Kathy Riggs November 9th, 2009
Great news for homebuyers who have not found that perfect place. The tax credit has been extended and it has also been expanded!
Buyers have been feeling the pressure to find the perfect place and close their transaction by November 30, 2009, in order to take advantage of the $8,000 tax credit.
If you remember I have been periodically posting that the deadline looms for first time buyers. Congress has just passed (I’m not sure if the ink is dry on the bill!) an extension of the tax credit. Homebuyers have until April 30, 2010 to have a house under contract to be eligible for the credit. They must close by July 1, 2010.
And the news gets better…homeowners who are upgrading, moving or downsizing can be eligible for a $6,500 tax credit. While the first-time homebuyers credit targets people who have not owned a home as a primary residence within the past three years, people who are selling their primary residence and purchasing another home are eligible provided they have lived in the home they are selling for five consecutive years of the past eight years.
Single family homes, townhomes and condos qualify. Also, a homebuyer is eligible for the credit if they purchase a one-to-four unit complex and they reside in one of the units.
There are some income restrictions for the tax credit, so stay tuned for more details. As always, you may want to consult you tax professional to answer any questions about your specific situation.
on the lighter side…
Note to Landlord: I request your permission to remove my drawers in the kitchen.
SHAMELESS PLUGS
If you have some farmland you are willing to sell, I have some interested buyers. I also need a 4 to 10 acre parcel. Call me at 252-939-2432 or email me at kriggs@kathyriggs.com for more information.
Kathy Riggs November 1st, 2009
Needless to say it’s crunch time for the tax credit. If you want to take advantage of the $8,000 tax credit, this may be the last week to get a house under contract to close before Nov. 30. 2009. However, Congress is considering a bill that will extend the tax credit into next year and possibly remove the first-time home buyer requirement. And until it’s a “done deal” buyers should kept the Nov. 30 closing date at the top of their minds.
I have devoted several blogs to the tax credit and now it is time to focus attention on other real estate issues. A couple of posts back, I brought up the concept of “Staging” vs. “Decorating”. Staging, being the concept of making the house attractive to the typical buyer, encompasses a number of factors including removing clutter, lighting and finding the focal point in each room.
According to the U.S. Department of Housing and Urban Development a home that is staged will sell for 17 percent more than a house that has not been staged. Professional staging can cost as much as $500 and national statistics indicate that the investment is well worth the price tag.
But, if staging is definitely not in your up-front budget, you and your Realtor can incorporate some of their ideas into your marketing plan.
We have talked about making a first impression and curb appeal. What sellers need to remember is that only 10 percent of buyers can actually envision the potential of a house. Let’s say the house you have on the market is empty. Walk someone through it for the first time and see if they ask, “What room is this” when you pass through a room and the only clue is a dropped chandelier hanging in the middle of the room. Many times buyers will not identify rooms without the appropriate furniture. Place an inexpensive table under the light fixture, add a centerpiece and a couple of place settings – and there will be no question it’s a dining room. For showing purposes it is important that rooms are “dressed” for their intended use.
on the lighter side…
Note to Landlord: I request your permission to remove my drawers in the kitchen.
SHAMELESS PLUGS
I have some clients very interested in purchasing several tracts of 60 to 80 acres of farm land. I also need a 4 to 10 acre parcel. Call me at 252-939-2432 or email me at kriggs@kathyriggs.com for more information.