Marla Schneider - Move with Marla

Thanks to a new version of the First-Time Home Buyer Tax Credit which was signed into law by President Obama on November 6, 2009, qualifying first-time home buyers in Glenview, Wilmette or across the country, as well as those who already own a home, now have until April 30, 2010 to sign a purchase agreement on a new home and until June 30, 2010 to close on their new home in order to qualify for the tax credit. Here are some facts about this program:

Who is eligible for this tax credit? Previously, only first-time home buyers were eligible for this tax credit. That has now changed and home buyers who owned their principal residence for at least the past eight years and lived in it for at least five concurrent years prior to purchasing the new home are eligible for the tax credit as well.

Which homes qualify for the tax credit? The home being purchased must be used as the home owner's principal residence and the purchase price must be less than $800,000. A vacation home or investment property will not qualify for the tax credit. Also homes bought from relatives or spouses do not qualify.

Does the tax credit have to be repaid? Unlike the tax credit of July, 2008, which was more of an interest-free loan, this one does not have to be repaid.

How is the tax credit figured? The tax credit is 10% of the home's purchase price, up to $8,000 for first-time home buyers and $6,500 for buyers having already owned a home.

When must the home be purchased? To qualify for the home buyer tax credit, the principal residence must be purchased on or after January 1, 2009, and before June 30, 2010.

Is eligibility based on the home buyer's income? Yes. Single taxpayers must have income of $125,000 or below to qualify while married couples income must be $225,000 or below. This is an increase from the previous bill.

How does the homeowner figure their tax credit? Taxpayers should complete IRS Form 5405 to figure the amount of credit they will receive. This amount is then claimed on their income tax form.

For answers to other questions and general information about the Home Buyer Tax Credit visit the Federal Housing Tax Credit site.

The Marla Schneider Team can answer lots of questions concerning buying a home in Glenview or Northbrook, whether it's your first home or not. See what other resources she has to offer.

Thinking of selling your beautiful home in Glenview or Northbrook but wondering what the tax implications of such a move will be. Well, here is the answer to one such question that may be "taxing" your mind: Do I have to pay taxes on the profit I make from selling my home?

Since the law was changed in 1997, single homeowners may be able to enjoy a profit of $250,000 while married-filing-jointly homeowners can make up to $500,000 without having to pay taxes on the profit. The only stipulation is that the homeowner(s) owned the house for at least two years before the sale and lived in it for at least two years during the last five years prior to selling.

There are also some loopholes for people with unforeseen circumstances who may have to sell their home before they reach the two-year residency requirement. The IRS lists the following situations as the circumstances which can qualify homeowners for this partial tax break:

• Death
• Legal separation or divorce
• Loss of a job that qualifies the homeowner for unemployment compensation
• Changes in employment that make paying the mortgage and basic living expenses difficult
• Multiple births resulting from a single pregnancy
• Sale caused by a man-made or natural disaster
• Property was "involuntarily converted" (for example, being taken over by the government under laws of eminent domain)

For homeowners in such circumstances, a partial tax-free amount of profit can be prorated.

If you meet the residency requirements or have suffered one of the above-mentioned unforeseen circumstances, chances are you can make some profit on your home that will be tax-free. Contact the Marla Schneider Team and let her help you with these and other questions you may have. Marla has many resources at her disposal and is ready to help in any way she can when you decide to sell your Glenview or Wilmette residence.

Let's face it. While we all know there are lots of remodels that could make the home you're selling in Glenview or Northbrook more appealing, in the long run, costly remodels may not pay for themselves by garnering a higher selling price.

However, there are three things that every home seller needs to check and fix as necessary.

Carpet - The first item to consider is the flooring. Look at the carpeting throughout the house and decide if it can be cleaned and possibly stretched back into shape, or if it's going to have to be replaced. While many home sellers want to avoid this expense, often theorizing that carpet they would select the buyer won't want anyway, it is still in the seller's best interest to replace the carpeting if it's in bad condition.

By installing lower-priced, yet nice-looking carpet before possible buyers start trying to talk down the price of the house because of the decrepit carpeting, you're making the decision on how much to spend on new carpet, rather than letting the buyer dictate it.

Interior Paint - Next, look at the walls. When you live with them every day, you may not see all the scuffs and dings on your walls. So take a good look and you may be surprised at what you find. Chairs may have hit the walls and marred them, kids or pets may be banging them up or creating some dirty spots, or they may just be a less-than-lovable color.

Especially if you can do the work yourself, painting is a very inexpensive fix that can totally transform the interior of your home. Try to stick with neutral colors such as beige but avoid white on the walls. If there are smokers in your home, you can even purchase paint that purports to help get rid of any smoky smell.

Landscaping - The third item that must be considered before putting your home on the market, is the landscaping. With luck, trimming bushes down to a more manicured look, keeping the lawn mowed on a schedule that keeps it looking nice all the time, pruning dead limbs from trees and planting some colorful annuals, will be enough to give your home some great curb appeal.

If there are dead trees or bushes, however, they need to be removed. For dead spots in the lawn, put in a few squares of sod for a quick repair. Don't forget to scrub down outside porches and doorways and while you have your paint brushes out, consider giving the front door a fresh coat of paint.

To sell your home in Glenview, Wilmette or Northbrook, let the Marla Schneider Team help you. She has lots of resources to help sell your home quickly and painlessly.

There seems to be some good news for homeowners in the colder parts of our country, which of course include Glenview and Wilmette. Warmer temperatures are expected this winter which may lead to lower heating costs.

According to the Energy Information Administration, those heating with propane this winter may be able to lower their costs by as much as 14% from last winter. Natural gas bills could drop by 12% but houses that use electric heat may only see a 2% reduction.

While warmer weather is part of the reason for these expected savings, natural gas supplies are also up making prices go down. Some sellers are even offering homeowners deals on natural gas furnaces in an attempt to gain new customers for their increased supply of natural gas.

Those heating with oil may see prices that fluctuate this winter. Homeowners can hedge against this by locking in their supplier's price to them. This may work to their disadvantage though if the price actually goes down even more.

Electricity makes up about 1/3 of the country's heating fuel and it too should go down slightly. Since the prices of the fuels used to create electricity, mainly coal and and natural gas, have fallen, hopefully the cost of electricity will fall as well.

Of course, just waiting for costs to go down may not be enough for your family. Lowering the thermostat, taking shorter showers, setting the temperature on your water heater down a bit, and shutting off lights when you leave a room, can all help lower your utility bills this winter.

To reap the benefits of a warmer winter and lower prices on fuels, a move to the midwest may be just what your family needs. Call on the Marla Schneider Team to help you make the move. Marla and her team can help you find a home with lots of "green" technology to help lower utility costs year-round.

We hear talk about "sleepy little bedroom communities" but what exactly is a bedroom community? Here's a bit of the history and a few characteristics of today's bedroom communities.

First of all, bedroom communities first started springing up shortly after the end of World War II when people decided they'd rather raise their families in smaller communities, but yet they needed to be close to where the work was located, which was in the cities. Technically, the name bedroom community refers to a smaller town where its residents come to sleep, while most of their other day-to-day activities happen in the city. Since the interstate highway system was developed around the same time, the suburbs developed farther and farther out.

Today's bedroom communities such as Glenview or Wilmette, are still suburbs to the larger cities, and still home to city workers. Residents share their neighborhoods with other families with members similar in age and lifestyle. Usually made up of mainly single-family homes housing families with young children of working parents, these bedroom communities have local schools for the children as well as churches and some shopping and entertainment areas, although nothing comparable to what the nearby city has to offer.

This is a good thing, however, as it makes for a more leisurely lifestyle while still allowing residents the luxury of being close enough to the city for shopping, entertainment and fine dining when the urge strikes. And of course, city jobs are within daily commuting distance.

For those wishing to move to a bedroom community near Chicago, let the Marla Schneider Team help you find the best community and homefor you from among her listings in Glenview, Wilmette, Northbrook and along the North Shore.