Madison, MS

Get Your TAX CREDIT Buy Today!!!

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies for the Extended Credit?

• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
• 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 consecutive years within the last eight.

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.

If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.

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.

How is a Buyer’s Credit Amount Determined?

Each home buyer’s tax credit is determined by tow additional factors:

1. The price of the home.
2. The buyer’s income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer 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.

Source: National Assocation of Realtors

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Its a buyers market just in case you haven’t noticed. What that means is more houses listed for sale that there are home buyers qualified to buy. The number of homes on the market thoughout the U.S. is at an all time high. The result of this is that buyers know they can negotiate hard over the price and terms of the contract. Buyers knowing we are in a buyers market puts the seller at a disadvantage. So what are the steps I can take as a seller in a buyers market to help get my home sold. Here are a few tips to help you in todays market.

First Step: Clean, repair, repaint and get your home into tip-top condition. Pretend your are a buyer looking to purchase your home. Walk through your front door and look at your home and ask yourself, would I be willing to accept the rotten wood, peeling paint, dirty carpet, etc…. I’m sure you would not!!! So do what is necessary to address these issues.

Second Step: If needed call a homestager that knows what it takes to get your home sold. Your decor might not be impressive to someone else. Remember it’s the appearance and location of the home that sells. A professional homestager can give you a list of things that need to be removed/ replaced to make your home more attactive. A good homestager can make a trememdous difference on how long a home stays on the market. One of the best homestagers I know is Vicky Turk, she will access your home at a very reasonable price. Contact Vicky Turk @ 601.317.2994.

Third Step: Call an agent and get a professional Comparative Market Analysis of your home. In today’s market it’s not a good idea to try to sell by owner due to the competition from serious home sellers whose listings are professionally makreted through the local multiple listing service. If you choose to sell by owner, still call an agent to give you a market evaluation. These evaluations are at no cost to you and hopefully an agent would do it to help you. You never know you might need thier services later if you are unsuccesful in selling your home.

Fouth Step: Set a realistic asking price for your home. The CMA provided by your realtor should be very realistic and you should price your home accordingl Pricing your home to high could result in no showings and valuable market time. The best market time for your home is the first 4 to 6 weeks. Make sure when you look at your CMA that you price is close other homes listed in your suddivision. Remember….If your home stays on the market for a long period of time then buyers begin to wander whats wrong with your home. Be Smart in pricing your home.

Fifth Step: Sellers are sometimes insulted if they receive a written offer substantially below their asking price. Some sellers and the listing agents witll not even make a counter offer. This is a major mistake. Always make a counter offer to the prospective buyers because you never know what they are willing to pay. Recently I had a lisiting that was new construction, the buyers made an offer and guess what…it was thirty thousand less than list price. The builder countered with his best price which was close to the list price and the buyers accepted with no counter. You never know so don’t lose a good potential buyer.

Remember….BE SMART IN TODAYS MARKET.

CALL THE HERRINGTON REALTY COMPANY FOR ALL YOUR REAL ESTATE NEEDS!!! 601.977.1114

www.herringtonrealtyco.com

Recently, a study was released from the Brookings Institution called the "Metro Monitor" reported on the recession and recovery, prepared by the Washington-based think tank. They looked at six major measures of economic viability which include wages, gross metro product and housing prices and unemployment. The study was the fourth quarter of 2008 and the first quarter of 2009.

The report stated that no one area has been immune to the downturn but there are areas that have not suffered as much. All 100 metro areas showed a decline in economic output, with Florida, Michigan and Ohio showing the sharpest decline.

By comparison, Jackson, Miss saw a 2.9 percent falloff. and unemployment went up on 2.5 percent in the same time period.

The Brookings study, using the Federal Housing Finance Agency's Home Price Index found that in Jackson housing prices rose .06 percent from the first quarter of 2008 to the first quarter of this year.

There is no doubt about it. Green is hot! It's everywhere! But, with respect to housing, what's the difference in "Green Verified" and "Green Certified"?

If you talk to 10 different people you'll most likely get 10 different answers to the "What does green mean?" question.

Everything from "Yes, we've gone green at my office, we've started buying recycled copy paper!" to "Green?, sure I bought one of GM's new SUVs, they're environmentally friendly. Don't you see how the commercials place their vehicles in a forest setting?" Actually, (according to www.greenwashing.com) General Motors is a member of the Coalition of Vehicle Choice, an organization that opposes clean air legislation and laws directed at reducing auto emissions.

So, when you purchase a home and the builder makes a green declaration how can you tell if he's done the right thing or just blowing smoke to ride a wave of hype!?!

There are two basic types of Green Certification programs in America today. The builder or owner verified program and the unbiased 3rd party verification.

The NAHB Green Building Standard, LEED-H, Energy Star, Earth Craft and Green Built are some of the more promenant certifying bodies in the US. Certifications for green construction are awarded upon successfully adhereing to the particular specifications of their respective programs. Typically, points are awarded for specific energy or resource efficient principles that are followed. Other areas of note are water efficiency, indoor air quality and home owner education.

The verification process is typically an indepth technical visual inspection process that confirms program adherence and includes performance testing. This test is provided by highly trained "energy raters" who deterime, amoung other readings, how air tight the building is and how well the heating and air conditioning system operates.

For more info about green building contact me toll free 1-877-809-6139 or online at http://www.greenbuildinginspector.com.

Find Green Verified Homes in America and Canada at http://www.greenverifiedhomes.com

Home Inspections in Central Mississippi at http://www.garynsmith.net

If you are a first time home buyer, or haven't owned a home in three years, now is an EXCELLENT time to buy a home. My first post on the subject, Credit for First Time Homebuyers in MS depicts the differences between the old and the new stimulus packages.

If you purchased a home on or after April 9, 2008 but before January 1, 2009, you are entitled to a maximum tax credit of $7500. After January 1, the credit was increased to either 10% of the price or a maximum of $8,000, whichever is less.

What could you do with an extra $8,000?

Before January 1, 2009, the tax "credit" was actually an interest-free loan, to be repaid over 15 years through your annual tax return, beginning in 2010. Should you sell your home before the 15 years elapse, then the remaining credit would be repaid (in full) when the sale closes.

For homes purchased between January 1 and December 1, 2009, you must live in the home for three years without having to repay any portion of the credit. If you have not owned a home for three years, although you are not a "first-time buyer", you are still eligible for the tax credit.

The attached tax form, Form 5405, will explain how to file for the credit, whether you purchased a home in 2008 or 2009.

Rates are lower than ever. If you haven't purchased a home since January 1, 2006, with the additional tax credit available through December 1, can you think of a BETTER TIME TO BUY?

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Pat Starnes, a Realtor since 1988, specializes in Mississippi Residential Real Estate and can assist you with buying or selling in the Jackson MS Metro area.

Search homes for sale in Brandon, Pearl, Flowood, Madison, Ridgeland, Florence, Bryam, or Jackson, MS.

Written and Published by Pat Starnes REALTOR

McIntosh and Assoc., LLC

434 Katherine Drive

Flowood, MS 39232

601-278-4513 - cell

601-936-2007 - office

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