Chocolate...YES, I Said Chocolate!

If I have 10 chocolate cakes and someone asks me for one, how many cakes do I have left? That's right, 10. YUM!  The dog days of summer are among us!

Here is a list of 21 Quick Tricks to Feel Better Instantly

1. Wash your hands & face, and brush your teeth. It’s reinvigorating and relaxing.
2. Change your socks. It’s an odd trick, but it works.
3. Call a close friend. A quick conversation with someone you care about is a boost.
4. Stretch. Reach for the sky and touch your toes.
5. Go outdoors. Fresh air is great for the senses.
6. Take a light exercise break. A short walk can re-energize your mind.
7. Dress to feel your best. When we look good we feel good.
8. Listen to your favorite music. Elvis always works for me.
9. Watch or read something that inspires you. Browse Youtube: “surprise military homecomings.”
10. Enjoy a good laugh. The best medicine!
11. Take a few deep breaths. Deep breathing controls stress.
12. Clear a stuffed nose. Trust me, on this one.
13. Cook a tasty meal. Or splurge at a favorite restaurant.
14. Walk away from vampires. People who suck the energy from you with their problems.
15. Complete an important piece of unfinished business. Remove a burden.
16. Work on something meaningful to you. Volunteer!
17. Assist someone in need. Great for karma too!
18. Think about your latest or greatest success. It reminds you that you can accomplish anything.
19. Act like today is already an awesome day. Research shows, the way we act is related to the way we feel.
20. Notice what’s right. Stay positive and learn from mistakes.
21. Take a moment to acknowledge how far you've come. Remember, you started with nothing.

And the best news of all:  Mortgage interest rates continue to drop, according to Ed Kampft!

BIG News!!

Well, I hinted at this announcement back in April, but now, we are more than ready to shout it from our own little corner of the web!!!  Read on folks...

Jim Bartz, a sales professional in the Dallas area, has joined the Keller Williams Realty Plano Market Center in partnership with his spouse, Sally Bartz.  He brings an extensive background in finance and people skills to their partnership; having been a CPA working in the tax area for 10 years, and then 25+ years in the sales and training area with the Dale Carnegie Courses and The Sales Edge Training Group.

“We are truly luck to have Jim join us here in Plano,” says Team Leader Heather Garinger.  “Keller Williams Realty offers its associates unparalleled career growth and lifelong learning opportunities in the real estate industry.  We know that Jim, combined with the experience of Sally, will be a great fit and our clients will truly benefit from his joining us.”

Welcome, Jim Bartz!

Sally chose Keller Williams Realty seven years ago and I have seen nothing but caring, coaching, and helpfulness from this group.  It was a natural for me to join her.  The synergy will be awesome!  We are truly blessed to be able to work together again, helping clients to live their dreams.

Gift or Inherit?

Transferring the title of a home from one person to another may seem simple but it could have a significant tax implication. 

When a person inherits property, the basis is "stepped-up" to fair market value at the time of the decedent's death. On the other hand, a gift has a carry-over basis which means that the recipient receives the unrealized gain also.

As an example, let's say an elderly parent, in an attempt to get their affairs in order, gives their home to their adult child. The rationale might be that they are the sole beneficiary and will get the property eventually. In an effort to settle things early, unnecessary income tax may be incurred.

If the home was purchased for $20,000 and worth $100,000 at the time of transfer, there is a possible gain of $80,000. However, if the adult child inherited the property at the time of the parent's death, their new basis would be $100,000 or the fair market value at the time of death and the possible gain would be zero.

This is meant to be an example and many other variables could be involved. If you're concerned about a situation, you should seek specific advice from a tax professional. As always, I'm here to help you as your real estate professional.

Assumption Opportunity

The low interest rates secured by borrowers recently on FHA mortgages may become valuable in a different way in the future. FHA and VA mortgage are assumable at the existing interest rates subject to buyer qualification.

Buyers wanting to assume an existing FHA mortgage must be owner-occupants and meet the current FHA guidelines. Applicants should have a minimum 600 credit score, total debt with house payment to be assumed not to exceed 41 of their monthly gross income and meet other standard income, credit and qualifying requirements.

The benefits are not only assuming a lower interest rate resulting in lower payments but the closing costs on an assumption are much less than originating a new loan. The fact that the mortgage is already into an amortization schedule and that lower interest rate loans amortize faster than higher interest rate loans make it build equity faster than a new mortgage.  When interest rates eventually rise, assumptions will provide an opportunity for buyers to lower their cost of housing significantly while improving their wealth positions.