Heather Goodwin ~ Shreveport Louisiana Real Estate

I was informed today by the Northwest Louisiana Association of Realtors that Barksdale Air Force Base has been named the headquarters of a major new command. This is good news for Barksdale and good news for the cities of Shreveport and Bossier.

The Global Strike Command will oversee the nation's nuclear-equipped bombers and intercontinental ballistic missiles. Senator David Vitter and Representative John Fleming, both on the House and Senate Armed Services Committee, actively campaigned that the command is a natural fit for Barksdale since it already houses long range weapons systems, including the largest group of B-52s.

What does this mean for the folks of northwest Louisiana? The economic impact will be significant since bringing the Global Strike Command to Barksdale will mean upwards of 1000 Air Force personnel in permanent jobs. Also significant will be the economic stimulus created by the many temporary jobs during the construction phase.

Some people are nervous about having such a large arsenal of nuclear weapons right in our own backyard. What is not known by many who are new to the area, however, is that Barksdale has for decades played a role in the nation's nuclear weapons system. Somehow, as a girl growing up in Bossier City, I always knew that if Russia decided to strike, Barksdale would be one of the first targets. And somehow, I was strangely comforted by the fact that death would be instantaneous and painless (or so I believed).

Is the danger real? Yes, but so is getting hit by a car tomorrow. Is it any reason not to live here? Not at all. With almost 10,000 current military employees and multiples of that in family members and retirees, Barksdale Air Force Base has been and will continue to be an important integral part of Shreveport and Bossier City.

Ask any long time resident here, and they probably have some tie to the base. My own grandfather was employed by the construction company that turned the cotton fields into air fields. He guarded the money bags on payday and accompanied the boss on his rounds as he doled it out to the workers. He reportedly carried a pistol on his belt to ensure the money made it to the intended recipients. I don't guess that position will be posted for the construction of the new facility for the Global Strike Command!

I've posted about this part of the 2009 American Recovery and Reinvestment Act before, but I like the way this fact sheet from the National Association of Home Builders describes the $8000 tax credit. So here's a second look at it.

2009 First-Time Home Buyer Tax Credit Fact Sheet

Who is Eligible?

• The $8,000 tax credit is available for first-time home buyers only.
• The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase.
• All U.S. citizens who file taxes are eligible to participate in the program.

Payback Provisions

• The tax credit is a true credit. It does not have to be repaid.
• The only repayment requirement is if the home owner sold the home within three years after the purchase.

Income Limits

• Home buyers who file as single or head-of-household taxpayers can claim the full $8,000 credit if their modified adjusted gross income (MAGI) is less than $75,000.
• For married couples filing a joint return, the income limit doubles to $150,000.
• Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit.
• Married couples who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax credit.
• The credit is not available for single taxpayers whose MAGI is greater than $95,000 and married couples with a MAGI that exceeds $170,000.

Effective Dates for the Tax Credit

• First-time home buyers would receive an $8,000 tax credit for the purchase of any home on or after January 1, 2009 and before December 1, 2009.
• To qualify, you must actually close on the sale of the home during this period.

Tax Credit is Refundable

• A refundable credit means that if you pay less than $8,000 in federal income taxes, then the government will write you a check for the difference.
• For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $3,000 payment from the government.
• If you are due to receive a $1,000 tax refund from the government, your refund would grow to $9,000 ($1,000 plus $8,000 from the home buyer tax credit).
• Buyers can take the tax credit on their 2008 or 2009 income tax return.

Types of Homes that Qualify for the Tax Credit

• All homes, whether single-family, townhomes or condominium apartments will qualify, provided that the home will be used as a principal residence and the buyer has not owned a principal residence in the prior three years.
• This also includes newly-constructed homes.

For more details on the tax credit, visit the Federal Housing Tax Credit website.

There is good news on the home front for those of you who have been trying to decide if now is the time to buy a house. In plain language, interest rates are expected to drop .25 to .5 percentage points in the next few days and to stay low. This comes on the heels of the news that the Federal Reserve will buy $750 billion more in mortgage-backed securities and $300 billion in long-term government bonds.

Unfortunately, this won't help homeowners facing foreclosure or who have no equity in their homes in order to refinance. It also won't be any help to buyers who don't have stellar credit scores (740+ to get the best rates) and 20% of the purchase price for a down payment.

Those it will help are homeowners who aren't upside down on their mortgage who want to refinance and buyers who have great credit and the required down payment. And don't forget about the $8,000 tax credit for first time home buyers. A savvy buyer can cash in on the low rates that will be here later this week, then file an amended federal tax return after their home purchase and pocket the net credit before the end of this year. Call me if you have questions about this.

Spring is in the air, the weather is getting warmer, and there are plenty of houses on the market. It's time to buy!

We have some great festivals in and around the Shreveport area. I've previously written about theRed River Revel. It rolls around every year at the beginning of October and in my mind is associated with cooler weather, food, and art.

In Shreveport when spring rolls around, you know it's time for the festivals to begin again.  The season starts of with Mardi Gras parades and parties. That has come and gone for this year, but that doesn't mean all the fun is over.  Here is a list of festivals coming up in Shreveport, Bossier City and other towns across northwest Louisiana.  I hope to see you at a few of them!

Mardi Gras in Shreveport - Mardi Gras is officially over, but this link will take you to pictures from the various parades in the area if you want to see how Shreveport does Mardi Gras.

MARCH 7th

The Jonquil Jubilee - Jonquils (aka daffodils) are one of my favorite flowers and to see a wide sweep of them across a pasture or in a woodland setting is a sight to behold. There are many vendors at this festival as well as tours of historic homes in addition to viewing the daffodils.

APRIL 10th-11th

American Rose Center - Each spring the Gardens of the American Rose Center on the western edge of Shreveport hosts a Full Bloom Spring Celebration. If you love roses, this is the place to be.

APRIL 17th-26th

Holiday in Dixie - This is one of the best family-oriented festivals we have. And it has something for everyone. There's a treasure hunt, doo-dah parade, carnival, photography contests, military ball - you're bound to find a way to have fun.

MAY 2nd - 3rd

Cinco de Mayo Festival - A celebration of Hispanic culture in the Ark-la-tex with good food, chihuahua dog races, and dance contests!

MAY 9th-10th

Barksdale Air Force Base Air Show 2009
Defenders of Liberty

Show Time is at 10:00 a.m.  With free admission and free parking, you can hardly go wrong spending the day at the air show.  Just be sure to bring sunscreen.  The show has something of interest to everyone.  Performers include the U.S. Navy Blue Angels, Canadian Forces Snowbirds, Chilean Halcones, Greg Poe, Shockwave Jet Truck, E Team Skydivers, Vintage Warbirds, and a Sunday Mother's Day Concert by country music star, Aaron Tippin!

MAY 16th

8th Annual David Rice Memorial Angel Run - A good excuse to get ourdoors and get some exercise. Proceeds from this fun 5k walk/run benefits Holy Angels Residence facility for developmentally and mentally challenged children and adults.

MAY 21st - 24th

Mudbug Madness - Another excuse to eat!! For those of you who may not know, mudbugs are crawfish. That's right - crawfish, not crayfish. If you saw a picture of their houses, you'd know why we call them mudbugs. But I digress.

This is always a fun festival with plenty to eat and plenty of Cajun music and dancing. There are even crawfish eating contests in several age categories (just to make it fair).

Shreveport and the rest of northwest Louisiana is an interesting mixture of Texas and Cajun influences, and our festivals and culture reflect this unique blend. Spring is a great time to get out and soak it all in before the dog days of summer are upon us.

Stranger Alert!

I don't want to scare anyone, but want to make everyone aware that there is a man who has been entering homes in Shreveport that have For Sale signs in the front yard. He was spotted at several homes Sunday afternoon in the South Highlands neighborhood.

He actually parked in the garage and entered one home. The teenage daughter was there, but fortunately so was the dog and the man left. He was next seen in the back yard of another home that is for sale.

Police have been notified of both instances. Please, if your house is on the market, be sure to lock your doors and keep your garage door down when you're at home. This is a good practice for everyone, but this guy seems to be targeting houses with a For Sale sign in the yard.

I would appreciate it if you would pass this along to anyone you know whose house is for sale. Thanks!

Let's all be safe,

REALTOR®, MBA, ABR, SRS

Main Contact #: 318-465-6746
Voice Mail #: 318-869-5894

Affiliated with Coldwell Banker J Wesley Dowling & Assoc. LLC, 8805 Line Ave, Shreveport, LA 71106, 318-861-2461. All views and opinions reflect those of the author and have not been viewed or endorsed by Coldwell Banker Dowling.