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Now is the Time to Buy
Fannie Mae: Recovery is Moving Forward
The decline in home sales in February was a disappointment to the housing industry, but Fannie Mae’s analysts say it is temporary and a sustainable turnaround is likely by the end of the year.
Fannie Mae Chief Economist Doug Duncan points to evidence that a recovery is on its way, including an increase in consumer spending, an improving service sector, and the likelihood that employers will begin hiring soon.
"More favorable financial conditions overall keep us optimistic that we are moving forward with the recovery, albeit at a lower trajectory than previously forecast," Duncan said in a statement.
Source: Fannie Mae (03/17/2010)
Looking for Buy Realestate Call Sheila Decamp 850-251-0148 sheila@ringtherivers.com
Great House in Weems
I would love to share with you a great house I saw on the market in Weems! Actually it is the lowest priced home in the neighborhood. This beautiful home is on a quiet cul-de-sac with the original homeowner! It features an open and bright floorplan with vaulted ceilings, hardwood floors, plantation blinds and designer stainless light fixtures. Ceiling height display ledges throughout add decoratve charm. The large family room & dining room area is perfect for entertaining with surround sound. The kitchen offers stainless steel appliances and lots of cabinet and counter space. The master suite boasts a walk-in closet and large bath with double vanities, water closet and jetted tub. The oversized covered front porch is a perfect place to relax. It has a privacy fenced backyard with nice landscaping.
One of the biggest pluses for this home is that it can close in time to get the $8000 tax credit!
If you would like more information about this home or the tax credit for first-time buyers, call me at 850-545-0814 or email me at ellie@ringtherivers.com .
One more reason to buy
One more reason to buy that new home--favorable interest rates! Do the math. Lower rates multiply a buyer’s financial power, especially now when rates are near a 40-year low. Even one/half of one percentage point difference means a buyer could save more than $1,000 per year on a median-priced home. Buyers get more home for the money – a perfect scenario for families looking to upsize.
For more good reasons to buy, contact Ellie Stafford at 850-545-0814 or email ellie@ringtherivers.com.
HOMEBUYERS - First Time Homebuyer Program
The First Time Homebuyer Program makes purchasing a home more affordable for low-to-moderate income families and individuals by offering fixed, low-interest rate mortgage loans. In addition, Florida Housing also offers down payment and closing costs assistance to eligible borrowers, which can greatly reduce the out of pocket expense to the buyer.
To learn more about these programs contact Sheila Decamp 850-251-0148 or E-mail me at Sheila@ringtherivers.com
Lifeline Needed for Underwater Homeowners
NEW YORK – Feb. 4, 2010 – An estimated 4.5 million homeowners owe more than their homes are worth. That number is likely to peak at 5.1 million in June, affecting 10 percent of homeowners and making them increasingly likely to just walk away.
“We’re now at the point of maximum vulnerability,” says Sam Khater, a senior economist with First American CoreLogic, the firm that conducted the recent research. “People’s emotional attachment to their property is melting into the air.”
Consultants at Oliver Wyman calculated that 17 percent of owners defaulting in 2008 –about 588,000 – chose to default even though they could pay.
First American estimates that it would cost around $745 billion – about the same as the original 2008 bank bailout – to restore all underwater borrowers to the break-even point.
Doing so would be seen as highly unfair by many taxpayers, says Michael S. Barr, assistant Treasury secretary for financial institutions, but doing nothing would be another blow to a fragile economy.
Source: The New York Times, David Streitfeld (02/022010)
© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688
If you have any questions about Tallahassee real estate home values, please call Ellie Stafford at 850-545-0814 or ellie@ringtherivers.com.
Post Title
There are maximum income levels and maximum sales prices. And vacation homes or rental property don’t qualify.
“If you want to spend two hours reading the instructions and translating them and finding out whether you qualify, yes, it’s relatively simple,” said Jeff Schnepper, an MSN Money tax expert and author of “How to Pay Zero Taxes.”
Some questions and answers about the homebuyers tax credit:
Q. What’s the purpose of the credit?
A. Congress passed the tax credits in an effort to boost the struggling housing industry and fight recession. Indications are that it’s had an impact. The National Association of Realtors reported that November sales of existing homes were up 44 percent from a year earlier. Although new home sales dropped in November, figures from the Commerce Department show that they’re up 8 percent from the low in January 2009.
Q. How many people are claiming the credit?
A. “In all, 4.4 million households are expected to claim the tax credit before it expires,” Lawrence Yun, the Realtors’ chief economist, said in December.
Q. How many versions are there?
A. There are actually three.
The first credit, for first-time homebuyers, was really a long-term, interest-free loan that has to be paid back over 15 years. The maximum credit was $7,500 for a principal residence purchased between April 9, 2008, and June 30, 2009.
The second iteration made the first-time homebuyers credit a true credit – it doesn’t have to be paid back – and raised the amount to a maximum $8,000. It applied to homes purchased between Jan. 1, 2009, and Nov. 30, 2009.
The third change extended the eligibility dates to homes purchased through April 30, 2010. It also added a credit for long-time homeowners who purchased a new residence between Nov. 7, 2009, and April 30, 2010, but at a reduced value – up to $6,500.
Q. Do I automatically qualify if I purchased a house during those periods?
A. No. To qualify, the house has to be used as a primary residence. If purchased after Nov. 6, 2009, it cannot have cost more than $800,000. If you’re a long-time homeowner, you had to have lived in the same house consecutively for five out of the last eight years, though you need not have lived in or owned that house at the time you buy your new home.
For homes purchased after Nov. 6, 2009, the credit also begins phasing out for individuals with modified adjusted gross incomes above $125,000, and for married couples filing jointly with incomes above $225,000.
Q. How does the Internal Revenue Service define a principal residence?
A. “Your main home is the one you live in most of the time,” the agency said. “It can be a house, houseboat, mobile home, cooperative apartment or condominium.”
Q. What if I’m living overseas and I buy a home there?
A. The home doesn’t qualify unless it’s in the United States.
Q. How do I claim the credit?
A. There’s a form, 5405, to fill out. You’ll also have to submit a copy of your settlement statement, usually Form HUD-1, with the names and signatures of all parties, the property address, the sales price and date of purchase.
To avoid refund delays, the IRS recommends that long-time homeowners who purchase a new home also provide documents to show they meet the requirement for consecutive years lived in their old house. These can include mortgage interest statements, or property tax or homeowner’s insurance records.
Q. Do I have to wait until I file my 2010 taxes to claim the credit for a home purchased before the deadline in 2010?
A. No. “You can choose to claim the credit on your 2009 return for a home you bought in 2010 that qualifies for the credit,” the IRS said.
Q. I purchased my home in 2008 and filed for a credit on my tax returns. Do I still have to pay it back?
A. Yes. When Congress did away with the repayment requirement, it did not do so retroactively.
Q. What if I purchase the property for business?
A. You’re not eligible. The house must be used as a primary residence to qualify.
Q. What if I want to keep my original house and use it as a rental property?
A. If you qualify for the credit as a long-time homeowner, nothing in the law requires you to sell the original house. However, you must make the new one your primary residence.
Q. What if I decide to sell the house I got the credit for or convert it to a rental property?
A. You will have to pay back the credit if you don’t keep the purchased house as your permanent residence for three years.
sheila@ringtherivers.com
The Rivers Team
Keller Williams Realty
#1 in Tallahassee, Top 100 Realtors (US)
Keller Williams Town & Country Realty
1520 Killearn Center Blvd. Suite 100
Tallahassee, FL 32309
Which remodeling projects give the biggest return?
According to the newest report out from Remodeling magazine, replacing your front door with a mid-range priced entry returns 100% of the cost. It is the only remodeling project this year which does! It just proves that first impressions do count! To read the full report, here is the link......
http://www.realtor.org/rmohome_and_design/Articles/1001_costvsvalue_2009
If you have any questions about how to improve your real estate, please call me at 850-545-0814 or you can email me at ellie@ringtherivers.com.
Market Trend
The Tallahassee market is looking great! The number of active single family homes listed fell dramatically last month which is a great indicator of local market activity. Our average price for sold homes has remained steady for the past 6 months, so beware of gloom and doom reports which say prices are falling--those reports refer to other parts of the state!
If you are ready to make the move or have questions about the real estate market, please call Ellie Stafford at 545-0814 or email ellie@ringtherivers.com .
Historically Low Interest Rates!
15-Year Rate Hits Record Low
The average rate for 15-year mortgages reached a new bottom this week, dipping from 4.40 percent to 4.32 percent—the lowest level since Freddie Mac began tracking rates in 1991.
Rates for 30-year mortgages approached the all-time low of 4.78 percent again last week, falling to 4.83 percent from an average of 4.91 percent a week ago.
Wellesley College economist Karl Case says the Federal Reserve's efforts to purchase mortgage-backed securities from Fannie Mae and Freddie Mac is lowering rates on home loans.
Source: Boston Herald, Thomas Grillo (11/20/09)
For more information about the local Tallahassee real estate market, contact Ellie Stafford at 850-545-0814 or ellie@ringtherivers.com
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