April 2022 - Bedico Creek Preserve

The courtyard entry is a private enterance that welcomes you into this home.

Millennials Win When It Comes to Buying Homes

April 29, 2022/in Local News

The National Association of Realtors revealed in the most recent buyers’ report that millennials make up 37% of the homebuyers. Millennials (22-40 years old) make up the largest share of homebuyers in 2021.

The report breaks up the millennial generation into two groups. The older millennials who make up 23% of homebuyers range from 31-40 years old and the young millennials (ages 22-30) make up 14%. Combined this makes up the 37% reported and has not changed since 2014.

This year the report also includes Gen Z buyers for the first time. These buyers are between 18 and 21 years old and only make up around 2% of home buyers and sellers. Gen X (ages 42 – 57) comes in at 24% when it comes to buying a home. Gen X has the highest median income of $113,300 and they usually purchase the largest houses (2,100 square feet).

The oldest generation reported was the Silent Generation which is from 74 – 95 years old. This generation just purchased 5% of the homes this year. This is a small group which probably is due to the fact that this age bracket is retired. The largest group for selling homes was the Baby Boomers (ages 56 – 74) which consisted of 43% of home sellers.

If you would like to view the NAR’s report which also includes characteristics of home buyers and sellers click here.

Click Here For the Source of the Information.

2022 Tax Deductions For Homeowners

April 29, 2022/in Local News

Everyone in America will be filing for taxes if they earned any money in 2021. Current homeowners have tax incentives that will help protect their investment and make homeownership easier for everyone. If you are a homeowner then you will want to understand how these tax incentives will benefit you.

Mortgage interest deductions are one of these incentives. This will reduce your taxable income. A homeowner can deduct mortgage interest on the first $750,000 of their mortgage. Premiums paid on qualified mortgage insurance and home equity loans that are specifically used to buy, build or improve your home can also be itemized under deductions. If you are married but filing separately, the maximum deduction will be $375,000 for each.

A homeowner can also deduct state and local taxes. You can deduct up to $10,000 in state and local taxes. In fact, this includes property taxes! Remember again, if you are married and filing separately you will receive $5,000.

Another tax incentive for a homeowner is residential energy credits. There are two kinds, residential energy credit, and non-business energy credit. For residential energy credit, a homeowner can get 26% of the cost of residential energy property equipment plus labor. This includes solar, wind, and geothermal equipment. Examples of geothermal equipment are solar panels, advanced circulation fans, or natural gas water heaters. Non-business energy credits will give homeowners 10% of the cost of qualified energy efficiency improvements and 100% of residential energy property costs. There is a maximum of $500 from the time the credit was created in 2006 to 2022.

Homeowners have many financial benefits when it comes to owning a home. During tax season you need to add up your tax breaks. Speaking to a tax professional will help you with potentially getting thousands of dollars in tax deductions.

Click Here For the Source of the Information.

Thinking About Moving To A New City?

April 28, 2022/in Bedico Creek Blog

Moving to a new city is a fun and exciting adventure, but take the time to get to know the area before you do it. Here are five tips to do before getting to know a new city.

1. Explore like a local.

This is the perfect way to become emersed in an area from the get-go. The tourist parts of town are always the best features for some, but to get a real feel for an area, you will want to visit the areas where residents live work, and play. A good way to get to know the area is from a local’s perspective. When in town, ask a local such as a barista, bartender, or concierge. An example would be to ask where do locals frequent on the weekends?

2. Gather info as you get around.

Having to travel through a city will get you familiar with the lay of the land. You figure out quickly if there is public transportation, and how accessible and well-connected the city is. Take the time to take public transit or see how easy it is to get a taxi or Lyft.

3. Find a connection.

You always know someone through six degrees of separation. Social media is an easy way to find someone who knows someone in the city you are interested in. It is much easier to find connections to almost any place with social media. A good idea is to get out on social media and let others know you are interested in moving to a certain city and ask if they know anyone who might live there.

4. Reach out to the experts for help.

Cities and chambers of commerce are finding creative ways to get people to move to their cities. Towns and cities across America are competing for new residents. A good idea is to contact the local chamber of commerce to see what assistance they might offer. For example, in Iowa City/Cedar Rapids, new residents can get connected with job opportunities and a local resident to help them make friends in the area.

5. Get lost.

What does this mean? Sometimes how a place makes you feel is more important than the black and white information and the pros and cons. Visit the area and just go with the flow and get lost in the city. This is a great way to see if the place feels like home.

Click Here For the Source of the Information.