Cheryl Powell - ABR, Broker, Realtor - Remax Signature- Concord NC Real Estate

The 1st-time homebuyer real estate market has remained relatively strong in the Concord NC area, even though the market as a whole has slowed. The number of home buyers in the market seems to have increased substantially since the government announced its modified 1st-time homebuyer tax credit details.

If you are a 1st-time homebuyer looking for an experienced agent who will help you through each step of the homebuying process, give me a call! I love working with 1st time homebuyers!!

I get a lot of questions about the First-Time Home Buyer Tax Credit, so here are the details...

Article Posted Feb. 25, 2009 on www.irs.gov

WASHINGTON - The Internal Revenue Service announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.

Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or $4,000 for married filing separately.

"For first-time homebuyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit," said IRS Commissioner Doug Shulman. "This important change gives qualifying homebuyers cash they do not have to pay back."

The IRS has posted a revised version of Form 5405, First-Time Homebuyer Credit, on IRS.gov. The revised form incorporates provisions from the American Recovery and Reinvestment Act of 2009. The instructions to the revised Form 5405 provide additional information on who can and cannot claim the credit, income limitations and repayment of the credit.

This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.

The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase.

The IRS also alerted taxpayers that the new law does not affect people who purchased a home after April 8, 2008, and on or before Dec. 31, 2008. For these taxpayers who are claiming the credit on their 2008 tax returns, the maximum credit remains 10 percent of the purchase price, up to $7,500, or $3,750 for married individuals filing separately. In addition, the credit for these 2008 purchases must be repaid in 15 equal installments over 15 years, beginning with the 2010 tax year.

This chart will help you understand the differences between the 2008 and 2009 First-Time Homebuyer Tax Credit programs. Prepared by NAR (National Association of Realtors)

For more information about the 1st-Time Homebuyer Tax Credit or professional real estate services in the Concord NC area call Cheryl Powell with The Powell Team at 704-363-8902 or visit www.ThePowellTeam.net

Very well maintained FULL BRICK ranch on 1.01 acre lot!

• 3 Bedroom
• 2 Full Baths
• Sunroom with ceiling fan is heated and cooled
• Spacious Great Room with vaulted ceilings and new carpet 3/2009
• Ceiling fans in all Bedrooms, Great Room, Sunroom & Kitchen
• Ceramic tile in foyer & baths
• Water purification system
• Attic fan with thermostat keeps your attic cooler and reduces AC costs
• Security system
• NEW ROOF 2/2009
• Attached 1 car garage
• Attractive lattice storage shed
• 1.01 acre level lot with relaxing garden in back yard
• Located on cul-de-sac street with no thru traffic
• Public Schools: Charles E Boger Elementary, Northwest Cabarrus Middle, Northwest Cabarrus High
• ALL APPLIANCES INCLUDED... Refrigerator, range, washer & dryer!
• Price Reduced to $159,900 SOLD!

MLS#: 862704

For more information on this house or other homes for sale in Cabarrus County and Concord NC, or general information on Concord NC area real estate, call Cheryl Powell with The Powell Team at 704-363-8902 or visit www.ThePowellTeam.net

Move in ready home with many upgrades...

• 4 Bedroom
• 2 Full Baths - 1 Half Bath
• Dramatic 2-story foyer with turned staircase, wood floors, crown molding, chair rail & wainscoting
• Spacious Great Room with gas fireplace, built in bookcases & remote ceiling fan
• Gourmet Kitchen with granite countertops, tile backsplash, center island, walk-in pantry, and black appliances including dishwasher, electric range & built in microwave.
• Large Breakfast Area with sliding door to patio and back yard
• Formal Dining Room with double window, crown molding, chair rail & wainscoting
• Huge Master Bedroom Suite with his & hers walk-in closets, vaulted ceilings, remote ceiling fan, and deluxe bath with garden tub, separate shower & dual vanity
• Upstairs Laundry Room provides convenience to all bedrooms
• 2" Blinds throughout
• Level lot is one of the best in neighborhood
• LOW Cabarrus COUNTY TAXES ONLY
• New Price $189,900 NO LONGER AVAILABLE

MLS#: 827311 EXPIRED LISTING

For more information on this house or other homes for sale in Cabarrus County and Concord NC, or general information on Concord NC area real estate, call Cheryl Powell with The Powell Team at 704-363-8902 or visit www.ThePowellTeam.net

Come and join the fun at The Arts District - NoDa Community Wide Open House Event in Charlotte North Carolina, Saturday December 6 and Sunday December 7, 2008 from 1:00 to 4:00 pm each day. There are more than 30 participating open homes... some are early 1900's Bungalows, some are new or recently built Bungalows, some are trendy townhomes. I hope to see you there!

UPDATED LISTING INFORMATION - 914 Anderson St - The Arts District - Charlotte NC 28025

REDUCED to $249,900 (Short Sale Listing... $130,000 below the owner's 2/2007 purchase price of $379,900)

You're INVITED

The Arts District "NoDa" Community Wide

Open House Event

WHEN:

December 6^th & 7^th

1-4pm

REFRESHMENTS PROVIDED!

Stop by my listing to pick up an Open House Map and list of participating homes.

Location 914 Anderson Street, Charlotte, NC 28205

MLS#: 819781

Offered at $325,000

REDUCED to $249,900 (Short Sale Listing... $130,000 below the owner's 2/2007 purchase price of $379,900)

Take this opportunity to view 30+ beautiful NoDa/The Arts District homes in one afternoon.

Come and see what everyone's been talking about!

Contact Cheryl Powell for more information at 704-363-8902