What will Mortgage Rates do in 2014?

 

 

Submitted by

Movement Mortgage

What does 2014 hold for mortgage rates?

 

As we start this year we know that we will maybe never see the lows of the 3% rates we saw in 2012 and 2013. With rates currently in the mid 4’s, what does 2014 have in store for mortgage rates?

 

We know rates will move up but how quickly will depend on two factors: employment and the Fed. Positive job news will cause rates to go up. Positive employment AND economic news will cause the Fed to limit QE (program of Federal spending) which means the government stops buying mortgages. So it really is all about jobs. As the economy strengthens and employment improves, rates will rise.

 

Last week, I listened to two economic advisors give 2014 mortgage rates forecasts. Both predicted rates steadily moving up this year crossing the 5% barrier in the summer and moving up from there to the 5.25 to 5.5 range.

 

Minor increases in rates change house payments less than most of clients think. However, one thing is sure, if you are thinking of buying a home in 2014, waiting will likely result in a higher interest rate as mortgage rates move up with a slowly warming economy, improving jobs, and a Fed cutting off its support of mortgage rates.

Call Listing Agent, Mark Adams, at 804-237-8585 for more information, visit us on the web at www.markadamsteam.com or

 email us at office@markadamsteam.com.

 

 

27 Dahlgren Road Richmond, VA 23238

27 Dahlgren Road Richmond, VA 23238

Sold

Offered for $399,950

River Road Corridor! Located in beautiful Lower Tuckahoe. Classic brick Cape with 3 bedrooms, office, 2.5 baths, large rooms, nice details and a full, unfinished basement - plenty of room for expansion. New carpet, crown and chair moldings, gorgeous wood floors and lots of natural light are just some of the reasons you'll want to make this house your home. Master suite offers a roomy walk-in closet and private bath. The two guest bedrooms, one with a huge walk-in closet, share a spacious hall bath. Additional features include a screen porch, 1st floor office, fenced yard, walk-in floored attic, fresh paint throughout, new carpet, new vinyl in the kitchen and half bath, updated electrical and a basement recently waterproofed by Bone Dry Waterproofing. Home is situated on a 1 acre lot on a lovely tree lined street. See more pictures below.

Call Listing Agent, Mark Adams, at 804-237-8585 for more information, visit us on the web at www.markadamsteam.com or

 email us at office@markadamsteam.com.

 

 

How long should I keep tax records, bank statements, bills, etc.?

How long should you keep tax records?

Federal laws specify how long you must retain the documentation to support the filing of income tax returns. For most taxpayers, this period is three years from the original due date of the return or the date the return is filed, whichever is later. For instance, if you filed your 2006 Form 1040 April 17, 2007 or sooner, the IRS has until April 17, 2010, to audit the return and assess a deficiency if necessary.

The statute of limitations period extends to six years if a return includes a substantial understatement of income (defined as omitting income greater than 25% of the amount reported on the return). There is no statute of limitations if a taxpayer fails to file a tax return or commits fraud. A taxpayer is considered to have committed fraud if he/she submits a false return or if there is a willful attempt to evade tax.

If a required return is not filed, the records must be kept forever, as the statute of limitations does not begin until the form is filed. Failure to keep adequate records is a separate violation from failing to pay or to file.

And of course anything in a return that may be required to prove a position in a future return, should be kept as support for that position. For example, basis calculations that effect an ongoing holding, amortization of mortgage points etc.

There may be non-tax reasons to retain these records. If you are unsure you should contact a financial advisor and/or tax specialist.

Source: Wikipedia
For more information: IRS article

How long should I keep bank statements?

Keeping bank statements for at least one year is a good idea but if you want to be absolutely prepared in case the IRS ever comes knocking, be on the safe side and keep them for 3 years. You might need two or more years of bank statements if you plan to buy a home and need to apply for a mortgage. Keep bank statements and canceled checks that reflect major purchases, such as a diamond ring, for as long as you own the property.

How long should I keep my personal bills?

There is no need to keep monthly bills, however, it is wise to keep bills until the next month to prove balance, purchases, credits, etc. As a realtor, our sellers are often asked to provide the last year's utility bills to prospective purchasers. This enables the purchaser to get an idea of energy costs of the home they are considering putting an offer on. So if you are thinking about selling your home in the near future, you may want to save your electric, gas and water bills just in case.

Call Listing Agent, Mark Adams, at 804-237-8585 for more information, visit us on the web at www.markadamsteam.com or

 email us at office@markadamsteam.com.

Richmond Housing Report 4th Quarter

Happy New Year! It's hard to believe another year has gone by. After reading this informative report compiled by the Central Virginia Regional Multiple Listing Service, you need more information, don't hesitate to Mark Adams at 804-237-8585.

2818 Clarendon Drive Richmond, VA 23235

Sold

Offered for $166,250

Pristine one owner home with 3 bedrooms, 1562 SQFT on almost 3/4 of an acre. Lovingly maintained & cared for throughout the years. Refinished wood floors & freshly painted, remodeled kitchen w/new stove, new refrigerator, freshly painted cabinetry, new sink, new faucet and new vinyl flooring. Super heated & air conditioned sunroom w/replacement windows, newer door and new carpet. 3 good size bedrooms with large closets convenient to the remodeled hall bath w/new vanity, new lighting, new mirror and new sink faucet. Off the kitchen is a fantastic utility/mud room with custom built pantry providing lots of storage. Outside you will find a mostly fenced rear yard great for gardening & relaxing with a 12' x 10 storage shed. Additional: Heat pump w/oil back-up, updated electrical panel, security system & a resealed paved drive. 

Mark W. Adams

Associate Broker

Keller Williams Realty

Phone: 804-237-8585

Email: office@adamsburchett.com

Web: www.AdamsBurchett.com

Lewis Ginter's GardenFest of Lights

Submitted by Lisa Adams

Lewis Ginter's Festival of Lights is fun for all ages. It is one of my favorite things to do during the Christmas season. Experience it for the first time or make it a yearly tradition for you and your family. Lewis Ginter even offers "GardenFest for Fido" with the small $2.00 per dog donation benefiting the Richmond SPCA. Every year the exhibits are different. The park is not huge so little ones will have an opportunity to see all there is to see. There are special days like Caroling Tuesday and Crafty Wednesdays, which will provide opportunities to experience different things as you take in the park. Be sure to check their event calendar so you won't miss out on any of the fun.

Lewis Ginter is located at 1800 Lakeside Avenue Richmond, VA 23228

Real Estate in 2014...Where are we heading?

Real Estate for 2014

I love the idea of “keeping it simple”. Want to lose weight?  Eat less. Want to be happier? Do more of what makes you happy.

So with that in mind, where is real estate going in 2014? Let’s look at where we are now and you tell me where this is going…

·         Home values are up in 2013

·         Home sales are up in 2013

·         Foreclosures are down in 2013

·         Loan modification programs are finally working in 2013, helping people in underwater homes

·         The Stock Market is on a tear and just closed at an all time high yesterday (12-09-13)

·         Employment reports continue to show slow but steady improvement

·         Rates remain in the 4’s, which is near historic lows

If 2014 has you or your family thinking about:

·         Moving into a bigger home

·         Moving into a different home

·         Buying investment property

Let's meet. Now is a good time to get everything lined up for next year. The only thing constant is change and these conditions won’t stay this way forever so be sure to call me sooner rather than later.

Call me today and I will put you in touch with our in-house lender at Movement Mortgage. A mortgage consultation takes about 15-20 minute on the phone and is a free and easy service to get you started. 

Take the time NOW to explore your options for real estate in 2014.

Mark Adams

Call Listing Agent, Mark Adams, at 804-237-8585 for more information, visit us on the web at www.markadamsteam.com or

 email us at office@markadamsteam.com.