Kristina Zack, Real Estate Specialist in Enfield

News! If you plan on filing for your $8,000 or $6500 tax credit, you will be unable to e-file your return. You will have to do it the traditional way...snail mail! Also, be prepared for long delays..some as long as four months. Why the delay? For once it is not the IRS...instead it is folks who are scamming the system who are slowing down the process for all and weeding them out! Unbelievable!

If you plan on filing for your credit you must submit the 5405 Form ( can be found below) proof of residency, a signed mortgage statement & a copy of your drivers licence. You can still use the electronic forms, but is must be printed out and mailed with the items mentioned above. This all can take longer, but at least this will weed out the folks who will scam..and eventually the process will move quicker.

The government has released the new filing form which can be found here in PDF format. http://www.irs.gov/pub/irs-pdf/f5405.pdf

Guess we can look at it this way...at least you will still get your credit...in due time.

Was getting anxious and wanted to look into some stats for Enfield, Ct Sales for the last month..and this is what has been cooking

Total Homes Sold- 18

Median Sale Price- $192.250

Total Homes for Sale- 142

Average Days on Market for Sold Homes- 84

Sales at asking price- 2

Sales over asking price-2

Sales under asking price- 14 (Not too low below surprisingly! See chart)

Homes to come on the market this month- 28

Simply broken down..that is what is going on. In the next week I will do a more accurate break down of the month. What I have seen is increased short sales and foreclosure activity in Enfield. I think that this is the reason for some homes getting above asking price. What I have also seen is normal homes that are not foreclosures come on the market that were priced at market value and sell within a short time (less than 30 days). The buyers are out there! The tax credit extension has really spiced things up. In the price range between 50,000-200,000 have seen the most activity. I think if you are a resident in Enfield and think your home fits in this price range, then it would be a excellent time to list after the New Year. The tax credit expires April 30, 2010 meaning buyers do not have a lot of time to look and secure a home. The average days on market is 84, that is almost three months...so really January is a great time to sell.

If I can shed anymore light on these stats, please leave a comment or if you would like to leave a confidential comment, e-mail me- Kristina@prudentialct.com

www.CT247RealEstate.com

Hooray! The tax credit has been extended to April 30, 2010! Great news to those who were holding off. A cool addition came along with the extension...and it includes homeowners. Homeowners who have been living in there home 5 out of the past 8 years will qualify for a $6,500 tax credit up to April 30, 2010. Below I have broken it down..

$8,000 First Time Home Buyer Tax Credit Info

• A tax credit of up to $8,000 is available for first-time home buyers purchasing on or after January 1, 2009 and on or before April 30, 2010.You must have a contract written up, agreed upon, signed, and excepted by both parties on or before April 30, 2010. The home MUST close BY June 30, 2010. This will give you plenty of time to obtain a mortgage, negotiate through home inspection issues, and close on your home.
  

• A First time home buyer is classified as a home buyer that has NEVER bought before or a home buyer that has not purchased or owned a home in the last 3 years

• Income limits for the tax credit are $125,000 for individuals and $225,000 for married couples filing jointly

• Married couples are not eligible to claim the first-time home buyer tax credit if either spouse has previously owned a home in the last 3 years. Meaning both people on the deed need to be first time home buyers
• The tax credit does NOT need to be repaid

• Folks who are claimed as dependents by a taxpayer or who are under age 18 do not qualify for a tax credit
• Homes that are priced above 800,000 do not qualify for the tax credit

• The tax credit is equal up to 10% of the purchase price up to $8,000..for example, if you purchased a property for $180,000 you are eligible for $180,000 x 10% = $18,000...so you will receive the full $8,000. If you purchase a home for $50,000 you will only be eligible for $5,000 ($50,000 x 10%= $5,000)

• Persons who are claimed as dependents by a taxpayer or who are under age 18 do not qualify for a tax credit

$6500 Move up/Repeat Home Buyer Tax Credit

• A Move up/Repeat Home Buyer is someone who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date. For married tax payers,both spouses must qualify as long-time residents, with at least five years residency for each

• Income limits for the tax credit are $125,000 for individuals and $225,000 for married couples filing jointly

• The tax credit is equal up to 10% of the purchase price up to $8,000..for example, if you purchased a property for $180,000 you are eligible for $180,000 x 10% = $18,000...so you will receive the full $8,000. If you purchase a home for $50,000 you will only be eligible for $5,000 ($50,000 x 10%= $5,000) Same rules as the first time home buyer tax credit

• This home cannot be for investment purposes....it must be your primary residence. You do not have to buy a home that is more expensive either, you can be someone who is looking to downsize and buy something cheaper.
  

• This tax credit goes in effect November 6, 2009 and expires on April 30, 2010. The home must close by June 30, 2010

• You must live in your residence at least 3 years for the tax credit not to be repayable. If you decide not to live there or sell your home before 3 years are up, you must pay back the government.

As always, consult with your accoutant if your income limits are unique. For further questions, check out the Goverments Tax credit site www.federalhousingcredit.com to answer more detailed tax credit info.

Use this form to claim your credit- http://www.irs.gov/pub/irs-pdf/f5405.pdf

If I can answer anymore questions, please leave a comment

Thought I might share my press release...I still think it is a dream!

Kristina Zack of Prudential Connecticut Realty

Nominated for Realtor Magazine's

"30 Under 30 List" for 2009

Enfield, CT - Kristina Zack of Prudential Connecticut Realty's Enfield office has been named one of the 50 finalists in REALTOR® Magazine's 2009 "30 Under 30" list, announced Candace Adams, President of the company.

"Kristina is one of the hardest working young agents we ever have," Ms. Adams said. "Her sales volume is up 500% from 2007 to 2008. Not only is she always available for her clients, but she's also active on Twitter, Facebook, Active Rain and her own blog, answering questions and getting information to everyone who requests it. We are very proud of her being nominated."

Ms. Zack, who says she knew she wanted to be a Realtor® from the time she was eight, turned her first job as a cashier at Kentucky Fried Chicken into a position as store manager at the age of 17, before rising through the ranks to become Marketing Training Manager.

Having joined Prudential Connecticut Realty in 2007, Ms. Zack specializes in Hartford, Litchfield and Tolland Counties. She has earned several designations including eCertified, ePro, Certified Residential Specialist and completed the Graduate Realtor Institute. She serves on the Greater Hartford Association of Realtors Member Services and South Region Committees. She also is affiliated with the Women's Council of Realtors, National Association of Realtors, Connecticut Association of Realtors, Greater Hartford Association of Realtors and Hartford Habitat for Humanity.

Each June, REALTOR® Magazine features 30 rising young stars in the real estate industry. The association looks for candidates who are successful in the real estate business and have demonstrated ingenuity and creativity in their careers. They also look for innovative marketing ideas, unique personal stories, tales of triumph, and leadership in the community and the profession.

Kristina can be reached at Prudential Connecticut Realty on 786 Enfield Street, or by calling her office 860-741-4478 or her cell phone at 860-307-9600. Her e-mail is Kristina@prudentialct.com or visit her website at www.CT247RealEstate.com.

Prudential Connecticut Realty is the largest real estate firm in Connecticut.

Disposing of electronic waste the wrong way can impact our enviroment immensely. The amount of mercury contained in one computer can contaminate 20 water acres of a lake!

Environmental responsibility is important to us and as a celebration of Earth Day we want to help you, & help the earth. In honor of Earth Day, we will be offering an e-waste disposal event. All you need to do is load up your unwanted computers,printers, monitors, T.V's, Computer Mouses,modems,cellphones, batteries and other components you no longer use,bring them to our event and we will take care of the rest. We have teamed up with a certified e-waste agent to ensure that your potentially hazardous waste is disposed of the right way. All items will be hauled out of your car, so no need to even get out of your car..it will be like a drive-thru!

Proceeds will be donated to The Sunshine Kids Foundation ( http://www.sunshinekids.org/ ) & The Enfield Food Pantry (http://www.enfieldfoodshelf.org/ ) $8.00 for the first item, $6.00 for each additional item therefore after.

Location: Prudential Connecticut Realty 786 Enfield Street Enfield, Ct 06082

Date: April 18 from 9am-12pm

For further questions, please contact me at 860-741-4478

Come out and support The earth & Two important foundations!