900 an ounce and silver above $20, have encouraged greatly expanded exploration and mining activity in the area. Good paying mining jobs and expanding business opportunities are attracting new people to the community. We are also noticing an increase in the number of people purchasing properties who are looking to escape the high prices and hectic pace of city life. Good jobs, reasonable prices and a small, freindly, secure community are the ingredients for real estate appreciation. Financing: Buyers still have the opportunity to lock in low fixed-rate mortgages. In our local market buyers with good credit can expect to obtain a loan with a fixed interest rate in the mid to low sixes. With these low interest rates, renters may get their first opportunity to become homeowners, those trading up may be able to afford a more expensive home without increasing monthly mortgage payments, and some buyers may wish to take advantage of the low interest rates by choosing shorter-term loans. Tax Advantages: Don't forget that mortgage interest is tax deductible and is still one of the best ways to reduce your tax burden. For example, if you pay taxes in the 28 percent bracket, interest rate deductions may lower your borrowing costs by nearly one-third, depending on your personal tax situation. With this tax advantage, first-time buyers may be surprised at how favorably owning a home compares to the cost of renting. There are also numerous and generous tax advantages for owners of income property. Net Worth: Home equity accounts for approximately half of the total net wealth of the typical home-owning family, making home ownership the primary source of a household's net worth and the fundamental first step toward accumulating personal wealth. Is it a great time to buy real estate? You bet it is! Stop in or contact one of our professionals at Vision West Realty to learn more about real estate investment opportunities in today's market. Harold R. Hawkins, CRB, CRS, GRI Broker-Owner Vision West Realty |
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IT'S PAYBACK TIME Maybe you're considering spending money to remodel or add to your house. But will you get it all back when it's time to sell? Here are some average statisticsfor a portion of the western U.S. (AZ, CO, ID, MT, NM, UT, NV, WY) reported in the December 2007 issue of Realtor Magazine as part of their 2007 Cost Versus Value Report. If you are considering a remodel or addition to your Winnemucca area home, contact Vision West Realty for an estimate of return on investment based on the Humboldt County market: Basement Remodel---83.8% Bathroom Remodel---82.2% Deck Addition (wood)---86.3% Family Room Addition---68.1% Kitchen Remodel (minor remodel)---83.1% Kitchen Remodel (major remodel)---78.3% Roofing Replacement---68.2% Siding Replacement---78.6% Window Replacement (vinyl)---76.2% |
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THE NEVADA TAX ADVANTAGE One of the many wonderful advantages to living in the State of Nevada is our favorable tax structure: * No Inheritance, Estate or Gift Taxes * No Franchise Tax * No Corporate Income Tax * No Unitary Tax * No Special Intangible Tax * No Inventory Tax * Competitive Sales and Property Tax Rates * Minimal Business Tax - $25 per FTE per Quarter |
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