Real Estate Information

Yes, it’s tax season again, and given the state of the economy, saving every penny is important.  One of the major advantages of owning  Los Angeles real estate becomes readily apparent at this time of year, and that is, of course, tax deductions.  As a homeowner, you can usually deduct 100% of your mortgage interest, insurance, and property taxes – and write off many of your closing costs. 

In order to reap these benefits, you will have to itemize your deductions on your return, but that is time well spent in view of your savings. And better yet, in addition to deductions, there are also tax credits available to you as an owner of  Los Angeles real estate.  Remember, the tax credit actually reduces the amount of taxes you will pay, whereas a deduction reduces the amount of your taxable income.

DEDUCTIONS:

• Mortgage interest --includes late payment charges and prepayment penalties.
• Property taxes
• Equity loan interest
• Closing costs for new or refinanced loans--origination fees and discount points.
• Required private mortgage insurance taken out after 2006.  This is the last year you will be able to take this deduction.       

• Moving expenses--provided that your new job is at least 50 miles farther from your old  Los Angeles real estate and that  your company has not reimbursed you for these expenses. You can also deduct the expenses of traveling from your old house, including lodging expenses. Visit the IRS website and use form 3903 for these deductions.
• Home office use--according to the SBA, the average home office deduction is $3686, so it is to your advantage to explore this area as you prepare your return.  Click here for IRS rules relating to home office deductions.

• Home improvements on your  Los Angeles real estate done for medical reasons--(attested to in writing by a qualified doctor).  You are allowed to deduct any amount over 7.5% of your adjusted gross income. See IRS Publication 502 for complete information.

CREDITS:

• Energy efficiency—if you purchased an energy-efficient product or renewable energy system for your  Los Angeles real estate, you may be eligible for a federal tax credit.

**Note for Distressed Homeowners:  The Cancellation of Debt Income associated with loan                      modifications, short sales, and foreclosures will be waived by the IRS through 2012.

Search all Los Angeles homes for sale.

Eileen Walsh has a reputation for tough, yet fair, negotiation, and for facilitating real estate transactions to a successful close. She has earned the loyalty of repeat clients who rely on her for all of their real estate needs. Eileen's goals are to ensure Los Angeles real estate sellers that they receive top net dollar for their properties in the shortest amount of time and to help Los Angeles homebuyers find the property which best meets their objectives at the fairest price. 

Empowered with the appropriate people skills, market knowledge, deal-making track record and dedication to her clients, Eileen has shown that she is THE INTELLIGENT CHOICE to represent you in your next Los Angeles real estate transaction.

For more information about buying or selling your Los Angeles home, please call Eileen direct at 310-738-3807 or via email at eileenwalsh.realestate@gmail.com.

Many people dream of moving from their Los Angeles home to a new location in retirement. When you are no longer tied to your job, you can finally take off for a warmer climate, pursue your hobbies, or simply move closer to your grandchildren. However, selecting a place to retire requires a great deal of thought and planning and requires you to do some hard thinking about your finances,  desired lifestyle, climate preferences, leisure activities, health concerns, relationships, and your general quality of life.

US News Media Group has recently released a series of articles under the umbrella title “10 Best Places to Retire in 2012”—a must-read search tool for those of you who are thinking ahead to retiring and relocating from your Los Angeles home.  Each article deals with a focused topic such as fastest growing, cheapest, demographics (age, marital status, etc.), military favorites, second career opportunities, and  most expensive and attempts to match you with a location that will meet your individual  needs and wants.         

Although the report supplies more than one possibility for each area of focus and provides much information about each one, it does select a “winner” in each category.  Some surprising results include:

• Most affordable mountain home:  Boone, NC
• Best college town: Ithaca, NY
• Best year-round weather:  Flagstaff. AZ
• Best place for singles: Pittsfield, MA
• Best place to begin a new career: Lincoln. NE

If are like most Americans, you will first need to focus on your financial situation to make sure you can afford to leave your current Los Angeles home and move to the place of your dreams.  To help you learn the answers to questions such as, Am I saving enough? When can I afford to stop working? How long will my money last?,  AARP provides a calculator to help you plan your retirement on your terms.  Kiplinger also offers an easy-to-use calculator in a somewhat different format.  Both sites remind you to revise your figures and recalculate frequently as your financial situation (salary, house value, unexpected expenses, etc.) changes.

Whether you are looking forward to living in an historic area, a “green” community, or a college town, the planning and the search for your ideal location are half the fun. Enjoy!

Search all Los Angeles homes for sale.

Eileen Walsh has a reputation for tough, yet fair, negotiation, and for facilitating real estate transactions to a successful close. She has earned the loyalty of repeat clients who rely on her for all of their real estate needs. Eileen's goals are to ensure Los Angeles real estate sellers that they receive top net dollar for their properties in the shortest amount of time and to help Los Angeles homebuyers find the property which best meets their objectives at the fairest price. 

Empowered with the appropriate people skills, market knowledge, deal-making track record and dedication to her clients, Eileen has shown that she is THE INTELLIGENT CHOICE to represent you in your next Los Angeles real estate transaction.

For more information about buying or selling your Los Angeles home, please call Eileen direct at 310-738-3807 or via email at eileenwalsh.realestate@gmail.com.

Even if you don’t actually have a home security surveillance system for your Los Angeles home,  there are some simple things you can do to deter a burglar. According to a group of convicted burglars, things like good exterior lighting, dogs inside the house, and knowledge of weapons on the premises are inexpensive but reasonably effective deterrents. However, don’t bother with things like timed interior lights, dead bolt locks, and burglar alarms that make noise but don’t actually call the police. The latter is only effective in a heavily populated area where neighbors actively call police if a local alarm is heard. The following list—arranged from least effective to most effective—provides a range of burglary deterring methods.

Burglary deterring methods

• Timed interior lights, televisions, etc. Professional crooks case the place first and know that you have installed such devices.
• Deadbolt locks; crooks don’t use the most obvious entry places, so extra locks on the door are meaningless.
• Local burglar alarms—the type that just makes a lot of noise, but doesn't call the police
• Safes/strong boxes: If it's small enough, they'll take the whole box. If not, there will be plenty of items that aren't in the box.
• Neighborhood watch programs: these tend to be effective at first, but over time people tend to relax their vigilance.
• Better exterior lighting; important if you live in a rural area where people could prowl around at night without being seen
• Guardhouses protecting homes; expensive—not generally used except at homes of very wealthy or high profile individuals
• Weapons in the home; not much good if you aren't home
• Dog in your Los Angeles home (outdoor dogs are less threatening than indoor ones)
• Private security patrols
• Electronic sensors in windows

You can also perform common sense actions such as:

• Cutting back shrubs and trees that hide your house from view
• Keeping all doors and windows—including those in your garage-- locked at all times
• Adding motion-detector lights.
• Installing a hidden safe in your Los Angeles home
• If you must hide a door key outside, leave it in a most unusual location
• Securing sliding doors by placing some type of rod in the back groove
• Keeping valuables out of sight
• Making arrangements with neighbors to pick up mail and newspapers while you’re away, keep the lawn mowed, and shovel any snow in your driveway.
• Have phone messages forwarded when you’re on vacation
• Consider joining or organizing a Neighborhood Watch Program

And of course, it goes without saying that you should periodically update the insurance policy for the possessions in your Los Angeles home--just in case the tips suggested above prove ineffective!

Search all Los Angeles homes for sale.

Eileen Walsh has a reputation for tough, yet fair, negotiation, and for facilitating real estate transactions to a successful close. She has earned the loyalty of repeat clients who rely on her for all of their real estate needs. Eileen's goals are to ensure Los Angeles real estate sellers that they receive top net dollar for their properties in the shortest amount of time and to help Los Angeles homebuyers find the property which best meets their objectives at the fairest price. 

Empowered with the appropriate people skills, market knowledge, deal-making track record and dedication to her clients, Eileen has shown that she is THE INTELLIGENT CHOICE to represent you in your next Los Angeles real estate transaction.

For more information about buying or selling your Los Angeles home, please call Eileen direct at 310-738-3807 or via email at eileenwalsh.realestate@gmail.com.

If you’re thinking of selling your house in the near future, you need to know that updated bathrooms are one feature greatly desired—or sometimes demanded--by potential buyers.  Renovated bathrooms are extremely popular in today’s market, but they can also become an expensive undertaking.  However, depending on your willingness to take an active role in the updating process, you can make the bathroom a major plus when selling your Los Angeles home--without breaking the bank.  Take advantage of free or inexpensive classes or seminars given by home improvement stores—far-reaching in topics and easy to follow in technique—or search the web for instructional videos, such as this one from YouTube about applying grout.

Before you even begin your physical efforts, you should explore popular new trends in bathroom function, among which are wall-mounted toilets, recessed tubs, offbeat sinks, heated towel racks, and the use of stone.  A tour of model homes in your area will give you a good idea of what’s “hot” and what you might like to include in your own bathroom.  Websites such as Better Homes and Gardens and EHOW can provide inspiration, design assistance, and decorating ideas which are both clever and inexpensive, and free design software allows you to plan an entire layout and create an online model for the renovated bathroom of your Los Angeles home.  Worried that you may be spending too much money on your project?  Get a cost estimate of your anticipated improvements.

            If you aren’t up for a large-scale remodel or even an extensive renovation, there are many simple--and inexpensive-- steps you can take to upgrade the function and appearance of your bathroom.  Consider doing the following:

• Repaint in neutral colors.  If all walls are tiled, paint the ceiling.
• Replace the sink if it’s an outdated color and change the faucet to a more modern one.
• Install a new medicine cabinet, light fixture, and/or mirror.
• Re-glaze the tub in your Los Angeles home and replace caulking as needed.
• Deep scrub or reapply grout.
• Change window treatments.  Think about bamboo blinds rather than curtains.
• Use “earthy” and green materials for a more natural look.
• Purchase a new shower curtain.
• Paint old cabinets.  White is quite popular right now.
• Add shelving for storage.
• Hang an unusual piece of art.
• Display attractive towels and throw rugs.
• Remember to feature simple accessories such as a waste can, hooks, a soap dish, a toothbrush holder, towel racks, and eye-catching containers.

Search all Los Angeles homes for sale.

Eileen Walsh has a reputation for tough, yet fair, negotiation, and for facilitating real estate transactions to a successful close. She has earned the loyalty of repeat clients who rely on her for all of their real estate needs. Eileen's goals are to ensure Los Angeles real estate sellers that they receive top net dollar for their properties in the shortest amount of time and to help Los Angeles homebuyers find the property which best meets their objectives at the fairest price. 

Empowered with the appropriate people skills, market knowledge, deal-making track record and dedication to her clients, Eileen has shown that she is THE INTELLIGENT CHOICE to represent you in your next Los Angeles real estate transaction.

For more information about buying or selling your Los Angeles home, please call Eileen direct at 310-738-3807 or via email at eileenwalsh.realestate@gmail.com.

Think you know what a real estate agent does on a daily basis?  You might have to think again in order to correctly identify all the responsibilities on the shoulders of your Realtor (a real estate agent who is a member of the National Association of Realtors).   You most likely would be surprised—and impressed—to discover the wide range and long list of activities undertaken by your Los Angeles real estate agent in your pursuit of buying/selling a home.

A basic job description would include renting, and buying, and selling (oh, my!) real estate for clients, interviewing potential clients, previewing and showing  property, discussing sales conditions, drawing up and presenting offers, holding open houses, and writing contracts—all the while meeting deadlines and hand-holding when necessary. Oh, but there is so much more for your Los Angeles real estate agent to do, including, but certainly not limited to, the following duties:

• Staying current with market trends in your area
• Analyzing comparables
• Exploring and evaluating mortgage options
• Finding buyers or properties for clients
• Keeping up with changing federal and state laws and programs
• Negotiating between parties
• Preparing MLS listings
• Promoting properties via ads, web sites, videos, and virtual tours
• Completing required courses, attending seminars, and the like
• Coordinating inspections, walk-throughs, and closings
• Arranging for title searches

But did you know that the National Association of Realtors awards grants to groups of state and local real estate associates who attempt to go above and beyond in promoting and expanding housing opportunities in their communities?  These Realtors work together to design and implement affordable housing programs and are thus eligible for the NAR grants twice a year.  In addition, the NAR offers programs, training, and resources for these groups.

Another similar NAR-sponsored outreach activity in which your Los Angeles real estate agent may participate is the Smart Growth Action Plans program which is also concerned with affordable housing, but stresses “green” community design and density, schools, and transportation.  Its primary aim is to assist Realtors in helping to create healthy, attractive, livable, and well-functioning communities.  Some activities of recent grant-winning real estate associations have included:

• Home-buying workshops designed for a variety of ethnic groups
• Realtor training to overcome language barriers
• Seminars re: fair housing issues
• Translation of housing information pamphlets into many languages
• Workshops on cultural roadblocks associated with home ownership
• Creation of resource guides for first-time homebuyers

Commendable folks, those Realtors!

Search all Los Angeles homes for sale.

Eileen Walsh has a reputation for tough, yet fair, negotiation, and for facilitating real estate transactions to a successful close. She has earned the loyalty of repeat clients who rely on her for all of their real estate needs. Eileen's goals are to ensure Los Angeles real estate sellers that they receive top net dollar for their properties in the shortest amount of time and to help Los Angeles homebuyers find the property which best meets their objectives at the fairest price. 

Empowered with the appropriate people skills, market knowledge, deal-making track record and dedication to her clients, Eileen has shown that she is THE INTELLIGENT CHOICE to represent you in your next Los Angeles real estate transaction.

For more information about buying or selling your Los Angeles home, please call Eileen direct at 310-738-3807 or via email at eileenwalsh.realestate@gmail.com. 

In December of 2007, Congress signed into law the Mortgage Debt Relief Act to aid distressed homeowners.  Under regular circumstances, when a lender chooses to forgive all or part of a borrower’s debt, that amount is considered income and the borrower is liable to be taxed on it.  However, this law offers relief to the owner of Los Angeles real estate in that debts discharged through calendar year 2012 are not taxable.  Limited to primary residences only, the amount of forgiven mortgage debt allowed to be excluded from income tax is $2 million per year.  Debts reduced through mortgage restructuring as well as mortgage debts forgiven in connection with foreclosure qualify for this relief.

On the fence about selling your underwater Los Angeles real estate as a short sale?  Consider this: if your home isn’t sold before January 1, 2013, and you owe $50,000 more than its market value, you could realistically end up paying more than $12,000 in taxes in 2013 if you’re in the 25% tax bracket! Once you decide on going the short sale or foreclosure route—and remember, short sales often take a long time to sell--the first thing you need to do is to request that your lender officially and in writing  waive any deficiency connected with your Los Angeles real estate.  If this waiver is not granted, the lender has 20 years to obtain repayment from you via collection agencies, garnishments, and/or liens.

Because of the impending deadline and the length of time required for short sales and foreclosures, many real estate and financial gurus stress the importance of acting now to set wheels in motions.  They urge distressed owners of Los Angeles real estate to realize that there is no tax exclusion allowed on pending closings/foreclosures.  Only transactions completed by December 31, 2012, are eligible for income tax relief—and there are no indications that the current deadline will be extended!

Tax Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Adjustment) is used to report the exclusion of forgiveness of qualified principal residence indebtedness.  After your receive Form 1099-C, Cancellation of Debt, from your lender (required by law and submitted to the IRS), download and complete Form 982 and attach it to your tax return.

Search all Los Angeles homes for sale.

Eileen Walsh has a reputation for tough, yet fair, negotiation, and for facilitating real estate transactions to a successful close. She has earned the loyalty of repeat clients who rely on her for all of their real estate needs. Eileen's goals are to ensure Los Angeles real estate sellers that they receive top net dollar for their properties in the shortest amount of time and to help Los Angeles homebuyers find the property which best meets their objectives at the fairest price. 

Empowered with the appropriate people skills, market knowledge, deal-making track record and dedication to her clients, Eileen has shown that she is THE INTELLIGENT CHOICE to represent you in your next Los Angeles real estate transaction.

For more information about buying or selling your Los Angeles home, please call Eileen direct at 310-738-3807 or via email at eileenwalsh.realestate@gmail.com.

Environmentally friendly features have become more important to home buyers according to the 2012 Home Buyer and Seller Profile published by the National Association of Realtors. The importance of various features such as heating and cooling, energy efficient appliances and lighting, landscaping, and an environmentally friendly community differ by region.

• Commuting costs and environmental efficiency have increasingly factored into home buying decisions due to higher energy costs, but also due to overall concern for the environment.
• Factors that are most important to buyers are those directly related to the buyers’ pocketbook.
• Heating and cooling costs were at least “somewhat” important to 87 percent of home buyers.
• Commuting costs were at least “somewhat” important to 73 percent of home buyers.

Now take a look at how the Los Angeles real estate market performed in December.

Beverly Hills Real Estate Sales Statistics - Single Family Homes

Beverly Hills Post Office Real Estate Sales Statistics - Single Family Homes

Bel Air Real Estate Sales Statistics - Single Family Homes

Hollywood Hills East Real Estate Sales Statistics - Single Family Homes

Hollywood Hills West Real Estate Sales Statistics - Single Family Homes

West Hollywood Real Estate Sales Statistics - Single Family Homes

Search all Los Angeles homes for sale.

Eileen Walsh has a reputation for tough, yet fair, negotiation, and for facilitating real estate transactions to a successful close. She has earned the loyalty of repeat clients who rely on her for all of their real estate needs. Eileen's goals are to ensure Los Angeles real estate sellers that they receive top net dollar for their properties in the shortest amount of time and to help Los Angeles homebuyers find the property which best meets their objectives at the fairest price. 

Empowered with the appropriate people skills, market knowledge, deal-making track record and dedication to her clients, Eileen has shown that she is THE INTELLIGENT CHOICE to represent you in your next Los Angeles real estate transaction.

For more information about buying or selling your Los Angeles home, please call Eileen direct at 310-738-3807 or via email at eileenwalsh.realestate@gmail.com.

In spite of the ever-growing awareness of dangers to our environmental health and our concentrated efforts to protect ourselves through the use of “green” practices, the interior of your Los Angeles CA home is still susceptible to unseen perils.  In fact, the Sierra Club of Canada has done studies which show that the inside of homes is often worse than the outside, a result of chemicals sneaking in through cleaning supplies, furniture, plastics, flooring, dry cleaning, water, shoes, and even pet paws!

Cleaning supplies. 
While you may be aware of the toxicity of many such products, there are also culprits we don’t know about or which are not listed on labels.  For example, ammonia-based glass cleaners contain a potentially nerve-damaging substance, and, ironically enough, some air fresheners give off naphthalene, a suspected carcinogen. What can you safely use?  In addition to “green” products available for purchase, you can discover the cleaning power of baking soda and soda ash, the ability of borax to remove mold and roaches, and the deodorizing attributes of vinegar and oils of lemon, lavender, and peppermint.

Furniture and flooring. 
Who knew that a piece of new furniture, carpet, or wood flooring could be hazardous to your health?  Each of these can bring gasses, especially formaldehyde, into your Los Angeles CA home.  Items made of MDF and many flooring adhesives emit this gas and can cause breathing problems and eye irritation. What to do?  Look for furniture and flooring labeled formaldehyde-free.  Your might also consider buying used wood items, since they have already been off-gassed.

Plastics. 
Of particular concern is PVC, frequently found in shower curtains, children’s toys, and food containers.  Unfortunately, studies have linked PVC with birth defects and neurological impairment.  How to avoid PVC?  Do not use any #3plastics and look for products labeled PVC free.

Dry cleaning. 
Most traditional dry cleaners use a substance called perchloroethylene (perc), something ofteassociated with headaches, breathing problems, and liver/kidney damage.  Safe alternatives include finding a perc-free establishment or unwrapping your clothes as soon as you bring them home and letting them air out before hanging them in your closet.

Water. 
Like our air, our water is also contaminated with chemical and toxins, especially lead, mercury, and asbestos.  An easy solution is to purchase a water filter, either one that attaches to your faucet or one that services the whole house.

Shoes and paws. 
When you, or your pets, come in from outside, you bring with you not only dirt but also residue from lawn chemicals, automotive fluids, and pesticides.  Simple solutions include wiping your feet on an outside mat before entering the house, leaving your shoes at the door, and wiping your pet’s paws if they look dirty and after you have treated the lawn.

One final tip to combat toxins:  Buy a filter that traps super-small particles and defends against ozone—and change it OFTEN!

Eileen Walsh

Search all Los Angeles homes for sale.

Eileen Walsh has a reputation for tough, yet fair, negotiation, and for facilitating real estate transactions to a successful close. She has earned the loyalty of repeat clients who rely on her for all of their real estate needs. Eileen's goals are to ensure Los Angeles real estate sellers that they receive top net dollar for their properties in the shortest amount of time and to help Los Angeles homebuyers find the property which best meets their objectives at the fairest price. 

Empowered with the appropriate people skills, market knowledge, deal-making track record and dedication to her clients, Eileen has shown that she is THE INTELLIGENT CHOICE to represent you in your next Los Angeles real estate transaction.

For more information about buying or selling your Los Angeles home, please call Eileen direct at 310-738-3807 or via email at eileenwalsh.realestate@gmail.com.

Just as fashions and car styles change from year to year, so do home features that head the “most wanted” list of potential buyers of Los Angeles real estate. Where wall-to-wall carpeting was once the rage, hardwood floors, now reign supreme, and a formal, center dining room is often viewed as a negative feature rather than a positive one.  And style preference has certainly changed; replacing the McMansions on the “must-have” list are arts and craft bungalows, mid-century homes, and residences with Old-World charm and character.

WHAT’S IN:

• Green features:  Energy-efficient appliances, air-tight windows, heating systems, etc., have become expected features..
• Sustainable materials:  The use of stone, terra cotta, bamboo, and cork are popular choices.
• Storage areas:  A garage, preferably a 2 car, is a must, as are walk-in-closets, pantries, and an abundance of storage space.
• Condition:  No fixer-uppers for this year’s buyers.  They are looking for a move-in-ready, well-maintained piece of Los Angeles real estate.
• Layout:  The open layout with few walls is still the most popular, as it allows for casual dining, family gatherings, and large-scale entertaining.
• Luxury touches and the amenities that convey luxury:  High dollar finishes, granite counters, stainless steel appliances, tile baths, counter bars and stools are all desired.
• Outdoor Living:  Screen porches, outdoor kitchens, two-way fireplaces, and the all-important deck or patio add to a home’s appeal.
• Specialized space:  Reflecting today’s lifestyle, high on the wanted list are media and workout rooms.  Some type of foyer or entrance space is also a necessity for today’s buyers.
• Quality bathrooms:  Definitely more than one!  Pedestal sinks; soaking, jetted, and claw foot tubs; and a separate shower and tub are also very popular in the bathroom right now and are what most buyers are going for.

WHAT’S OUT:

• Retro touches:  Features of 1970’s-80’s homes such as avocado appliances, walnut cabinets, and Formica countertops are being shunned this year.
• Dated layout:  Buyers of Los Angeles real estate are giving a “thumbs down” to restrictive layouts and are eschewing bedrooms off living or dining rooms, center dining rooms, and stairways located directly in front of an entrance door.

And topping the list:  Since this is still decidedly a buyer’s market, the most desired feature this year is a bargain, be it in price or incentives, or both.

Search all Los Angeles homes for sale.

Eileen Walsh has a reputation for tough, yet fair, negotiation, and for facilitating real estate transactions to a successful close. She has earned the loyalty of repeat clients who rely on her for all of their real estate needs. Eileen's goals are to ensure Los Angeles real estate sellers that they receive top net dollar for their properties in the shortest amount of time and to help Los Angeles homebuyers find the property which best meets their objectives at the fairest price. 

Empowered with the appropriate people skills, market knowledge, deal-making track record and dedication to her clients, Eileen has shown that she is THE INTELLIGENT CHOICE to represent you in your next Los Angeles real estate transaction.

For more information about buying or selling your Los Angeles home, please call Eileen direct at 310-738-3807 or via email at eileenwalsh.realestate@gmail.com.