About Chester County, PA

To Buyers and Sellers,

On November 6, the President signed into law H.R. 3548, the ''Worker, Homeownership, and Business Assistance Act of 2009.'' The new law extends and generally liberalizes the tax credit for first-time homebuyers, making it a much more flexible tax-saving tool. It also includes some crackdowns designed to prevent abuse of the credit. These important changes could it make it easier for you or someone in your family to buy a home. And because the changes generally aid buyers and aim to improve residential real estate markets nationwide, they also could make it easier for you or someone in your family to sell a home. This Client Letter fills you in on the details you need to know about the first-time homebuyer credit.

What hasn't changed.

610-692-2228

It's a beautifully sunny day in West Chester today and I took a few hours out of the day to bag leaves. There was a time when I wouldn't have considered working in my garden in the middle of a work week for fear that a client or a potential neighbor-turned client would think that I wasn't a busy Realtor!

I now realize that most people understand that real estate agents work when everyone else is home. Sure, I work lots during the work day, processing sales, doing paperwork, attending home inspections, prospecting for new clients, emailing current buyers homes for them to preview, marketing my listings and countless other jobs. But the face to face buyer/seller time is usually done in the evening and on weekends, when most people are enjoying their families or friends.

Yesterday, the first sunny day in I don't remember when, I worked almost all day. I had an open house and then I showed homes to a buyer. I am working again this evening at 7:30 PM, showing a prospective buyer my listing in East Goshen. And I worked this morning after attending a business breakfast. So, if you saw me in my front yard today, bagging leaves, know that I had my cell phone with me. My desk phone forwards to my cell phone so I rarely miss a call. I won't answer a call if I am with a client, or on another line, but if I do miss your call, I will promptly call you back. If you don't get a return phone call from me, something is seriously wrong. It could be that I couldn't hear your telephone number clearly. If you call my desk line, 484-356-2965, it will forward to my cell but the caller ID will say the office number, so I am unable to capture the telephone number. If you call directly to my cell phone, 610-299-6237, I can capture that number and if I can't hear your number clearly, I can still call you back.

Realtors do not keep regular office hours. Good Realtors are available whenever you need us.

Looking for a good Realtor? Call my cell phone!

This is my son Max when he was a little guy and loved to play in the leaves!

The first time home buyers $8000 tax credit was extended on Nov. 6. While most requirements concerning the tax credit remained the same, some changes were made. All the changes will apply to those settling on their primary residence after Nov. 6.

1. Date Extended to April 30, 2010

The first time home buyers $8000 tax credit was extended to cover primary residences that settle by April 30, 2010. With the new law, if you have a primary residence under contract by April 30, 2010 then you can still qualify as long as you settle before July 1, 2010. First time home buyers are still defined as buyers who have not owned a home within the last three years.

2. A Tax Credit is Available for Current Home Owners

If you have lived in a primary residence consecutively for the last five out of the eight years, then you can qualify for a joint $6,500 tax credit or 10% of the purchase price whichever one is less if you are closing on your new primary residence between Nov. 6 and April 30, 2010. If you are married filing separately then the credit will be $3250. The new primary residence does not have to cost more than the primary residence you sold.

3. Income Limits were Increased

For purchases after Nov. 6, 2009, single home buyers can now make $125,000 a year and married buyers can make up to $225,000 to qualify for the tax credit. However, if you do exceed the income limits, you can still get a portion of the credit. The credit amount is reduced incrementally until it is phased out completely when the income limit is exceeded by $20,000.

4. Purchase Price can’t Exceed $800,00

The purchase price of the primary residence can not exceed $800,000. While this will not affect most first time home buyers it could affect those non first time home buyers who are moving up after selling their primary residence.

5. Age Requirement

You now have to be at least 18 years of age and not a dependent on someone else’s tax return for the year of the purchase to receive the tax credit.

6. Proof of Purchase

To reduce fraud, you now have to attach proof of purchase to your tax return in order to receive a credit. With the new tax credit extension and provision allowing existing homeowners to receive a tax credit, 2010 should be a great year for real estate on the Main Line and everywhere. Another extension is not likely to happen, so take advantage of this great opportunity while it lasts. How often does the government pay you to purchase a home?

The Chrysanthemum Festival at Longwood Gardens, Kennett Square, Pennsylvania features both the white "Thousand Bloom" chrysanthemum with 718 flowers blooming on ONE stem, and the shield shaped Seiko mum with 172 flowers developed by only one other grower, master horticulturist Tadashi Imafuko, of Japan.

The variety of chrysanthemums is amazing, with these spider mums just 2 more examples of plants on display.

The East Conservatory of Longwood Gardens is centered on chrysanthemums and fountains, with a water feature running the length of the arched glass roof, while the Exhibition Hall features a lawn surrounded by more mums and topiary bees flying above the lawn.

Wandering through the Conservatory, one travels past the changing displays to the always beautiful and fragrant Orchid House, Mediterranean Garden, Bonsai, Palm House, and areas where plants are being cultivated and developed for future exhibits. We in the Brandywine Valley are very lucky to count Longwood Gardens in Kennett Square among our many treasures!

T & E Cares, a nonprofit organization comprised of community members who seek to help families in our area that have financial or other material needs, is sponsoring its annual holiday drive. As you can imagine, many individuals are struggling to provide a holiday meal, gifts and even basic necessities for their family this season. T & E Cares is hoping to help at least 40 such local families in the coming weeks! Check out the website at www.tecares.org to find out how you can help. You can sponsor an entire family or purchase a gift for one member of a family. Donations of food, cleaning supplies and gift cards are also needed. The deadline to drop off items for the holiday drive is December 6th. See the website for specific details about drop off locations.