I'm sure you have heard of them before. Meet with Realtors, loan officers, and other business people to see what the process is going to be like if you decide to purchase a new home.
Well, there are a lot of new things out there that people should know and now is the time to find out just how they will affect you!
There is a tax credit that could help you. Up to $8,000! Home inspections..should you get one? What happens when? I have a time line that will tell you exactly what happens, when it happens and how much it's going to cost!
Check it out. Thursday, March 12 from 6:30 to 8:00
Here is the address: 6525 W. Campus Oval Suite 100. We're giving away prizes...but you have to register...call 614-273-8701 today!
About Me
- Couch on Houses
- Central, Ohio, United States
- Full time Real Estate agent/ consultant with HER Realtors in the Central Ohio area. Dedicated to a clients success using the latest real estate tools, honest communication, and available when you call!
The long awaited Tax Credit for 1st Time Home Buyers
The 2009 Economic Stimulus Bill, signed into law on February 17th, includes a tax
credit for first time homebuyers. All qualifying homebuyers are entitled to take
advantage of this one-time tax credit.
Up to $8,000 tax credit. The tax credit is equal to the lesser of $8,000 or
10% of the purchase price of the home for first time homebuyers who
purchase a home after January 1, 2009 and before December 1, 2009.
This replaces a previous $7,500 tax credit that was scheduled to expire on
July 1, 2009.
Income requirements. Single taxpayers with incomes up to $75,000
and married couples with incomes up to $150,000 can qualify for the
full tax credit.
First time buyers. Individuals who have not owned a home in the past
three years are considered first time buyers.
Residency requirements. For homes purchased after January 1, 2009, this
tax credit does not need to be repaid if the home is occupied as the buyer’s
personal residence for the first three years from the date of purchase.
Prior to this new legislation the former $7,500 tax credit was required to be
recaptured over a period of 15 years or when the home was sold.
Tax returns. A provision permits taxpayers to claim the tax credit
for homes purchased during 2009 on their 2008 tax return.
credit for first time homebuyers. All qualifying homebuyers are entitled to take
advantage of this one-time tax credit.
Up to $8,000 tax credit. The tax credit is equal to the lesser of $8,000 or
10% of the purchase price of the home for first time homebuyers who
purchase a home after January 1, 2009 and before December 1, 2009.
This replaces a previous $7,500 tax credit that was scheduled to expire on
July 1, 2009.
Income requirements. Single taxpayers with incomes up to $75,000
and married couples with incomes up to $150,000 can qualify for the
full tax credit.
First time buyers. Individuals who have not owned a home in the past
three years are considered first time buyers.
Residency requirements. For homes purchased after January 1, 2009, this
tax credit does not need to be repaid if the home is occupied as the buyer’s
personal residence for the first three years from the date of purchase.
Prior to this new legislation the former $7,500 tax credit was required to be
recaptured over a period of 15 years or when the home was sold.
Tax returns. A provision permits taxpayers to claim the tax credit
for homes purchased during 2009 on their 2008 tax return.
It's all in the timing
Not so long ago we were talking about 'flipping' houses and making money!!
Guess what!! In this age of foreclosures and bank-owned homes...we are talking about 'flipping' once again.
Only this time, it's a little different. The prices are good. The properties require a lot of work in some cases, and the return will not be Huge amounts you might expect - oh yes, and it will take some time to sell. But the gains are there. The temptation to dabble in the market is strong especially when there is such an abundance of properties out there from which to choose!
Guess what!! In this age of foreclosures and bank-owned homes...we are talking about 'flipping' once again.
Only this time, it's a little different. The prices are good. The properties require a lot of work in some cases, and the return will not be Huge amounts you might expect - oh yes, and it will take some time to sell. But the gains are there. The temptation to dabble in the market is strong especially when there is such an abundance of properties out there from which to choose!
January Woes? or just January Snows?
The world...or at least my part of it..seems to have come to a halt. The snows have come and a lot of businesses are closed. What are you doing today? Is your company one that closed? Are children off school? Do you revel in the day or worry what tomorrow will bring? Is your electric out because of the ice? (Well, you wouldn't be reading this if it were..so pretty silly question)
So, what does a realtor do when everything seems to shut down? Write new ads; update web sites; get ready for the February news letter; file everything I've put off for this kind of day; set up showings and get ready for listings; review presentations and update obsolete information; work on taxes; make phone calls and on and on. Because! January snows bring February buyers. And I'm going to be ready to greet them.
So, what does a realtor do when everything seems to shut down? Write new ads; update web sites; get ready for the February news letter; file everything I've put off for this kind of day; set up showings and get ready for listings; review presentations and update obsolete information; work on taxes; make phone calls and on and on. Because! January snows bring February buyers. And I'm going to be ready to greet them.
How is the market today?
The Real Estate market is looking a little brighter today than a year ago.
The election is over. The winner declared. The job market has been bleak but there are signs on the horizon that things will get better soon. So, how does all this translate to Real Estate?
In a years time, out listing numbers have gone from 20,000 +/- on the market for sale down to 16,000 +/- . So, then, how many sales does that translate into when all things are considered? Actually, when there were 20,000 listings, in a given month there were about 1400 sales and when there are 16,000 ...1400 to 1600 sales.
So, where did those other 4,000 listings go? Sellers may have let the listing expire and came back on in 30 days with a new number. The houses could have expired and the Sellers decided not to put them back on the market. Or, the houses could be withdrawn by the Seller waiting for a better market.
It's difficult to think that property values have decreased and the properties that do sell are often lower than what the Seller wants. Fortunately, there is a flip side to that. The Seller who sells and then buys, can now expect the same type of sale...more house for less money.
So, what does the future hold? Let me get my crystal ball out and see!
IF I could pick...I'd say..all things considered, prices will probably stabalize in the next 6 months and remain lower but steady. Buyers will begin to have a renewed interest in purchasing because they will be tired of renting and watching their money go away to the land lord. People still want a good investment and I still believe that buying your own home is a Great investment. Always has been. Hopefully, always will be!!
The election is over. The winner declared. The job market has been bleak but there are signs on the horizon that things will get better soon. So, how does all this translate to Real Estate?
In a years time, out listing numbers have gone from 20,000 +/- on the market for sale down to 16,000 +/- . So, then, how many sales does that translate into when all things are considered? Actually, when there were 20,000 listings, in a given month there were about 1400 sales and when there are 16,000 ...1400 to 1600 sales.
So, where did those other 4,000 listings go? Sellers may have let the listing expire and came back on in 30 days with a new number. The houses could have expired and the Sellers decided not to put them back on the market. Or, the houses could be withdrawn by the Seller waiting for a better market.
It's difficult to think that property values have decreased and the properties that do sell are often lower than what the Seller wants. Fortunately, there is a flip side to that. The Seller who sells and then buys, can now expect the same type of sale...more house for less money.
So, what does the future hold? Let me get my crystal ball out and see!
IF I could pick...I'd say..all things considered, prices will probably stabalize in the next 6 months and remain lower but steady. Buyers will begin to have a renewed interest in purchasing because they will be tired of renting and watching their money go away to the land lord. People still want a good investment and I still believe that buying your own home is a Great investment. Always has been. Hopefully, always will be!!
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