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Lawrenceville, GA

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Cash For Clunkers is Over But What about Cash for LSV's

10-31-09
Eric Reid
Eric Reid : Real Estate Agent in Lawrenceville, GA
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  • Office: (770) 277-6652
  • Secondary: (404) 921-2067

Cash for Clunkers is over, but the opportunity to cash in continues. A new tax credit promises to pay you handsomely for a buying a vehicle some say only sees time on a golf course. Nicknamed "Cash for Clubbers" by critics, the new plan causing protesters and profiteers to move quickly

It sits at a golf cart shop on a golf cart lot, but don't call it a golf cart.

"This is an LSV," explained Bob Hill, with The Cart Shed. "It is actually an automobile - an electric automobile."

LSVs, or low speed vehicles, arrived quietly about 10 years ago. But, 10 months ago the American Relief and Recovery Act put them in the limelight offering a tax credit that was hard to miss.

"It's big money...$4,300 and it's someone's ability to claim that $4,300 on this car," said Hill.

To qualify for the program, purchase and delivery of your LSV must be made by December 31st. You will be eligible for whatever amount of credit your vehicle qualifies for when you file your 2009 federal income tax documents

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$24,000 cash for clunkers --

10-31-09
Eric Reid
Eric Reid : Real Estate Agent in Lawrenceville, GA
  • view my blog
  • Office: (770) 277-6652
  • Secondary: (404) 921-2067

Cash for Clunkers cost $24,000 per car

An analysis released yesterday by the automotive Web site Edmunds.com has tallied up the taxpayer bill for the Cash for Clunkers program, and it comes in at a whopping $24,ooo per car with very little to show for it. In fact, only 125,000 of those were vehicles that would not have been sold anyway. The program gave car buyers rebates of up to $4,500 if they traded in less fuel-efficient vehicles for new vehicles that met certain fuel economy requirements. A total of $3 billion was allotted for the rebates. The average rebate was $4,000, but if the overwhelming majority of sales would have taken place anyway at some time in the last half of 2009, it means the government ended up spending about $24,000 each for those 125,000 additional vehicle sales. Of course the Department of Transportation (DOT) disagrees: "It is unfortunate that Edmunds.com has had nothing but negative things to say about a wildly successful program that sold nearly 250,000 cars in its first four days alone," said Bill Adams, spokesman for the DOT. "There can be no doubt that CARS drummed up more business for car dealers at a time when they needed help the most." Edmunds.com's estimate of the sales increase generally matches what industry experts had thought, said George Pipas, a sales analyst with Ford Motor Co.

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HOME BUYER TAX CREDIT -- WATCH -- UPDATE - LOOKS LIKE THE EXTENSION IS

10-28-09
Eric Reid
Eric Reid : Real Estate Agent in Lawrenceville, GA
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  • Office: (770) 277-6652
  • Secondary: (404) 921-2067

YES or I should say a soon to be a YES

Here is what USA Today had to say about today's announcements:

"Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.

Details to follow...

HOME BUYER TAX CREDIT -- WATCH -- UPDATE - LOOKS LIKE THE EXTENSION IS

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HOME BUYER TAX CREDIT EXTENSION - NEW WATCH UPDATE

10-28-09
Eric Reid
Eric Reid : Real Estate Agent in Lawrenceville, GA
  • view my blog
  • Office: (770) 277-6652
  • Secondary: (404) 921-2067

Now comes a post this morning from the mortgage chatline from someone who apparently has some very detailed information. I will quote it verbatum, again with the understanding that this has not been confirmed but somewhat reliable:

"The Home Buyer tax credit has apparently been extended, and eligibility expanded to include some move-up buyers. Details: Income eligibility for first-time home buyers stays at $75,000 for individuals, and $150,000 for couples. For move-up buyers, income eligibility is $125,000 for individuals and $250,000 for couples. There is a minimum 5 year residency requirement - in their current home - for move-up home buyers. The tax credit is the lesser of $7,290 or 10% of the purchase price. The credit runs from Dec. 1, 2009 to April 30, 2010, with an additional 60 day period to close escrow. (So end of April to sign contract, end of June to close escrow) Expect bill to be signed by Friday, packaged with the unemployment benefit extension."

HOME BUYER TAX CREDIT EXTENSION - NEW WATCH UPDATE

HOME BUYER TAX CREDIT GEORGIA - Lawrenceville GA

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MOVE UP BUYERS TAX CREDIT IN THE WORKS FOR 2010

10-28-09
Eric Reid
Eric Reid : Real Estate Agent in Lawrenceville, GA
  • view my blog
  • Office: (770) 277-6652
  • Secondary: (404) 921-2067

Senate Close to Deal Replacing Homebuyer Tax Credit

Oct. 27 (Bloomberg) -- U.S. Senate leaders moved closer to an agreement replacing an expiring $8,000 tax credit for first- time homebuyers with a smaller one that would expand access to so-called step-up purchasers, two people familiar with the matter said.

The deal would reduce the size of the tax credit to 10 percent of the sale's price, capped at $7,290, the people said. The credit would be available on home purchases that are under contract by April 30, and borrowers would have 60 days more to close the sale. The existing credit is due to end Nov. 30.

The new agreement, which is still being negotiated and may change, would grant the credit to borrowers who have lived in their current home for at least five years. Lawmakers want to keep home sales from slipping as the economy struggles to recover from the worst drop in home prices since the Great Depression.

This will You opened up a whole new pool of people who can buy into those empty homes and empty condos that were built out and provide a strong 1st quarter for 2010 .

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