The Olde West Chester Christmas Walk is this weekend. Events and activities are held on both Friday, November 13th and Saturday, November 14th. The Christmas Tree lighting is on Friday at 7:00pm at the West Chester Township office and the annual parade is on Saturday evening beginning at 7:00pm
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The President has approved the first-time home buyer tax credit extension which will extend the tax credit of up to $8000 until April 30, 2010.
The extension is part of a large economic stimulus bill that will extend the $8,000 tax credit for home buyers who are purchasing their first home from the current November 30, 2009 deadline and expands the program to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years and are seeking to buy a home.
The following details apply to the home buyer tax credit expansion:
First-time home buyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit. This is the tax credit that has been in place this year and is largely credited with keeping the housing market as stable as it has been,
Current homeowners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a new home to be their principal residence, may be eligible for up to a $6,500 tax credit.
Who is Eligible??
Income Limits:
Home buyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income is less than $125,000 or for married couples filing a joint return, the combined income limit is $225,000.
Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
Effective Dates:
The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and before May 1, 2010. However, home purchases under contract by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010.
Types of Homes that Qualify:
All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, town homes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases don’t qualify.
Tax Credit is Refundable:
This means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference.
As an example a first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 first-time home buyer tax credit).
A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 repeat buyer tax credit).
All qualified home buyers can take the tax credit on their 2009 or 2010 income tax return.
Payback Provisions:
The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase.
Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Ohio?
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The Senate has voted to extend the first time home buyer tax credit and expand it to home buyers that have lived in there current home of the past five years or longer. The House is to vote on this tomorrow and is expected to approve it and send it on to the President for his signature. You can read the news article on CNBC by clicking here
There are details of this to be worked out yet in Washington, but this is huge news if you are thinking of buying a home.
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A short sale is the selling of property to avoid foreclosure, the catch being that the property is being sold for less than the amount owed on it. What makes a short sale tricky is that the sale price is not up to the seller, the lender has to agree to the purchase price. The home owner isn’t walking away with any money at closing in the case of a short sale so he doesn’t care if the home sells for a dollar, the bank’s involvement is to reduce their loss as much as possible and the buyer just wants a bargain.
The basic process of a short sale is:
The short sale process looks easy on paper, follow the steps and the deal is done, short sale completed. However, in reality the communication between the borrower, lender, Realtor and potential buyer is complex and time consuming. Simply wanting a short sale won’t make it happen. Using a CDPE (Certified Distressed Property Expert) eases the pain and insures you better success when trying to complete a short sale. “Being in financial stress is not easy on anyone and and having received the CDPE designation will help me get the job accomplished in a more timely manner and help create a successful real estate transaction for my clients” said Eric Lowry.
There has been a push in the House to get the First Time Home Buyer Tax Credit extended, as well as expanded. Last week the House passed a bill extending the $8,000 tax credit into next year for military, diplomatic and intelligence workers who have been working overseas. This bill’s passage leaves many hopeful that an extension for regular first time home buyers will pass as well. Much of the increase of real estate sales has been attributed to the First Time Home Buyer Tax Credit.
There is a strong sentiment to extend the First Time Home Buyer Tax Credit because the real estate market is not seen as completely stable yet. The hope is that if the tax credit is extended then real estate sales will continue to improve. If the credit gets opened up to include all home buyers, as some would hope, then real estate sales volume is expected to pick up quite a bit.
Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Ohio?
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Home-A-Rama, the luxury home show, starts this weekend and runs through September 27th at Carmelle in Mason. The show is smaller in number of homes this year due to the current market conditions, but five homes listed between $600, 000 to $1 million should still be a pretty interesting show and the homes are certain to be full of fantastic amenities like granite kitchens, terrific finished lower levels and the finest in outdoor living spaces.
You can read the Cincinnati Enquirer article about Home-A-Rama that ran in today’s paper here.
Wondering what your home is worth in today’s real estate market? Request a market analysis here!
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