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West Chester, Ohio Real Estate News: Tax Credit Extensions?

July 10, 2009 by Eric Lowry Leave a Comment

 

Campaign To Extend and Expand Housing Tax Credit

A campaign to extend and expand the housing tax credit officially got underway on Capitol Hill last month.

Bills have now been introduced in both the Senate and the House to open up the credit, to all buyers, keep it on the books through next year, and get rid of the current income limitations.

On the House side, two Texas congressional representatives – one a Democrat, the other a Republican – have filed bills calling for a broadening of the first-time buyer credit to cover all home purchasers in the coming year, whether they already own houses or not.

Democratic Congresswoman Eddie Bernice Johnson of Dallas wants to extend the November 30 expiration date for the credit through the end of 2010. Her bill would also remove the income limits of the current program, which start phasing down the amount of the credit at $75,000 for singles and $150,000 for married couples.

Johnson’s Republican colleague from the Dallas-Ft. Worth area, Kenny Marchant, also introduced a bill that would open up the credit to all buyers, without income limits, but only through June of next year.

But Congressman Marchant’s bill adds a whole new element to the mix – a $3,000 tax credit for people who refinance their home loans. Why? Marchant says the idea is to encourage more people to “take advantage of (today’s) low mortgage rates,” or to use the money to build equity in their homes “if they’re a little underwater.”

In the Senate, Georgia Republican Johnny Isakson introduced a bill last week that would nearly double the maximum credit to $15,000, open to anyone who buys a house, regardless of income.

Wondering about the value of your home in today’s market?  Request a Free Market Analysis.

Check Out My Feature Homes For Sale In West Chester and Liberty Township, Ohio

Filed Under: Financing, Real Estate Information Tagged With: Beckett Ridge Realtor, Cincinnati, Eric Lowry, Homes For Sale, Housing Market, Liberty Township Real Estate, Ohio, Real Estate News, Sibcy Cline Realtors, Tax credits, West Chester Real Estate

West Chester & Liberty Township Real Estate: Buying A Home Today

April 20, 2009 by Eric Lowry Leave a Comment

 

What You Need to Know to Buy a Home Today

Don’t let a sluggish economy get you down. There are reasons to shop for personal items—including buying a home. I recently saw an advertisement for a new car that said you could return the car in the first year if you lose your job. While there may not be that incentive for homes yet, some other perks might give you reason to start your housing search.

If you can afford to buy, consider making home ownership a goal this year, especially if you haven’t owned a principal residence in three years prior to buying. The new stimulus package sweetens the deal for home buyers who purchase a residence on or after January 1, 2009, and before December 1, 2009. The incentive is for first-time home buyers who remain in their home for at least three years. It provides a credit for 10 percent of the home purchase price, up to an $8,000 limit. The credit can be taken on your 2008 or 2009 tax return.

If you close on a home after the April 15 tax deadline, you can apply for an extension provided that you close on your home before the extension deadline of October 15. If you’re extra speedy and have already filed your 2008 return, don’t worry — you can file an amendment to claim the credit. You have three years to do that. You’ll need IRS Form 1040 X to do that.

Taking the credit on your 2009 return or getting the benefit now, before filing your return, by adjusting your income wage withholding are also options…

Read the entire article in my April Real Estate Update Newsletter

Check Out My Feature Homes For Sale In West Chester and Liberty Township, Ohio

Filed Under: Real Estate Information Tagged With: Beckett Ridge Realtor, Buying, Cincinnati, Liberty Township Real Estate, Ohio, Real Estate News, Selling A Home, Top Selling Realtor, West Chester Ohio Realtor, West Chester Real Estate

West Chester & Liberty Township Ohio Real Estate News

April 13, 2009 by Eric Lowry Leave a Comment

Here are a couple of articles to start off your Monday:

Smart Money Magazine recently published this article titled 10 Mistakes First Time Homebuyers Make. It’s a pretty good article, worth reading if you are a 1st time homebuyer.  Here is more information on the $8000 tax credit for 1st Time Homebuyers.

An article in the Cincinnati Enquirer today touches on the growing trend of short sales in real estate.  They are a little late to the story here and the article is not very informative to someone struggling to make their payments or needing to sell and owing more than the house is worth, but you can read the article here:

Cincinnati Enquirer Short Sale Article.

Wondering about the value of your home in today’s market?  Request a Free Market Analysis.

Check Out My Feature Homes For Sale In West Chester and Liberty Township, Ohio

Filed Under: Financing, Real Estate Information Tagged With: 1st time homebuyers, Beckett Ridge Realtor, Cincinnati, Cincinnati Enquirer, Eric Lowry, Liberty Township Real Estate, Ohio, Realtor, Short Sale, Smart Money, Top Real Estate Agent, Top Selling Realtor, West Chester Ohio News, West Chester Real Estate

West Chester & Liberty Township, Ohio Real Estate Market Update

March 28, 2009 by Eric Lowry Leave a Comment

February 2009 home sales compared to February 2008 for West Chester and Liberty Township, Ohio

In February 2008 79 units were sold vs. 65 units in February 2009.  This represents a decrease of 17.72%.  That is quite a drop in closed sales when compared to the year ago period.  Unit sales continue to be soft, with the overall economy and job security issues having a big impact on potential buyers.  The 1st time homebuyers tax credit is influencing the activity in the under $225,000 market in a positive way.

 

2008 Units 2009 Units + or –
79 65 -17.72%

The average sale price for February 2009 was down 12.28% compared to the same period in 2008.  As you can see in the table below, the average sale price in February 2008 was $228,849 compared to $200,757 in 2009.  As I have said before, for there to be a stabilization of home prices and then at some point a return of appreciation, we will need to see a smaller supply of homes available for sale and also a lessening of the pricing pressure that is currently being applied by distressed property sales, such as bank owned homes and short sales.  In many of the price ranges there remains a significant oversupply of homes for sale.

2008 Avg Sale Price 2009 Avg Sale Price + or –
 $228,849 $200,757 -12.28%

Wondering about the value of your home in today’s market? Request a Free Market Analysis. Check Out My Feature Homes For Sale In West Chester and Liberty Township, Ohio

Filed Under: Real Estate Information, Real Estate Market Statistics Tagged With: Beckett Ridge, Beckett Ridge Realtor, Cincinnati, Eric Lowry, Liberty Township Housing Statistics, Ohio, Real Estate Market Statistics, Sibcy Cline Realtors, Top Real Estate Agent, Top Selling Realtor, West Chester House Statistics

West Chester, Ohio Real Estate: New Listing In Beckett Ridge!

March 11, 2009 by Eric Lowry Leave a Comment

My Newest Listing…

 

8185 Pepperwood Drive, West Chester, Ohio 45069

West Chester, Ohio 45069

Lakota Schools

$165,000  – Three Bedrooms – One Full Bath, One Half Bath

This is a terrific two story home in West Chester, Ohio:

  • Perfect for the 1st time homebuyer! 
  • Private wooded lot
  • Located minutes from the Beckett Ridge Country Club 
  • Laminate Floors
  • Vaulted Great Room w/ Wood Burning Fireplace
  • Eat-In Kitchen
  • Formal Dining Room
  • First Floor Laundry 
  • New Carpet
  • Finished Lower Level Rec Room
  • Two Car Garage
  • Close To Schools, Shopping, Dining & Expressways!

Check Out My Feature Homes For Sale In West Chester and Liberty Township, Ohio

Filed Under: Beckett Ridge Homes For Sale, New Listings, Real Estate Information, West Chester Ohio Homes For Sale Tagged With: Beckett Ridge, Beckett Ridge Realtor, Cincinnati, FHA Financing, First Time homebuyers, Homes For Sale, New Listings, Ohio, West Chester Real Estate, West Chester Realtor

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