About Dallas County, TX

The Proposed Extension / Modification of the $8,000 Homebuyer Tax Credit

November 4, 2009

Today, the Senate overwhelmingly passed legislation to modify, expand and extend the homebuyer tax credit by a vote of 98-0. This bill must still be passed by the House of Representatives and then signed into law by President Obama, but the overwhelming consensus is that this will happen and happen quickly, perhaps by the end of this week. The House of Representatives does have the ability to change the bill before making a final vote, but the meat and bones of the legislation is likely to remain intact.

THE FIRST TWO HOMEBUYER TAX CREDIT PROGRAMS:

There have been TWO versions of the homebuyer tax credit thus far. The first, which initially applied to homes purchased between April 9th, 2008 and July 1, 2009, was essentially a $7,500 tax-free loan that had to be paid back over the course of 15 years at $500 per year. If the home was sold before the 15 years, then the remainder of the tax credit was recaptured in most cases.

Then the current $8,000 tax credit for first time homebuyers was passed into law as part of the stimulus plan in February. This new law applied to homes purchased between January 1 and November 30th of this year. Homebuyers that purchased a home after January 1 but before the new law was passed were allowed to claim the revised tax credit. In addition to the increase, the new plan did not require repayment of the $8,000 unless the home was sold in the first three years.

THE PROPOSED NEW HOMEBUYER TAX CREDIT PROGRAM AS PASSED BY THE SENATE TODAY WOULD:

• EXTEND THE CURRENT $8,000 TAX CREDIT FOR FIRST TIME HOMEBUYERS to June 30, 2010 with a stiplulation that they must enter into a written, binding purchase contract on or before April 30, 2010.
• CREATE A NEW TAX CREDIT OF $6,500 FOR "MOVE-UP" BUYERS who have occupied their current home for at least five out of the last eight years.
• ALLOW MILITARY PERSONNEL who have been deployed overseas by more than 90 days in 2008 or 2009 to claim the credit until APRIL 30, 2011.
• Cap the price of a new home at $800,000 in order to claim the tax credit. The current law does not have a cap on the purchase price.
• RAISE THE MAXIMUM INCOME LIMITS from $75,000 to $125,000 for single homebuyers and from $150,000 to $225,000 for married homebuyers.

There will most likely be some other minor changes that haven't been fully explained as of yet. Again, it's important to remember that this HAS NOT BEEN OFFICIALLY PASSED INTO LAW AS OF RIGHT NOW (November 4, 2009).

In addition to these changes, the IRS will be given greater authority to verify the legitimacy of each tax credit claim rather than waiting for the results of an audit. There have been allegations that a significant amount of fraud has occured under the current program.

At one point, there was even speculation that many lawmakers would vote against the bill because of fraud concerns. The current tax credit doesn't require taxpayers to show proof that they purchased a home. The new law would require homebuyers to attach a certified copy of a HUD-1 statement in order to claim the tax credit. The HUD-1 statement is normally the first form that buyers sign at closing and should be kept in a safe place for those that plan to claim the new tax credit.

So stay tuned for updates as they occur. The consensus is that this will likely be passed by the House and signed into law by President Obama by next week at the latest.

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In today's real estate market, Dallas home owners trying to sell on their own get discouraged when it comes to getting their Dallas homes sold. What they may not realize is that in the modern market selling a home takes a lot more than just sticking a "for sale" sign in the front yard. Traditional real estate marketing tactics have evolved into a variety of more complex and effective strategies. The internet has become the most popular and successful aid in setting up successful home-selling campaigns.

According to the National Association of Realtors, almost 90% of home buyers do their house hunting online. The fact that the internet is taking over many traditional methods, makes it imperative for [city] home owners to move their campaigns to the web. Consumers are becoming more independent in the home buying process, relying on the internet for real estate market information and shopping for their perfect home. The quantity of home buyers who ended up purchasing a home they found using the Internet has significantly increased from only 8% in 2001 to a soaring 32% in 2008. However, buyers only account for half of the real estate equation that results in using the internet.

Sellers are relying on the internet to create effective online selling campaigns that catch the mouse click of potential buyers. Whether selling by owner or using a real estate agent, anyone trying to attract the attention of a buyer for their Dallas home should take full advantage of online marketing strategies. Listing agents advertise client's homes on their company websites, the Multiple Listing Service and Realtor.com, and by other professional tools. Home owners choosing the for sale by owner route or just simply looking for more ways to expose their home on the market, now have access to many of the same professional tools real estate agents use and more. For example ForSaleByOwner.com now allows their clients to list their homes on the Multiple Listing Service and Realtor.com too. In addition, homes are also popularly advertised on websites such as, Craigslist, Google Base, Yahoo Real Estate, and Facebook.

Regardless of who is selling your Dallas home, it is important to establish and maintain a successful home-selling Internet campaign. Here are a few tips to get you on the right track:

• It is crucial to give the home as much exposure as possible, especially on popular websites like local MLS sites.
• Use comprehensive and professional quality descriptions of the property.
• Be sure to include details such as room sizes, total square footage, key selling points and neighborhood or community assets.
• Display a variety of multiple, high-quality color pictures and, if possible, video tours of the home.
• Provide convenient, simple, quick and easy methods of contact for people requesting more information or pursuing a showing.
• Make scheduling a showing as convenient as possible for the prospective buyers.
• Set a competitive asking price based on the selling prices of comparable homes in the area.

Learn how my marketing strategies can get your Dallas home sold in a shorter period of time and for more money by visiting TexasHomeCentral.com.

What is yourDallas home worth?

It is looking very good that the home buyer tax credit will be extended in 2010. There will be some changes to it and I am really looking forward to these added changes! Please read below:

- First-time home buyers who close before April 1 would get the full $8,000, and the credit’s value would be reduced by $2,000 in each successive quarter until expiring at the end of the year.

- The plan would extend the credit, due to expire Nov. 30, to home purchases under contract by April 30, 2010, with borrowers allowed another 60 days to close the sale, according to a person familiar with the details of the agreement.

- Current Homeowners looking for a new home could also qualify for a $6,500 credit if they have lived in their existing primary residence for at least five years

- The home buyers’ credit would be available to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law.

- Homes that cost more than $800,000 aren’t eligible for the credit and you must be over 18 years old to claim the credit.

Contact The Good Home Team for all your real estate needs! The Good Home Team has the experience to get you the very best deal on your home sale OR your home purchase. Call 972-215-SOLD (7653) and begin the home selling or home search process today!

www.TheGoodHomeTeam.com or www.123HomeSolutions.com to look at homes online

Homes For Sale In Irving Texas 75062, Market Update.

In October there were 109 active Homes for sale in Irving Tx 75062. Eighteen sold in October and twenty are pending. 34 % of t he homes sold. Homes are moving in this area. Most of these are likely first time home buyers taking advantage of the $8000 tax credit. The homes in this area are resonably priced and in a great location.

The $8000 tax credit has been extended until at least April. This is a great time to sell your home. If you have a home in the Irving 75062 zip code and are thinking about selling your Irving Home contact at pat@patohomes.com.

Looking for a Realtor, Real Estate Agent that knows Irving Texas? Looking for a real estate agent that knows and works with first time home buyers? Or second time..third, fourth.....Go to www.patohomes.com.