Shadyside, PA

If you have kids here is a deal you might want to check out, The Children's museum of Pittsburgh is offering a 50% discount on admission to anyone who connects with them on facebook. Just go to their page at http://www.facebook.com/pittsburghkids and "like" them. The discount is good for up to 5 people now through September 30th.

First-time homebuyers must close before 12/1/09 to be eligible for government tax credit

The President signed into law the American Recovery and Reinvestment Act of 2009. A major feature of this legislation provides for an $8,000 federal tax credit* for qualified first-time homebuyers.

Eligibility:

• First-time homebuyers defined as a buyer (and buyer's spouse) who has not owned a home in the past three years
• Income: Full amount of credit available for individuals with an adjusted gross income of no more than $75,000 ($150,000 on a joint return)
• Purchase of the home must close before December 1, 2009

And now, Fifth Third is topping this historic opportunity with a special .125% mortgage rate discount** that could save your customers thousands of dollars in interest when they buy a home. But this offer is only for a limited time, so they must act soon.

For information on the American Recovery and Reinvestment Act of 2009 tax credit, visit: www.ustreas.gov.

*Tax credit is $8,000 or 10% of the purchase price, whichever is less. If the home is sold within three years of purchase, the credit will be reversed. Consult a tax advisor for specific program details and tax advice.

It’s great to see all the new green development happening here in Pittsburgh, I have to admit it makes me want to go buy a new house. I am also thinking that we might be ignoring the fact that most homes in our region are existing homes and some are downright old. Being green rarely means tossing out the old for the new and this is true with homes as well. Instead, we need to renew those homes and improve them so that they too are friendly to the environment, and there is no better time to do that than when you are buying a new (to you) home. Perhaps one of the most under utilized tools available to existing home buyers is the Energy Improvement Mortgage or EIMs. These mortgages allow buyers to have a home they are purchasing audited for energy use. The audit results in a rating on the home. This rating is based on the HERS index with zero being a home that uses no energy (or more likely generated everything it needs) and 100 being a home that meets the 2004 International Energy Conservation Code (IECC). For example, an Energy Star home must score an 85 or below. Many older homes in our area likely rate well over 130. Each point represents a 1% increase or decrease in efficiency. Once a home has a rating, the auditor will provide a list of energy saving upgrades that will result in decreased utility bills. This report is used in conjunction with the EIM to roll those upgrade costs into the purchase price. Once the retrofits are done, the homeowner will see a reduction in their utility bills that will be at least equal to and most of the time greater than the increase in their mortgage payment. That’s why EIMs are such a great tool, they let you spend less to live in your home while at the same time making your home more comfortable (no drafts, warmer in the winter and cooler in the summer) and being good for the environment. It’s a shame that more people don’t take advantage of the programs since if everyone got on the bandwagon we would see a real improvement in the efficiency of our existing housing stock here, in addition to all the exciting new construction going on. You can find out more at my website at www.greenhomespgh.com.