Today's Rate Indicator

If you don’t buy a house now, you’re either stupid or broke.

If you don’t buy a house now, you’re either stupid or broke.
Interest rates are at historic lows but cyclical trends suggest they will soon rise. Home buyers may never see such a chance again, says Marc Roth.
By Marc Roth



Well, you may not be stupid or broke. Maybe you already have a house and you don’t want to move. Or maybe you’re a Trappist monk and have forsworn all earthly possessions. Or whatever. But if you want to buy a house, now is the time, and if you don’t act soon, you will regret it. Here’s why: historically low interest rates.

As of today, the average 30-year fixed-rate loan with no points or fees is around 5%. That, as the graph above – which you can find on Mortgage-X.com – shows, is the lowest the rate has been in nearly 40 years.

In fact, rates are so well below historic averages that it should make all current and prospective homeowners take notice of this once-in-a-lifetime opportunity.

And it is exactly that, based on what the graph shows us. Let’s look at the point on the far left.

In 1970 the rate was approximately 7.25%. After hovering there for a couple of years, it began a trend upward, landing near 10% in late 1973. It settled at 8.5% to 9% from 1974 to the end of 1976. After the rise to 10%, that probably seemed O.K. to most home buyers.

But they weren’t happy soon thereafter. From 1977 to 1981, a period of only 60 months, the 30-year fixed rate climbed to 18%. As I mentioned in one of my previous articles, my dad was one of the unluckily stuck needing a loan at that time.

INTEREST RATE LESSONS

And when rates started to decline after that, they took a long time to recede previous levels. They hit 9% for a brief time in 1986 and bounced around 10% to 11% until 1990. For the next 11 years through 2001, the rates slowly ebbed and flowed downward, ranging from 7% to 9%. We’ve since spent the last nine years, until very recently, at 6% to 7%. So you can see why 5% is so remarkable.

So, what can we learn from the historical trends and numbers?

First, rates have far further to move upward than downward; for more than 30 years, 7% was the low and 18% was the high. The norm was 9% in the 1970’s, 10% in the mid-1980’s through the early 1990’s, 7% to 8% for much of the 1990’s, and 6% only over the last handful of years.

Second, the last time the long-term trends reversed from low to high, it took more than 20 years (1970 to 1992) for the rate to get back to where it was, and 30 years to actually start trending below the 1970 low.

Finally, the most important lesson is to understand the actual financial impact the rate has on the cost of purchasing and paying off a home.

Every quarter-point change in interest rates is equivalent to approximately $6,000 for every $100,000 borrowed over the course of a 30-year fixed. While different in each region, for the sake of simplicity, let’s assume that the average person is putting $40,000 down and borrowing $200,000 to pay the price of a typical home nationwide. Thus, over the course of the life of the loan, each quarter-point move up in interest rates will cost that buyer $12,000.

LOAN COSTS

Stay with me now. We are at 5%. As you can see by the graph above, as the economy stabilizes, it is reasonable for us to see 30-year fixed rates climb to 6% within the foreseeable future and probably to a range of 7% to 8% when the economy is humming again. If every quarter of a point is worth $12,000 per $200,000 borrowed, then each point is worth almost $50,000.

Let’s put that into perspective. You have a good, stable job (yes, unemployment is at 10%, but another way of looking at that figure is that most of us have good, stable jobs). You would like to own a $240,000 home. However, even though home prices have steadied, you may be thinking you can get another $5,000 or $10,000 discount if you wait (never mind the $8,000 or $6,500 tax credit due to run out next spring). Or you may be waiting for the news to tell you the economy is “more stable: and it’s safe to get back in the pool. In exchange for what you may think is prudence, you will risk paying $50,000 more per point in interest rate changes between now and the time you decide you are ready to buy. And you are ignoring the fact that according to the Case-Shiller index, home prices in most regions have been trending back up for the last several months.

If you are someone who is looking to buy or upgrade in the $350,000-to-$800,000 home price range, and many people out there are, then you’re borrowing $300,000 to $600,000. At 7%, the $300,000 loan will cost just under $150,000 more over the lifetime, and the $600,000 loan an additional $300,000, if rates move up just 2% before you pull the trigger.

What I’m trying to impress upon everyone is that if you are planning on being a homeowner now and/or in the foreseeable future, or if you are looking to move your family into a bigger home, then pay more attention to the interest rates than the price of the home. If you have a steady job, good credit, and the down payment, then you really are being offered the gift of a lifetime.

Marc Roth is the founder and president of Home Warranty of America, which touches just about every part of the real estate industry since it sells through builders, real estate agents, title companies, mortgage companies and directly to consumers.

CURRENT RATE TRENDS AS OF 12-18-2009:
30-Year Fixed (with 1 point) 4.625%
15-Year Fixed (with 1 point) 4.125%

MERRY CHRISTMAS!!!!!! 803-917-1893 WWW.TROYOTT.COM

A MATTER OF HONOR

I have watched the Mark Sanford saga with a high degree of trepidation like all South Carolinians. In reflecting on this matter the subject of southern honor comes to my mind most frequently.  Being raised in the South like Mark and Jenny I understand full well the meaning of the word as do they both I am sure in their heart of hearts.  Mark had the opportunity when this matter first became exposed publicly to do the right thing, admit his mistakes, ask for forgiveness, and then act with honor and remove himself from office without hesitation. He chose not to. No state employee no matter how low or high their pay grade who conducted himself in a similar manner would have had a job to go back to, why then should the chief executive of the State of South Carolina be any different.  He instead subjected the entire state including his supporters like myself, to a shameful display of self centered pride and ego gone wild. His concern was first and foremost for himself, not for his constituency, his family, nor the future of his State.  Jenny had the opportunity as well to act honorably by choosing not to write a tell all book and lament her marital problems publicly on national television. She could have retreated from public life with honor and gentility in the attempt to heal her marriage, family, personal hurt and anguish without allowing her ego and loss of pride to take center stage. It is truly sad that both of them despite all the damage that has happened still fail to seemingly understand that while their personal lives are of no one's concern and certainly we all have sinned and are without perfection, it their own actions coupled with a single minded unwillingness to look beyond themselves and their personal self interests that has put the good and honorable name of South Carolina and her people through the proverbial mud. Perhaps one day they will both come to realize that leadership and privilege has it's price and no one should aspire to it without the willingness to bear it

UNIVERSITY HILL NATIONAL HISTORIC AREA @USC

There are two different kinds of historic designation. First, there is the National Register District. This is administered for the federal government in this state by the SC Department of Archives and History. Here is their website explanation of the register: "The National Register of Historic Places is a list of properties significant in our nation’s past, which is maintained in Washington, D.C., by the National Park Service. Properties are added to the list by nominations submitted by citizens nationwide through State Historic Preservation Offices. South Carolina has over 1,300 listings in the National Register. This includes over 160 historic districts. " National Register Designation requires a thorough surveying of individual properties and a district such as University Hill must have many architecturally fine and intact structures to qualify for the Register. Once on, individual structures may qualify for tax credits for eligible work--the tax credits can be significant depending upon the amount of work done. There are no restrictions on building or demolition when there is a National Register district in place, but ineligible work may disqualify structures for tax credits. Here is the link to more information if you're interested: http://shpo.sc.gov/properties/register/results.htm. Also, the nomination information for University Hill can be found here: http://www.nationalregister.sc.gov/richland/S10817740131/index.htm

 

Here at the City, we also designate districts, but generally we call these local districts and University Hill has the name "University Hill Architectural Conservation District" for its historic designation. This actually coexists with the National Register district in place. The City, however, reviews changes made to the exterior of buildings (remember--changes visible from the public right-of-way?"). The goal of the district is to maintain the architecture and character of the district while allowing for contemporary needs. Many projects are reviewed by staff (out of my office) but larger projects must go to the Design/Development Review Commission. They process a large majority of projects in one meeting. The local historic designation can help to maintain eligibility for the National Register and also provides access to the Bailey Bill for eligible properties. The Bailey Bill is a tax abatement measure passed by City and County Councils. This combined with state and federal tax credits has made many projects feasible for property owners in the last couple of years. Here is the link to the guidelines for University Hill as well as the City's Bailey Bill:  http://www.columbia.sc.gov/coc/index.cfm/development-gateway/planning-and-development-services/preservation-and-design/.

 

803-917-1893 WWW.TROYOTT.COM  

 

TIME FOR A CHANGE

When faced with making a political decision concerning matters of governance our elected representatives be they local, state, or national should focus like a laser in making their decisions based upon on two overriding principles. 1st. Is the matter in question constitutional valid, being in alignment and in accordance with the principal governing document of our Republic  2nd. Is this matter in the best interests of the working men and women of our state. Simply put, Nothing else matters. One man who is running for governor that I know personally exudes these principals from his very core,  his name is Andre Bauer.  Andre is a public servant, not a politician always has been, and always will be.  Ask a senior citizen who has been touched by his tirelessly work on their behalf their opinion, ask an entrepreneur who in the sate house most represents their interests, none other than the man who embodies the entrepreneurial ideal, who has through sheer will, hard work and perseverance  succeeded on his own and by his own merits in the real world arena of business and ideas. Andre understands the meaning of the words integrity, duty, self sacrifice, tenacity, and honor. He understands them full well because he has lived them his whole life. Call or email him today with a question or a concern and you will find his response will be one in the same whether you are a CEO, senior citizen, laborer, or a young student needing assistance.  That response being, how may I serve.

Buyer Representation

After years of explaining exclusive buyer agency to buyer clients by their respective agents, buyers still  do not understand or appreciate how this representation works.  Buyers in mass the last few months have stormed in the model homes of Mungo, Essex, and Hurricane builders just to name a few to a capitalize on the $8,000 tax credit before it expired. Little do they know or understand once they step foot into the  model home/office and they are greeted by licensed agents whose sole purpose is to represent the BUILDERS/SELLERS INTERESTS not their own. Despite all the glad-handing and warm smiles from the builder reps, buyers despite their intelligence and life expertise throw away nearly all their buying/negotiating power by going it alone without the exclusive representation of an informed, aggressive buyer agent/ advocate. When I have represented buyers in the past, I have gotten builders to pay ALL BUYER closing costs, build privacy fences, provide custom appliances, and use my lender not the builders plus a myriad of other concessions affording my buyer cleints with literally thousands of dollars of concessions they would have otherwise missed out on, never knowing the better. Couple this with the fact that buyer representation costs the buyer/client NOTHING we are paid entirely by the seller not the buyer client, and you begin to see the  incredible power of buyer advocacy. The next time you or a friend or family member decides to entertain buying a new build home priced anywhere from $99,000 or $9,000,000 have them consult and hire an exclusive buyer agent who can and will serve their collective interests save them money and make sure their wants, needs, and desires not the builders are at the forefront of the transaction.  I await your call. 803-917-1893 www.troyott.com

Here's the latest info on the Expanded Tax Credit extension.

Updated Nov. 6, 2009, to note new legislation. The new legislation extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:

• extends deadlines for purchasing and closing on a home
• authorizes the credit for long-time homeowners buying a replacement principal residence
• raises the income limitations for homeowners claiming the credit 

This page will be reviewed and revised as appropriate soon based on the new legislation. 

Q. What is the credit?

A. The first-time homebuyer credit is a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008. For homes purchased in 2008, the credit operates like an interest-free loan because it must be repaid over a 15-year period.

The credit was expanded in 2009 for homes purchased in 2009, increasing the amount of the credit and eliminating the requirement to repay the credit, unless the home ceases to be your principal residence within the 36-month period beginning on the purchase date.

Q. How much is the credit?

A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 ($8,000 if you purchased your home in 2009) for either a single taxpayer or a married couple filing a joint return, but only half of that amount for married persons filing separate returns. The full credit is available for homes costing $75,000 or more ($80,000 if purchased after Dec. 31, 2008, and before Dec. 1, 2009).

Q. Which home purchases qualify for the first-time homebuyer credit?

A. Any home purchased as the taxpayer’s principal residence and located in the United States qualifies. You must buy the home after April 8, 2008, and before Dec. 1, 2009, to qualify for the credit. For a home that you construct, the purchase date is considered to be the first date you occupy the home.

Taxpayers (including spouse, if married) who owned a principal residence at any time during the three years prior to the date of purchase are not eligible for the credit. This means that you can qualify for the credit if you (and your spouse, if married) have not owned a home in the three years prior to a purchase. If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 or 2009 income tax return.

Q. If a taxpayer purchases a mobile home (manufactured home) with land and qualifies for the credit, is the amount of the credit based on the combined cost of the home and land?

A. Yes. The first-time homebuyer credit is ten percent of the purchase price of a principal residence. The total purchase price (mobile home and land) is used to determine the amount of the first-time homebuyer credit.

Q. Is a taxpayer who purchases a mobile home and places the home on leased land eligible for the first-time homebuyer credit?

A. Yes. A mobile home may qualify as a principal residence and it is not necessary that the taxpayer own the land to qualify for the first-time homebuyer credit.

Q. Can a taxpayer who purchases a travel trailer qualify for the credit?

A. A travel trailer that is affixed to land may qualify as a principal residence.   

Q. Can an individual who has lived in an RV qualify for the credit?

A.  For purposes of the first-time homebuyer credit, an RV with a built-in motor is personal property that is not affixed to land and does not qualify as a principal residence. Accordingly, someone who has owned and lived in an RV within the past three years may still qualify as a first-time homebuyer.

Q. Can I apply for the credit if I bought a vacation home or rental property?

A. No. Vacation homes and rental property do not qualify for this credit.

Q. Who is considered to be a first-time homebuyer?

A. Taxpayers who have not owned another principal residence at any time during the three years prior to the date of purchase.

Q. Can a dependent on someone else’s tax return claim the first time homebuyer credit if they otherwise qualify?

A. Yes. There is no limitation under section 36 that a first-time homebuyer cannot be a dependent. However, taxpayers who do not otherwise qualify for the credit do not become eligible for the credit simply by using a minor child’s name. In addition, under state law children under the age of 18 generally are not bound by any contract they sign and cannot be required to comply with the terms of the contract. Thus, it is extremely unlikely that a seller of a home, or a lender if financing is required, would enter into a bona fide sale of a home to a child. Merely using the child’s name to purchase a home does not qualify the child for the credit if, in substance, the child is not a bona fide purchaser of a home.

Q. When do I have to buy a new home to get the credit?

A. The home must be purchased after April 8, 2008, and before Dec. 1, 2009, in order to obtain the credit. For a home you construct, the purchase date is considered to be the date you first occupy the home.

Q. How do I apply for the credit?

A. The credit is claimed on new IRS Form 5405, First-Time Homebuyer Credit, and filed with your 2008 or 2009 federal income tax return.

Q. Are there income limits?

A. Yes. The credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on your modified adjusted gross income (MAGI). For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000. This means that the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.

Q. Can a taxpayer claim the first-time homebuyer credit after entering into a contract for the purchase of a residence but before closing on the purchase?
 
A. No. Taxpayers cannot claim the credit before there is a completed sale and purchase of the residence. The sale and purchase are generally completed at the time of closing on the purchase. (New 7/2/09)

 

Q. Can a taxpayer claim the first-time homebuyer credit if the purchase is pursuant to a seller financing arrangement (for example, a contract for deed, installment land sale contract, or long-term land contract), and the seller retains legal title to secure the taxpayer's payment obligations?

 

A. If the taxpayer obtains the "benefits and burdens" of ownership of a residence in a seller financing arrangement, then the taxpayer can claim the credit even though the seller retains legal title. Factors that indicate that a taxpayer has the benefits and burdens of ownership include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property. (New 7/2/09)

Q. I purchased a home that qualifies for the first-time homebuyer credit. I will be renting two of the bedrooms and reporting the rental income on Schedule E. Will I still qualify for the credit if I use the home as my principal residence?

A. Yes, if you meet all first-time homebuyer eligibility requirements. See Form 5405, First-Time Homebuyer Credit, for more details.

Q. I purchased a duplex home with two separate dwelling units. I will live in one dwelling and will rent out the other dwelling unit and report the rental income on Schedule E. May I qualify for the first-time homebuyer credit, and what amount do I use for the purchase price to determine the amount of the credit? 

A. Yes, you may qualify for the credit for the dwelling unit that you use as your principal residence. To determine the amount of your credit, you must allocate the purchase price of the duplex between the two separate dwelling units. Your credit is 10% of the portion of the purchase price of the duplex allocated to your dwelling unit that you use as your principal residence, up to a maximum credit of $8,000. You may not use the entire purchase price of the duplex to determine the amount of your credit.

Q. If two unmarried people buy a house together, how do they determine how much each may take of the credit?

A. IRS Notice 2009-12 provides guidance for allocating the first-time homebuyer credit between taxpayers who are not married.

Q. I am a single co-owner of a home. How do I get this credit?

A. Depending on the year of purchase, you will claim the credit on either your 2008 or 2009 federal income tax return.

Q. I don’t owe taxes and/or my income is exempt from tax and I do not have a filing requirement. Do I qualify for the credit? 

A. The credit is fully refundable and, if you qualify as a first-time homebuyer, having tax-exempt income will not preclude eligibility. Although there are maximum income limits for qualifying first-time homebuyers, there are no minimum income criteria. Thus, someone with no taxable income who qualifies as a first-time homebuyer may file for the sole purpose of claiming the credit for a refund.

Q. Does the first-time homebuyer credit apply to homes located in the U.S. Territories?

A. No. 

Q. Would I be considered a first time homebuyer if I owned a principal residence outside of the United States within the previous three years?

A. Yes. A taxpayer who owned a principal residence outside of the United States within the last three years is not disqualified from taking the credit for a purchase within the United States.

Q. If qualified, are homebuyers required to claim the first-time homebuyer credit?

A. No.

Q. Who cannot take the credit?

A. If any of the following describe you, you cannot take the credit, even if you buy a new home:

• Your income exceeds the phase-out range. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.
• You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
• You do not use the home as your principal residence.
• You sell your home before the end of the year.
• You are a nonresident alien.
• You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
• Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
• You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Q. Does previously inheriting a home and living in the inherited home automatically disqualify an individual as a first-time homebuyer with respect to a different home that is purchased within the prescribed 2008 and 2009 time frames?  

A. Yes, an ownership interest in a prior principal residence would preclude the taxpayer from being considered a first-time homebuyer. As long as the taxpayer owned and used the prior home as his principal residence, then he is not a first-time homebuyer. There is no exception for taxpayers who did not buy their prior residences. (05/06/09) 

Q. Is a step-relative considered a related party? 

A. Step-relatives are neither ancestors nor lineal descendents and are therefore not related persons for purposes of the first-time homebuyer credit. (05/06/09)

Q. If I claim the first-time homebuyer credit in 2009 and stop using the property as my main home before the 36 month period expires after I purchase, how is the credit repaid and how long would I have to repay it?

A. If, within 36 months of the date of purchase, the property is no longer used as the taxpayer's principal residence, the taxpayer is required to repay the credit.  Repayment of the full amount of the credit is due at that time the income tax return for the year the home ceased to be the taxpayer's principal residence is due. The full amount of the credit is reflected as additional tax on that year's tax return. Form 5405 and its instructions will be revised for tax year 2009 to include information about repayment of the credit. (05/06/09)

Q. If a person does not actually make the payments on a home that’s their primary residence, but the deed and mortgage documents are in their name, can they be considered a first-time home buyer?  

A. Yes. If a taxpayer purchases a home to be used as a primary residence from an unrelated person and has not owned a home within the previous 36 months, the taxpayer is eligible for the first-time homebuyer credit regardless of who makes the mortgage payment. (05/06/09)

Q. Do taxpayers affected by Hurricane Katrina or other disasters qualify as first-time homebuyers if their principal residence (i.e. main home) became uninhabitable more than three years ago and they have not formally disposed of the uninhabitable home or purchased or built a new home in the interim?  

A. A first-time homebuyer is an individual (and the individual's spouse, if married) who has not had an ownership interest in a principal residence (within the meaning of Section 121 of the Internal Revenue Code) during the three years before the date a new principal residence is purchased. Applying Section 121, a taxpayer can be a first-time homebuyer if the taxpayer has not owned and used a property as a principal residence at any time during the three years before the date of purchase of the new residence. Taxpayers affected by Hurricane Katrina who have owned but not used their property as a principal residence within the last three years may be eligible for the first-time homebuyer credit when they purchase a new principal residence. (05/07/09)

 

FROM THE BROKERS DESK

With the nations unemployment rate now rising to over 10%, 10.2% to be exact, for the first time since 1983,  the increase in joblessness will lead invariably to an upswing in residential mortgage delinquencies.  President Obama has signed legislation extending the $8,000 first time home buyer tax credit and giving additional tax breaks as well to certain homeowners who are trading up in their  real estate purchases. Passed overwhelmingly by Congress, this bill provides a $6,500 tax credit to homeowners who are buying a new primary residence beginning December 1, 2009. the language mandates that to get the credit the homeowner must have owned their home for five consecutive years of the previous eight. But there are caps on the tax credits. They only apply to individual buyers who make no more than $125,000 individually and $250,000 for couples. There is also an anti-flipping provision: any homeowner who collects the credit and sells within three years must return the money to Uncle Sam. The FTHB was extended to cover consumers signing a contract by April 30th and closing by June 30th 2010.

6-6 WILL NO LONGER WORK

Steve Spurrier made three promises to the Carolina faithful upon being hired to lead our University's football team. 1st. he would create a powerhouse offense which is his trademark, being known for this throughout the land, having created them previously at both Duke and Florida.  2nd he would win a  SEC conference championship  3rd. He would establish a winning mindset that would transcend over 100 years of abject futility concerning Gamecock football. He is and has been after 5 years a regrettable failure at all three. Is there anybody out there in Gamecock nation who honesty believes this man and can deliver on any of his promises, if you do you are deluding yourself. The game has passed the Old Ball Coach by, Dabo Swinney who makes one third of Spurrier's salary and is in his first year as a head coach will win far more ball games by this years end, and to add insult to injury will beat us yet again at home this year as well. Carolina desperately needs a courageous young lion for a coach who can once and for all infuse real heart and a burning desire to win into the program, we need someone who is in the ascendency if his career not in its denouement as is the case with Spurrier.  When Steve looks in the mirror at night he knows in his heart of hearts his time has past, he needs to swallow his monstrous ego for the benefit of the fans and move on to retirement and take his son with him. Gamecock Nation will wish them both a fond farewell.

Oscar Ott

 

HEART ATTACKS AND THE GENDER GAP     Scientists are reasserting that middle aged men are far more susceptible to heart attacked than their female counter parts. However new research suggests the gap may be narrowing. 2.5% of men ages 35-54 reported having had a heart attack in the early 1990'S study compared with only .07% of women the same age. The numbers as of late have changed though in 2004 heart attacks rose for women rose to 1% while dropping to 2.2% for men. The changes in lifestyle and work related stress seems to be leveling the playing field herein so it is safe to say women need to acknowledge this trend and maintain an ideal weight coupled with better diet and exercise.  Men are no longer the only ones who need to maintain this regime. How unfortunate that as the ranks of women and mothers are forced into the labor pool just to make ends meet, they are also being put at risk for decreased life expectancy as well. Remember if you are over 40 you need to have an annual physical and develop a sincere trusting relationship with you care giver so that candor and full disclosure prevails between you both. Walking and moderate exercise coupled with improved nutrition and weight management are the keys to offset this trend for both sexes. Good advice for all.  And on another note, please remember to call a REALTOR when buying or selling ANY Real Estate. I happen to know a very good one. 803-917-1893 www.troyott.com Expect Great Things!!!

Higher Taxes are coming!!!!

The tax cuts sponsored by former President Bush are set to expire at the end of next year. That means of course unless Congress and President Obama in their infinite wisdom decide to extend them which is highly unlikely, prepare to bite the proverbial bullet. These cuts saved individual tax payers and cost the government 2.34 trillion. Once these tax cuts expire the top two tax rates up from 33 percent and 35 percent to 36 and 39.6 percent respectively. The average family making 500,000 the tax will be about 6,000 per year for a family making 1 million about 30 per year. Depending on your fiscal  orientation you may resist or embrace this change. For those of us who believe the key to growing this economy and truly ending thus recession  putting more money back I the hands of John Q.Public is the way to go. For those others who concur with our President government growth and largess is more preferable to an enriched populace. Please remember Uncle Sam, is broke and penniless to the tune of about 4.5 trillion dollars only by taking it from you and I does he have the power to keep spending. One thing for sure is elections have consequences. Please remember there is one constant in this ever changing universe and it is I your friendly REALTOR, if you are buying or selling or know someone who is, the right number to call is 803-917-1893 www.troyott.com  you will be glad you did. God Bless and Good Fortune to you all. 

HIGHER JOBLESS RATES COULD BECOME "NEW NORMAL"

I think the present unemployment rate will be permanently higher, or at least higher for the foreseeable future" so says Mark Zandi chief economist and co founder of Moodys Economy.com     Hello again friends, a lot of you may not be aware but the above headline is the proverbial  800 pound gorilla in the room that no one wants to talk about. While our state wide unemployment rate holds steady around 12+% the national average is now precariously close to 10% with no signs of abating. Wall Street's principal barometer (the dow) has returned to 10,000 for one day at least while the working people of this great country continue to suffer heavily with no end in sight.  The corporate elites have discovered with all their massive recent layoffs they can maintain profitability and productivity with far less folks and have no desire to start rehiring. Those in the know understand this is not an aberration but the new reality, permanent national unemployment at or above 10% INDEFINITELY.  Unless we demand more of our   elected representatives and choose ones go forward who understand this quagmire,  we have no way of undoing this, the evil corporate/ government  synergistic cabal threatens us all. The principal question for each and every one of our representatives at the  national, state and local  level should be, is their paramount focus on the wants, needs and interests of the working people of this country if it is not kick then them to the street, it is now or never. Make yourself heard America, wake up organize and vote with a enlightened conscious. In the meantime feel free to hire yours truly to zealously  represent anyone looking to buy or sell real estate anywhere in our beautiful country. God Bless you all.  803-917-1893 www.troyott.com

The Lower Richland Heritage corridor farmers market

The Lower Richland Heritage corridor farmers market will be held this  Saturday from 12- 4 PM,  the event will be in downtown Hopkins @ 214 Hopkins Road, at the corner of Lower Richland Blvd., y'all come now ya here. Emile Defelice emile.defelice@gmail.com a good friend and one hell of an organic farmer conducts  his own robust farmers market on Devine street  in downtown Columbia as well and it and it should not be missed. Produce from local farmers will be featured  at both venues. On another timely matter Richland 1 office of adult education will be offering free employment workshops from 6-8PM Tuesday and Thursdays 10/22/09 through 11/10/09. to register call 343-2935 space is limited to the first 15 registries. Always remember if you are buying or selling real estate of any kind, call me to make sure you protected and profitable in your transaction, you will be glad you did. Wishing you love and all green lights. EXPECT GREAT THINGS.  803-917-1893 www.troyott.com

Afghanistan love it or leave it baby!!!!!

Afghanistan love it or leave it baby!!!!! 8 brave Americans hero's endured the bloodiest day in combat since July 2008 just 48 hours ago. Once again American blood and treasure are being expended in mass on foreign lands without a clear mission for victory. Obama's hand picked General Stanley McChrystal has requested an additional 40, 000 boots on the ground to quell the insurgence posed by Al -Qaida and the Taliban. Obama in his infinite wisdom has postponed the decision for several weeks while he weighs his options. Does the phrase( WAR OF NECCESITY) resonate with anyone. In the meantime Americans are fighting and dying looking to their commander in chief for an absolute commitment to victory so they can some day return to their families. One can only hope that these brave men and women are given what they need in materials and manpower to pacify this country and neutralize the ever present threat posed by these insurgents. One thing is for absolute sure, we either kick their ass on their home turf, or we will face them once again here at home in a repeat of 9/11. You decide and keep your political representatives abreast of that decision please as well.

Columbia - Ranked among the TOP

Columbia, SC kicks ass nationwide baby, we are now ranked among the top ten places in the country to retire according to US News and World report. The myriad of local attributes that influenced their decision are our own national park, our major university , gorgeous Lake Murray, and AFFORDABILITY that is right brothers and sisters, with an average single family home price of 140k that sets the record for value nationwide. No more bitching and moaning we have a hell of a lot to appreciate and be thankful for right here in our own backyard. Fort Jackson was conspicuously left out, as the largest army depot intake station in the country you would think that would have been apart of their criteria as well but it was not. Close proximity (as in 2 hours away) to some of the most pristine beaches and mountains in the country were also mentioned as well. So rest assured brothers and sisters rebel flag, joe wilson, mark sanford and all, they are coming our way and glad to be doing so, ask any retireee who has settled here if they would consider moving back from whence they came and you will get a mouthful. Until next time my friends, I wish you love and all green lights. 917-1893 www.troyott.com