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      Blog :: 04-2017

      Your Tax Return: Bring it Home

      Your Tax Return: Bring it Home | MyKCM

       

      Your Tax Return: Bring it Home | MyKCM

      This time of year, many people eagerly check their mailboxes looking for their tax return check from the IRS. But, what do most people plan to do with the money? GO Banking Rates recently surveyed Americans and asked the question - “What do you plan on doing with your tax refund?”

      The results of the survey were interesting. Here is what they plan to do with their money:

      • 41% - Put it into savings
      • 38% - Pay off debt
      • 11% - Go on a vacation
      • 5% - Make a major purchase (car, home, etc.)
      • 5% - Splurge on a purchase

      Upon seeing the research, The National Association of Realtors (NAR) wondered if this could help with a constant challenge cited by many people who wish to purchase a home – saving for the down payment.

      In a recent post in NAR’s Economists’ Outlook Blog, they explained:

      “With a sizable tax refund, the average American would have a decent down payment depending on which region or market you live in.”

      They went on to add:

      “[A]pproximately 5 percent of all respondents indicated they would make a major purchase which does not seem like a lot. However, there is a bigger group 41 percent who see saving the tax return is best and that group could be potential homebuyers if they are not already.”

      In other words, putting that money toward purchasing a home is a form of savings.

      Bottom Line

      When one considers that first-time home buyers in 2016 had an average down payment of 6%, a decent tax return could go a long way toward the necessary funds needed for a down payment on a house. Or perhaps, the down payment needed by a son or daughter to make their homeownership dream a reality. How are you going to spend your return?

      Real Estate Mogul: Here's Why You Should Buy

      Real Estate Mogul: Here’s Why You Should Buy | MyKCM

       

      Real Estate Mogul: Hereâ??s Why You Should Buy | MyKCM

      Real Estate mogul, Sean Conlon, host of The Deed: Chicago on CNBC, was recently asked the question, should you buy? Or should you rent a house?

      Conlon responded:

      “I am a true believer that you save every penny and you buy your first house… and that is still the fastest path to wealth in this country.”

      Conlon went on to suggest that first-time buyers put down 10-20% “if they can make it work,” and to remain in their home at least 4-5 years to see a return on their investment.

      Who is Sean Conlon, and why should you listen to his advice?

      Within a few years of working in the real estate industry, Conlon had established himself as one of the leading agents in the United States and has founded 3 billion-dollar brokerages dealing in residential, commercial and investment sales. Since immigrating to America from the United Kingdom in 1990, he believes very strongly in the American Dream and the role that homeownership plays in achieving it. Conlon is quoted on his website as saying:

      “I treat people the way I would like to be treated if I went in to buy a house and I work harder than anybody I know. I think if you do that in America, you will always succeed.”

      Bottom Line

      Homeownership is an investment you can leverage against in the future that not only provides shelter and safety but also helps you build your family’s wealth. If you are debating whether or not to purchase a home this year, let’s get together to discuss the opportunities available in today’s market!

      Thinking of Selling? Now Is the Time to Act

      Thinking of Selling? Now Is the Time to Act | MyKCM

      If you thought about selling your house this year, now may be the time to do it. The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that [...]

      Millennials Flock to Low Down Payment Programs

      Millennials Flock to Low Down Payment Programs | MyKCM

      A recent report released by Down Payment Resource shows that 65% of first-time homebuyers purchased their homes with a down payment of 6% or less in the month of January.

      The trend continued through all buyers with a mortgage, as 62% made a down payment of less than 20%, which is consistent with findings from December.

      An article by DS News points to the new wave of millennial [...]

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