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Main office: Aitkin, MN
20 2nd St NE, Aitkin, MN 56431 
(218) 429-0202    Email

Outreach location: 
McGregor, MN (763) 381-9373 

 


Broker/Owner RE/MAX Northland
Jared Lundgren

(612) 636-2151
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Real Estate News

Latest Realty News from NAR

Charity Deduction Faces Same Tax Reform Risk as MID

Of all the itemized deductions, the one for charitable contributions might seem to come out the best under tax reform. That’s because it’s the only deduction under both the House and the Senate versions of the bill that is largely undiminished. And yet charities complain donations will dry up under tax reform. What gives?

b“Provisions in the tax bill the House and Senate are considering would make the situation worse” for charities, Ray Madoff, director of the Boston College Law School Forum on Philanthropy and the Public Good, says in a Nov. 27 New York Times opinion piece.

The problem, Madoff says, is the near doubling of the standard deduction. With all of the other itemized deductions either going away or constrained by new caps, most households will opt for the standard deduction rather than continue to itemize. That renders the tax deduction for charitable giving nearly meaningless. As Madoff puts it, “A vast majority of American taxpayers would no longer itemize and therefore would receive no benefits for their charitable giving.”

That argument might sound familiar. It’s the same one NAR is making about homeownership. Under the Senate bill, the mortgage interest deduction would be left intact, but the deduction for state and local taxes would go away. In the House, MID would be limited to mortgages of $500,000 and the deductions for property taxes would be capped at $10,000, while the deduction for state and local income and sales taxes would be entirely repealed. So, while MID is preserved, either entirely or in part, very few households that itemize today would continue to do so. As a result, MID would continue to be a benefit only for the wealthiest households.

Given the structural changes to the tax code lawmakers have before them, preserving the deduction for charitable contributions is mostly meaningless. This is exactly the same thing REALTORS® are saying about tax incentives for homeownership. They’re meaningless for most households if tax reform passes in its current form in both the House and the Senate.

More on tax reform’s impact on homeowners in The Voice for Real Estate.

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Don’t Just Sell a Home; Market a Lifestyle

Kevin Tengan told attendees at the REALTORS® Conference & Expo to remember that home buyers are looking for "a place for their life to happen."

Kevin Tengan told attendees at the REALTORS® Conference & Expo to remember that home buyers are looking for “a place for their life to happen.”

To help your listing stand out from the competition, focus on the lifestyle the property will help buyers achieve, in addition to common details such as square footage and number of bedrooms.

That’s the advice of visual effects specialist Kevin Tengan, who has turned his experience working on Hollywood productions into the foundation for a real estate business that reflects his love for imagery and storytelling. A buyer might say they want a four-bedroom, three-bath house with a sunny kitchen and a backyard, but what they’re really looking for is “a place for their life to happen,” he said during a session at the REALTORS® Conference & Expo in Chicago earlier this month.

“A lot of what we communicate is ‘what’ and ‘how,’ but few talk about ‘why,’” said Tengan, CRS, chief operating officer of RE/MAX Prestige in Honolulu. “Start with the why.”

As you develop marketing campaigns, remember that saying a home is in a great neighborhood isn’t as powerful as showing why that is the case, said Tengan. For example, if you produce a video property tour, include footage of nearby attractions such as beaches, museums, shopping districts, and other aspects of a community that can inspire a buyer to want to live in the area—not just in the home. Anything you can do to tie your listing to the lifestyle buyers want will attract more traffic, Tengan said.

One of the keys to developing marketing materials that will resonate with buyers looking for a certain lifestyle is understanding the trends that characterize the people you are trying to reach, said Emily Line, vice president of commercial services for Realtors Property Resource®. As a real estate professional, you have access to an enormous amount of data about what consumers are looking for. There are services that can sift through the information and create reports to help you develop an effective pitch, Line said.

The data can help you tune in to trends that reflect the kind of buyers you want to reach. You can identify people in certain kinds of occupations, where they like to shop, and what they like to do for entertainment, Line said. This information can help you connect with buyers in your area, as well as investors who want to purchase commercial or residential properties that will attract certain types of tenants, she said.

Turn the information you collect into a marketing tool by incorporating it into a story that connects the property to the goals and lifestyle of those who would buy it, Tengan said. “At the end of the day, the story is all that matters. A great story evokes a reaction.”

‘This is Our Moment. Own it.’

“Are you ready to own it with me?”  asked Elizabeth Mendenhall, a sixth-generation REALTOR® and the sixth woman to become president of the National Association of REALTORS® in the past 110 years. “We absolutely have the power to make a difference.”

Mendenhall was sworn into office by her father Richard Mendenhall, who was 2001 NAR president. “There is nothing more powerful in this journey than sharing it with others,” she said addressing thousands of REALTORS® at the Inaugural gala during the REALTORS® Conference & Expo in Chicago.

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Mendenhall ended her inaugural festivities with a group rendition of “REALTORS® Own It”—the vibrant tune that she co-wrote for her presidency. The song evokes the pride and power embodied in dedicated real estate pros who strive each day to meet the complex needs of their clients and keep the industry strong.

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Testimonials

Mary and I just want to thank you again for all of the help finding the right cabin. I know we were very picky trying to find the right one. Your knowledge of the area really helped us lock in about 3-4 lakes. Also, thanks for the gift of knifes, we plan on leaving them at the cabin and will think of you each time we use them. Like Mary said we would like to take you and your wife out next spring. Have a safe and Happy Thanksgiving. Thanks again! Oct 2017 - Paul & Mary bought a cabin in Aitkin
Jared and team are great to work with! The objective of having a good realtor is to get the home sold for the most money and in the shortest time possible, they did a great job !! August 2017 - Heidi Johnson (Google review)
I have worked with other realtors. Nobody was more dedicated to the needs of my family than Jared. Every time I called him, he treated me with "top priority" tendencies. He really worked hard to put me and my family in the home of our dreams. All timelines fell right into place without any delays or surprises. I highly recommend Jared to anybody looking for great service. 03/20/2017 - Jason Long (Google review)
Jared and his team brought us nearly a full price offer after listing with him for less than 1 week. We were listed with another local agent for nearly 6 months with little interest. He went out of his way to make sure that potential buyers saw our property and it paid off...thank you, Jared! 12/25/2015 - redickmitchell Sold a home in 2015 in Aitkin, MN.
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RE/MAX Northland | 218-429-0202 | Contact Us
20 2nd Street NE - Aitkin, MN 56431
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If you or someone you know is thinking of buying or selling a home in Aitkin or Brainerd Lakes area, contact us today to set up a consultation!
Contact: wewenttojared@gmail.com 612.636.2151 or 218.429.0202. We are your local RE/MAX real estate experts.

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