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CENTURY 21 Real Estate is the top real estate brand in America

PARSIPPANY, N.J. 02-06-2012 —

Century 21 Real Estate LLC, the franchisor of the world’s largest real estate sales organization, announced that it has maintained its industry leadership position in brand awareness for the 11th consecutive year. In a study conducted by Millward Brown, a leading global market research organization, the CENTURY 21® brand achieved 95 percent name recognition, the highest consumer awareness level when compared to other real estate brands.

“We are proud of the fact that the CENTURY 21 brand continues to rank highest in consumer brand recognition year after year,” said Bev Thorne, chief marketing officer, Century 21 Real Estate LLC. “Our innovative marketing is designed to keep the CENTURY 21 brand name top-of-mind by providing home buyers and sellers with the information they want, when they want it and how they want it. To ensure our continued leadership, our market messaging is both online and in traditional broadcast media. We’re also in many new venues from mobile apps for all smart phones, to customized Facebook business pages as well as the Super Bowl.”

Other key findings of the Millward Brown study:

· As in previous years, consumers continued to identify the CENTURY 21 brand as “the most recognized name in real estate.” The nearest competitor trailed by a substantial seven (7) percentage points.

· CENTURY 21 Real Estate continues to remain one of the top recommended agencies in “Likelihood to Recommend” and “Consideration” for future real estate transactions among active real estate consumers.
On Feb. 5, 2012, CENTURY 21 Real Estate enhanced its industry-leading brand awareness with the airing of its first-ever Super Bowl ad on NBC. The company also aired 16 pre-game ads and sponsored the 3:30-4:00 p.m. block of the Super Bowl pre-game show.


Millward Brown Study Methodology
Source: 2011 Ad Tracking Study. The survey results are based on 1,200 online interviews with a national random sample of adults (ages 18+) who are equal decision makers and who have bought or sold a home within the past two years or plan to purchase or sell a home within the next two years. Brand awareness questions are based on a sample of 1,200 respondents at a 90% confidence level with a margin of error is +/- 2.4%. The study was conducted between September 12 and November 20, 2011 by Millward Brown, a leading global market research organization.


About Century 21 Real Estate LLC
Century 21 Real Estate LLC (CENTURY21.com) is the franchisor of the world’s largest residential real estate sales organization, providing comprehensive training and marketing support for the CENTURY 21 System. The System is comprised of more than 7,600 independently owned and operated franchised broker offices in 71 countries and territories worldwide. Century 21 Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services.

© 2012 Century 21 Real Estate LLC. CENTURY 21® Is A Registered Trademark Licensed To Century 21 Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each CENTURY 21 Office is Independently Owned and Operated.

Home Buyer Tax Credit Information

  • IRS Tool Calculates What You Owe on First-Time Home Buyer Tax Credit

    A new online tool helps home owners who used the 2008 first-time home buyer tax credit calculate how much they now have to pay back. 

    If you bought a home in 2008 and took advantage of the original first-time home buyer tax credit in 2008, you have to pay it back. The credit was a no-interest loan, and you repay it in equal installments over 15 years through your tax return.

    If you claimed the tax credit in 2009, 2010, or 2011 and then sold your house within 36 months, you’ll also have to pay back the credit when you next pay your federal taxes. Also, anyone who sold their home, or stopped using it as their main home, may have to repay the entire credit whether their home was purchased in 2008, 2009, or 2010. If you took advantage of a later version of the tax credit and stayed put, you don’t have to repay it.

    To make it easier to calculate how much you have to pay back, the Internal Revenue Service developed an online tool, which tells you:

    • The original amount of the tax credit you got
    • How much of the tax credit you’ve already paid back
    • How much you still owe
    • How much you’re going to owe in future years (your annual installment repayment amount)

    All you need to use the tool is your Social Security number, date of birth, your street address, and Zip code.

    Enter the information you get from the online tool into line 59b of Form 1040 or line 58b of Form 1040NR. You don’t need to attach Form 5405, the First-Time Homebuyer Credit and Repayment of the Credit, to your return unless you’re repaying the credit because the home stopped being your main home.

     

    First-time home buyer tax credit complications

    In some cases, calculating your tax credit repayment is complicated — say your property has a separate building that you use for a business, your spouse dies, you converted your home to a rental property, or your home is destroyed or condemned — so check the rules on your repayment situation. You may also need to consult an earlier version of the form

     

Visit houselogic.com for more articles like this.

Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®

Saving Toward a Down Payment: 8 Great Ideas

Home loan downpaymentLike many consumers today, you may be thinking this is a great time to buy your

the lack of a down payment. But favorable price and mortgage conditions will likely last for a while. The smart and hopeful first-time buyer will take advantage of the opportunity to save now for that needed down payment.”

For those willing to make a few sacrifices in the short-term, Ray suggests eight possible ways to help consumers watch their savings pile up more quickly:

• Bank the extras – Anytime you get a refund, bonus, commission or birthday check, bank it in a separate savings account.
• Live on one income – Working couples should try to live on one income and bank the other—or half of it.
• Get a roommate – If single and living on your own, think about halving your monthly costs by taking in a roommate.
• Ditch the second car – If possible, use public transportation and bank the sale funds or payments.
• Do without extras – Can you do without cable? Eating out every night? That Starbucks stop every morning?
• Pay off debt – As you pay off high interest debt to better your credit rating, you will also be saving that high interest spend. Try to bank the payments you no longer need to make.
• Ask about a piggyback mortgage – Consult with a mortgage broker. If you can’t quite get the required percentage together for your down payment, but have a high enough monthly income, you may be able to get a piggybank loan to cover what your first mortgage won’t.
• Check out loan assistance programs – Government organizations like Veterans Affairs and FHA offer special programs designed to help people who don’t have large down payments obtain mortgage financing. Also check with state and local housing authorities to find out what assistance they may offer.

10 Common Errors Home Owners Make When Filing Taxes

Pay TaxesDon’t rouse the IRS or pay more taxes than necessary — know the score on each home tax deduction and credit.

Sin #1: Deducting the wrong year for property taxes

You take a tax deduction for property taxes in the year you (or the holder of your escrow account) actually paid them. Some taxing authorities work a year behind — that is, you’re not billed for 2011 property taxes until 2012. But that’s irrelevant to the feds.

Enter on your federal forms whatever amount you actually paid in 2011, no matter what the date is on your tax bill. Dave Hampton, CPA, tax manager at the Cincinnati accounting firm of Burke & Schindler, has seen home owners confuse payments for different years and claim the incorrect amount.

Sin #2: Confusing escrow amount for actual taxes paid

If your lender escrows funds to pay your property taxes, don’t just deduct the amount escrowed, says Bob Meighan, CPA and vice president at TurboTax in San Diego. The regular amount you pay into your escrow account each month to cover property taxes is probably a little more or a little less than your property tax bill. Your lender will adjust the amount every year or so to realign the two.

For example, your tax bill might be $1,200, but your lender may have collected $1,100 or $1,300 in escrow over the year. Deduct only $1,200. Your lender will send you an official statement listing the actual taxes paid. Use that. Don’t just add up 12 months of escrow property tax payments.

Sin #3: Deducting points paid to refinance

Deduct points you paid your lender to secure your mortgage in full for the year you bought your home. However, when you refinance, says Meighan, you must deduct points over the life of your new loan. If you paid $2,000 in points to refinance into a 15-year mortgage, your tax deduction is $133 per year.

Sin #4: Failing to deduct private mortgage insurance

Lenders require home buyers with a down payment of less than 20% to purchase private mortgage insurance (PMI). Avoid the common mistake of forgetting to deduct your PMI payments. However, note the deduction begins to phase out once your adjusted gross income reaches $100,000 and disappears entirely when your AGI surpasses $109,000. Also, unless Congress acts to extend the PMI deduction again, 2011 is the last tax year for which you can take this deduction.

Sin #5: Misjudging the home office tax deduction

This deduction may not be as good as it seems. It’s complicated, often doesn’t amount to much of a deduction, has to be recaptured if you turn a profit when you sell your home, and can pique the IRS’s interest in your return. Hampton’s advice: Claim it only if it’s worth those drawbacks. If so, here’s what to know about what you can write off.

Sin #6: Missing the first-time home buyer tax credit

While the original home buyer tax credit deadline passed in April 2010 (and isn’t available in 2012), military families and some government workers on assignment outside the U.S. were given an extension until April 30, 2011, to get a home under contract and take advantage of up to $8,000 in tax credits for first-time buyers and $6,500 in credits for repeat buyers.

It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

Sin #7: Failing to track home-related expenses

If the IRS comes a-knockin’, don’t be scrambling to compile your records. Many people forget to track home office and home maintenance and repair expenses, says Meighan. File away documents as you go. For example, save each manufacturer’s certification statement for energy tax credits, insurance company statements for PMI, and lender or government statements to confirm property taxes paid.

Sin #8: Forgetting to keep track of capital gains

If you sold your main home last year, don’t forget to pay capital gains taxes on any profit. However, you can exclude $250,000 (or $500,000 if you’re a married couple) of any profits from taxes. So if you bought a home for $100,000 and sold it for $400,000, your capital gains are $300,000. If you’re single, you owe taxes on $50,000 of gains. However, there are minimum time limits for holding property to take advantage of the exclusions, and other details. Consult IRS Publication 523.

Sin #9: Filing incorrectly for energy tax credits

If you made any eligible improvement, fill out Form 5695. Part I, which covers the 30%/$1,500 credit for such items as insulation and windows, is fairly straightforward. But Part II, which covers the 30%/no-limit items such as geothermal heat pumps, can be incredibly complex and involves crosschecking with half a dozen other IRS forms. Read the instructions carefully.

Sin #10: Claiming too much for the mortgage interest tax deduction

You can deduct mortgage interest only up to $1 million of mortgage debt, says Meighan. If you have $1.2 million in mortgage debt, for example, deduct only the mortgage interest attributable to the first $1 million.

This article provides general information about tax laws and consequences, but shouldn’t be relied upon by readers as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.

By: G. M. Filisko

Published: January 5, 2012

Top 8 Things to Know about a Mortgage

Alterra Home Loans Pictures, Images and PhotosDeciding what kind of home loan is best for your needs is an integral part of the home buying process. But it’s not always easy, according to California mortgage broker Prime Lending.

Prime Lending notes the eight most important factors to compare when shopping for a mortgage:
• Principal – The principal is the amount you are borrowing—or the price of the home you are buying minus the down payment. Lenders will tell you how much they are prepared to lend you based on your income and credit score. That will help you determine how much house you can afford. Plan on putting down 10% to 20% to get the best rates.

• Mortgage type – Mortgages fall into two categories; fixed rate or adjustable. With a fixed rate mortgage, you pay the same amount each month for as long as you have the loan. The interest rate is slightly higher than some adjustable rate mortgages, but adjustable rates change with the market and will likely rise over time. Currently rates are at historically low rates.

• Interest rate – A loan with the lowest posted rate may have higher closing costs. Consider the Annual Percentage Rate (APR), which takes into account the interest rate and the loan’s other costs.
• Monthly payment – A mortgage loan should help you build equity in your home. The best one may or may not be the one that carries the lowest monthly payment. Consult a mortgage broker for details.
• Term – The term is the number of years your loan will remain active. Mortgages with shorter terms generally carry a higher monthly payment but they can save you a lot of interest over the years.
• Discount points – A point is equal to one percent of the principal. Lenders may offer you the chance to pay points in order to lower the interest rate of your mortgage. If you plan to stay in the home a long time, it may make sense to pay points.
• Lock-ins – When you apply for a loan, the lender will quote you the rates. But rates can go up while you shopping for a home, so it’s a good idea to lock in the quoted rates. There may or may not be a fee to do so. You can lock in your Prime Lending rate by contacting a mortgage specialist at 949.633.2919.
• Closing costs – Origination fees, appraisal fees, and other costs will be added to your loan. Ask your lender for a good faith estimate of the costs, and an explanation of any charges you don’t understand.

San Luis Obispo Commercial Real Estate

San Luis Obispo is situated in a unique area, roughly half way between two of the greatest cities in the United States – Los Angles and San Francisco. As people migrate away from those cities, but seek to retain proximity and lifestyle – the central coast communities like Carmel, San Luis Obispo, and Santa Barbara become interesting locations.

For businesses, the Central Coast offers many Commercial advantages. Commercial rents run from $1 per square foot to $3.50 per square foot for comfortable office space. Sure, there are some locations that charge more, but they are more unique rather than the norm.

According to a list compiled by the Building Owners and Managers Association (BOMA), San Luis Obispo County commercial rents are at an awesome discount to the Bay Area and Los Angles Area. These metropolitan areas represent 5 of the top 10 most expensive commercial rental markets in America. New York is number one at $48.27 per square foot, followed by Washington, D.C. at 42.63 per square foot.

San Mateo, CA $41.61 per square foot

Santa Monica, CA 36.67 per square foot

San Francisco, CA 34.86 per square foot

San Jose, CA 30.35 per square foot

Los Angles, CA 27.97 per square foot

Companies who lease in the cities can probably afford to buy commercial property here.

Century 21 Hometown is a full service real estate brokerage. We can support you in moving your business and your people. Our firm can help with your relocation needs for both businesses and your talented staff.

Contact our Director of Commercial Services, Jim Kelsey at 805-541-1941 to learn more about commercial real estate opportunities in San Luis Obispo County. Century 21 Hometown has 14 offices with local real estate experts throughout San Luis Obispo County and Bakersfield.

5 Home Buyer Tips

When lenders take over a home through foreclosure, they want to sell it as quickly as possible. Since lenders aren’t in the real estate business, they turn to real estate brokers for help marketing their properties. Century 21 Hometown supports lenders and home buyers in transactions every week. Buying a foreclosed home service can be a bargain, but it can also be a problem-filled process. Here are five tips to help you buy smart.

1. Choose a foreclosure sale expert. Lenders rarely sell their own foreclosures directly to consumers. They list them with real estate brokers like Century 21 Hometown. You can work with one of our real estate agents who sells foreclosed homes for lenders, or have a Century 21 Hometwon buyer’s agent find foreclosure properties for you. To locate a foreclosure sales specialist, call local any of our 14 offices and ask about foreclosed properties for sale – or do a search here on our website.

Either way, ask the Century 21 Hometown real estate professional which lenders’ homes they’ve sold, how many buyers they’ve represented in a foreclosed property purchase, how many of those sales they closed last year, and who they legally represent.

If the agent represents the lender, don’t reveal anything to her that you don’t want the lender to know, like whether you’re willing to spend more than you offer for a house.

2. Be ready for complications. In some states like California, the former owner of a foreclosed home can challenge the foreclosure in court, even after you’ve closed the sale. Ask your agent to recommend a real estate attorney who has negotiated with lenders selling foreclosed homes and has defended legal challenges to foreclosures.

Have your attorney explain your state’s foreclosure process and your risks in purchasing a foreclosed home. Set aside as much as $5,000 to cover potential legal fees.

3. Work with your agent to set a price. Ask your real estate agent to show you closed sales of comparable homes, which you can use to set your price. Start with an amount well under market value because the lender may be in a hurry to get rid of the home.

4. Get your financing in order. Many mortgage market players, such as Fannie Mae, require buyers to submit financing preapproval letters with a purchase offer. They’ll also reject all contingencies. Since most foreclosed homes are vacant, closings can be quick. Make sure you have the cash you’ll need to close your purchase.

5. Expect an as-is sale. Most homeowners stopped maintaining their home long before they could no longer make mortgage payments. Be sure to have enough money left after the sale to make at least minor, and sometimes substantive, repairs.

Although lenders may do minor cosmetic repairs to make foreclosed homes more marketable, they won’t give you credits for repair costs (or make additional repairs) because they’ve already factored the property’s condition into their asking price.

Lenders will also require that you purchase the home “as is,” which means in its current condition. Protect yourself by ordering a home inspection to uncover the true condition of the property, getting a pest inspection, and purchasing a home warranty.

Be sure you also do all the environmental testing that’s common to your region to find hazards such as radon, mold, lead-based paint, or underground storage tanks.

Looking to hire an inspector?

home inspector10 Ways to Prepare for a Home Inspection

1. Clean debris from gutters and roof

2. Caulk around windows and doors

3. Seal asphalt driveway

4. Clean HVAC filters

5. Seal basement walls

6. Clean the chimney

7. Replace burned out light bulbs

8. Have all documentation on hand for recent repairs and inspections

9. Remove firewood from contact with the house

10. Clear access to attic, crawl space, and garage

TIP: Encourage sellers to resist the impulse to make quick, cheap repairs before an inspection. You may raise a question that produces undue concern with the buyers. —Gloria Isackson, The Real Estate Professional, Wellesley Publishing,May/June 2000

The 10 Most Common Home Inspection Problems

1. Faulty wiring—open junction boxes, amperage mismatches, no wire nuts on wires.

The cure: Fix junction boxes; upgrade to at least 100 amps.

2. Poor grading and drainage—spongy soil around the foundation, signs of leaking in basement.

The cure: Regrade so that grounds slopes away from house for 10 feet; remove porous material around foundation.

3. Faulty gutters—clogged or bent gutters, water not channeled away from house.

The cure: Preventive maintenance; gutters of adequate size, splash pans to divert run-off.

4. Basement dampness—water stains, powdery residue on walls, mold or mildew.

The cure: Repair gutters to channel water away from house; apply waterproof coatings to basement.

5. Roof problems—brittle or curled shingles; broken or missing flashings.

The cure: Apply new shingle, or tear off if needed (usually after three re-roofs ); replacing flashings, especially around chimneys and other protrusions.

6. Foundation flaws—cracks in foundation, sloping floors, sticking doors or windows.

The cure: Fill cracks with silicon caulking or epoxy; apply waterproof coating to exterior.

7. Poor upkeep—needs repainting, worn carpeting, cracked driveway.

The cure: Give the house a minor facelift.

8. Faulty plumbing—inadequate water pressure, slow drains, signs of leaks on ceilings.

The cure: Clean and rout drains; reseat toilet with new wax ring, repair leaks.

9. Poor ventilation—extreme heat in attic, vapor condensation.

The cure: Ensure that roof soffits are not blocked; install additional roof vents; vent bathroom and kitchen fans outside.

10. Defective heating—cracks in the heat exchanger or water tank; carbon monoxide leaks.

The cure: Reseal chimney flues; replace sacrificial anode in water heater.

TIP: Buyers can get extra protection and piece of mind by purchasing a home warranty insurance policy. Such policies may also be a way for sellers to protect themselves from post-sale claims by buyers for defects undetected in home inspections.

TIP: Between 84 percent and 86 percent of buyers requested a home inspection before making a purchase, according to the National Association of Home Inspectors

Five ways to instantly add curb appeal to your home

Homes

WASH THE HOUSE

Before you scrape any paint or plant more azaleas, wash the dirt, mildew, and general grunge off the outside of your house. REALTORS® say washing a house can add $10,000 to $15,000 to the sale prices of some houses.

A bucket of soapy water and a long-handled, soft-bristled brush can remove the dust and dirt that have splashed onto your wood, vinyl, metal, stucco, brick, and fiber cement siding. Power washers (rental: $75 per day) can reveal the true color of your flagstone walkways.

Wash your windows inside and out, swipe cobwebs from eaves, and hose down downspouts. Don’t forget your garage door, which was once bright white. If you can’t spray off the dirt, scrub it off with a solution of 1/2 cup trisodium phosphate—TSP, available at grocery stores, hardware stores, and home improvement centers—dissolved in 1 gallon of water.

You and a friend can make your house sparkle in a few weekends. A professional cleaning crew will cost hundreds—depending on the size of the house and number of windows—but will finish in a couple of days.

CHECK AND CLEAN THE ROOF

The condition of your roof is one of the first things buyers notice and appraisers assess. Missing, curled, or faded shingles add nothing to the look or value of your house. If your neighbors have maintained or replaced their roofs, yours will look especially shabby.

You can pay for roof repairs now, or pay for them later in a lower appraisal; appraisers will mark down the value by the cost of the repair. According to Remodeling Magazine’s 2011-2012 Cost vs. Value Report, the average cost of a new asphalt shingle roof is about $21,200.

Some tired roofs look a lot better after you remove 25 years of dirt, moss, lichens, and algae. Don’t try cleaning your roof yourself: call a professional with the right tools and technique to clean it without damaging it. A 2,000 sq. ft. roof will take a day and $400 to $600 to clean professionally.

CLEAN THE YARD

A well-manicured lawn, fresh mulch, and pruned shrubs boost the curb appeal of any home.

Replace overgrown bushes with leafy plants and colorful annuals. Surround bushes and trees with dark or reddish-brown bark mulch, which gives a rich feel to the yard. Put a crisp edge on garden beds, pull weeds and invasive vines, and plant a few geraniums in pots.

Green up your grass with lawn food and water. Cover bare spots with seeds and sod, get rid of crab grass, and mow regularly.

ADD COLOR THAT POPS

Even a little color attracts and pleases the eye of would-be buyers.

Plant a tulip border in the fall that will bloom in the spring. Dig a flowerbed by the mailbox and plant some pansies. Place a brightly colored bench or Adirondack chair on the front porch. Get a little daring, and paint the front door red or blue.

These colorful touches won’t add to the value of our house: appraisers don’t give you extra points for a blue bench. But beautiful colors enhance curb appeal and help your house to sell faster.

FIX EVERYTHING IN SIGHT

Nothing looks worse from the curb—and sets off subconscious alarms—like hanging gutters, missing bricks from the front steps, or peeling paint. Not only can these deferred maintenance items damage your home, but they can decrease the value of your house by 10%.

Here are some maintenance chores that will dramatically help the look of your house.

  • Refasten sagging gutters.
  • Repoint bricks that have lost their mortar.
  • Reseal cracked asphalt.
  • Straighten shutters.
  • Replace cracked windows.
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