On November 9, 2009, the President approved the first-time homebuyer tax credit extension which will extend the tax credit until April 30, 2010.
Following are the Primary Q&A's regarding the 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.
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.
Active in Alabama, Mara Hawks, REALTOR with FIRST REALTY of Auburn, AL, #1 Real Estate Team in Lee County, THE LEADER in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! Committed to INTEGRITY, KNOWLEDGE & SERVICE.
CLICK ON CART TO SHOP FOR HOMES IN AUBURN-OPELIKA, ALABAMA 
Disclaimer: All information provided by this author is is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.
Getting a HOME INSPECTION is a very important step in the purchase of a home. Whether new construction or a resale property, hiring a state licensed inspector is always recommended. A list of local inspectors is available from your Realtor, and you can check the state website for a complete list of licensed Home Inspectors.
Active in Alabama, Mara Hawks, REALTOR with FIRST REALTY of Auburn, AL, #1 Real Estate Team in Lee County, THE LEADER in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! Committed to INTEGRITY, KNOWLEDGE & SERVICE.
CLICK ON CART TO SHOP FOR HOMES IN AUBURN-OPELIKA, ALABAMA
Disclaimer: All information provided by this author is is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.
This year was the 4th Annual Howl'oween Dog Parade and costume contest in downtown Opelika. Besides all the fun and entertainment, the event benefitted Rescue K9-1-1, an orgaization that is dedicated to the rescue of lost and homeless animals in the community.
I am not an advocate of putting clothes on dogs, but have to admit that these dogs were adorable!
Active in Alabama, Mara Hawks, REALTOR with FIRST REALTY of Auburn, AL, #1 Real Estate Team in Lee County, THE LEADER in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! Committed to INTEGRITY, KNOWLEDGE & SERVICE.
CLICK ON CART TO SHOP FOR HOMES IN AUBURN-OPELIKA, ALABAMA
Disclaimer: All information provided by this author is is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.
Auburn AL Real Estate - This is a great opportunity for first-time homebuyers, at a bank-owned, foreclosure price. Newer home in very good condition, with a lovely, partially fenced backyard that has a patio, a firepit and some woods. Appliances include refrigerator. Ceiling fans and crown molding;This house is wired for security and audio systems, too!
Contact me to view this or similar properties at WIMBERLY STATION!
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ACT SOON to take advantage of the $8000 tax credit, offered to qualifying buyers that close on a home by November 30th.
BENEFIT FOR FIRST-TIME HOMEBUYERS - The Tax Credit Advantage
Active in Alabama, Mara Hawks, REALTOR with FIRST REALTY of Auburn, AL, #1 Real Estate Team in Lee County, THE LEADER in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! Committed to INTEGRITY, KNOWLEDGE & SERVICE.
CLICK ON CART TO SHOP FOR HOMES IN AUBURN-OPELIKA, ALABAMA
Disclaimer: All information provided by this author is is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.
The following report is calculated by the Alabama Center of Real Estate. This report, along with more detailed information, can be found on their website: http://arerec.cba.ua.edu/ Are you considering a move into or out of Lee County Alabama? If you would like to receive these monthly reports, emailed directly to you, along with other local area information, feel free to contact me with a request.
NOTES from HOME: Nationwide appraisals need a gauge adjustment, to determine the difference between a well cared for home and one that is completely run down. The current system is delivering disproportionate comps and severely complicating and slowing down home sales.
The National Association of Homebuilders (NAHB) called on Congress this month (October) to take a leading role in the housing market and help get America back on its feet, by addressing the appraisal issue, and also to extend---and even improve--- the $8000 first-time homebuyer tax credit, suggesting it be offered to anyone who is purchasing a principal residence.
"Not only are we continuing to feel the impact of foreclosures and short sales in the market, but we're facing a severe credit crunch for acquisition, development and construction (AD&C) lending," said Robson. "Meanwhile, the use of foreclosed and short-sale properties as comps is resulting in inappropriately low appraisals that are effectively sinking one quarter of all new-home sales right now. Add to this the fact that demand and home sales are already showing signs of slowing with the pending Nov. 30 expiration of the first-time home buyer tax credit." (NAHB)
ACT SOON to take advantage of the $8000 tax credit, offered to qualifying buyers that close on a home by November 30th.
BENEFIT FOR FIRST-TIME HOMEBUYERS - The Tax Credit Advantage
Active in Alabama, Mara Hawks, REALTOR with FIRST REALTY of Auburn, AL, #1 Real Estate Team in Lee County, THE LEADER in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! Committed to INTEGRITY, KNOWLEDGE & SERVICE.
CLICK ON CART TO SHOP FOR HOMES IN AUBURN-OPELIKA, ALABAMA
Disclaimer: All information provided by this author is is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.
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Find homes for sale in Auburn, AL . Working with First Realty Auburn, the #1 Real Estate Team in Lee County, THE LEADER in results, service and expertise in all areas of real estate.
I am privileged to work with the #1 Real Estate Team in Lee County, the leader in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! FIRST REALTY has maintained their top ranking for the number of closed transactions, every year since 1976. I am, along with my associates, committed to our company philosophy of INTEGRITY, KNOWLEDGE of all phases of the real estate business, and SERVICE to you, our customer and client. Whether you're moving in or moving out of the area, I can assist you, and, as always, look forward to making your experience a truly harmonious and moving one!
The following expresses a little about why I am grateful for the opportunity to be a Realtor today:
"SoCal Wildfires Inspire Response From Realtors" Maintaining ‘A Sense of Home' Mara D. Hawks
www.rismedia.com
November 8, 2007
I work in Alabama, and was visiting my daughter and family in Encinitas, California, during the days of the fires. We were on a vigilant watch with the news and keeping track of nearby relatives. I feel an intense compassion for the land and for the people whose homes and neighborhoods were affected, and, in retrospect, am also in awe of the galvanized spirit of Southern Californians and the hearts of gold that are clearly evident in times like these. These unchangeable, enduring qualities spark the fuel for reconnecting, rebuilding, relocating and restoring. I am more proud today of my work as a Realtor, just knowing of those Realtors who are able to effectively facilitate practical services and a sense of home-no matter what the circumstances.
Realtor
Auburn, Alabama
First-Time Home Buyers - NEST EGGS come in all sizes. When you first begin thinking of buying a home, there are many questions and concerns, anxiety and excitement. Taking time to research and look at different shapes and sizes of homes is a big part of the process, (sort of like sitting on the egg!), and definitely the first step after getting some finances in order. Once you decide on some areas or neighborhoods you like, and also on a few basic things that your home must have, like how many bedrooms, what general price range, new construction or anything, you can let me know, and I can set you up with a customized New Listings Notification, which can assist you in your search for a home.is After that, you will be notified by email of new listings that come on the market and meet your criteria. This tool helps you in a very timely way (you are notified within 24 hours of a new property being listed on the Lee County Multiple Listing Service). It also helps you understand the local market and can help you stay on track with your search. When a property comes on the market that looks like your future home, just contact me and I can make a showing appointment for you. Just call me (Mara at 334-524-2220) or email me and let me know you'd like to be set up on the New Listings Notification program! Sometimes, new buyers find exactly what they want on our first trip out to view properties!
NEW CONSTRUCTION - My association with several builders and developers continues to give me a unique and very educational experience in working with new construction homes. Like a new pair of shoes, you sometimes have to walk in them a bit and wear them in, and then they are your favorite! I can work with you every step of the way, whether you're considering a custom home, a semi-custom or a spec. New construction is exciting. Growing Auburn has a wide selection of new construction homes, offering much in the way of premium materials, fixtures, hardware, and state-of-the-art designs and plans. Right now in Auburn, Opelika and Notasulga on Saugahatchee Creek, there are communities of beautiful homes developing (from my website, visit HELPFUL LINKS for some of these developments. If you have a plan, some ideas you've collected over the years and stashed away for your dream home design, or no plans at all except an interest in building a custom home, don't hesitate to contact me for some resources and to set up a free consultation with a quality, approved homebuilder!
Lynne Pope (Los Angeles area) Interior Design, Pope and Associates Interior Design Inc. worked directly with Mara as a colleague
"Mara has been amazing on all her projects. She has a huge vision and ability to transfer word images and photography into a product which sells properties. Most important is that she loves homes and people and gives the extra mile of service." January 25, 2008
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Andy Vear (Chicago) hired Mara as a Real Estate Agent in 2006
"Mara was the most helpful real estate agent I have ever worked with, I would highly recommend her and plan on using her again and again." January 27, 2008
Top qualities: Great Results, Personable, High Integrity
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Angela Bernstein (Alabama) hired Mara as a Real Estate Agent in 2006
"Best realtor in the Auburn, Alabama area." March 22, 2008
Top qualities: Great Results, Personable, Expert
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Kim Mancuso (Auburn, AL) hired Mara as a Real Estate Agent in 2007
"Having Mara represent you would impress anyone. She's awesome! She worked very hard for us and helped make our dreams come true."
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