New Braunfels Real Estate Blog

The New Braunfels community is relieved that friends and family in the Houston and Galveston area are doing well, and the majority of residents have electricity back after Ike did his damage over a week ago.  Many evacuees escaped Ike and came to stay in the New Braunfels area to homes of their relatives, friends, or even local shelters.   The New Braunfels and surrounding communities were happy to help those in need with arms wide opened. 

The local residents of New Braunfels, McQueeney and Seguin that live on the lakes of the Guadalupe River are grateful that the aftermath of Ike did not cause any flooding.   In fact, the New Braunfels area did not get a drop of rain as a result of Ike, just a steady relaxing breeze. 

We continue to pray for all the families that still face the struggles of no electricity, and especially those who lost what used to be called home.

I watch the Today Show in the morning. I get up, work out, have my breakfast and watch the show as I move through my morning. They always seem to have a lot of fun on that show. They seem to genuinely enjoy working with each other. Often, I find their guests informative and entertaining.

However, Jim Cramer was on this morning. You know the guy - short, balding and very, very loud. He has his own show about the stock market - I think it’s called Mad Money (because he screams so much?). At any rate, he’s a regular contributor on the Today show. The past couple of times he’s been on, he’s had some pretty harsh things to say about the Real Estate market. Now, I don’t know much about the stock market, but I do know something about Real Estate and Jim, you really miss the point about it.

Real Estate is local. If you live in San Antonio or New Braunfels or Seguin, you don’t care what’s going on in the Real Estate market in New York - or DC - or anywhere else for that matter, because what you really care about is “what is MY house worth?”, “can I get a loan?”, or “how much will I have to pay for a home?”. Lets face it, yes, there are some really bad market areas out there. Many people got into loans they can’t afford and are losing their homes. And yes, the argument can be made that lending is more a national market and lenders decisions can affect everyone. But when people make general statements about how bad the housing market is, or when things might recover, their misleading a lot of people who don’t put together that where they are may or may not be in the type of market you’re talking about. And, when they make general statements about Real Estate, they can cause concern (or lack thereof) with people who don’t need to worry.

Home values are local. Housing markets are local. I live in the New Braunfels area. Our market isn’t bad at all. Yes, time on market is a bit longer and inventories are up, but overall the New Braunfels market is pretty good to very good. Homes are selling - when priced right (sellers - are you listening?) And, there are buyers out there (a lot more lately). Generally speaking, our area has been insulated from the major downturn many other areas are experiencing. In fact, properties are still appreciating in our area.

So, when I watch the Today Show and Jim Cramer comes on to rant about the terrible housing market, I add a grain of salt - and keep in mind that Real Estate is local - and Jim is talking about a national market that simply doesn’t exist. My heart goes out to those who are suffering in their local real estate market, and I remind my clients and friends to remember that our local market remains strong.

You know you can get a deduction for your mortgage interest, but what else can you deduct for your primary or secondary home?

…the amount of money you save on your annual income tax bill depends on a variety of factors…

At tax time, your house is not simply a home: it’s a giant tax deduction. You get to deduct:

• Your property taxes.
• The mortgage interest on your primary residence, as well as any secondary residence you own. (There are limits, but relatively few taxpayers are affected.)
• The interest on up to $100,000 borrowed on a home-equity loan or home-equity line of credit, regardless of the reason for the loan.
• Points you paid when purchasing the house (or convinced the seller to pay for you).
• For homes purchased in 2007, the premiums paid for private mortgage insurance in 2007. (The right to this deduction disappears as adjusted gross income rises from $100,000 to $110,000 on a joint return and from $50,000 to $55,000 on a single return.)
• Home improvements required for medical care.

How Much Can I Save?

The actual amount of money you save on your annual income tax bill depends on a variety of factors, such as:

• Your filing status (single, head of household, married filing jointly, married filing separately)
• Your standard deduction
• Your other itemized deductions
• Your taxable income

Your home-related deductions plus your other itemized deductions must add up to more than the standard deduction, or they won’t save you any money.

What Can’t I Deduct?

You can’t deduct the following payments for your primary residence:

• Dues to a homeowners’ association
• Insurance on your home
• Appraisal fees for your home
• The cost of improvements to your home. But keep those receipts: They may help you reduce your taxes when you sell your home.

William Morcher - Benchmark Mortgage #1458
210-831-2161
www.homeloan-tx.com

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