About Saratoga County, NY

Here is a brief outline of the expanded First Time Home Buyer tax credit and the Expanded repeat home buyer tax credit.

Extended New Purchaser $8,000 Tax Credit

• The $8000 Tax credit is for first-time home buyers. For the tax credit program, the IRS defines a first-time buyer home buyer as someone who has never owned a home or has not owned a home in the past three years. The tax credit does not have to be repaid.

• The tax credit is equal to 10 percent of the home purchase price up to a maximum of $8,000.

• The tax credit applies only to homes priced at $800,000 or less.

• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for a married couples filing jointly.

• For homes purchase after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit

• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

• The tax credit does not have to be repaid.

• The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.

• The tax credit only applies only to homes priced at $800,000 or less.

• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

If you have any questions about this or any Capital District Real Estate needs, please call me at 518-281-3951, or visit my Web site to search the entire Capital District MLS at no charge; www.LewisB.com. Thank you, Lewis Beynon, Prime Property Solutions, LLC.

Working with buyers is the best part of my job. Although the process is basically the same for helping any buyer, I enjoy it because I learned a long time ago in my professional career that I simply like helping people. No matter what project we were working on, I was always closely involved, always stayed until the end, and always offered to help a colleague.

Another reason I enjoy working with buyers is because no two people are the same. I have enjoyed meeting people from all over the country (Europe too). I have a particular interest in listening to people's life-stories; where they are from, what kind of job they have, and how they got here. I also have a particular interest in learning about my buyer's line of work. I've learned that most industries are far more complicated than I ever imagined.

I especially enjoy helping first time home buyers becasue I enjoy teaching people. I'll never forget the emotions I had when I purchased my first home and I like helping people feel the same way.

So, if you need any help looking for a home in the Capital District of Albany, NY please be sure to give me a call at 518-281-3951. It would be my pleasure to help. Meanwhile, feel free to search the entire MLS (Multiple Listing Service) at no charge on my Web site: www.LewisB.com

Radon - Frequently Asked Questions

Q: What is Radon?
Radon is a naturally occurring gas which is part of the air that we all breathe every day. It is present in all homes. You cannot see, smell or taste Radon and the only way to determine if unsafe levels of Radon exist in your home is to test it.

Q: How much will it cost to fix my Radon problem?
Cost are dependent on your needs. Generally, mitigation costs approximately $1,300 to $1,700.

Q: Where is Radon Found?
The major source of Radon in high levels is in the soil and bedrock surrounding and under the house. Radon is found all over the United States and around the world in varying concentrations. Problems with Radon have been identified in every state.

Q: What are the health risks?
Almost all scientists agree that Radon is a health hazard to humans and that it causes lung cancer, however the exact risk calculation and the action level usually raise debate. The EPA has declared Radon to be a "Class A Carcinogen," which means that it has been shown to cause cancer in humans.

Q: What levels are too high?
Radon is measured in pico-Curies per liter (pCi/L) of air. A picoCurie is a measure of the amount of radioactivity of a particular substance. The level of Radon in outdoor air is about 0.4 pCi/L. The average indoor Radon level is about 1.3 pCi/L. The EPA has established 4.0 pCi/L as the action level for Radon in homes, schools and workplaces.

Q: How does Radon get into homes?
Radon is a soil gas that typically moves up through the ground to the air above. Air pressure inside a home is usually lower than pressure in the soil around the home's foundation. Homes draw Radon in through dirt floors, hollow-block walls, cracks in the foundation floor and walls, and openings around floor drains, pipes and sump pumps.

Q: Should every home be tested for Radon?
Yes, every home should be tested for Radon, since testing is the only way to know if you and your family are at risk from Radon. Both the Environmental Protection Agency (EPA) and the Surgeon General recommend testing all homes.

Q: I have sandy soil around my house. I don't have Radon gas, right?
You still might! Sandy soils tend to produce a lower percentage of homes that test above the EPA Guideline, however homes with high levels of Radon gas are still found in such soils.

Q: I already have an existing Radon Mitigation system. There is no need to test my home, right?
Actually, yes. The home should be tested to ascertain if the mitigation system is effective and still functioning.

Q: How does it work for radon testing when selling your home?
EPA has developed specific testing protocols for use during real estate transactions. For passive tests the recommendation is: "Take an initial short-term test for at least 48 hours. After the first test has been completed, take a follow-up short-term test for at least 48 hours." or "Take two short-term tests at the same time in the same location for at least 48 hours." For either approach, "Fix the home if the average of two tests is 4 pCi/L or more." For an active test, "Test the home with a continuous monitor for at least 48 hours. Fix the home if the average Radon level is 4 pCi/L or more."

I hope this FAQ helps you in your search or sale process. If you have any more questions, please feel free to contact me at 518-281-3951. Lewis Beynon, Licensed Real Estate Salesperson, Prime Property Solutions, LLC. Or, seach the entire Capital District MLS on my Web site at no charge: www.LewisB.com

Listed below is the YTD Market Statistics for the Saratoga Spring School District. As you will see unit sale are off dramatically (24.7%), but surprisingly, prices are "only" down 7.2%. What I find interesting is that just a few miles down the road, in the Clifton Park School district, unit sales are down 10.3% and prices are down 3.5% (see my Clifton Park post HERE). This clearly illustrates that buyers and sellers need to utilize the services of a real estate professional to make sure they know what is happening in the neighborhood and town. Please don't listen to the National news and think this directly applies to your home or search. After all, we all know the news outlets are "paid" to sensationalize everything!

Best wishes from upstate NY. Lewis Beynon, Prime Property Solutions, 518-281-3951, www.LewisB.com

Here are the YTD real estate statistics for the Shenendehowa Central School District that includes Clifton Parkand the surrounding communities. Unit sales are off more than Saratoga County, but not surprising, prices are performing much better than the entire county (-7%).

If you have any questions about the data provided, please feel free to call me at 518-281-3951. To search the entire Capital District MLS at no charge, please visit my Web site; www.LewisB.com Prime Property Solutions, LLC. Thank you.