Archive for January, 2010

Homebuyer Tax Credit Extended

Kathy Riggs January 10th, 2010

We’re just more than a week into 2010 and the real estate world is optimistic about 2010.
Why? Interest rates are historically low and the the tax credit now includes existing homeowners. Think about that, not only do first time homebuyers have the opportunity for up to $8,000 in tax credits, but people wishing to scale up or down now have the incentive to make that move. Existing homeowners can qualify for a $6,500 tax credit.
Two things apply to both situations: first the home being purchased must be a primary residence – not investment property – and homebuyers must be under contract by April 30, 2010. The transaction must close by June 30, 2010.
To qualify for the tax credit, the home’s contract price must be less than $800,000. The income cap for single homebuyers is $125,000 and $250,000 for a married couple. A buyer is considered “first-time” if he or she has not owned a home for the past three years. Existing homeowners that meet the income eligibility and sales price requirements will qualify if they have used the home they are “vacating” for five consecutive years of the past eight years.
Both tax credits are refundable. After calculating your taxes, if you owe less than the amount of your tax credit, the government will send you a check for the difference. If you are owed a refund, you’ll receive that plus the amount of your tax credit.
So it’s time to start looking. It’s almost mid January and it does take a little time to look. Closings normally take anywhere from 30 to 60 days and times passes quickly. These tax credits won’t last forever, so if you have been thinking about buying your first home or upgrading, now is the time. Quit thinking and spring into action before this opportunity ends. As an auctioneer friend of mine once said, “You think long, you think wrong.”
on the lighter side…
Q: How close was the house for sale to water?
A: In the basement.
SHAMELESS PLUGS
Call me at 252-939-2432 or email me at kriggs@kathyriggs.com for more information about the tax credits.

Happy New Year

Kathy Riggs January 3rd, 2010

Nothing says the holidays are over any more than a plethora of commercials about miracle weight loss plans and new car deals. When the two dominate our television screens, we know it’s time to pack up the decorations and face the challenges of a new year.
Every new year can be greeted with hope or anxiety. Trust me if you face the new year with hope and humor, handling the anxiety will be much easier.
Another tradition to ring out the old and ring in the new is the making of lists…the 10 best news stories of the past year…the ten politicians, entertainers or business people to watch in the new year. You get the picture.
So here I’m offering the Top Ten Reasons to feel good about the real estate market in 2010… some are serious, and some are meant to be taken lightly. Enjoy and here’s to a great new year!
10. We’ve hit bottom, so there is no where to go but up.
9. New construction has been so weak, that maybe someone will look at your house…It’s only been on the market 999 days.
8. You may actually find a buyer that wants a “green” house..one which the interior still has the walls, ceiling and molding painted in 1960′s green.
7. Pink ceramic tile bathrooms are making a comeback.
6. You’ll be happy that your parents didn’t succumb to the trend of putting carpet over hardwood floors, now that you’ve inherited the house and are trying to sell it.
5. Appliances included means you get a cook and a maid.
4. The media may tell us some good news and you will not run for cover when they air a story about real estate.
3. Interest rates are still historically low.
2. The first time homebyer tax credit has been extended.
1. The government has decided to allow a tax credit for current homeowners.

Seriously, I hope everyone has a great 2010 and give me a call about numbers 3, 2 and 1 on the list!

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