Renee Porsia

Lately, I've been tweeting like a banshee. When I tell people that I've been busy working and tweeting their response is what is tweeting?

Tweeting in my opinion is just a bunch of status updates that people post all day long. It's actually no different than Facebook in the sense that Facebook asks what's on your mind and Twitter asks what are you doing?

What is different about Twitter than Facebook is that instead of friend requests, you can choose to follow people's tweets. Some people's tweets are protected and you have to ask permission of the person to view their tweets. I actually like it better than Facebook's friend requests because the term "friend" on Facebook is used to loosely and you have those who simply want to have a million people want to be their "friend" but then talk to no one and in my opinion, that is just someone who craves attention or wants "celebrity" status and if that is the case the person needs a fan page instead of a page where the main theme is, can I be your friend?

I've met a lot of people on Twitter and have grown my social network immensely. Yes there are celebrities on Twitter and they tweet all day long and some even tweet back at you.

It's a great place to promote just about anything. I use it to promote myself and my real estate business. But, you can't tweet all business and no play so I tweet about my day, bad or good. If I have an opinion about something, I don't mind expressing myself.

I have to say that since I have started tweeting, my business has grown by leaps and bounds. The traffic to my website has increased greatly. My blog has received a huge amount of attention and I have been getting requests for interviews about my blog.

Be aware though, if you start to tweet, it will become addicting and you will find that everything you do will become a tweet of some sort and can get on people's nerves. For me, whenever I am somewhere doing something, even getting my morning coffee, I tweet while in line.

People have used Twitter to express the bad customer service they receive. Don't laugh, companies take consumer tweets very serious and in fact big companies such ast At&T, Comcast and Starbucks just to mention a few, even tweet and if they see someone twuining their reputation, they will attempt to make restitution for that consumer who did the tweeting.

Tweeting is becoming all the craze and I think its great. Here a tweet, ,there a tweet, everywhere a tweet, tweet.

So, I ask the question, do you tweet? If not, jump on the twagon (sorry, I tried) and find out what all the buzz is all about.

Come follow me @ http://www.twitter.com/reneeporsia

People keep asking me how the market is and for some time now, I could answer "slow." Now, I can honestly answer that a change is on the horizon.

I've noticed that houses are moving,more buyers are out there looking with their buyer agents and even more are contacting me to find out how to get qualified.

Months ago, when I would call to schedule a viewing of a home, every one of them was available and my buyers had weeks or months to compare and then go back to see many of the homes for a second or third time. That is not the case now. Over the past few weeks, I've noticed when I call to schedule homes to view, many are now pending a sale and when I do get in, by the time my buyer takes time to compare other homes and then wants to go back to see one of their favorites for a second time, the home is pending a sale. That is great news because it means that the real estate market is slowly bouncing back.

It also means that consumers who can purchase a home are out there living the American dream. It means that people who can purchase a home are and people who shouldn't be purchasing or simply are not in the position to purchase are not. It's back to basics. Consumers need to have great credit, a stable job and money saved for closing costs and a down payment. Gone are the days of 100% financing for those with absolutely no money and who probably shouldn't have been allowed to purchase a home in the first place.

First-time home buyers are out there in droves taking advantage of the First-Time Home Buyer $8000 Tax Credit as well as seller assist for their closing costs, back to normal home prices and plenty of inventory still available.

This is a bright spot in what has been a very gloomy new year.

By Renee Porsia | March 18, 2009

After my first article regarding the $8000 tax credit, I received even more e-mails and questions so I wanted to touch on the subject a bit more.

I wanted to clear up misinformation that has been aired on NBC's Weekend Today. Mrs. Barbara Corcoran was on Today last Sunday and stated to Jenna Wolfe that first-time home buyers can use the $8000 as part of their down payment. I then received quite a few e-mails asking me if this was true. No, it is not. It's not true because a new home owner can not get their credit until they file their taxes.

Now it would certainly be a nice thing if home buyers could get their hands on that money for their down payment. So to that I say, if you have a family member or friend who can gift you the $8000, you should do that and then pay them back after you receive your tax credit. This way you can take full advantage of the money at a time when you most need it.

There is a way, however, to access the money sooner rather than waiting to file your 2009 tax returns. This would involve adjusting your withholding amount on your W-4 forms via your employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. In this situation, the buyer would be able to accumulate extra cash by raising his or her take home pay. Keep in mind, though, that this is different than just receiving the $8000 out right. You would have to be very strict and save the extra money you take home.

You also should already be approved by a lender and working with your buyer agent to find your home by now if you want to take advantage of this tax credit. You only have to December of this year to find your home and be eligible. Time goes extremely fast. Remember in most cases it does take a minimum of 30 days to get to settlement, barring any issues. You don't want to put yourself up against a wall rushing to find a home in October, just so you can take advantage of the money.

Who qualifies for the tax credit? Anyone who has not owned a principal residence during the 3-year period prior to the purchase.

So, if you own vacation home or a rental home and it is not used as your primary residence, it does not disqualify you as a first-time home buyer. That may be good news for some people and news to those of you who simply weren't aware of that.

There are income limits for claiming the tax credit. Those limits are $75,000 for single tax payers. For married taxpayers filing jointly, the limit is $150,000.

You can claim your tax credit by filing form 5405.

Any type of home qualifies for the tax credit. This includes single family, townhouses, twin, row homes, condominiums, mobile homes and houseboats.

If you already filed your taxes but purchased your home in early 2009, the good news is that you can still claim your credit by filing an amended 2008 tax return with a 1040x form. Always consult with your tax adviser to make sure you file this form properly.

I really hope this answers your questions. Now get out there and find your first home.

If you have any comments or additional questions, feel free to e-mail me at reneeporsia@mac.com.

My thanks also go to the National Association of Home Builders for their contribution to my article.

Renee Porsia is a Realtor in Philadelphia. Visit her website to learn more.

So many first-time home buyers have been contacting me, asking about mortgages and what to do and not to do when starting the home buying process. Here are some answers to those first-time home buyer questions.

The first thing that every first-time home buyer needs to do is hire a buyer agent. Your buyer agent is going to play an important role in the entire process. If you find a good buyer agent, they will bring you in and sit you down and explain the buying process to you and answer all of your questions. So, be prepared and have a list of questions ready. Running out to a property and meeting a Realtor for the first time is not the way to hire a buyer agent.

It is important to know that if you hire a buyer agent, you do not have to pay the buyer agent. Traditionally, your buyer agent will be paid out of the fee for service that the seller agreed to pay when they listed the home.

Get pre-approved. If you don't want to get pre-approved then you are not serious. You need to know how much you can afford before you look at homes. Don't worry, homes will be there. If you do not know of a reputable lender, your buyer agent will have names of some great mortgage consultants for you to talk with.

Don't get caught up in interest rates. You can't lock in on any rate until you have a signed Agreement of Sale so it doesn't matter if the mortgage consultant tells you that rates that day are 4%; they mean nothing to you until you find your home. It is extremely important that you understand this.

Make sure to get a Good Faith Estimate (GFE) from your mortgage consultant which lists all of the fees you can expect to pay at settlement.

Have money for a deposit, down payment and closing costs. If you do not have money saved, it's not time to be looking for a home. And do have a job!

Have patience and make sure to trust the Realtor you hire. Your buyer agent does this every day and will guide you.

Trust your instincts. Everyone will have opinions and advice but you have to listen to yourself. If you view one house and that home is the price you want and has everything you want, then do not be afraid to put an offer in on it. Remember, you are looking for a home and you only need one. Many people will tell you not to buy the first home you see. But what generally happens is that when you listen to other people and go against your feelings and view many other homes only to figure out that the first home was the home for you, that home usually is not available and then you missed out on exactly what you set out to find in the first place.

Don't low ball every home. Your Realtor will know how much homes are selling for. Yes, it is a buyer's market and you can get a great deal but if you expect to put in ridiculous offers on every home no matter what, you lose the home and you will be wasting your time as well as your buyer agent's time.

Know what you want before you go look at homes. Have a list of what you need first, then list what you would want but could live without.

Know the style of home you want. Do you know the difference between a cape, a townhouse or a row home ? If not, you need to find out so ask your buyer agent what the differences are. This way they are not showing you homes that you do not like.

If you are interested in a condo, there are important things you need to know about them before you go out and look at them. You may find out that a condo is not for you.

Bring a notebook with you when you view homes to take notes and document concerns. Ask: how far is the home from your job, do you have to pay tolls, use more gas and how much are taxes? The price may be right but in the long run, it may wind up costing you much more just to get to work.

Always bring the person or persons who will be helping you make the decision on the home. You may think that you know what the other person wants but trust me, it's best to view every home with whomever else will be buying the home with you. The last thing you want to do is fall in love with a home only to bring back your husband/girlfriend/partner and find out that they do not like it like you do.

Finally, remember buying a home is very time consuming and stressful. Failing to plan is planning to fail. Knowing what to expect before you run out there to view homes will make your home buying process so much more enjoyable. I do hope that I have answered some of your questions and that you have a better sense of what to expect.

Recently, I have been getting a lot of phone calls and e-mails asking me questions about the $8000 home-buyer tax credit so I wanted to answer the most asked questions and make it as simple as possible.

So who gets the credit? First-time home buyers or someone who hasn't owned a home in three years.

How much is the credit? $8000 or 10% of the home's value, whichever is less.

What do you have to do to get it? Claim it on your 2008-2009 taxes.

It's totally refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of withholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount

Is there a deadline? The purchaser must purchase their new home between January 2009 to November 2009.

Do you have to pay the money back? If you reside in the home for three years, you do not have to pay it back.

Are there any restrictions? Yes. buyers must make less than $75,000 for singles or $150,000 for couples. Higher-income buyers may receive a partial credit.

Is it easy to apply for the credit? Yes. It's as easy as filing your taxes.

What if you already filed your taxes? If you have already completed your tax return, you can file amended returns for 2008 to claim the credit.

It's a great incentive if you are a first-time home buyer. With low interest rates, low home prices, plenty of inventory and now this tax credit, I find myself wishing that I was a first-time home buyer again.

If you are on the fence, it may be time to jump off.