Realtors Pledge of Performance and Service

I am certified Realtor and this is my pledge to you. Check this Professional page, which shows I am bound by Respect for Public, Respect for your property, and Respect for Peers.

Further I have some duties to my clients and customers and also Duties to Public.. and follow Realtors. All this listed and posted so to remind me and others ,

 

Posted on October 17, 2019 at 6:35 pm
Anil Aggarwal | Category: Realtors | Tagged

Music can change the atmosphere of an open house

Music can change the atmosphere of an open house and day to day life in general. However, coming up with the perfect playlist for everyday events can be time consuming and overwhelming. Have no fear! Windermere Real Estate recently launched a Spotify page with all the playlists you need. They have a playlist for everything from cleaning motivation to dinner party essentials.

Posted on October 17, 2019 at 6:32 am
Anil Aggarwal | Category: Open house, Realtors

Federal Agencies Increased Residential Appraisal Threshold

On September 27, 2019, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively “the Agencies”) adopted a final rule increasing the threshold for requiring an appraisal in residential real estate transactions from $250,000 to $400,000. Federally related transactions under $400,000 will require an evaluation, rather than a full appraisal, to determine value of the real estate in question. A federally related transaction is a non-Fannie Mae or Freddie Mac transaction and a non-federal financed transaction, such as loans under the Federal Housing Administration, the Rural Housing Service or the Department of Veterans Affairs. Final Rule on Residential Threshold (link is external) The NAR position was to have these limits indexed like the GSE conforming loan limits. This should have minimal impact on the market, as the FHA and Fannie/Freddie follow old limits.
Posted on October 4, 2019 at 12:36 am
Anil Aggarwal | Category: Federal Agencies Increased Residential Appraisal Threshold, Realtors

Status of $10,000 State and Local Tax Deduction (SALT) cap

On Sept. 30, a federal district court dismissed a challenge by four states (New York, Connecticut, Maryland and Jersey) to the $10,000 cap on the federal state and local tax (SALT) deduction that was created by the Tax Cuts and Jobs Act. (New York et. al. v. Mnuchin, No.  18-CV-6427). The states alleged that the SALT cap “violates the federalism principles that undergird the U.S. Constitution.” They pointed out that the cap will result in a significant increase to federal tax bills of residents in their states and that it disproportionately affects the residents of high-tax states whose state and local taxes exceed the $10,000 cap. And, they alleged that Republican legislators and the Republican president intended this differential result to force states to provide a disincentive for these states to impose high tax rates.New Jersey Challenges SALT Cap Earlier this week, the federal courts ruled against a lawsuit initiated by New Jersey and three other states challenging the $10,000 State and Local Tax Deduction (SALT) cap. The courts ruled against the lawsuit, which argued the cap was unconstitutional. It is unclear whether New Jersey and the other states will appeal this decision. New Jersey Realtors® met with Rep. Mikie Sherrill to discuss the importance of reinstating the full deduction due to the high cost-of-living in New Jersey.

 

Read more at https://www.nytimes.com/2019/09/30/business/economy/state-local-tax.html

Posted on October 4, 2019 at 12:25 am
Anil Aggarwal | Category: Realtors, SALT

Franklin Township information and news for area Realtors

   Franklin Township News Vincent Dominach, Jr., Director of Economic Development for Franklin Township, was a guest speaker at a recent CORE Government Affairs Committee meeting, at which he provided the following information and news for area Realtors:
1.     By next year, most likely during the first quarter of 2020, a cursory inspection is expected to be required prior to all residential transfers in Franklin Township, in order to protect homebuyers. Dominach stressed that the inspection would not be “over-zealous” and would be limited to looking at the number of bedrooms, any ridiculous code violations, checking for open permits and outstanding fines, not to look for a fence or closet added without a permit or if the lawn is mowed. He said the need for this cursory inspection is the result of some attorneys not doing their due diligence checking for outstanding permits and fines, and flippers, who are notorious about not obtaining critical permits and leaving behind fines for unsuspecting homebuyers. He noted that Franklin has lots of permits – for example Franklin had 40 percent of all single family building permits during the financial crisis. He added that Franklin Township offers an amnesty almost every year to fix permit and code issues saying, “We don’t want to fine you if you cooperate. The law requests that we fine for code and permit violations but we also have the discretionary authority to waive some, all, or none of the fines. He asked for assistance from the CORE Association of Realtors to alert our members to this new inspection requirement prior to transfer. It was also noted that conveyancing attorneys will need to know about these new inspections, and Realtors could be of help with alerting those involved in transactions.
2.     Housing affordability is the topic of much discussion, and Franklin Township doesn’t want to risk a so-called builder’s remedy, whereby the courts step in and force high density that may not be a good fit with the surrounding area. Franklin Township is working to meet its targets and is actually ahead of affordable housing targets for age-restricted housing – which doesn’t automatically count toward affordability targets, but they had a real need, so approved a number of age-restricted projects. Some other municipalities “roll the dice” and don’t work to achieve affordability targets, thereby risking a builder’s remedy. Franklin had some high-density areas and raised the density there to help make their affordability targets, and Franklin also gets money from some developers in lieu of providing affordable units, which is used to help subsidize affordability at other projects. He added that, in a redevelopment area, a municipality gets double credit for every affordable unit created. Franklin Township has satisfied its affordable housing need and has Court approval of its plan. Both the Court and Fair Share Housing agreed Franklin was a shining example of how a municipality should provide affordable housing.
3.     Warehouse space is particularly “hot,” due to ecommerce, and that basically, by the time they’re in the ground, they’re leased up. In reply to a question, he said that municipalities can’t deny projects due to the traffic impact, but can require mitigation efforts.
4.     Rutgers is having a housing crunch and freshmen can’t be assured of obtaining on-campus housing. Lots of student housing is being built, and it’s anticipated that at least 500 units will be built within three years.
5.     Not much land is left in Franklin Township for large, residential development projects.
Posted on October 4, 2019 at 12:00 am
Anil Aggarwal | Category: Realtors | Tagged