Continuing to talk about tax credits and breaks

First, I hope that you all had a wonderful Thanksgiving! I hope you enjoyed the long weekend, I sure did!

I want to share with you today some information about other forms of tax credits and breaks that you could possibly take advantage of. So, you're not buying a new home yet, and maybe you already drive a more fuel efficient vehicle and don't need to trade in a clunker. There ARE other ways to get tax breaks based on energy efficient products!

From RISMedia:

"Federal stimulus laws allow homeowners to get a tax credit of 30% of the cost of energy efficient windows, doors, water heaters, air conditioners and furnaces, up to a maximum of $1,500. So if you max out the credit on your new A/C, you can’t use it for one of the other items. But if you don’t use any or all of the credit this tax year, you can buy a qualifying item and claim the credit or any remaining credit in 2010," said Amy McAnarney, an executive director at H&R Block’s Tax Institute. The items have to be installed by Dec. 31, 2010, for taxpayers to claim the credit. McAnarney also cautioned buyers not to take a company’s word that an item qualifies. She said to get a copy of the manufacturer’s statement."

"Another credit allows homeowners to get up to 30% of the cost of solar energy systems such as solar water heating and solar power, small wind systems and geothermal heat pumps if they are installed by Dec. 31, 2016. It’s separate from the credit for windows, doors and air conditioners, so homeowners can use both."

There's no cap on this amount of credit. So, while installing any of these items may cost a bit at first, you are more than likely to get quite a bit back through tax breaks and possible rebates through energy rebate programs. These systems practically end up paying for themselves, since they also reduce your energy bills, and in the long run, that equals more money in your pocket!

So, if you are looking to up the level of Green in your home, or just need some new  major appliances, check into manufacturers claims to see which brands and products qualify for tax breaks and deductions. And as always, check back with us at Bobbie Talks Real Estate for more great information on all types of things!

My Website 

Market Steadily Stabilizes

The market IS steadily getting better. Data concerning the previous tax credit shows that it did just as intended. Sales have jumped in recent months, trimming the inventory, and stabilizing home prices noticeably. It's a fragile and slow recovery, one that's expected to continue now with the extended tax credit. Existing home sales surged in October, making the sales activity highest since February, and sales are 23.5% higher than this time last year.




We're getting closer to a general balance between buyers and sellers, as the inventory of homes steadily drops. It is now at the lowest level in two and a half years. Home prices are starting to stabilize and may even start to rise in the second half of 2010. A lot of these numbers are on the national level. Real Estate is a local industry, what happens in NYC, or Pheonix, or Seattle, may not have much impact on those of us living in the Carolina's and the Upstate.



An article from RISMedia shows that in the South, which is still a general area,

"existing-home sales rose 12.7% to an annual level of 2.30 million in October and are 25.7% higher than October 2008. The median price in the South was $151,100, down 6.3% from a year ago."



Interested in knowing what the market is like in your area? Visit my website and give me a call!

The Housing Market

The housing market has had its ups and downs over the years, and while lately it's been down, this quarter things are really looking up. House purchases usually slow down in the winter, but this year thanks to the tax credit, we are seeing a lot more interest from qualified people ready to buy, especially since the new credit extends to existing homeowners who meet the criteria (see earlier post). Many homeowners who've been thinking about putting their home on the market are taking that step now.


Are you thinking of taking advantage of the new tax credit? Don't wait too long. Just because there has been one extension, that doesn't mean we'll get another. This credit won't be around forever.



Start looking now, by contacting an agent to help you find available homes that fit your criteria and price range. Another reason not to wait are mortgage rates which are still low but are expected to rise next year.



Don't, however, skip steps in a rush to make the deadline. Buying a home is still a huge decision. You want to make sure that the home is right for you by having all the proper steps taken during the buying stage.



When you're ready, give me a call. Just tell me what you need and we'll see if I'm the right REALTOR® for you. This goes for sellers too! Call or email me to find out what the market is like in your neighborhood. I look forward to earning your business!

The extended and expanded tax credit

I'm sure many of you have been hearing all about the First Time Home Buyer Tax Credit offered earlier this year. The credit was supposed to expire at the end of this year. But thanks to many in our industry pushing for more time and more benefits,  The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.  So what does this mean to you? Let me break it down:

Let's start with the First Time Homebuyer.

    If you have not owned a principal residence in the 3 years prior to purchasing any kind of home -new or resale- you may qualify. You must purchase the home on or after January 1, 2009 and on or before April 30, 2010. However, the law also allows home sales occurring by June 30, 2010 to qualify, provided they are due to a binding sales contract in force on or before April 30, 2010.

    The actual credit amount depends on the price of the home. It's equal to 10% of the purchase price up to a maximum of $8000. Any home, as long as the purchase price is equal to or less than $800,000. There are income limits, for homes purchased after November 6 and  before April 30, 2010; $125,000 for single taxpayers and $225,000 for married couples filing jointly. The credit is also refundable. This means if the home buyer qualifies, the credit can be claimed even if the taxpayer has little or no federal income tax liability to offset.

   

  

Now for the repeat buyers.

To qualify for this tax credit, buyers  who have owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.

The amount of credit is 10% of the purchase price up to $6500, again, as long as the purchase price is equal to or less than $800,000. Income limits are $125,000 for single taxpayers and $225,000 for married taxpayers filing joint returns.

Some interesting facts on both:

--Married couples are not eligible to claim the first-time home buyer tax credit if either spouse has previously owned a home. They may, however, qualify for the repeat home buyer tax credit.

--Neither the first-time home buyer tax credit nor the repeat home buyer tax credit have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.

--Taxpayers must submit a copy of the HUD-1 settlement statement and IRS Form 5405 to claim either the first-time home buyer tax credit or the repeat home buyer tax credit.

--Home purchases from relatives of the taxpayer or the taxpayer’s spouse do not qualify for the tax credit. The IRS defines relatives as ancestors (parent, grandparent, etc.), lineal descendants (child, grandchildren, etc.) and spouses.

There are also exceptions for members of the military, foreign service, and intelligence community

Exemption From Tax Credit Recapture Rules

• Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.
• However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.

Extension of Tax Credit Deadlines

• The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by June 30, 2010.
• However, for qualified service members who are ordered on a period of official extended duty, these dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.

Every buyer is different, so speak to your tax preparer to see if you qualify. Then, if you are ready to buy, for the first time or the fifth, call me! Together we'll find the perfect home for you!

Information taken from federalhousingtaxcredit.com

Did you know?

I am an agent with RE/MAX, more specifically RE/MAX Realty Associates in Spartanburg. There are many reasons I chose to join RE/MAX, not the least of which it's awesome branding power as well as support and services not available with other real estate franchises. If you are buying, selling, or investing look below at why you should work with RE/MAX:

• RE/MAX is the #1 real estate franchise in the world!
• Billions of dollars have been spent promoting the RE/MAX brand and agents.
• RE/MAX Associates average more sales than other real estate agents
• RE/MAX has 2 percent of the agents but produces 10 percent of all agents' sales.
• RE/MAX is one of the most recognized real estate brands and logos around the world
• REMAX.COM is the most visited real estate franchise Web site."ComScore, Jan.-June 2009; Compete.com, Feb. 2008-June 2009; Hitwise, Jan..-June 2009"
  
  

Watch this great video below!

Now that you know RE/MAX is the way to go, how do you choose an agent?



Well, the simple answer, of course, is to just call Bobbie!

I have been working in real estate for over 15 years. The market has fluctuated a lot in those years, there are always ups and downs, and while the market changes, I change with it! Not only do I work to stay on top of the newest resources in the industry, but I am always on the lookout for new and innovative ways to become better at what I do. I am always continuing my education, taking classes and attending lectures to be sure I have the most up to date knowledge and skills. When you work with me, you can be assured that you are working with an agent who knows her business... and is not afraid to keep on top of it! Give me a call if you are interested in buying or selling and allow me to earn your business!

Check back soon for my post on the newly extended & expanded home buyers tax credit!

Gorgeous Listing Reduced

I have several listings on the market, and would like to feature them on my blog every now and then. If you see something you like, or something you would like to pass along, don't hesitate to do so! Give me a call, or head over to my website to search for homes among the thousands on the market in Spartanburg and surrounding areas.

 

The listing I'd like to share with you today is 223 Heathwood Drive. It has JUST been reduced to $164,900!

223 Heathwood Drive

This spic and span 4 bedroom 3 bath home has lots of updates and is MOVE IN READY! This home has been extremely well maintained! It's situated in a lovely neighborhood with mature landscaping.

Features include:

• NEW countertops! 
• NEW flooring in kitchen!  
• NEW carpet throughout! 
• NEW hardwood foyer
• NEW paint inside & out!
• LARGE bedrooms! All of them! 
  
• Eat in Kitchen 
• Formal Dining
• Private deck overlooking low maintenance private backyard
• Lower level boasts Den w/ fireplace, BR, BA, & utility room opening onto deck.

Take a look at the full ad here

Hello and Welcome!

Welcome to Bobbie Talks Real Estate! I started this blog in order to reach out to an audience that is interested in helpful information concerning real estate trends, greater Spartanburg's local market, design in the home, buying, selling, investing, and much more!

I've been in real estate for over 15 years, and am also an interior designer. This “dual-major” background is so important in staging and marketing a property. This is one of my favorite parts of real estate.
Read about my tips to buy and sell property, as well as all the extras in between. I want to share these with my readers with the hope that when you need the services of a REALTOR® you'll contact me, knowing I have the knowledge and expertise to to help you in your real estate needs.

Check back often, I will be posting lots of great information & resources involving all aspects of real estate. The topics will vary, the value will not. Thanks for joining us!

Visit my website at bobbies.remax.com