Source: www.realtor.com

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant a $6,500 credit to current home owners purchasing a new or existing home between November 6, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies for the Extended Credit?

• First-time home buyers who purchase homes between November 6, 2009 and April 30, 2010.
  
• Current home owners purchasing a home between November 6, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer's tax credit is determined by tow additional factors:

1. The price of the home.
2. The buyer's income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 6, 2009,  single buyers with incomes up to $125,000 and married couples with incomes up to $225,000-may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits.

If the Buyer(s)' Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Hot Air Balloon Festival! August 8, 2009

Hudson Elks 99 Park St Hudson, MA 01749

6:00 am Lift-off - Hot air balloons will lift off from field behind the Hudson Elks. Come down and watch the take-off!

Beginning at 2:00 pm - Family Events - Vendors, entertainment and field events for the kids.

There will be live music all afternoon featuring the McMurphys from 2-5:30, the Country Kickers from 5:30-6 pm and the Bruce Marshall Group from 6-9 pm! Hamburgers, hot dogs, ice cream, fried dough, and cold drinks will be available.

6:00 pm - Lift-off - Approximate time for evening balloon lift-off from the pavilion field.

Come down and watch the hot air balloons lift off! Music, food and beverages will continue until early evening.

Dusk - Balloon Glow - The pilots will ignite their burners as night is falling creating an incandescent glow of the tethered balloons in the night sky while live music continues with the Bruce Marshall Group.

Morning Admission: Adults $2.00 Children $1.00 (under age 2 Free)

Afternoon Admission: Adults $4.00 Children $2.00, (under age 2 Free) Come for the morning lift-off and Adult paid admissions will get a coupon for $1.00 off afternoon admission price

Finally like Boston, Worcester is doing a Restaurant Week! August 3-14 dine out at local participating restaurants at a substantial discount. For $20.09 per person (plus tax and gratuity), you receive a three course meal. Most restaurants will have a limited set menu from which you can chose. However, it is still an excellent way to explore new restaurants and support the local economy.

For more information, visit http://www.worcesterrestaurantweek.com/

It's time for the Elm Park Summer Concert Series!

Sponsored by Park Spirit of Worcester, Inc., this non-profit organization, promotes citizen and community involvement in the preservation and growth of Worcester’s parks and play areas. So grab a blanket and head over for some sweet (and free!) tunes at dusk. To learn more visit www.parkspirit.org.

Schedule:

Beatles For Sale Thursday, July 9, 6:30-8 p.m.

Dennis Brennan Thursday, July 16, 6:30-8 p.m.

The Valves Thursday, July 23, 6:30-8 p.m.

Worcester Jazz Orchestra Thursday, July 30, 6:30-8 p.m.

The Dinosaurs Plus: Art In The Park Opening Thursday, August 6, 6:30-8 p.m.

Red Riders Thursday, August 13, 6:30-8 p.m.

Directions: Elm Park is located between Highland Street and Park Avenue in Worcester. Free street parking.

So you have found the house you want but it is a short sale. What to do? Prepare yourself!

Here are my top tips:

Short sales take longer than a private sale to close; the average is 5-6 months. Therefore you need to realize you will be tied up in this transaction for a while. Therefore put as little money down as possible. In case you need to rescind the deal, you don't want all your liquid cash tied up, waiting for the selling agency to return it.

Use an experience real estate attorney. Do not use your lawyer buddy or a lawyer who dabbles in real estate. Do not use a friend who is a criminal attorney but "will help you out" with your purchase. It is no help and can cost you dearly. You want someone who actively works in real estate to negotiate the purchase and sale to your benefit. 

Put a 30 day approval clause on your offer for the seller to obtain bank approval on the offer. That way, after 30 days you can rescind the offer if you have found another property that interests you more.

Be weary of properties that have tenants in them. In most cases, I recommend to my clients to buy a building vacant with no tenants so they aren't inheriting problems. If there are tenants, you should have the seller to remove them. This can postpone a closing by several months if the tenants fight it and eviction proceedings have to begin. Therefore, if you are deciding between two buildings: one is vacant, one has tenants, the vacant one should be significantly easier and quicker for you to buy.

Short sales are complicated but these are a few tips as you begin the offer process.

Source: MLSpin calendar 2009

Small details can make a big difference to the front entrance to your home. It doesn't take much to give it a fresh new look.

• Replace the hardware. New locks, hinges and handles can drastically change your theme from ultramodern to rustic (or whatever look you are going for).
  
  
• How about a new color scheme? Use a complementary color to the house but also a color that will stand out and make your front door the focal point of the front of your house. If you repaint, be sure to use a high quality primer and paint so your paint job can withstand mother nature.
  
  
• Replace your front door completely! New doors boost of not only a new look but added energy effiency!
  
  
• Decorate seasonally. Put out a nice basket of pumpkins in the fall, or a galvanized bucket with cut flowers in the spring. A little decorating goes a long way to making your home look more inviting!

Source: MLSPin calendar 2009

A well decorated front or back porch can make your home much more inviting. Is yours looking drab? Here are some ideas to spruce it up!

• Wicker furniture: so easy to customize to your color scheme. Paint the wicker to match your decor and add new cushions!
  
  
• Potted plants or "container gardening": these work especially well for indoor porches to add greenery and bring the outdoors inside (think of ferns or large greens). For outdoor potted plants, use several types of annuals to add depth.
  
  
• Clean up! Wipe everything down. Wash doors and windows. Replace that old doormat or the wreath that has been hanging in the same place for five years. As you clean, you'll be inspired to re-decorate your space to make the most of it!

Take advantage and enjoy your porches now in the warm months!