Ohio

First time buyers and NOW REPEAT BUYERS!

11-07-09

Martin (Marty) Snyder: Real Estate Agent in Monroe, OH

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Office: (937) 353-4547

Mobile: (513) 292-9374

Well President Obama made it official! He signed the documents into law yesterday allowing the 1st time buyer credit to be extended and also allowed for REPEAT buyers to purchase a home and receive a tax credit also!

Please feel free to contact me for more information and let me see if I can help you buy that house and get moved into it before the Holidays!!!

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Extended Home Buyers Tax Credit April 2010

11-07-09

Victoria Luhring

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Office: (419) 893-4801

Mobile: (419) 460-5587
Secondary: (419) 893-4801

Get the Basics on The Home Buyers Tax Credit Extended Upgrades

The Home Buyers Tax Credit for 2009 was for first time home buyers that purchased a residential home till Dec. 1 2009. But the Extended version has made it possible for others to qualify till April 30, 2010.

The Extended version Of the Home Buyers Tax Credit - you now may qualify if you didn't before. The income level has risen and no longer is it limited to first time home buyers.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.

Pay Rate to Qualify? Effective Nov. 7, 2009
Wage earnings for a Single Income has jumped to 125,000
Wage earnings for Family Income has jumped to 225,000.

Do you have to be a first time Home Buyer?
No!
First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010 still can qualify for the 8,000 Home Buyers Tax Credit. But Home owners purchasing a home can now qualify too.

I own a home - can I qualify for the Tax Credit?

Yes! Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutiveyears within the last eight. With this Extended Version to the Tax Credit, you may be eligable for 6,500 tax credit.

If the Buyer(s)' Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Will keep adding Detailed information about the Extended / Expanded Tax Home Buyers Tax Credit on my website.

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Real Estate Confidence Index for Toledo Ohio and Nationwide

11-07-09

Dee Nofziger, Toledo OH Real Estate

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Office: (419) 794-5960 x1379

Mobile: (419) 260-1435

(Taken from my recent Point2Technologies newsletter.)

How we calculate the Real Estate Confidence Index ...

Each month, Point2 surveys its members across North America to get a sense for how real estate professionals feel about their current and future market conditions.

Because Point2 Agent includes many thousands of subscribers, from every U.S. state and every Canadian province, the Real Estate Confidence Index survey gathers data from disparate areas and across many different types of markets.

Respondents are asked to rate, on a scale of 1 to 10, how confident they are in their current market, in their market in the next 3-6 months(near term), and in their market in the next 12-18 months(long term). Respondents are also given the option to add comments. Responses are purely subjective.

Once these responses are gathered, a statistical mean on the 1-10 scale is derived, and this becomes the current Real Estate Confidence Index.

Point2 typically receives more than 3,000 respondents in the U.S., covering every U.S. state, Puerto Rico and Guam. While the sample size used to determine the Real Estate Confidence Index tends to be statistically valid, it is important to note that the Real Estate Confidence Index is a purely subjective survey, and is in no way intended to be an accurate reflection of current market conditions. This survey is based on the opinions of real estate professionals across the country.

Feel free to browse my Point2Homes website at www.FindaHomeToledo.com for FREE MLS searches and loads of info.

Click on the box to view specific states. Click on the black arrows for past monthly data.

R.E.C.I

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Home Buyer Tax Credit FAQ's

11-07-09

Akron Ohio Homes for Sale David M. Childress

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Office: (877) 896-5225

Mobile: (330) 620-8460
Secondary: (330) 620-8460

This list of the most asked questions has been provided to us Akron Ohio Realtors to assist our clients in understanding the changes and time limits on the recent legislation passed and signed by the President on Friday, November 6, 2009. You may contact me or any Realtor in your area for any further questions or concerns you may have. Good luck in your home search!

NAR Frequently Asked Questions

Homebuyer Tax Credit Changes

National Association of REALTORS® Government Affairs Division

Question: Existing homeowner credit: Must the new house cost more than the old house?

Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?

Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

Question: I am a firsttime homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?

Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phaseout range).

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?

Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?

Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.

Question: I am an eligible firsttime homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?

Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.

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Summary of the Revisions to the First Time Buyers Program

11-07-09

Tim Bradford

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Office: (440) 884-5000

Mobile: (216) 324-8113

This is from the NAR website of the current provisions, I suspect that there will be some revisions however for the time being this is a good reference. For home buyers in Ohio, they also want to check out the Ohio Housing Finance Agency's Mortgage Credit Certificate Program, because it can easily triple the amount of Tax Credits a buyer can recieve. Drop me an email and I will glady send any buyer or Realtor information about this program.

FEATURE	Jan 1 - November 30, 2009 Rules as enacted February 2009	November 7 - April 30, 2010 Rules as enacted November 2009
First-time Buyer Amount of Credit	$8000 ($4000 married filing separate)	$8000 ($4000 married filing separate)
First-time Buyer Definition for Eligibility	May not have had an interest in a principal residence for 3 years prior to purchase	Same
Current Homeowner Amount of Credit	No Provision	$6500 ($3250 married filing separate)
Effective Date Current Owner	No Provision	November 7, 2009
Current Homeowner Definition for Eligibility	No Provision	Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
Termination of Credit	Purchases after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment.)	Purchases after April 30, 2010
Binding Contract Rule	None	So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Income Limits (Note: Increased income limits are effective as of date of enactment of bill)	$75,000 - single, $150,000 - married, Additional $20,000 phase out	$125,000 - single, $225,000 - married, Additional $20,000 phase out
Limitation on Cost of Purchased Home	None	$800,000 November 7, 2009
Purchase by a Dependent	No Provision	Ineligible November 7, 2009
Anti-fraud Rule	None	Purchaser must attach documentation of purchase to tax return