Pell City, AL

Alabama Association of REALTORS

October sales represent the first positive year-over-year (Oct 09 vs Oct 08) % change at 13.4% since July 2007 (37 months) which was 4.5%.

The last time the month of October saw a positive % in sales versus a prior (Oct) was in Oct. 2005 when it was 14.8%.

Click the link below to see the stats!

Alabama Housing Stats - October 2009

Given the extraordinary scope of the economic crisis with the collapse of the housing bubble one incentive that is being given to stimulate the housing industry is being pitched to the potential first time buyer. It is an extension and expansion, of the first-time home buyer tax credit up to $8000.00.

Most people starting out on their own don't have the experience or knowledge on how to manage money. The majority of parents have not taught their children how to save and budget. Our society in the past has made establishing credit and borrowing money too easy.

This was done to lure people in to make purchases that they would not have made or could not really afford.

If the possibility of receiving that $8,000 tax credit is causing you to have house fever you need to stop take a deep breath. Once the mortgage is signed you are committed. You will learn real fast what a huge commitment you have made. There are steps you can take to prepare yourself for home ownership.

First of all do not go into home ownership owing debt. Set up an emergency fund with at least 3 to 6 months of living expenses. It is not if, it is when something like a job loss or car repair comes along, you will be able to weather the storm with out using credit cards. Expect the unexpected. Save at least 20% of the value of the home you are looking to purchase to avoid paying private mortgage insurance. In order to enjoy life after home ownership, make sure your payments are a quarter of your take home pay on a 15 year fix rate loan.

Now is a wonderful time to purchase with home prices down and great interest rates, if you have taken the right steps to prepare. Don't let the lure of the first-time buyer tax credit become an $8,000 dollar tax credit curse.

If you avoid debt, plan and save for your future, you will remove a lot of potential stress and be able to enjoy your wonderful first home.

I have had a lot of questions about the extended First-Time Home Buyer Tax Credit and the credit to current home owners.

I have gathered together some information from www.federalhousingtaxcredit.com that I hope you will find helpful. To understand this Tax Credit please contact a tax professional or the Internal Revenue Service.

Congress has passed new legislation that is part of its plan to simulate the U.S. housing market. This plan is in effect from November 7 2009 to April 30, 2010.

Please read below for what qualifies you for the extended credit:

First Time Home Buyers:

They have extended the First-Time Home Buyer Tax Credit up to $8,000.

The first time home buyer has to purchase a home between November 7, 2009 and April 30, 2010.

To qualify as a "first time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Current Home Owners:

There is a credit up to $6,500 to current home owners purchasing a new or existing home.

This must be done between the dates of November 7, 2009 and April 30, 2010.

The home they have sold or vacated must have been used as a principal resident for five consecutive years within the last eight.

Which Properties Are Eligible?

The properties that are eligible are only the ones that will be used as a primary residence. This can be a single family home, condo or town home.

See the web site for further information.

How Do They Determine the Buyer's Credit Amount?

The credit amount is determined by and price of the home and the buyers income.

Buyers Income

Under the Extended Home Buyer Tax Credit, a single buyer with an income up to $125,000 and married couples with an income up to $225,000 qualifies for the maximum tax credit. This has changed since the 2009 First Time Home Buyers Tax Credit. The current credit decreases for a single buyer who earns up to $145,000. See web site for further information.

Price

A home purchased for a primary residence under these guide lines has to be up to but not over $800,000.

A Buyer Can Still Qualify If They Close After April 30, 2010

Under the Extended Home Buyer Tax Credit, you must have a written binding contract to purchase in effect on April 30, 2010. The home closing must take place on or before June 30, 2010.

Saturday the weather was absolutely beautiful so I wanted to go check on my properties that I have listed on Logan Martin Lake to see if there were any problems because of the flooding.

According to the Daily home article, Alabama Power expected Logan Martin Lake to crest Friday at around 469 feet. That would make it four feet above summer level.

After riding around looking at homes on the lake it looked like Alabama Power had the flooding under control. There was very little damage found.

The day was truly enjoyed by the area fisherman.

What a wonderful day November 12, 2009 turned out to be with a good time had by all that attended the Pell City Business and Professional Women 10^th Annual Holiday Fashion show and Luncheon.

Area business women and a few businessmen enjoyed a delicious lunch catered by D'Oros and lots of entertainment by our talented locals Dale Foster, Starrz Performing Arts Centre, Aston Carden, DeAnna Capps, Kim Ford, Chasidy, Jameson Willis, Aura Hoops, Pell City HS Concert Choir and Duran South Choir.

Many of our area vendors participated with donations for door prizes and silent auction.

Over the past nine years with the area continued support they have been able to give approximately $80,000.00 in scholarships to women.