CURRENT HOMEOWNERS ARE NOW ELIGIBLE FOR A $6500 TAX CREDIT AND THE FIRST-TIME HOMEBUYERS TAX CREDIT HAS BEEN EXTENDED TO 2010!
Click here to access the YouTube video explaining the HOMEOWNERS TAX CREDITS in detail.
Remember a tax credit is just that... a tax credit. The benefit of a tax credit is that it's a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.
Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!
PLEASE CONTACT ME TO START HOUSE HUNTING IN THE NC TRIANGLE AREA!
According to a podcast posted by Chief Economist for the NAR, Lawrence Yun, our government should consider extending the tax credit deadline for new homebuyers.
The key is to stabilize home value prices, or federal interest rates could rise sooner and more sharply. Home value averages are at a historical low, but the Home Buyer Tax Credit has significantly impacted the market and stimulated home sales, steadily trimming away inventory. The market is moving in the right direction. Per Yun, "It would be an utter pity if the housing market, just at the cusp of a self sustaining recovery, rolls downhill again."
According to Yun, the market activities need a moderate increase to continue to regain consumer confidence. He reports that we need to extend the credit for ALL homebuyers at least into the 2nd quarter of 2010. Then the housing market will truly have a self sustaining recovery.
Yes, the price tag for extending the credit would be $10-20 billion, but it would create invaluable long term economic growth to steadily bring down the national $1.5 trillion deficit, the highest ever. Surely we can grant American homeowners this if we just granted Wall Street $700 billion, right?
Fellow REALTORS®, look for calls to action from the NAR and be ready to respond.
--Judy
www.seejudy.com
MY FEATURED LISTINGS
Part of my service to buyers is to make sure we do a final walk-thru of the property before signing any closing papers. Here is a list of items I always make sure to check for:
•§ Obviously, repairs you've requested have been made (and we obtain copies of paid bills and any
related warranties at closing). It's actually a good idea to pay for a "re-inspection" with your home
inspector, prior to closing.
•§ All items that were included in the sale price-draperies, lighting fixtures-are still there.
•§ Screens and storm windows are in place or stored.
•§ All appliances are operating (and have not been "switched out").
•§ Intercom, doorbell, and alarm are operational.
•§ Hot water heater is working.
•§ HVAC is working.
•§ No plants or shrubs have been removed from the yard.
•§ Garage door opener and other remotes are available.
•§ Instruction books and warranties on appliances and fixtures are there (or waiting for us at closing).
•§ All personal items of the sellers and all debris have been removed.
The National Association of Realtors conducted a study to reveal over 80% of buyers find their home on the internet. Below are the top 4 types of sites which buyers reported were used find their home:
•1. Multiple Listing Service (MLS)
•2. REALTOR.com
•3. Real estate firm website
•4. Real estate agent website
As an experienced Listing Specialist, I utilize all four (and more!) in my marketing strategy for our clients' properties. Contact me today for a comprehensive look at my marketing plan and sales record.
As you take the big financial step of buying a new home and home financing, you should know that lenders and mortgage brokers are required by federal law to provide you with certain printed resources within three business days of applying for a loan.
Contact me today to learn more about the home buying process and to learn more about the $8000 first-time home buyer's tax credit, scheduled to expire December 1st of this year!
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Residential Real Estate Broker serving buyers, sellers and investors in the NC Triangle area.
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