The Jan Richey Team Blog

Obama’s mortgage crisis plan could affect thousands of families by reducing deductions currently available to homeowners. Things have begun to improve in the mortgage market, but the proposed plans include limited itemized deductions including mortgage interest deductions.

Moe Veissi, President of The National Association of Realtors (NAR), reports, “While progress has been made in bringing stability to the housing market, the recovery has been slow. The nation’s homeowners already pay 80 to 90 percent of U.S. federal income taxes. Raising taxes on them, now or in the future, could critically erode home values at all price levels. This would destroy middle-class wealth accumulation and trillions of dollars in home values nationwide.”

Mortgage interest deductions are one of the privileges of homeownership allowing owners to write off interest paid on their mortgage each year. There was a point in time over a century ago when all interest payments were considered deductible as a business expense. In fact, the first federal income tax passed in the United States was in 1894. Interest deductions were originally introduced to offset taxes that were ranging from 1% to 7% with taxpayers earning in excess of $500,000. Most owned their homes out right. The early settlers didn’t have the ability to utilize credit as we do today.

Be sure to talk with your tax consultant about 2011 deductions currently available to you.

We’ve come a long way since 1894. The mortgage industry has fluctuated greatly over time with recent years being among some of the worst in history. 2011 proved to be an upward trend and predictions show the market continuing to improve over the next year.

The Jan Richey Team is here to give you simply the best service in real estate. Contact us today to find out more about buying or selling your home in 2012.

Week 7 Home of The Week | 4641 Biltmoore Drive

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Feb 162012

Home of the Week:

4641 Biltmoore Drive

Offered at $589,500

Frisco, Texas

Isn’t it about time you had a covered balcony on the golf course? Not only that, but a long driveway for the kids to play basketball, a spacious floor plan and a glistening pool? It can all be yours in just the right location – Frisco’s Stonebriar Community!

Offered at $598,500, this traditional home is beautifully built and immaculate. One of my favorite things about this home is the breakfast area sunroom opening up to an incredible view of the Stonebriar Country Club golf terrain. The Butler’s Pantry is also unique. It boasts with gorgeous leaded glass windows.

Stonebriar is a prestigious custom home community in Frisco including two parks, beautiful scenery and peacefulness. Security is also important in this vicinity. Private security patrols the streets 24 hours a day and high definition TV recording devices monitor vehicles arriving and departing the neighborhood.

Aside from its splendor, peacefulness and feeling of security, this Biltmoore dream home is positioned near great shopping, scrumptious dining and state of the art sporting facilities. I also love the closeness of this area. It’s a fast growing area, but because it is relatively new, people bond together to form great friendships, community involvement and positive growth for the future of Frisco.

The proof Frisco is continuing to grow came about in a Frisco Planning and Zoning meeting this morning. “The Frisco Planning and Zoning Commission approved plans for several new businesses at its meeting on Tuesday. Among them were the Prestmont Center on John Hickman Parkway east of Preston Road, which includes an Academy Sports and Outdoors outlet and several restaurants, and Eldorado Commons, which includes a QuikTrip convenience store/gas station and restaurants at the Dallas North Tollway at Eldorado Parkway,” according to Valerie Wigglesworth, report for Dallas Morning News.

Frisco dwellers don’t lack for much. That’s why it’s a great place to live! Contact your Jan Richey Team today and take a tour of this lovely home or one of our other many choices in the area. We can’t wait to introduce you to the home of your dreams and give you simply the best service in real estate!

2011 Tax Credits

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Feb 132012

I don’t know about you, but figuring out the tax puzzle is always a stressful feat. One of the biggest stresses is making sure I don’t make an error that throws up a red flag and causes an audit. It’s always best to consult a tax consultant to assure you aren’t making vital mistakes, but there are a few tips you can ponder as you prepare your statement that may bring a few financial smiles – tax credits!

Mortgage Interest Deduction opportunities are often missed because taxpayers are not aware they exist or that they can take advantage of them. According to House Logics, “Deducting mortgage interest is a great tax benefit that can make home ownership more affordable.” Oftentimes, second mortgages and home equity lines of credit will qualify as a deduction.

Tips to Successful Tax Credits:

Review IRS guidelines (IRS Publication 936, page 3) to determine what qualifies. Up to $1M loan interest can be deducted if you qualify and are filing jointly.
First year mortgage points and fees are deductible.
If interested in taking advantage of a HELOC (Home Equity Line of Credit), the line is available for deduction. The full amount of the loan may qualify as long as improvements were made to your home. If you decide to use the money for something other than bettering your home, the limit is $100,000.
Your return must be itemized to take advantage of the credits. Form 1040 is required and itemizing can be done on the form’s Schedule A.
PMI (Private Mortgage Insurance) premiums are eligible for tax credits. PMI is required when a homeowner pays less than 20% down at the time of purchase.
Did you know you can benefit from the sale of your home? A taxpayer can earn up to $500,000 if married and $250,000 if single without having to pay taxes on the earnings from selling a home. The only stipulation is that you have to have owned your home for at least 2 of the past 5 years.

None of us like tax-time, but it’s nice to know there are some advantages to homeownership that make it all the more pleasant! As mentioned in a recent post from U.S. News & World Report, “There are two things you can count on when you become a homeowner: You get more tax breaks, and your taxes get more complicated.” I’ll take a few tax complications to enjoy the benefits of homeownership!

Jan’s Valentine Tips

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Feb 112012

Valentine’s is that amazing time when we share our love with family, spouses and others special and dear to our heart. It could be you are thinking, “Dah! I know that, but what should I do about it???” If so, then today’s blog is just for you because I want to show you how you can have a special day, share what’s on your heart AND do it without a long wait at a fancy restaurant OR a lot of bucks.

Determine what you want to accomplish first

Something special for the kids
A romantic time with your spouse or significant other
A little bit of everything: kids, family and special someone

For the kids in your life

Pink hot chocolate and roasted marshmallows
Fun crafts with the kids
Create great recipeswith the kids and cook dinner for Dad
- Pot Pie Bundles – yummy!
- “Mom, the house smells great” roasted chicken
- Peppermint Meringue Snowballs
Take them to do something out of the ordinary

For that special someone

A quiet and intimate dinner at home. Pull out all of the stops – their favorite meal, wine and flowers. Be sure to create the scene with romantic lighting, candles and your finest dinnerware. I highly recommend Whole Foods for fresh strawberries, high-grade meat and the perfect pre-made side salad to wow the taste buds. After dinner, snuggle up and roast marshmallows in one of a few places:
- Outdoor fire pit, fireplace or chiminea
- Over the gas fireplace
- If all else fails and you don’t have any of the above, a gas stove will work. So will an oven if you put them on top of graham crackers and place them on a cookie sheet. Delish!
Create a progressive experience around town. Start with a cocktail at a quaint hole in the wall and then pick a different place for every course of the meal:
- Appetizer picnic at your favorite outdoor location, wine bar or hot spot around town.
- Main Course poolside or on a heated patio if it’s cold. I love the Mignon’s patio and their food is fabulous.
- Dessert at home

A little something special for everyone

A family evening can be fun, too!
- Let the kids cook dinner for both of you or the two of you cook for the kids TOGETHER!
- Let the kids plan something special the earlier part of the day and then take action on the above “Someone Special” plans.
Have everyone share something they think is special about everyone else. You could even make it anonymous by having everyone write it down on separate pieces of paper. Then, draw the slips of paper one by one out of a bowl and read them allowed. Try to guess who’s talking about who.

The options are limitless. Togetherness and sharing how much you care for each other is the key. Whether you are waiting until the actual day or celebrating early, The Jan Richey Team wishes you a blessed and happy Valentine’s Day!

Week 6 Home of The Week | 5057 Bridge Creek Drive

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Feb 112012

5057 Bridge Creek Drive

Plano, Texas

Offered at $565,000

It’s nice to know Collin County has options for people who want to live in spectacular neighborhoods at a price they can afford. 5057 Bridge Creek Drive is located in the zero lot line area of Lakeside on Preston – a neighborhood that soars with beautiful homes, fully grown trees, walking trails and glistening lakes. Not to mention, it’s in the middle of West Plano, which is known for its luxurious homes, accredited schools and thriving community.

This former LakeSide model home shines with immaculate wood floors; custom cabinetry; a high-end vintage oven/stove in the kitchen (Love this! It reminds me of my mother’s old stove.); and a play pool and spa, which is rare for a zero lot line home. It stands at 3,335 square feet and was built in 1998. The landscaping is gorgeous as well.

There’s not much Plano excludes when it comes to amenities, entertainment, beauty and community involvement. In fact, when it comes to community volunteering and giving, Collin County is “all in” to help those in need. There are several children’s agencies, adult clinics, medical clinics and even a shelter for families who have lost their jobs, homes and lives as they once knew them. Collin County is recognized as one of the most affluent counties in the country, but they are not without struggles like any other community. The difference is these neighbors pull together to support each other and make a positive impact on society.

When they aren’t supporting their neighbors in need, “Plano-ites” are enjoying the social life in Plano and the surrounding areas. There’s so much to do right in your own back yard! 5057 Bridge Creek Drive is within walking distance of several places to dine, picnic, exercise or shop. But, not far down the road are quaint shopping centers with beautiful lakes, live entertainment and fabulous people watching…we all like to enjoy that!

We can’t wait for you to take a tour of this fabulous abode. Contact us today to schedule a tour or visit us on for a virtual tour. We’ll give you simply the best service in real estate!

Dallas-Fort Worth: The Hot Spot for Celebrities

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Feb 082012

Dallas-Fort Worth: The Hot Spot for Celebrities

Dallas-Fort Worth must be a great place to live. After all, the list of star celebrities living in our backyard is long…The Jonas Brothers, Chuck Norris, Don Henley, Selena Gomez, Demi Lovato, Troy Aikman, Emmitt Smith, Deion Sanders. Just recently, we added Chloe Kardashian and her husband Lamar Odom to the mix. Oh, and who could forget George W.?

There are many reasons the stars move to this area. For one thing, it’s packed with things to do: professional sporting events, great entertainment, one of the U.S.’ best fashion spots, state-of-the-art real estate havens and fantastic opportunities…just to name a few. For Chloe Kardashian and Lamar Odom, it was the Dallas Mavericks. Once being an LA Laker, Odom was traded to the Mavs the later part of 2011. Other celebs live her because of their profession – sports, films, television, etc.

George and Laura Bush chose Dallas because it felt like home to them. Laura was an Southern Methodist University grad. Not to mention, the two of them lived in Dallas before George presided as the Texas Governor.

I’m not sure where you’ll spy the Bush’s, but you may see a few celebs in downtown Dallas’ area hot spots. Enjoy a fantastic dinner at Steel and then wind your way over to Hotel ZaZa. Regardless of whether or not you see any stars, Steel is a scrumptious place for sushi. The last time I ate there, a large group of us shared a variety mix of sushi that was to die for! The people watching and atmosphere won’t disappoint at ZaZa.

I can’t close without saying how great the real estate is in this area. From thousands to millions, there’s something for everyone. For our Hollywood stars who have moved to DFW, they don’t seem to be disappointed with the amount of home you get for your money.

Collin County Happenings – Recreational & Rodeo Fun

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Feb 032012

If outside is where you like to hang your hat, this is the perfect weekend to head to Frisco Commons Park with your family. They are unleashing 2800 Rainbow Trout into the pond and are inviting everyone to bring their kids, rods and tackle to the Trick-A-Trout Kid Fish event.

Located at 8000 McKinney Road in Frisco, Frisco Commons Park includes a Grand Pavilion, a large amphitheater, a fully stocked pond, playground system, nature garden, picnic tables and benches, BBQ grills, restrooms, a 1 mile walking trail and a paved parking lot. In fact, the Texas Recreation & Park Society awarded the park with the “2005 Park Design Excellence Award.” Dallas Child Magazine awarded them with the “Metroplex’s Best Family Park Award. They were also the recipient of the “2008 Facility Design Award” granted by the National Recreation and Parks Association. It is beautiful and fun!

Also, don’t forget this is the last weekend to attend the Legendary Fort Worth Stock Show & Rodeo. I love this rodeo! It’s small and quaint and if you’re lucky enough to sit on the front row you might even get to experience a little bit of dust as the bulls and horses romp across the rodeo floor. Just don’t let one of those cowboys land in your lap! They’ll keep you entertained. My question for you is, are you afraid of the rodeo clowns???

Rodeo tickets range between $16 and $22 and include general admission to the Stock Show grounds the day of the performance. The event is located at 3401 West Lancaster Avenue in Fort Worth. View this Google Map for directions. For more information, call 817.877.2420.

Week 5 Home of the Week | 6413 Blacktree Drive

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Feb 022012

Home of the Week

6413 Blacktree Drive, Plano

Offered at $374,900

Tall ceilings, wood floors, elegance…these are a few of my favorite things! 6413 Blacktree Drive in Plano has them all. I love the bright, cheery kitchen with updated counters, the spacious game room with built-in shelving and the sparkling pool and spa scene just beyond the outdoor arbor.

Not only is this home pristine, it is conveniently located near the hospital, great schools and – as I would say is ever important – shopping and dining! One of coolest places nearby is Arbor Hills Nature Preserve, a 200-acre park with gorgeous scenery and trails for walking, jogging or hiking. I love to take my dogs there. It’s so peaceful and my sweet furry friends love the surroundings. They also love bumping into a friend or two while they’re taking a stroll and sniffing every inch of the preserve.

The park is open from 5am to 11pm and includes a playground, restrooms, a paved recreational trail, natural unpaved trails for hiking and walking, cycling trails, an observation tower and a pavilion. It’s close enough to Blacktree to walk and you will love it!

Also close to home is a splendid breakfast spot – Le Peep. Meet your friends for coffee or take in their scrumptious pancakes. They are delish and certainly worth the calories! For an all out sinful experience, try their Lumberjack Breakfast. You may never eat again, but it is fabulous!

For a nice evening out with friends, grab a bottle of wine and take in some Italian at Fino’s Italian Bistro located next door to Le Peep. It gets great reviews and it’s always crowded on the weekends. Be sure to make reservations. It gets crowded quickly.

Whether you enjoy an evening on the town or staying at home in this cozy yet spacious 3,400+ square foot home, you are sure to take pleasure in the Parkbrooke neighborhood. Give The Jan Richey Team a call today to take a tour.

According to USA Today, the five largest mortgage providers are about to strike a settlement deal with the federal government to the tune of a possible $25B. Ally Financial, Bank of America, Citibank, Chase and JPMorgan are the first to take part in the deal. Others are expected to follow.

A good portion of the funds ($17B) would go towards reducing mortgage loan amounts for those in need as well as allowing lenders to provide “short sells” where the lender provides the homeowner the opportunity to sell their home for less than the remaining loan balance. $3B would provide refinancing options at a rate of 5.25%. $5B would be distributed state-by-state to victims of loan-servicing abusers.

Eligible payouts will go to people who are more than 60 days behind on their mortgage as designated by a determined date. They will also be required to owe more than the value of their home. In order to participate, the homeowner’s state must be involved in the settlement.

In the State of the Union address a few days ago, Obama promised to help reform the mortgage issues, “I’m sending this Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage by refinancing at historically low rates,” Obama said. “No more red tape. No more runaround from the banks. A small fee on the largest financial institutions will ensure that it won’t add to the deficit and will give those banks that were rescued by taxpayers a chance to repay a deficit of trust.”

The National Association of Realtors (NAR) has agreed to support the recovery effort according to NAR President Moe Veissi, “REALTORS® believe that more must be done to stem the rising inventory of foreclosed homes and address the lack of available and affordable mortgage financing, which is inhibiting a meaningful housing market recovery.”

Expect to see changes in 2012. Gradually, the housing market is shifting towards recovery. It will take some time, but we envision the market continuing to pick up in Collin County as people overcome the 2008 economic crisis. Mortgage recovery is at the center of importance in the overall health of our nations financial calamity.

We’ve always known that Collin County is a great place to live.

We live here.

We should know! But others think this is a great place to live, too.

According to Sperling’s Best Places to Live, Dallas-Fort Worth has quite a reputation:

#4 best place to relocate in America:

Several factors went into determining the best places to relocate – unemployment, cost of living, crime rates, population health and cultural events. Pittsburg, PA, Buffalo Falls, NY, and Omaha, Nebraska are ahead of DFW. The metropolis is ranked high because of its consistent economy and social resilience. Some of the best opportunities are found right in your back yard!

#4 best place to spend Thanksgiving

This statistic seemed like an odd piece of information until I read a little further. Did you know Fort-Worth/Arlington is a great place to spend your fall holiday dinner? Apparently, food, friends and football make for a great Thanksgiving in the South. Not to mention, it’s a short drive from Collin County and who wouldn’t want to go to Jerry World? Interestingly enough, Pittsburg, Buffalo Falls and Omaha lined up ahead of DFW in this ranking as well. Apparently, people in the northeast like to eat and celebrate more than in the South.

In 2010, Women’sHealth Magazine ranked Plano the best place for single women to live based on the single men to women ratio, low mortality rates, vegetable and fruit consumption, low obesity and smoking rates. Sounds pretty good for a married woman, too!

If I haven’t given you a few reasons to love your city or want to move to the DFW area, let us take you on a tour of the beautiful and affordable houses in the area. We have some fantastic listings. Not to mention, entertainment and shopping in the metroplex will keep you hopping. We aren’t known for boredom! I laugh when I hear kids say they are bored. There’s so much to do here – inside and out.

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Obama Proposal Could Effect Thousands of Families

Be sure to talk with your tax consultant about 2011 deductions currently available to you.

Week 7 Home of The Week | 4641 Biltmoore Drive