A few weeks ago I did a blog on media malpractice and the media mistating the market conditions in our area. I was thrilled to see that the Raleigh-Cary market was named the top growth area in the nation.
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With this gret news and the huge drop in interest rates now is an excellent time to buy!
Contact Real Living Realty Experts today at 919-387-4100 and sign up for our upcoming home buyer, investor and seller seminars.
If you're considering buying your first home, it's a great time to buy-and it just got even better! Thanks to the federal government's stimulus package, first-time buyers are entitled to a tax credit lesser of 10% of the cost of the home or $8,000.
Facts
The new credit is an $8,000 refundable tax credit (or up to 10% of the purchase price). Refundable means that if your total tax liability in the given year is less than $8,000, the IRS will send a refund check for the balance.
Examples
• If you owe $5,000 in taxes, the credit eliminates your tax liability, and you'll receive $3,000 back (assuming you bought a house worth more than $80,000; it is 10% of the purchase price up to $8,000).
• If you have no tax liability, you get $8,000.
• If you are due a refund of $1,000, you get $9,000 total back. Please consult your tax advisor regarding your specific situations.
• If you utilize revenue bond financing, you can use the tax credit.
• There's no repayment as long as you don't sell the home within three years of purchase. If you choose to do so, the entire amount of credit is due back to the government at the time of sale.
• You cannot buy your home from a close relative such as a spouse, parent, grandparent, child or grandchild.
• It can be claimed on your 2008 Tax Return (to be filed by April 15, 2009), an amended 2008 Tax Return, or your 2009 Tax Return.
Qualifications
• You must be a first-time homebuyer. If you (and your spouse, if filing jointly) haven't owned a principal residence in the past 3 years, you qualify.
• You must purchase a single-family home that will be your primary residence (meaning you spend 50% or more of your time there) between Jan. 1 and Dec. 1, 2009. This includes condos, townhouses and co-ops.
• It must also be in the U.S.
• The full amount of credit is available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). It begins phasing out after those numbers and completely disappears at income levels of $95,000 and $170,000 on a joint return.
Now is a great time to buy! Consult a tax advisor to see how the credit impacts you personally. To find your perfect home, contact your favorite Real Living Realty Experts agent today, or visit www.HomesByRealLiving.com
Real Living Realty Experts is thrilled to announce that Tara Thomas has joined our team of experienced real estate brokers. Tara joins us with residential real estate sale and relocation experience. Tara recently worked the relocation department for Allen Tate a member of the LRE network. We are excited that she can take her experience and connections to build a wonderful relocation department within Real Living Realty Experts, also a LRE member. LRE is a leading relocation network assisting home buyers and sellers relocating throughout the nation. Real Living Realty Experts specializes in the Triangle NC market and is a member of the Real Living Inc. national network of brokers.
Tara also has experience working with local home buyers and seller with their local real estate needs. She is very qualified to list and sell your residential real estate and has excellent customer service skills creating a mutually beneficial experience for both buyers and sellers.
Please help me welcome Tara to the Real Living team!
The government gives...and now the banks say no thanks. With all the scrutiny these banks have received lately, a few of the banks that were asked to participate in the TARP program are now saying that they'd like to return the money and get out of the program. They are tired of the media spotlight. Even though the money came cheap, they don't want the government running their internal operations. So who wants to send back the money?
Signature Bank of New York announced that it would return the $120 million it received from the government just three months ago. It indicated that the new restrictions on executive compensation weren't palatable to them, so they're ready to return the money. The rumor mill for who else will return the money continues, but The New York Times reported that TCF Financial Corporation, Iberia Bank of Lafayette, LA, Goldman Sachs and Wells Fargo are among those who may just give it all back.
The question may be; why did they take it in the first place? Some banks like Goldman and Wells were asked to do so. Former Treasury Secretary Hank Paulson asked that all major financial institutions participate so that they wouldn't be singled out for taking it and therefore a run on the bank would ensue.
I won't say where I bank for business however I do bank at a local bank that is doing just fine. I talked to one of the managers and she stated that their bank didn't have many foreclosures on the books but took some of the money "in anticipation of the collapse of the commercial market."
What is your opinion? How do you think this will affect the residential real estate market? Would you take a bailout on your real estate business if it meant you would have extensive over site from your BIC, company owner or even the real estate commission?
I was really impressed with the event page that Facebook creates and wanted to share with the rest of my activerain friends. This is a great way for brokeragesto plan broker lunches, lunch and learn recruitment events, and training events. This is also a great way for brokers/agents to schedule FSBO seminars and home buyers and investor seminars. Attendees are able to view details, see photos and video as well as RSVP.
From your facebook home page:
On the right hand side you will see applications.
Now that is simple and the final outcome is a professional layout and webpage for your event.
Real Estate Marketing and Sales Expert and Trainer
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