ObamaCare Impacts Real Estate

FACTS on the New 3.8% Tax - Read this article!

ObamaCare impact on real estate transactions. (maybe)

THE FALSEHOOD:  I have received a number of emails that are forwarded to me and many others with erroneous information about how ObamaCare is going to place a tax to Sellers on ALL real estate transactions closed after January 1, 2013.  Essentially these ERRONEOUS EMAILS state that, for example, on a $100,000 sales transaction, the SELLER must pay a new tax of 3.8% or $3800 to the federal government.
i.e. - in an email I received today:
"Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it?   Under the new health care bill all real estate transactions will be subject to a 3.8% sales tax."    THIS IS FALSE!

In my opinion, ObamaCare is a very bad thing.  It's bad legislation by an out-of-touch President and Congress (especially a currently Democratic controlled Senate).  

THE TRUTH:
Beginning January 1, 2013, a NEW 3.8 percent tax on some investment income will take effect.   This tax WILL NOT be imposed on all real estate transactions, a common misconception. Rather, when the legislation becomes effective in 2013, it may impose a 3.8% tax on some (but not all) income from interest, dividends, rents (less expenses) and capital gains (less capital losses). The tax will fall only on individuals with an adjusted gross income (AGI) above $200,000 and couples filing a joint return with more than $250,000 AGI.   Additionally, the new tax does NOT eliminate the benefits of the $250,000/$500,000 exclusion on the sale of a principal residence. Thus, ONLY that portion of a gain above those thresholds is included in AGI and could be subject to the tax.

LINK:  3.8% Tax on Certain Real Estate Transactions - Brochure by National Association of Realtors

This new tax was passed by Congress in 2010 with the intent of generating an estimated $210 billion to help fund President Barack Obama’s health care.    Of course, there are other wild taxes and even a raid on Medicare to fund Obama's health care. 

Your vote this November is critical to America's future.  Please know the issues and VOTE.

Mel Coker

Columbia, SC Realtor

RE/MAX Metro Associates

Columbia, SC Real Estate Website

Real Estate Frustration? Selling Problems or Value Problems

What is one significant cause of the housing crisis?   Read on...
I deal with many prospects, clients or potential prospects still facing problems with either (or both) selling their home or a significant drop in their home valuation.   The same thing has happened in the Greater Columbia area and even to my home value (fortunately, not as significant home value decrease as in many parts of the country).  While I don't need to sell or want to sell, certainly my home value is down today as compared to the value in 2006-2007.

What was a big cause of the real estate/housing meltdown?   Significantly loosened credit requirements....  so that people getting approved for  loans to buy whereas in the past would never get a loan based on their ability or willingness to repay (i.e. subprime mortgages).   Result?    Dramatically higher foreclosures and short sales.  Another result?   Significantly higher inventory of homes for sale.  Another result?  Lower home prices and much higher average time to sell a home.   (Remember that old economic principle:  Supply and Demand)



Read this: 
Just yesterday, The Daily Caller website revealed some previously unpublished court information about a landmark case that many consider the fuse that set off the subprime mortgage boom and eventually, the economic meltdown. It was a 1995 discrimination lawsuit against Citibank, on behalf of a group of African-Americans who claimed they couldn’t get loans because of their race. It was part of a coordinated effort at the time by progressive groups. The banks didn’t want to be sued or accused of racism, so they loosened requirements for credit history and down payments (they just gave in). What the Daily Caller discovered is that among the original plaintiffs in that case, there was a startling loan failure rate. Out of about 186 homebuyers, roughly half have since gone bankrupt or received one or more foreclosure notices. As few as 19 still own homes with clean credit ratings. Even some of the plaintiffs now say the banks never should’ve made those loans.
And here’s the kicker: the lead attorney on that case that prompted banks to start making home loans to people who couldn’t qualify for them was a young Chicago community activist named Barack Obama.


 
  

Columbia, SC Relocation

Relocating to the Greater Columbia area?

Mel Coker knows Columbia real estate... and, Lake Murray, Irmo, Chapin, Lexington, Northeast Columbia, Elgin and West Columbia.

Mel is a Professional Realtor (CRS, ABR, GRI, SRES and e-Pro Designations) and life-long Columbia resident.

Contact: Mel Coker
RE/MAX Metro Associates
(803) 223-6214
Columbia Real Estate
Columbia Information
Lake Murray Information

500 Columbia, SC Real Estate Closings

Coming Soon: Mel Coker's 500th Real Estate Closing

Very soon, I will have my 500th Columbia (S.C.) real estate closing.
That's 500 closings since 1998 covering Columbia, Northeast Columbia, Lexington, West Columbia, Cayce, Irmo, Chapin, Prosperity, Saluda, Elgin and Lake Murray.  I've enjoyed helping many families and individuals buy and sell in the Greater Columbia area.  And, I'm looking forward to an improving economy and helping many more clients buy, sell and relocate.

My 500 closings represent an average of over 33 closings per year and a total sales volume in excess of $83 Million.  During these 15 years, I have only worked at two Columbia real estate firms.  For the past 11 1/2 years, I have been associated with the world leader in Real Estate sales - RE/MAX.  In 2006, I was inducted into the RE/MAX Hall of Fame for sales volume leadership.

My 500th real estate closing client will receive a special gift package in recognition of this special milestone.  Will it be you?    When you're ready to BUY or SELL in Greater Columbia, contact Mel Coker.

Mel Coker
RE/MAX Metro Associates
Columbia Real Estate Website
Columbia MLS Search
(803) 223-6214 office
Mel Coker's email

How Wealthy Are You?

Most folks just think of NET WORTH when considering wealth.  Of course, net worth is the value of all assets minus the value of all liabilities.  Assets include cash, retirement savings, checking and savings accounts, investments, HOME VALUE, investment properties and fair valuations on art, collectibles, furnishings, etc.  Liabilities include debt balances on mortgages, student loans, credit cards, home equity and any other debt.   The result is net worth.  The cool thing about owning your own home is that over time, home ownership becomes a significant part of net worth (my plug for home ownership!)

Number ONE tip for accumulating wealth?  SPEND LESS THAN YOU EARN.

I have read the really good book, The Millionaire Next Door, and one web guru, Hugh Chou, also read the book and created a really cool wealth calculator.  The book and Mr. Chou's online calculator follow the premise that your total net worth alone does not tell a good enough picture of one's wealth, what matters is how much worth you can accumulate on your income considering your own age.



Where do you stand?  Are you an UNDER accumulator of wealth?   AVERAGE accumulator of wealth? PRODIGIOUS accumulator of wealth?  In other words, what is your wealth index?    Well, you can figure this out with the link below.  I've also included other links such as a cool net worth calculator and a portfolio manager.

HOW WEALTHY ARE YOU?  (Hugh Chou's Wealth Equation Calculator)

Calculate NET WORTH

Portfolio Monkey (cool investment and portfolio management tool)

BUY a home in Columbia, SC

Interesting notes:

• U.S. median household income in 2010: $45,800 (down 7.7% from 2007)
• U.S. median household net worth in 2010: $77,300 (down 38.8% from 2007)
• A recent Federal Reserve survey finds that during the recent economic downturn, American families are saving less and only slowly repaying debt.

Mel Coker
Columbia, SC Realtor
RE/MAX Metro Associates

Seniors Real Estate Specialist in Columbia, SC

MEL COKER is your Seniors Real Estate Specialist in Columbia, S.C.   When you're ready to BUY or SELL in the Greater Columbia area, be sure to contact Mel Coker

Mel is a life-long Columbia area resident and sells real estate in downtown Columbia, Northeast Columbia, Lexington, Irmo, Chapin and on Lake Murray.  Mel works at RE/MAX Metro Associates in the Irmo area.
Office: 803-223-6214
Internet
email

Click to Enlarge

Lake Murray - Beautiful South Carolina Lake!

Lake Murray Information by Mel Coker, Columbia's Realtor...

Check out my Lake Murray information to learn all about this wonderful lake in South Carolina. 

 Lake Murray has been named by BOATING MAGAZINE as one of the Top Ten lakes in the United States for living and boating.

LAKE MURRAY WEBSITE by Mel Coker
LAKE MURRAY BLOG by Mel Coker
(recent posts: Lake Murray 360 degree panorama, Lake Murray time lapse, church services on Murray)

More Cool Lake Murray Links:
Lake Murray eBook
Lake Murray Facts (printable in PDF)
Lake Murray 360 degree Panorama
Lake Murray Time Lapse

Mel Coker
RE/MAX Metro Associates
(803) 223-6214 office
Lake Murray & Columbia Real Estate

Irmo Home For Sale - Palmerston North Subdivision

102 Bronlow Drive; Irmo, SC
What a home!  Located in the popular Irmo area, this all-brick home features 5 bedrooms and 3 1/2 bathrooms.  And, it's PRICED TO SELL!

More features:

Hardwoods in foyer, formal dining room, kitchen, breakfast area

Formal Dining Room

Formal Living Room / Study

Family Room with Fireplace and bay window, flat screen TV conveys

Beautiful Kitchen! Smooth surface counters, pantry, white cabinets, breakfast area

Master bedroom (trey ceiling) with sitting area

Master bath has double vanity, Whirlpool tub and separate shower, walk-in closet, TV conveys

Backyard Oasis! 16' x 32' Inground Pool

Seller provides America's Preferred Home Warranty

Central heat and cooling

Beautifully maintained yard includes over 20 palm trees Architectural shingles

Two car garage

Deck

Large .77 acre lot

Back of Home / Pool

Over 3100 square feet, all brick with a pool and priced at only $325,000.

This home is convenient to downtown Columbia, Fort Jackson, Irmo area shopping, and Columbia Metropolitan Airport.  Lake Murray is less than 15 minutes away.

This home is in the highly desired Lexington School District 5 area, with both Dutch Fork Middle and Dutch Fork High schools only 1/2 mile away (an easy walk).

For complete information and pictures, CLICK HERE

Need more information or wish to schedule an appointment to see this home?
Contact Mel Coker
RE/MAX Metro Associates
(803) 223-6214 (office)