“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
HomeNebraskaSarpy,    Douglas CountyOmaha

Omaha, NE

Blog_tag

First-time Home Buyer Tax Credit Extended and Expanded

11-07-09
Omaha Real Estate & Omaha Homes for Sale - The Trumm Team
Omaha Real Estate & Omaha Homes for Sale - The Trumm Team: Real Estate Agent in Omaha, NE
  • view my blog
  • Mobile: (402) 943-9494

First-time Home Buyer Tax Credit Extended and Expanded

Yesterday the president signed a billed that extended the First-time Home Buyer Tax Credit. This bill also expanded the credit beyond just first-time buyers.

The big differences between the original tax credit and the new and improved version are that now current homeowners are eligible for a $6,500 tax credit, the income limits to qualify have been raised, and the new expiration date is April 30, 2010 but if one has a binding contract by the deadline they can still get the credit if they close the sale before July 1, 2010.

Below is a chart provided by the National Association of Realtors® comparing the original and the new versions of the tax credit.

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

How will this affect the Omaha real estate market? Was this tax credit a good idea? Stay tuned for my follow-up blog post.

0 Comments
Blog_tag

A MONTH OF BIRTHDAYS

11-02-09
Donna J Stephens
Donna J Stephens: Real Estate Agent in Omaha, NE
  • view my blog
  • Office: (402) 493-4663
  • Mobile: (402) 598-5117

Kailynn 10-14-2007

A Great Grandma, a Great Grandpa, 2 Grandmas and 3 Grandpas plus about 30 more loved ones attended this little ones 2nd birthday party.

______________________________________________________________________________________________

Courtney 10-25-2001

A perfect fall day for a pinata and lots of cake, presents, family, friends and fun. A perfect #8 birthday party.

______________________________________________________________________________________________

Jazzy 11-2-2006

Over 40 people came to her 3rd birthday party today. She is also loved by many friends and family. Homemade Chili & ice cream cake, friends, family, and many presents for this little one.

__________________________________________________________________________________________________

Sierra 11-5-1998

Eleven years old. So close to being a teen. Cheerleading is her passion. Family, friends fun. Sierras party is next Sunday. I know it will be awesome. We expect another perfect weather day and lots of friends and family will join us! We love to celebrate birthdays around here!

__________________________________________________________________________________________________

0 Comments
Blog_tag

Omaha Real Estate Market – October, 2009

11-01-09
Omaha Real Estate & Omaha Homes for Sale - The Trumm Team
Omaha Real Estate & Omaha Homes for Sale - The Trumm Team: Real Estate Agent in Omaha, NE
  • view my blog
  • Mobile: (402) 943-9494

The numbers for the Omaha real estate market are in for the month of October and they are a little disappointing. Based on the rate of sales there is currently just over a six month supply of homes to sell. This is the largest supply of homes since February 2009.

Total Number For Sale

5276

Total Number of Accepted Offers

868

Total Number of Closed Sales

810

% of sellers that accepted an offer

16.45%

Absorption rate in months

6.08

Much of this is due to the looming expiration of the $8,000 First Time Home Buyers Tax Credit. If this were to be extending, as some in Congress are proposing, I expect that sales would pick up a bit.

To compare this to how the Omaha market fared in September, visit Omaha Real Estate Market - September, 2009.

0 Comments
Blog_tag

Fall Back

10-31-09
Carol Hamilton -New Celebrity Homes, Omaha, NE
Carol Hamilton -New Celebrity Homes, Omaha, NE: Real Estate Agent in Omaha, NE
  • view my blog
  • Mobile: (402) 813-2044

Don't forget that tonight is the night to set your clocks back one hour. You get either an extra hour of sleep tonight or an extra hour to lounge in the morning before your activities begin. Enjoy!

Have a Safe and Happy Halloween! Let the festivities begin!

Halloween

3 Comments
Blog_tag

Omaha Real Estate Blog Monthly Review

10-31-09
Omaha Real Estate & Omaha Homes for Sale - The Trumm Team
Omaha Real Estate & Omaha Homes for Sale - The Trumm Team: Real Estate Agent in Omaha, NE
  • view my blog
  • Mobile: (402) 943-9494

HAPPY HALLOWEEN! With the end of the month here, it's time for my monthly blog summary of new homes for sale. If you or someone you know is looking for a home, check these out.

3318 S 19 St in the Deer Park subdivision of Omaha

5269 N 111 Cir in the Escalante Hills Replat II

2808 N 170 Cir in the Manchester Park subdivision of Omaha

9235 Tomahawk Blvd in the Tomahawk Hills subdivision of Omaha

5718 N 127 St in the Winchester Heights subdivision of Omaha

413 Bellevue Blvd in the Hillcrest subdivision of Bellevue

Also this month I did a featured blog on the arboretum that OPPD established at 108th & Blondo. Here it is again in case you missed it.

Omaha Public Power District (OPPD) Arboretum

0 Comments