Verify with Your Lender

If you have a mortgage with an escrow account to pay your property taxes and insurance, you expect the company servicing your loan to pay this year’s taxes this year so that you can deduct them on your 2014 income tax return.  After all, your monthly payment includes 1/12 the annual amount so there will be money available for them to be paid on time.

IRS requires that expenses must actually be paid in the year that a deduction is to be taken.

The predicament occurs when you’ve made your payments but the mortgage company didn’t pay the taxing authority in the tax year they were due.  If they paid your 2014 taxes in January of 2015, they wouldn’t be deductible for you until you file your 2015 income tax return.

Verify with your lender after you make the December payment that they did indeed pay your property taxes.  The question for your lender’s customer service is: "Have you or will you pay the 2014 property taxes this year so I’m eligible to deduct them on my 2014 income tax return?”

Consider an Adjustable Rate

With fixed rate mortgages as low as they are, most purchasers or owners wanting to refinance might not even consider an adjustable rate loan.  The determining factor should be how long the person plans to be in the home and which mortgage will provide the cheapest cost of housing.

For instance, if you compare a $300,000, 30 year term mortgage with a 4.125% rate on the fixed and a 3.25% on the 5/1 adjustable, the breakeven point would be almost seven years assuming the rates adjusted the maximum that they could in each year.

 

Therefore, if a person is going to stay in the house less than 7 years, the ARM would provide the cheapest cost of housing.  This example shows that at the end of five years, the ARM would generate almost $13,000 savings over the fixed-rate. 

On the other hand, this could be a good time for homeowners with an existing adjustable rate mortgage to consider refinancing into a fixed-rate mortgage.  The longer that they intend to stay in their home, the more advantageous it might be for them to convert their mortgage to lock-in their payment and fix their housing costs.

A trusted mortgage professional can analyze the alternatives to provide you with the information necessary to make a good decision.  You can try the Adjustable Rate Comparison with your own numbers to see the effect.

Executives Moving to or in Kansas City / Overland Park - Discover Lee's Summit - Winterset Woods - Hot Property Only $869,000!

I have spent my the majority of my life in Kansas City and what I have found is that people generally migrate to one polar centralization spot and that is their main understanding and day to day of this great city.  We have large corporations in Kansas City like Hallmark with a downtown / crown center headquarters, Garmin with an Olathe headquarters & Sprint headquartered in Overland Park.  

If I were moving into Kansas City for one of these organizations I am sure I would look to locate my home in Overland Park if I were moving to be a part of Sprint... it just makes sense.  Don't get me wrong, I do love lots of Overland Park, but this blog is out there to be found in the Google atmosphere for the next executive moving to Kansas City that wants to find more than just the closest city to their work they want:  1) Great schools, 2) 15/20 minute drive from all of Kansas City 3) Low taxes 4) A  kid friendly and adult conceived neighborhood that mature enough to not have construction around every corner 5) An executive retreat that is "private" but keeps you connected with great amenities all around!

To find this great setup and options please let me introduce you to Lee's Summit, MO and the subdivision of  Winterset Woods; located just off 470 highway in the western part of Lee's Summit this grand executive neighborhood is not all about a big golf course (although if you want to golf there is the beautiful Long View Lake Golf Course only 5 minutes away), it was designed to accent the rolling hills of this beautiful valley on one of the higher points in the area overlooking much of the surrounding area.

There are currently 5 subdivisions in the Winterset area that have access to three swimming pools, numerous ponds, great walking trails, a 100 acre dedicated greenspace, and some of the best views in Kansas City.  The crown jewel of these subdivisions is the original space, Winterset Woods, located just off Chipman road and I-470 - this part of the Kansas City Metro is uniquely situated to be just minutes from many parts of the city.

• Overland Park - Shooting for the center of Overland Park / College Boulevard, 17 minutes - straight to the Overland Park Convention Center.
• Downtown Kansas City - Enjoy the Kauffman Center, Sprint Center, First Friday Art Weekends, or just commute to the center of the city, 24 minutes - straight to the Sprint Center in downtown Kansas City.
• Arrowhead / Kauffman Stadium - Ready to cheer on the best teams in Kansas City, The 2014 American League Champions the Kansas City Royals, or the toughest team in the AFC West, The Kansas City Chiefs - a short commute - 20 minutes and you are in one of two of the best sports venues across the city!
• Downtown Lee's Summit - One of the most quaint city downtown locations you will ever find, walk the square and stop at great locations like The Red Door Wine Store, or Ophellias to have a quick bite or enjoy the "small town shopping: that you will tell all of your friends about.
• Longview Lake - New Shops / Community Center and the Longview Lakes Golf Course - Tradition and new all come together just minutes from Winterset Woods,  This award winning golf course is available, new shops for dining, shopping, groceries and more are just minutes away - 5 minutes & that's if you get caught by all of the red lights! :)  Check out the 

In many cities 15 / 20 minutes is what it takes to get groceries, to find a place to park, with this fabulous location in Winterset Woods, Lee's Summit, MO you are set to be ready to embrace everything Kansas City has to offer!

Perfect, now you know about the undiscovered gem of Winterset Woods in Lee's Summit, it is time to introduce you to what will seal the deal and make you want to make this the home for the rest of your lives!  Winterset Woods is set high atop a ridge overlooking the valley below.  My team, The Bubb Cribb Team @ ReeceNichols is ready to help you with any and all of your needs in moving to Kansas City.  Now let's talk about the incredible property we have for sale at an amazing price - 460 Riven Rock Circle, Lee's Summit, MO 64081 - be ready to be impressed, ready for you to make your own, this million dollar home can be yours for only $869,000 & if you tell me you saw it on this blog I will ensure you get a discount!

460 Riven Rock Circle, Lee's Summit, MO 64081 - sits at the end of a cul-de-sac off Riven Rock Trail on a huge 1.3 acre lot (one of the largest in all of the Winterset subdivisions) that backs up to the 100 acre green space reserved by the Winterset developers as a green sanctuary.  Looking off the deck our out the windows of this promontory point you are sure to see deer, turkeys and other wildlife as well as views all the way to the Longview Lake Water Tower & beyond.  

When I first had a glimpse of this awesome house and land I knew we needed to think outside the box to market how great this location is.  Take a look at this incredible drone video developed in conjunction with P.P. Productions out of Kansas City.  We took the drone up to show the wall of windows at the back of the property that let in light at all times & allow you inside to be a part of nature out the back at all of the three levels in the home.  Drive into this wonderful location and make it your own. 

Are you from out of Kansas City or need to commute? We are located just minutes from several major GA - General Aviation airports, and KCI - Kansas City International.  KC is the center of the United States and makes an incredible location for anyone travelling across the world.  The Kansas City Chamber of Commerce & KCADC are embracing business and know better than I the benefits to marketing this area, resources, tax benefits, etc...  What I do know is that this city keeps winning awards for #entrepreneurship, for #innovation & for #education... if these are what you want out of business, start by calling me for a visit (816.982.5990) and I will give you the grand tour!

Now, what can I say about this awesome property that is not said through the beautiful pictures, let's start out with the high points:

• Over 5200+ Square Feet with 4 Full  Bedrooms / 4.5 Baths on three levels!

• 1.3 Acre Wooded Lot @ Cul-de-sac end with stunning views over the 100 acre green space behind property (no back neighbors.... ever - it's in the contract for the green space)

• Open Kitchen / Breakfast Room w/ stunning hardwood floors, large pantry, granite counters, full laundry room off kitchen  & stainless steel appliances.

• Over sized three car garage built to let you open the doors of your car + extra storage space in LL for mower, snow blower, motorcycle and more - access with double door from backyard.

• Large 1st Floor Master w/ walk in closets, en-suite bathroom, whirlpool tub, dual vanities, over sized 2 person shower, walks out to large main floor deck, great for entertaining.

• Lower level hosts an amazing family room with full wet bar, recently updated with stunning granite on the full bar, storage space, walkout to LL patio space & 3rd bedroom suite.

• Possible 5th bedroom expansion option in LL with office / exercise room or build on to the 2nd level by outfitting the 600 sq. ft. + area that sits above the garage that already has heating / cooling run + is completely built out with exterior stud building.

The wow factors of this home only are truly available when you get to see the home in person, but just imagine:

• A 5000+ Square Foot Home that has an electric bill that averages only $250.00 per month, this is partially because of the:
• 12" thick concrete walls - larger than standard 8" thick plans.
• 50 year Commercial Grade EIFS Stucco siding with extra 1" insulation around entire property.
• Triple pane Pella windows throughout the house with blinds built in between the panes for ease in cleaning and efficiency.
• A gas bill that truly comes in under $50.00 each month, the only gas used is for the gas starters on the fireplaces & possible fireplace usage if the home needs additional heat.

The best parts of this home - direct from the sellers of the home are the Top 10 (Really 13) items that make this house and area a HOME:

1. A beautiful neighborhood with mature trees and great homes
2. Our large wooded lot provides privacy and tranquility
3. Breakfast on the deck or patio with the wildlife
4. Breathtaking views of the 100+ acre "green space" behind the house
5. Panoramic windows in most rooms allow awakening to the sunrise and savoring the gorgeous sunsets
6. Zoned heating/cooling makes every room comfortable no matter what the weather brings
7. High energy efficiency construction  allow for the comfort at very low total energy cost
8. Near zero maintenance exterior features means huge savings in maintenance costs
9. A short 3 minute drive to two new shopping malls and dozens of restaurants
10. The large Gathering Room windows make it a great place to watch clouds, soaring birds, or even the power of nature during a storm from the comfort of your couch.
11. The well designed floor plans provide great "flow" to life in the home
12. Being located close to I-470 means that Kansas shopping and dining and downtown Kansas City are only 20-30 minutes from the home
13. Lee's Summit has a small town feel to it but it has the amenities of a larger city!

Thank you!

Have a fabulous Thanksgiving!

If you are looking to sell and list your home or to put an offer in on a new home, now is the time and the Bubb Cribb Team would love to help you!  Fall / Winter rates are outstanding, let us know and we will send you along to one a trusted parter in the mortgage business to get the best rates and customer service in #KC!

The Bubb Cribb Team at ReeceNichols would love to be your neighborhood experts in buying or selling your home in any part of Kansas City.  We have great area specialists in Union Hill, Hyde Park, Brookside, Sunset Hills, Waldo, Mission Hills, Prairie Village, Overland Park, Fairway, Leawood, Kansas City North, Lees' Summit and more; please contact Christopher Cribb, Megan Bubb Cribb or Eric Bubb for assistance!

Christopher Cribb - The Bubb Cribb Team 
ReeceNichols - StateLine / Southgate - 
Direct Line 913.239.2023 - Text 816.982.5990

Realize Tax Savings Sooner

A homeowner’s tax saving benefit is generally realized when they file their federal income tax return after the money has been spent for the interest and property taxes.  Some people look forward to the refund as a means of forced savings but some people need to realize the savings during the year.

It is possible to adjust the deductions being withheld from the homeowner’s salary so they realize the benefit of the savings prior to filing their tax returns in the form of more money in their pay checks.  Employees would talk to their employers about increasing their deductions stated on their W-4 form.

By increasing the exemptions or deductions, less is taken out of the check and the employee will receive more in each pay check.  If a person over-estimates their exemptions and therefore, underpays their income tax, they might incur interest and would have additional tax to pay when they filed their tax return.

Buyers considering this strategy should seek tax advice and discuss it with their human relations department at work.   Additional information is available on the Internal Revenue Service website about Completing Form w-4 and Worksheets.

Talking Points with an Agent

A list of talking points can be very valuable to guide the conversation with an agent that will lead to a decision to have him or her represent you in the sale of your home.  If you haven’t been through the process before or it has been a while, the answers to these questions can reveal things about the experience and where-with-all of your candidate.

Even if you only intend to interview one agent and maybe they are a trusted friend, it is appropriate to understand how different issues will be handled.  Professionals should not feel challenged to discuss these important concerns.

1. Tell me about your experience and training.

2. Do you work real estate full-time?

3. Are you a REALTOR® and a member of MLS?

4. What is the average price of the homes you have sold and how many did you sell last year?

5. Which neighborhoods do you primarily work?

6. How many homes have you sold in my neighborhood?

7. What is your list price to sales price ratio?

8. How many buyers and sellers are you currently working with?

9. Tell me about the positives and negatives of my home?

10. Describe your marketing plan for my home and if you will use outside professionals.

11. Specifically address Internet exposure, open houses and showings.

12. Describe how you’ll keep me informed all along the way.

13. Will I work directly with you or with team members?

14. Can you provide me with three recent references?

You might have noticed that price was not in the list of talking points.  The seller sets the price but the market and the buyer determine the value.  The agent can advise you about the proper range that will insure activity and ultimately affect your final proceeds.  The advice should be based on facts that are available to all agents as well as the prospective buyers and the appraisers.

The decision to list a home with a particular agent and company should never be based on the listing price suggested by the prospective agent.