Akron, OH

Home Buyer Tax Credit FAQ's

11-07-09

Akron Ohio Homes for Sale David M. Childress

view my blog
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.

2 Comments

PORTAGE LAKES, OHIO Lakefront Market Report for October 2009

11-05-09

Caren Wallace-Portage Lakes Real Estate Agent

view my blog
Office: (330) 835-4900

Mobile: (330) 697-3227

sunrise

******OCTOBER 2009 PORTAGE LAKES, OHIO LAKEFRONT MARKET REPORT*****

Active Listings.........................55

Lowest Price............................$75,000

Highest Price...........................$1,180,000

Average Days on Market..........156 days

Average Price per SF................$133

Contingent Listings..................2

Average Days on Market..........164

Pending Listings.......................8

Lowest Price............................$104,000

Highest Price...........................$375,000

Average Days on Market...........48

Average Price per SF................$114

Sold Listings............................5

Lowest Price............................$80,000

Highest Price...........................$435,000

Average Days on Market..........103

Average Price per SF...............$121

At 5 sales per month we have an inventory of Portage Lakes lakefront homes of

11 months. What this means for buyers is a great selection and sellers who are

motivated. It is a great time to buy a lakefront home in Portage Lakes, Ohio.

We have so many different homes to choose from for all economic groups.

There is no time like the present, with mortgage ineterst rates still at or around

5% fixed for 30 years! Consult a Realtor today to get into the Portage Lakes

lifestyle!

Call or email me for a list of Portage Lakes Lakefront homes for sale!

Caren@CarenWallace.com

4 Comments

Halloween Parties in Portage Lakes for" Big Kids!"

10-29-09

Caren Wallace-Portage Lakes Real Estate Agent

view my blog
Office: (330) 835-4900

Mobile: (330) 697-3227

Veronica Krug and the Back Alley Gatorz

Look for Veronica Krug and the Back Alley Gatorz at the Innfield Lounge at

861 Wooster Road West in Barberton on Friday night for a Halloween Party

with prizes for best costume and good food and cheap drinks! Come on out

for a great night with Veronica and the Back Alley Gatorz!! Come in costume and

join in the Halloween fun!

Highway 61 Band

Halloween Night ,Saturday, will be a fun night with Highway 61 at Club Maxx at Dietz's

on Rt. 619 in Portage Lakes, Ohio. Highway 61 delivers R & B with gusto and you will

have a great time dancing to their tunes! Club Maxx offers a large dance floor and

is on West Reservoir in Portage Lakes. We will all be in costume to frighten and scare

you. hahahahahahahaha!

6 Comments

Indian Statue In Portage Lakes Ohio

10-28-09

Caren Wallace-Portage Lakes Real Estate Agent

view my blog
Office: (330) 835-4900

Mobile: (330) 697-3227

Indian Statue

This Indian Statue is in a park along Rt. 93 in Portage Lakes, Ohio.

It tells the story of how the Indians had to portage their canoes

along the canals and the lakes in Portage Lakes and ultimately

how the Portage Lakes was named by the Indians who lived here.

It is interesting to read the plaque that accompanies the statue

and learn more about our historic area along the Ohio Canals

in Ohio. If you have time someday stop to visit the Indian!

Plaque

11 Comments

Akron Ohio and Summit County Ohio Events Calendar

10-26-09

Akron Ohio Homes for Sale David M. Childress

view my blog
Office: (877) 896-5225

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

It's Halloween week in Akron Ohio homes, have fun and be safe!

Orson Welles performed his "War of the Worlds" radio broadcast on October 30^th, 1938 causing widespread panic when listeners believed the radio performance was actual news reports of an invasion from Mars. Would we still fall for that one????

Check out the listing of community events, click on the link for additional information about the event.


Arts / Theatre / Music
10/26/2009	Monday Morning Painting Group	Fine Art Services/Peninsula Art Academy
10/26/2009	"Final Edition:"	Akron-Summit County Public Library
10/26/2009	Auditions	Weathervane Playhouse
10/27/2009	Enameling with Carol Adams	Fine Art Services/Peninsula Art Academy
10/27/2009	Blues and Rock School!	Fine Art Services/Peninsula Art Academy
10/27/2009	The Bedtime Snack (featured event)	Mountain Rose Concerts
10/28/2009	Out-of-the-Box Exhibit/Auction	Summit Artspace/Akron Area Arts Alliance
10/28/2009	Ryan Humbert	Akron Civic Theatre
10/28/2009	Due East	School of Music
10/29/2009	Photo2009 Exhibition	Summit Artspace/Akron Area Arts Alliance
10/29/2009	Out-of-the-Box Exhibit/Auction	Summit Artspace/Akron Area Arts Alliance
10/29/2009	Family Drop-In Night	Akron Art Museum
10/29/2009	Thursday Movies @ Main	Akron-Summit County Public Library
10/29/2009	The Akron Film Festival	Akron Art Museum
10/29/2009	Imagination Movers	Akron Civic Theatre
10/29/2009	The Goat or, Who is Sylvia?	Weathervane Playhouse
10/29/2009	For Better - a wireless comedy	Actors' Summit
10/30/2009	Photo2009 Exhibition	Summit Artspace/Akron Area Arts Alliance
10/30/2009	Out-of-the-Box Exhibit/Auction	Summit Artspace/Akron Area Arts Alliance
10/30/2009	Monster Mash- Nazareth Benefit (featured event)	Nazareth Housing Development Corporation
10/30/2009	The Goat or, Who is Sylvia?	Weathervane Playhouse
10/30/2009	For Better - a wireless comedy	Actors' Summit
10/31/2009	PAA Fiber Cafe meetings	Fine Art Services/Peninsula Art Academy
10/31/2009	Photo2009 Exhibition	Summit Artspace/Akron Area Arts Alliance
10/31/2009	The Akron Film Festival	Akron Art Museum
10/31/2009	Out-of-the-Box Exhibit/Auction	Summit Artspace/Akron Area Arts Alliance
10/31/2009	USAF Academy Band Concert	Akron Public Schools - Firestone High School
10/31/2009	For Better - a wireless comedy	Actors' Summit
10/31/2009	The Goat or, Who is Sylvia?	Weathervane Playhouse
11/1/2009	Free First Sunday / Sunday Sam	Akron Art Museum
11/1/2009	NEOFA Flute Festival	Northeastern Ohio Flute Association
11/1/2009	For Better - a wireless comedy	Actors' Summit
11/1/2009	The Goat or, Who is Sylvia?	Weathervane Playhouse
11/1/2009	ETC Fall Show 2009	ETC School of Musical Arts
11/1/2009	Orchestra Concert	Akron Public Schools - Firestone High School
11/1/2009	All Saints Day Hymn Festival	Parish Arts Series of Fairlawn Lutheran Church
Business Events
10/26/2009	Monday Networking Group	Green Chamber of Commerce
10/28/2009	CAK Safety Council Meeting	Green Chamber of Commerce
10/28/2009	IMPACT Awards Luncheon	Green Chamber of Commerce
10/28/2009	SMFCC After 5 Open House	Stow-Munroe Falls Chamber of Commerce
10/29/2009	Springfield Chamber Boot Camp	Springfield Area Chamber of Commerce
10/30/2009	Friday Networking Group	Green Chamber of Commerce
Children Activities
10/26/2009	Trick or Treat @ Your Library	Twinsburg Public Library
10/28/2009	Toddle On In	Firestone Park Branch Library
10/29/2009	Trick or Treat Schedule
10/29/2009	Magic Lunchbox Story Time	Firestone Park Branch Library
10/29/2009	Annual Halloween Spooktacular	First Congregational Church
10/31/2009	Trick or Treat Schedule (featured event)
10/31/2009	Boo Breakfast	New Life Episcopal Church
11/1/2009	Trick or Treat Schedule
Clubs
10/27/2009	Game Club	Twinsburg Public Library
Education
10/26/2009	Speaking with Confidence	University of Akron
10/26/2009	Excel 2007 Level 2	University of Akron
10/26/2009	Mail Merge with Word 2003	Twinsburg Public Library
10/27/2009	Basic Microsoft Word Part II	Barberton Public Library
10/28/2009	Intro to PowerPoint 2003	Twinsburg Public Library
10/28/2009	Amelia Earhart	Barberton Public Library
10/29/2009	Grammar, Punctuation, Usage	University of Akron
10/29/2009	Buying and Selling Online	Twinsburg Public Library
10/31/2009	CMA Business Applications	University of Akron
10/31/2009	PC Troubleshooting Diagnostics	University of Akron
10/31/2009	Learning About Marshland Birds	Cuyahoga Valley National Park
11/1/2009	Open House	Spring Garden Waldorf School
11/1/2009	How to Scroll Saw	Twinsburg Public Library
11/2/2009	Introduction to Windows XP	Twinsburg Public Library
Festival
10/26/2009	Riverfront Cruise In	City of Cuyahoga Falls
10/30/2009	Family Fall Festival	H.O.P.E. Ministries
10/31/2009	Countryside Farmers' Market	Cuyahoga Valley National Park
10/31/2009	Park Place Pop-ins	Cuyahoga Valley National Park
10/31/2009	Community Halloween Party	City of Cuyahoga Falls
Fundraiser / Benefit
10/31/2009	Rummage Sale	Humane Society of Greater Akron
10/31/2009	Visages Caches Masquerade Ball	Akron Urban League
Health
10/26/2009	Yoga with Thia	Twinsburg Public Library
10/28/2009	Yoga with Thia	Twinsburg Public Library
10/29/2009	Meet the Author: Alzeheimer's	Barberton Public Library
10/29/2009	Wellness Solutions	Barberton Public Library
11/2/2009	Yoga with Thia	Twinsburg Public Library
11/2/2009	Therapeutic Drumming	Stewart's Caring Place
11/3/2009	Tapping for Change	Stewart's Caring Place
Lecture / Workshop
10/27/2009	"How to Write a Business Plan"	Small Business Development Center at the Summit Medina Business Alliance
10/28/2009	"An Evening with Jane Snow"	Akron-Summit County Public Library
10/29/2009	Alzheimer's Care with Dignity	Akron-Summit County Public Library
10/29/2009	ABC's of SSI & Medicare	Stewart's Caring Place
10/29/2009	Intro to Trademarks	Akron-Summit County Public Library
11/2/2009	Legal First Aid Kit	Twinsburg Public Library
Literary
10/26/2009	Evening Book Club	Barberton Public Library
10/28/2009	Not Your Mother's Book Group	Firestone Park Branch Library
10/29/2009	Meet The Author	Barberton Public Library
Membership Meetings
10/29/2009	Applique Society	Barberton Public Library
Special Events / Holiday
10/27/2009	Family Fun Night	Akron Public Schools - Crouse CLC/Stewart
10/27/2009	World Paranormal Investigation	Twinsburg Public Library
10/30/2009	All Hale's Eve (featured event)	Hale Farm and Village
Sports & Recreation
10/27/2009	Fall Running Series	Cuyahoga Valley National Park
10/28/2009	Hiking in Cuyahoga Valley	Cuyahoga Valley National Park
10/30/2009	Fall Running Series	Cuyahoga Valley National Park
10/31/2009	Fight at the Knight	John S. Knight Center
11/2/2009	Hiking in Cuyahoga Valley	Cuyahoga Valley National Park
Other
10/27/2009	Barberton Library Levy Cmtee	Levy Committee
10/27/2009	PARF Club Fellowship	Pioneer Amateur Radio Fellowship
10/29/2009	Citizens Involvement Committee	AMATS
10/29/2009	60's Monster Mash	Cuyahoga Falls Library
11/3/2009	Buchtel Free Legal Aid Clinic	Community Legal Aid Services
11/3/2009	Frankenpolish	Barberton Public Library