Emily Lowe - Nashville TN Realtor

Home Buyer's Tax Credit Extended and Expanded: It's Official!

I just received an email explaining all of the details on the Homebuyer's Tax Credit, which has been extended and expanded to current homeowners.

According to Me, this is good news for current homeowners, who were previously left out of this tax credit. Perhaps this will encourage the middle part of the housing market to start moving! This is also good news for first time homebuyers, as they now have another five months to seal the deal on their first home (that is, if they can actually get approved for a mortgage and are disciplined enough to save).

For our economy, though, this seems like bad news. Where exactly are we getting all of this money from? Oh, wait, it's from people like me. And if I have any children, this money will come from them also.

And another gripe I have: If the government really wants to try to help out the American people and not just the banks, then why such steep regulations on who and how one can receive this money? For example, you have to make less than $125K (if you're single/less than $225K if you're married), you must have lived in your primary residence for 5+ years, and you can't buy a house for more than $800K. Oh, and there are SEVEN more stipulations concerning the home itself. I just don't get it.

The following is an email report from Tonya Esquibel, a mortgage broker here in Nashville that I like working with. The following email report came with instructions to "Copy and Paste as You Wish". So here goes:

Tax Credit for Homebuyers

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Tax Credit Versus Tax Deduction

It's important to remember that the tax credit is just that... a tax credit. The benefit of a tax credit is that it's a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.

Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!

Higher Income Caps

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price

Qualifying buyers may purchase a property with a maximum sale price of $800,000.

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Remember, the new tax credit program includes a number of details and qualifications. For more information or answers to specific questions, please call or email me today.

In addition, you may be able to benefit from additional housing related provisions, including the following:

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Tax Incentives to Spur Energy Savings and Green Jobs

This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.

Landmark Energy Savings

This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.

Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing

This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs. Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.

Expanding Housing Assistance

This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties.

As always, if you have any questions about your specific situation or would like to discuss how you may benefit from this program, please call or email me. I'll be happy to sit down with you.

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If you are interested in finding a home in Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE. Please note: You will have to register with my site to be able to search the MLS. I will contact you initially and all requests thereafter for privacy will be respected.

Looking to move? Wanting to Invest? Need help as a First Time Buyer? Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753

Downtown Nashville's Terrazzo Condominium Complex in the Gulch is having an Auction!

Yes, you read that right. Thirty (30) of these luxury downtown Nashville condos are going to be auctioned off on Saturday, November 21, 2009 at the Renaissance Hotel Nashville.

The starting bids will be $159K for a 900 square foot condo, going all the way to $399K for a minimum bid on a 2,090 square foot condo.

Previously I did a blog post on the Terrazzo Condominium Complex and, at the time, the starting price for one of these condos was $317K.

So, for any of you first time buyers who are still wanting to take advantage of the $8k tax credit, and for any others of you who are wanting to purchase in the Downtown Nashville Terrazzo in the Gulch Condominium Complex for a rock bottom price, then give me a shout and I can help you get signed up for an auction paddle!

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If you are interested in finding a condo in the Gulch area of downtown Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE. Please note: You will have to register with my site to be able to search the MLS. I will contact you initially and all requests thereafter for privacy will be respected.

Looking to move? Wanting to Invest? Need help as a First Time Buyer? Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753

Nashville's "City Paper" Reports that Mortgage Lenders in TN has Dropped by More than Half!

I was perusing the Nashville City Paper and an article on mortgage lenders caught my eye. Apparently the number of mortgage lenders who are licensed in the state of Tennessee has DROPPED BY MORE THAN HALF over the last two years! That is an EXTREME number!

I won't quote the whole story to you since it is available online, but the gist of the story is that due to the drop in demand for housing and the new stricter standards for lending, there is simply not the need there previously was for these services.

This story also reports that a lot of these Nashville and other TN mortgage lenders needed to go, and I think we can all agree with that! Fraudulent and non-documented loans need to be gone for good! Newer, stricter regulations are also coming in 2010, according to the article, so we may see the number of Nashville and other TN mortgage lenders drop even further.

Here were the numbers given:

1. 2007 - 17,000 Licensed Originators in TN

2. 2009 - 7,824 Licensed Originators in TN

I want to give an opinion here. As a Realtor, I want to see a healthy housing market where homeowners are making gains on their homes and truly creating wealth for themselves. That would include a healthy number of mortgage lenders to accomodate the need. But, as a consumer, an American, and a human being, I believe FRAUD IS A BAD THING and I think we need to be mindful right now. Less credit debt is a good thing, money in the bank is a good thing as well, and an honest look at how we can improve our economy and our nation as a whole is also good!

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If you are interested in finding a home in Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE. Please note: You will have to register with my site to be able to search the MLS. I will contact you initially and all requests thereafter for privacy will be respected.

Looking to move? Wanting to Invest? Need help as a First Time Buyer? Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753

Downtown Nashville Condo Sales: September 2009 Market Report Tells All!

In September 2009, condo sales in Downtown Nashville were definitely healthy! Just have a look at this market report!

Address	Sub/Dev	BR	Baths	Yr Blt	Sq Ft	List Price	SP/SF	Sales Price	DOM
848 1st Ave N	Riverfront Condo	1	1 / 0	1986	630	$68,900	$102.38	$64,500	22
510 Gay St Apt 904	Capitol Towers	1	1 / 0	1959	594	$79,000	$119.53	$71,000	69
510 GAY ST APT 908	CAPITOL TOWERS	2	2 / 0	1959	799	$99,900	$118.90	$95,000	110
320 11th Avenue South #301	Velocity in the Gulch	1	1 / 0	2009	419	$149,400	$343.68	$144,000	0
320 11th Avenue South #337	Velocity in the Gulch	1	1 / 0	2009	442	$152,400	$311.09	$137,500	0
415 Church St. #2307	Viridian	1	1 / 0	2007	648	$154,900	$238.43	$154,500	96
700 CHURCH ST APT 701	BENNIE DILLON CONDO	1	1 / 0	1926	600	$156,900	$258.33	$155,000	192
817 3RD AVE. N	DISTRICT LOFTS	1	1 / 0	2008	710	$159,900	$221.83	$157,500	74
700 Church St Apt 1203	Bennie Dillon Condo	2	1 / 0	1926	940	$164,900	$162.23	$152,500	48
320 11th Avenue South #247	Velocity in the Gulch	1	1 / 0	2009	543	$177,900	$350.64	$190,400	0
1803 Broadway	Bristol On Broadway	1	1 / 0	2005	630	$179,000	$257.14	$162,000	50
320 11th Avenue South #108	Velocity in the Gulch	1	1 / 0	2009	621	$193,750	$335.59	$208,400	0
320 11th Avenue South #112	Velocity in the Gulch	1	1 / 0	2009	621	$193,950	$328.42	$203,950	0
303 Criddle St(Harrison&3rdN)	Harrison Square	2	2 / 0	2008	1,307	$223,395	$168.32	$220,000	32
1209 5th Avenue N	GERMANTOWN COURTS	2	2 / 1	2004	1,136	$234,000	$205.99	$234,000	129
1803 BROADWAY #630	BRISTOL ON BROADWAY	1	1 / 0	2005	1,047	$249,888	$216.81	$227,000	218
415 CHURCH ST APT 2908	VIRIDIAN CONDOMINIUM	1	1 / 0	2006	771	$249,900	$304.67	$234,900	128
415 Church St Apt 2913	Viridian Condominium	2	2 / 0	2006	980	$260,000	$275.51	$270,000	4
320 11th Avenue South #327	Velocity in the Gulch	1	1 / 0	2009	840	$263,900	$325.83	$273,700	0
1510 Demonbreun St # 605	Rhythm At Music Row	1	1 / 0	2009	785	$267,500	$340.76	$267,500	0
1510 Demonbreun St # 801	Rhythm At Music Row,	2	2 / 0	2009	1,002	$333,698	$333.03	$333,698	0
1510 Demonbreun St # 503	Rhythm At Music Row	1	1 / 0	2009	995	$349,779	$351.54	$349,779	0
700 12th Ave South	Terrazzo	2	2 / 0	2009	1,103	$424,900	$385.22	$424,900	0
1510 Demonbreun St # 1507	Rhythm At Music Row	2	2 / 0	2009	785	$560,000	$713.38	$560,000	0
1510 Demonbreun St # 1108	Rhythm At Music Row	2	2 / 0	2009	785	$561,200	$714.90	$561,200	0
415 CHURCH ST. #3014 N	Viridian	3	3 / 1	2006	2,672	$1,000,000	$336.83	$900,000	63
Average		1.42		1996	861	$265,729	$301.66	$259,727	47

From the looks of it, Downtown Nashville Condo Sales were the greatest in these different Condo Complexes: Velocity in the Gulch, the Viridian and the Rhythm at Music Row.

The Velocity in the Gulch is starting to be a popular place to live, and since this past month they have been offering to match the $8k tax credit! Also, the brand new Rhythm at Music Row made a splash with four sales in their terrific location on Music Row! And don't forget about the Viridian, downtown Nashville's gorgeous condo highrise with tight security and unbelievable views from their location on Church Street!

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If you are interested in finding a home in Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE. Please note: You will have to register with my site to be able to search the MLS. I will contact you initially and all requests thereafter for privacy will be respected.

Looking to move? Wanting to Invest? Need help as a First Time Buyer? Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753

Nashville's Green Hills Area Condo Sales: September 2009 Market Report

In September, sales were a little bit slower in the Green Hills Condo Market than the previous booming August month! But there were still people moving into condos! Have a look:

Address	Sub/Dev	BR	Baths	Yr Blt	Sq Ft	List Price	SP/SF	Sales Price	DOM
1900 Richard Jones Rd, #B212	Green Hills Terrace	1	1 / 0	1967	625	$118,000	$182.40	$114,000	94
3600 Hillsboro Pike, #G-14	VILLAGER EAST	1	1 / 0	1969	600	$118,900	$186.67	$112,000	61
360 Summit Ridge Cir	FOUR SEASONS	1	1 / 0	1978	773	$125,900	$161.71	$125,000	39
2116 HOBBS RD # I12	HOBBS HOUSE COND.	1	1 / 0	1968	705	$126,900	$180.00	$126,900	107
412 Summit Ridge Place	Four Seasons	1	1 / 0	1978	716	$127,900	$178.63	$127,900	1
228 Summit Ridge Dr	Four Seasons Condomi	1	1 / 0	1978	716	$132,900	$185.61	$132,900	54
1900 RICHARD JONES RD APT F4	GREEN HILLS TERRACE	2	1 / 0	1967	862	$136,000	$145.01	$125,000	106
5025 HILLSBORO PIKE APT 15S	GEORGETOWN COND.	2	2 / 0	1969	1,542	$182,500	$115.92	$178,750	187
2097 Graybar Ln Apt B1	Graybar Manor	2	2 / 1	1969	1,296	$185,000	$138.89	$180,000	70
5025 HILLSBORO PIKE APT 8D	GEORGETOWN COND.	3	2 / 0	1969	1,410	$190,000	$131.21	$185,000	176
3000 Hillsboro Pike #123	Versailles	2	2 / 0	1967	1,343	$199,900	$144.08	$193,500	36
3198 Hillsboro Road	The Claridge	2	2 / 0	1982	1,157	$209,000	$173.73	$201,000	315
2087 STOKES LN	FAIRSTED PARK CONDOS	2	2 / 0	1996	1,228	$214,900	$146.82	$180,300	117
240 WESTCHASE DR	WESTCHASE	2	2 / 1	1982	1,636	$259,000	$151.28	$247,500	114
4210 HILLSBORO PIKE APT 207	HILLSBORO QUARTERS	2	2 / 1	2005	1,463	$279,000	$183.87	$269,000	148
Average		1.67		1976	1,071	$173,720	$155.54	$166,583	108

Nashville's Green Hills continues to be a place that people want to live, with its easy access to interstates, dining, shopping and relative safety. Go Green Hills!

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If you are interested in finding a home in Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE. Please note: You will have to register with my site to be able to search the MLS. I will contact you initially and all requests thereafter for privacy will be respected.

Looking to move? Wanting to Invest? Need help as a First Time Buyer? Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753