admin on Who Represents You?

Sat, 27 Jun 2009 17:10:50 -0700

One of the topics perennially facing the arena of real estate is the issue of agency. Some would have you suspect that it actually does not affect you, the buyer, and that nothing much has changed. But they are wrong. The topic of agency is important to you because it answers the most elementary and elemental question that can be asked of any real estate professional: Who do you represent in this transaction? Until that question is answered, you may be left with the idea that all agents who work with buyers basically represent those buyers, and you have somebody going to hit for you in this exchange. Well, the issue of agency is critical because without it, we cannot ever be sure who represents who.

admin on 2009 Tax Credit for First Time Home Buyers

Sat, 27 Jun 2009 17:04:26 -0700

his is nice

tiff on 2009 Tax Credit for First Time Home Buyers

Sat, 27 Jun 2009 17:04:01 -0700

Would you like $8000 back on your taxes this year?

We've been hearing a lot of questions about the new tax credit. Who qualifies? How does it work? How long will it last? In this special edition video, we’re taking an in-depth look at the $8,000 tax credit for first time home buyers.

According to the new legislation, a first time home buyer is defined as someone who has not owned a principle residence in the past three years. Those three years are counted up to the date you take possession of the house you buy in 2009. This means that even if you’ve owned a home in the past, you can still take advantage of the tax credit as long as you haven’t purchased a primary residence since 2006.

The same goes for married tax payers - they must both be first time home buyers. For non-married joint buyers, only one of them needs to be a first time home buyer, or someone who hasn’t owned a primary residence in the past three years. Qualifying homes include:

New homes
Homes that are being re-sold
Condos
Townhomes

The main restriction is that the credit is only for those who buy a home as their primary residence. So investors looking to buy a rental property would not qualify for the credit. However owning a vacation home or a rental property already does not neccessarily disqualify you from taking advantage of the credit (as long as you haven’t owned a primary residence in the past three years). A Look at the Numbers The tax credit is equal to 10% of the purchase price of the home, up to $8,000. The amount of the credit you can qualify for is related to how much money you earn. Here’s how the credit is scaled:

Single home buyers earning 95K or less qualify. If you make 75K or less, you qualify for 100% of the $8000. If you make halfway, 85K, you qualify for 50% or $4000. The credit phases out gradually between 75K and 95K of income. For example, if you make halfway between the income limits, 85K, you qualify for up to half of the credit.
The same rate applies for married couples and joint buyers whose incomes limits are doubled to $150,000 to $170,000. Married couples or joint buyers whose incomes are less would receive the full $8000 credit. At an income level of $160,000, halfway between 150 and 170, the buyers would receive half the credit – or $4,000. And the credit phases out altogether at $170,000.

This credit represent a significant amount of money. One of the biggest points of difference for the new credit from the one congress passed in July of 2008, is that the new credit does not have to be paid back. In addition, it's refundable, which means that if you’ve paid all your taxes as you go with an automatic payroll deduction, you would receive an $8,000 check from the IRS. If you're committed to buying a house in 2009 and want to use the $8000 tax credit for a downpayment, consult with your certified public accountant. In Summary Qualifying home buyers will need to make their home purchase between January 1, 2009 and December 1, 2009. And the home has to remain their principal residence for the following three years. The new tax credit coupled with historically low mortgage rates and rising affordability, offers buyers a great opportunity if they act fast.

admin on Home Search

Sat, 27 Jun 2009 16:25:54 -0700

admin on Why Use a REALTOR® When Selling

Wed, 17 Jun 2009 09:36:12 -0700

A real estate agent helps you understand everything you need to know about sellingBy Ron Schmeadick