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Bois D’Arc Lake – Fannin County, Texas

 

 

Bois d’Arc Lake 2022

August 3, 2019

I stopped by to take a look at how the construction was progressing for the bridge that will eventually span the future Bois d’Arc Lake. I am fascinated by the sheer volume of cement in massive columns that seem to march north to what will be the other side of the lake and the future of Fannin County.

When I gaze eastways across the low valley known locally as the Bois d’Arc Bottoms there is a bittersweet sense of loss for the land and the thriving wildlife within it’s deep woods. It all will be gone once the dammed northern part of the Bois d’Arc creek rises up and creates a new lake covering over 16,640 acres. This new lake will be known far and wide as the Bois d’Arc Lake of Fannin County, Texas.

It’s a transformation of more than the landscape. The use of the land will become much more public and the water that once flowed throughout the county will be defined by the NTMWD in ways that I can’t began to understand yet. The Bois d’Arc Lake is estimated to be providing an astounding average of 108 million gallons of water per day to the NTMWD customers rural and urban in the year 2022. Yes! The early part of 2022. Completed. That is the estimated date of it being fully up and operational.

All Aboard! Here comes the new Bois d’Arc Lake. It is no longer the “proposed lake” it is nearly here and nearly up and running in just over a in less than three years.

Now we are talking about zoning around the lake and possible Marina sites for boating and recreation.  The price of land and homes are rising steadily and many of our roads are getting better and wider for the planned increase in traffic and people.

Affordable housing has become an issue while the construction of new restaurants, car washes are breaking ground.  Old homes and buildings are starting to be restored with a new influx of energy and money or leveled for new construction.

The future of Fannin County will be evolving into something different than it was before as we enter a new age of being a recreation destination. A place where visitors come and enjoy our bounty of lakes and natural recreation like our multiple lakes, the Caddo Grasslands, local events. Visitors who will stay, eat and shop with our local merchants. There are new residents moving into Fannin County all the time. New neighbors moving here who may have got a job here, working from home or retiring to a place less crowded with a rural feeling of country life.

The lake isn’t here yet and I have lost count of how many RV parks have been created the last two years/ Already they all seem to be busy with out of area construction workers, visitors, and once the lake is here they will be booming busy. I would imagine new hotels and businesses will continue to flock to our area as we are moving on up and opportunities will continue to grow for local business. That’s the plan isn’t it?

Another thing that will continue to grow is prices and property taxes as the value of property continues it upward trend. The prices will only go up.  That is my humble prediction. Like Will Rogers said “You don’t wait to buy land. You buy land and wait”. Investors and speculators have been buying and waiting over the past 15-20 years when the lake was proposed and those with vision and money bought land near the future lake and have been holding on to it for when the lake becomes an actuality.

If any of you are waiting for prices to go down before you buy property then I suggest you consider the low interest rates and make your move to become a homeowner or purchase land for the future that most likely isn’t that far away.

All Aboard!

Penny Pearson

Fast Facts about Bois d’Arc Lake

The NTMWD has provided a list of Benefits for the Region
Not only will the Bois d’Arc Lake meet the water needs of up to 80 North Texas communities, it will also offer numerous recreation opportunities and significant economic benefits.*
Projected Economic Benefits:
Increasing economic activity in Fannin County by at least $509 million and the entire
region by $682 million over the construction period.
Boosting recreation and industry-related activity in Fannin County by $166 million
each year after construction.
Creating more than 2,400 new jobs in the Fannin County area.
Spending by new residents will increase economic activity in Fannin County by
$81 million annually.
Supporting the construction of 3,200 new homes over the next 30 years.

 

Seller Guide for 2019

Below are five reasons listing your home for sale this winter makes sense.
1. Demand Is Strong
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase…and are in the market right now! More often than not, multiple buyers are competing with each other to buy the same home.Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
Housing inventory is still under the 6-month supply that is needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon. Historically, the average number of years a homeowner stayed in his or her home was six, but that number has hovered between nine and ten years since 2011. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move. The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell.
3. The Process Will Be Quicker
Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 46 days.
4. There Will Never Be a Better Time to Move Up
If your next move will be into a premium or luxury home, now is the time to move up! The
inventory of homes for sale at these higher price ranges has forced these markets into a
buyer’s market. This means that if you are planning on selling a starter or trade-up home,
your home will sell quickly AND you’ll be able to find a premium home to call your own!
Prices are projected to appreciate by 4.7% over the next year according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.
5. It’s Time to Move on With Your Life
Look at the reason you decided to sell in the first place and determine whether it is worth
waiting. Is money more important than being with family? Is money more important than
your health? Is money more important than having the freedom to go on with your life the
way you think you should?
Only you know the answers to the questions above. You have the power to take control of
the situation by putting your home on the market. Perhaps the time has come for you and
your family to move on and start living the life you desire.
That is what is truly important.

Download the complete SellingYourHouseWinter2019 PDF Magazine

Homeowners and Tax Deductions – 2019

Tax Deductions for Homeowners: How the New Tax Law Affects Mortgage Interest
Article From HouseLogic.com

By: Leanne Potts
Published: December 21, 2018

Tax changes for 2019 change the landscape for homeowners.

Tax season is upon us once again, and to make it even more interesting this year, the tax code has changed — along with the rules about tax deductions for homeowners. The biggest change? Many homeowners who used to write off their property taxes and the interest they pay their mortgage will no longer be able to.
Tax season is upon us once again, and to make it even more interesting this year, the tax code has changed — along with the rules about tax deductions for homeowners. The biggest change? Many homeowners who used to write off their property taxes and the interest they pay their mortgage will no longer be able to.

Stay calm. This doesn’t automatically mean your taxes are going up. Here’s a roundup of the rules that will affect homeowners — and how big of a change to expect.

Related: Are Closing Costs Tax Deductible?

Standard Deduction: Big Change

The standard deduction, that amount everyone gets, whether they have actual deductions or not, nearly doubled under the new law. It’s now $24,000 for married, joint-filing couples (up from $13,000). It’s $18,000 for heads of household (up from $9,550). And $12,000 for singles (up from $6,500).

Many more people will now get a better deal taking the standard than they would with their itemizable write-offs.

For perspective, the number of homeowners who will be able to deduct their mortgage interest under the new rules will fall from around 32 million to about 14 million, the federal government says. That’s about a 56% drop.

“This doesn’t necessarily mean they’ll pay more taxes,” says Evan Liddiard, a CPA and director of federal tax policy for the National Association of REALTORS? in Washington, D.C. “It just means that they’ll no longer get a tax incentive for buying or owning a home.”

So will you be able to itemize, or will you be in standard deduction land? This calculator can give you an estimate.

If the answer is standard deduction, you’ll be pleased to know that tax forms are easier when you don’t itemize, says Liddiard. Find instructions for IRS Form 1040 here.

Personal Exemption Repealed

One caveat to the increase in the standard deduction for homeowners and non-homeowners is that the personal exemption was repealed. No longer can you exempt from your income $4,150 for each member of your household. And that might temper the benefit of a higher standard deduction, depending on your particular situation.

For example, a single person might still come out ahead. Her $5,500 increase in the standard deduction is more than the $4,150 lost by the personal exemption repeal.

But consider a family of four with two kids over 16 in the 22% tax bracket. They no longer have personal exemptions totaling $16,600. Although the increase in the standard deduction is worth $2,420 (11,000 x 22%), the loss of the exemptions would cost them an extra $3,652 (16,600 x 22%). So they lose $1,232 (3,652 – 2,420).

But say their two kids are under 16, giving them a child credit worth $2,000. That offsets the loss resulting in a $758 tax cut.

The takeaway: Your household composition will probably affect your tax status.

Mortgage Interest Deduction: Incremental Change

The new law caps the mortgage interest you can write off at loan amounts of no more than $750,000. However, if your loan was in place by Dec. 14, 2017, the loan is grandfathered, and the old $1 million maximum amount still applies. Since most people don’t have a mortgage larger than $750,000, they won’t be affected by the cap.

But if you live in a pricey place (like San Francisco, where the median housing price is well over a million bucks), or you just have a seriously expensive house, the new federal tax laws mean you’re not going to be able to write off interest paid on debt over the $750,000 cap.

State and Local Tax Deduction: Degree of Change Varies by Location

The state and local taxes you pay — like income, sales, and property taxes — are still itemizable write-offs. That’s called the SALT deduction in CPA lingo. But. The tax changes for 2019 (that’s tax year 2018) mean you can’t deduct more than $10,000 for all your state and local taxes combined, whether you’re single or married. (It’s $5,000 per person if you’re married but filing separately.)

The SALT cap is bad news for people in areas with high taxes. The majority of homeowners in around 20 states have been writing off more than $10,000 in SALT each year, so they’ll lose some of this deduction. “This is going to hurt people in high-tax areas like New York and California,” says Lisa Greene-Lewis, CPA and expert for TurboTax in California. New Yorkers, for example, were taking SALT deductions around $22,000 a household.

Rental Property Deduction: No Change

The news is happier if you’re a landlord. There continue to be no limits on the amount of mortgage debt interest or state and local taxes you can write off on rental property. And you can keep writing off operating expenses like depreciation, insurance, lawn care, and utilities on Schedule E.

Home Equity Loans: Big Change

You can continue to write off the interest on a home equity or second mortgage loan (if you itemize), but only if you used the proceeds to substantially better your home and only if the total, combined with your first mortgage, doesn’t go over the $750,000 cap ($1 million for loans in existence on Dec. 15, 2017). If you used the equity loan to pay medical expenses, take a cruise, or anything other than home improvements, that interest is no longer tax deductible.

Here’s a big FYI: The new rules don’t grandfather in old home equity loans if the proceeds were used for something other than substantial home improvement. If you took one out five years ago to, say, pay your child’s college tuition, you have to stop writing off that interest.

4 Tips for Navigating the New Tax Law

1. Single people may get more tax benefits from buying a house, Liddiard says. “They can often reach [and potentially exceed] the standard deduction more quickly.” You can check how much you’re likely to owe or get back under the new law on this tax calculator.

2. Student loan debt is deductible, up to $2,500 if you’re repaying, whether you itemize or not.

3. Charitable deductions and some medical expenses remain itemizable. If you’re generous or have had a big year for medical bills, these, added to your mortgage interest, may be enough to bump you over the standard deduction hump and into the write-off zone.

4. If your mortgage is over the $750,000 cap, pay it down faster so you don’t eat the interest. You can add a little to the principal each month, or make a 13th payment each year.

 

Country Dreams – just over the hill

Under All is the Land

For some people the desire to spread out a bit, live in the country and get out of the city or town you live in now becomes a vision, a dream, a goal, and for some a reality.

Looking for a home in the country or perhaps land to run cattle, grow crops, recreational investment, it’s all a part of the what could be your future.

Buying your own place, most people find that it’s a part of the American Dream. I find it an honor to help people find their place that works for them and makes them happy.

Let me help you make owning your own place a reality.

Penny Pearson, Realtor
903-583-1805

 

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