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Kernersville, NC

New $8000 Home Buyer Credit

Richard Schardt, Broker - Triad NC Area Real Estate: Real Estate Agent in Kernersville, NC

The much talked about $15,000 home-buyer tax credit died silently behind closed doors, during negotiations between the House and the Senate last week. Apparently no memorial service will be held.

The brand new $787 billion stimulus bill that President Obama just signed into law Tuesday, does include a trimmed down version still aimed at reviving the real estate market.

Although the exact details of the stimulus bill have been few and far between, this is what is believed to be true about the home buyer credit in this new plan:

Image via Wikipedia

The new Stimulus bill includes an $8,000 First-Time Home Buyer Tax Credit.

Here are seven things you need to know about this newly created provision:

1. Only For New buyers: This credit will be only available to first-time home buyers, who purchase a home between January 1 and November 30, 2009. It will be the lessor of $8,000 or 10% of the value of the home. Remember a tax credit is very different than a tax deduction - a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income. But unlike the earlier $7,500 home buyer tax credit passed last year, this one does not have to be repaid.

2. Eligible Property: Any single family property that will be used as a primary residence. Condos, co-ops and townhouses qualify, as long as they will be used as the primary residence.

3. First Time Buyers Defined
: A "first-time home buyer" is someone who hasn't owned a principal residence for three years prior to the purchase of this home. (The date of purchase is considered the day that the title is transferred.) That means if you've owned a vacation home--but not a principal residence--within the past three years, you would still qualify for the credit.

4. 2009 Buyers Only: Only those who purchase a home between January 1, 2009 and November 30, 2009 are eligible for the credit. Anyone who bought a home last year won't be able to take advantage of it.

5. Income Limits: The tax credit is subject to limitations, and starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.

6. Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions may be made in certain cases, such as death or divorce.)

7. Refundable: this credit can reduces or eliminate income tax liability for the year of the purchase. Any unused amount of the tax credit will be refunded to the purchaser when a future tax return is filed.

Is this new home buyers credit worthwhile?

Positives:

* It does not have to be repaid. This is a huge improvement over the $7500 credit passed last year, which had to be repaid. Due to the requirement to repay, most of the people that were buying did not even bother to apply for the credit.

* The eligible property, and personal income limits are reasonable.

Negatives:

*This credit is for only $8000, not the $15,000 originally in the bill. $15,000 is a much nicer number, and would have encouraged a larger number of people to make the decision to purchase a home now. After all, that is the whole idea.

* This provision is limited to first time home buyers only. While great for first time home buyers, they are only a very small percentage of the home buyers pool. This is a huge negative... the powers that be really missed the boat on this one.

Will this new home buyer credit be successful in encouraging people to buy now, and help stimulate the real estate market?

It will help a little, and every little bit helps. However it would have been far more successful had the credit been larger, and especially without the first time buyers clause. Restricting the credit to only first time buyers will severely limit its overall effectiveness.

Kernersville, NC - Community Calendar Feb 2009

Richard Schardt, Broker - Triad NC Area Real Estate: Real Estate Agent in Kernersville, NC
Kernersville, NC - Community Calendar Feb 2009

Special Event - Triad Job Fair - Tuesday, February 24

The Kernersville Chamber of Commerce will hold the fourth annual Triad Job Fair Tuesday, Feb. 24 at First Christian Church, located at 1130 N. Main St., from 1 – 5:30 p.m.

   Workshops will be held that will present job seekers with a new understanding of interview skills, resume writing, and other essential techniques that will assist them in finding new employment. Workshops will include How to Interview For A Job;  Stretching Your Food Dollar;  Changing Careers-Job Coaching;  Financial Education, and  Resume Writing.

   Some of the employers that will be present at the job fair include: Home Loving Senior Care, High Point University, The HR Group, Majic 94.1, Mega Force Staffing, Moses Cone Health System, OMG Job Corps, The Pampered Chef, PART Express, Professionals in TransitionTruliant Federal Credit Union and the U.S. Army.

For more information about the Triad Job Fair , contact the Kernersville Chamber of Commerce at (336) 993-4521.


Kernersville Annual Customer Movie for Real Estate Clients

Bonner Thomason CRS, ABR, GRI, e-Pro: Real Estate Agent in Kernersville, NC

Kernersville Annual Customer Movie is here again this year. Each year our office reserves the Kernersville movie theater for past real estate clients to enjoy a movie. Food cans are collected and donated to a local food bank. This is a way to show appreciation to clients and customers for their real estate business. The movie night is always a big sucess in terms of lots of smiles and returning to the community from real estate. Kernersville has a giving and caring spirit that makes it a wonderful place to live. The effort needed for this event is not overwhelming in comparision. The biggest chalenge comes from the actually movie selection that is availible in Kernersville. We hope to see you next year at our Kernersville real estate movie event.

www.RealEstateWorkHorse.com

Happy Holidays for Real Estate

Bonner Thomason CRS, ABR, GRI, e-Pro: Real Estate Agent in Kernersville, NC

Happy Holidays for Real Estate ! As 2008 comes to a close there becomes a bright future for real estate. The bottom of the cycle seems to be here. Real estate always goes in cycles and the current challenge is an opportunity for learning. Much of the leverage that create the bubble has gone away and we are back to the basics of Real Estate fundamentals. Kernersville real estate and prices in the market have remained on the plateau to the extent that that well kept, staged and price home will sell. The absorption rate seems to be askew as not all homes are equal.

Be happy that you survived 2008 ! And visit www.RealEstateWorkHorse.com

Kernersville Community Calendar - Oct 2008

Richard Schardt, Broker - Triad NC Area Real Estate: Real Estate Agent in Kernersville, NC

Kernersville, NC Community Calendar

Upcoming Events

Thursday, October 23

Blood Drive - 9:30am-2:30pm - Glenn High School

Friday, October 24

Kernersville YMCA Fall Festival - 5:00-8:00pm - YMCA

Saturday, October 25

Kernersville Parks & Rec. Department Trickfest - 12:00-4:00pm - Forth Of July Park

Strange Tales at Korner's Folly - 7:00-9:00pm - Korner's Folly

Cherry Street UMC, 117 N Cherry Street, Yard, Bake and Breakfast sale - 8:00am-11:30am

Sedge Garden UMC Halloween Carnival - 6:00-8:00pm

Sunday, October 26

Birdwatching 101 - 2:00-4:00pm - Triad Park

Monday, October 27

Kernersville YMCA Open House

Wednesday, October 29

Health Screening - Beginning 9:00 by appointment - Senior Enrichment Center/Paddison Memorial Library

Friday, October 31

Halloween Trunk-A-Treat - 6:00-7:30 - Century Park Baptist Church