Texas

Need help understanding the Home Buyer Tax Credit... Here is a Chart!

11-07-09

Kristy Owen: Real Estate Agent in Austin, TX

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Office: (512) 567-0122

Mobile: (512) 567-0122

Great news is in the air as the home buyer tax credit looks to be extended into the New Year! This is a chart from the National Aassociation of Realtors that summarizes the basics and the changes to the credit as we head into 2010. I think it is a great tool for a quick overview of the facts. For a PDF version directly from NAR click here.

This is great news for both home buyers and Realtors, looks like good things are on the horizon for 2010.

FEATURE	Jan. 1 - November 30, 2009 Rules as enacted February 2009	November 7 - April 30, 2010 Rules as enacted November 2009
First-time Buyer Amount of Credit	$8,000 ($4,000 married Filing separate)	$8,000 ($4,000 married Filing separate)
First-time Buyer Definition of Eligibility	May not have an interest in A principal residence for 3 years prior to purchase	Same
Current Homeowner Amount of Credit	No Provision	$6,500 ($3,250 married Filing separate)
Effective Date Current Owner	No Provision	Must have used the home sold Or being sold as a principal Residence consecutively for 5 of the previous 8 years
Termination of Credit	Purchases after November 30, 2009 (becomes April 30, 2010 on Date of Enactment)	Purchases after April 30, 2010
Binding Contract Rule	None	So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Income Limits (Note: Increased income limits the effective as of date of enactment of bill)	$75,000 - single $150,000- married Additional $20,000 phase out	$125,000 - single $225,000 - married $20,000 phase out
Limitation on Cost of Purchased home	None	$800,000 November 7, 2009
Purchase by a Dependent	No Provision	Ineligible November 7, 2009
Anti-Fraud Rule	None	Purchaser must attach documentation of purchase to tax return

Kristy Owen

Kristy Owen, Realtor
Moreland Properties
kristy@moreland.com

1 Comment

Future Homeowners new and move-up Homeowners get a tax credit.

11-07-09

Jeff Kessler ABR,GRI, Texas 512.801.5666

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Mobile: (512) 801-5666

Dear Future Homeowner,
Congress has just extended and enlarged the Homebuyer Tax Credit. Now, Now for the first time, the Tax Credit is now available to all move-up Homebuyers and first-time Homebuyers. This is a great incentives from Uncle Sam!!

A new $6,500 Tax Credit along with the $8,000 first-time Homebuyer Tax Credit will continue. The credit is now available to couples with an income up to $225,000. That is up nearly $55,000 from last time. Also, current move-up Homebuyers who have lived in their current residence for five of the prior eight years, get up to $6,500 credit.

This temporary Tax Credit is available for Homebuyers who purchase a home by April 30, 2010, and close on or before June 30, 2010.

If you've been thinking now is the time to buy, then you are correct.

Extend that with my commission rebate and you will save a TON of money.

For new home anywhere in Texas purchases please see http://www.RebateOnTexasHomes.com

For resale home purchases anywhere in Central Texas please see http://www.CentralTexasHomeRebates.com

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Home Staging for Income Properties

11-07-09

Karen Otto, Home Stager, Plano, TX 469)964-0516 www.homestarstaging.com

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Office: (469) 964-0516

I'm a big fan of the new HGTV Show Income Property. Host Scott McGillivray takes a rental property from un-leasable to the most sought after on the block all in a span of the 1/2 hour show. Much work is put into these properties and the icing on cake is the reveal in the end where Scott and his team use Staging as the final marketing tool to showcase their mini masterpieces. I am so thrilled to see their use of staging for these income properties and am hopeful that prospective landlords around the country will see this and understand why staging is also a necessary part of getting their properties leased.

Leased properties are a hot commodity on the real estate market in many areas.

For many people leasing is the only option they have currently for a variety of reasons:

Financial:

many people in need of a home cannot qualify for a mortgage currently
many don't have sufficient funds for a down payment
many need to build up their bank account before heading back out to the home buyer's arena.

Geographical:

many people and their families are in need of housing while on a temporary or long term job assignment in another area
many people are from out of the country on work assignment for a year or more in the US

Personal:

Some folks like to get a lay of the land in a new area before putting down roots
Some folks prefer a lease to buy option to get a feel for the house before purchasing
Some folks just like to change vistas every few years and enjoy moving into a new home without the ties of having to sell first
Some folks are in transition through life changes like divorce, death or other family related crisis or changes

Many of these folks are in a great position to lease and have a lot of properties to choose from. Many home sellers are also offering the option to lease or buy in this market too. As with any property for sale(and a leased property is essentially "for sale" for a time and is making income for the owner) it is imperative to showcase that property for prospective tenants to see themselves in.

Home Staging for income properties is a must do in today's market.

Utilizing the services of a home stager to showcase these rental properties is a smart move.

Even leasing furniture for the property from a national rental company and making it a selling point,(when working with a national rental furniture company the furniture can stay with these properties for as long as the tenant needs it. The lease will just be transferred in the new tenants name after the terms of the original agreement are met) is a wise move. It will assist the prospective tenant to see that their furniture will fit and gives them ideas of what to do with the space. It is the same principal that applies while stage to sell.

I've worked with a few leased properties over the course of the last couple of years and with much success. In the case of one lease &/or buy option, the house sat on the market over 90 days with no offers either way, once staged, after 3 days a Canadian couple on a temporary work assignment in the US saw the property staged and leased it for a 3 year term.

Home staging is a valuable marketing tool for income properties.

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Home Sellers, Realtors, Investors and Landlords, for expert advice on preparing a home for sale or lease contact Home Star Staging, a Plano,TX based Real Estate Staging and Consulting company.

Home Star Staging is here for you North Texas!

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Dallas Home Buyer Tip: Buy Good Bones

11-07-09

Joshua Harley

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Office: (972) 562-0896

It doesn’t matter if you are buying your first Dallas home or are a veteran home buyer, you will have list of ‘wants’ and ‘needs’ for your new Dallas home. The ‘wants’ are things that would be nice to have such as a gas fireplace or granite counters. The ‘needs’ are things like, well a ‘bathroom’ or the number of bedrooms to suit your family. It is rare that you will get all your ‘wants’ and needs’ in the home you buy.

The key to maximizing your Dallas home investment today is distinguishing between the types of ‘wants’ and ‘needs’ you’re better off buying as part of the property, and those you could add later without too much trouble and expense. Here’s some information to help you prioritize the amenities on your list.

Location:

Location is the one thing you can’t change about a property. Location is about being in a desirable neighborhood and close to (but not necessarily next to) valued amenities or planned ones — employment opportunities, good schools, shopping, public transportation, major highways, parks and recreation, cultural activities, etc. A good location is also about not being on a high-traffic street, near noise, next to run-down properties, in a flood plain, etc.

Structural integrity:

Make sure the Dallas home you buy doesn’t come with a cracked foundation, pest infestation, drainage issues, mold or other problems that may be difficult and expensive to correct. A home inspection will help you determine if these items are an issue.

Size:

The size of a home is important, especially if you’re just starting to raise a family. You don’t want to buy a home that is perfect for the two of you, knowing you want children in the next couple of years and making the home you buy too small.

It’s easier and less expensive to reconfigure existing space (turning a basement into a family room or a garage into a bedroom, for example) than to build an addition. And, you can only add that addition if yard size and zoning restrictions allow.

Bathrooms:

It is significantly more cost effective to remodel a bathroom than to add one, so look for a home that has the number of bathrooms you really want.

Bedrooms:

Find a home with at least the minimum number of bedrooms you require, but with space (perhaps an attic or enclosed porch) that could eventually be converted to a bedroom should you need another one in the future.

Cosmetics:

Although a neon pink bathroom might make you cringe, that’s exactly the type of problem you can easily and inexpensively correct. You could repaint it yourself for around $50, or hire someone else to do it for a few hundred more.

Other items:

You can change — or add — over time without too much effort or cost: carpeting, landscaping, appliances, hardware and fixtures, lighting, countertops, cabinets, upgraded doors, vanities, closet space, siding, windows and lots more.

Buy a Dallas home with “good bones” in a good location. A home you’re likely to enjoy living in for many years to come — improving as you go. When you get ready to sell, you’ll have exactly what other buyers are looking for!

Learn more about buying a Dallas home by visiting TexasHomeCentral.com.

Search all Dallas homes for sale.

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Discovering The Better Part Of You Doesn't Mean You Have To Be Superman

11-07-09

Gary Woltal - Associate Broker REALTOR® Dallas Ft. Worth

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Office: (972) 874-1905

Mobile: (972) 310-8858

Mix Costume In our behaviors in real estate and the way we conduct ourselves in our personal lives to say the least it is a "work in progress." I reiterate to people all the time they are not the same person they were ten, even five years ago. Having recently returned from a high school reunion from MANY years back, I can assure you it is like walking through a time warp. Who are those people? They probably thought who was this Gary? We all can improve over time if we want to though. If we reflect. If we truly care to. But,

Discovering The Better Part Of You Doesn't Mean You Have To Be A Superman.

Who among us can be perfect? None of us. We will never get to that state. We are flawed to the core it seems by our natural design. This is a good thing in a sense. We have lots to work to do on within ourselves.

It is as if we have that proverbial angel on one shoulder whispering in our ears directing us in the good paths. And the little devil on the other shoulder trying to drag us down to our base level. Into the mud. All the worst that can come out of us.

A lot of wanting to be our best self is commitment to do so, and putting the brain in gear and being engaged in that quest.

You might want to get a sheet of paper, draw a stick figure out there with your name above it, write the question, "Who is this?" Write your good traits on your angel side and your flaws, or areas to improve on your devil side. Is your list on the devil side FAR EXCEEDING the angel side??

Dog Costumes

Some might argue that not having enough traits on the devil side means you are leading a boring life. All the FUN stuff is on the devil side. Well there is good fun and disastrous fun that leads to a life of ruin. Only with your own set of values of what you believe in the world can you make that judgment call. It is yours to make, as it is YOUR life. Come up with five or six items to work on. For example,

If you are a sloucher, vow to become a hard worker
If you are not in general nice to people, pursue kindness toward others
If you are unorganized, one step at a time, become organized
If you are out of shape, become fit
If you never pick up a book, become a reader and a teacher
If you are a sourpuss, adopt a new bright attitude

You get the point. Check how you are doing with them each day. Swat that devil off the one shoulder or minimize their influence in your life. Be steadfast on being the best you. Afterall, it is what you were designed to be. Even Superman at times didn't relish the side of being the one looked on to be the hero with the super powers all the time. He had to overcome his Kryptonite