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Yet Another Reason Why I Choose to Be An Affiliate Broker with The Lipman Group Sotheby's International Realty in Nashville!
The Lipman Group Sotheby's International Realty is pleased to announce that our company has been selected for the 2009 Best of Business Award in the Real Estate category by the Small Business Commerce Association.
The Small Business Commerce Association (SBCA) Award Program recognizes the top five percent of small businesses throughout the country. Using consumer feedback, the SBCA identifies companies that have demonstrated what makes small businesses a vital part of the American economy. The selection committee chooses the award winners from nominees based on information taken from monthly surveys administered by the association, a review of consumer rankings, and other consumer reports. Awards winners are a valuable asset to their community and exemplify what makes small businesses great, according to the SBCA.
"It is an honor for The Lipman Group Sotheby's International Realty to be recognized with this award in the Real Estate category," said Lawrence Lipman, owner and president of The Lipman Group Sotheby's International Realty. "It is especially gratifying as it is largely based on consumer response."
The SBCA is a San Francisco based organization. It is a private sector entity that aims to provide tactical guidance with many day to day issues that small business owners face. In addition to the group's primary goal of providing a central repository of small business operational advice, it uses consumer feedback to identify companies that exemplify what makes small business a vital part of the nation's economy.
The Lipman Group is located in Green Hills and its service area includes Green Hills, Forest Hills, Belle Meade, urban and suburban areas including the Gulch, Brentwood and Franklin.
The Lipman Group Sotheby's International Realty
2325 Crestmoor Road, Suite L-4
Nashville, TN 37215
615.463.3333
www.thelipmangroup.com
We are a level of service, not a price range.
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If you are interested in selling or finding a home in Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE. Please note: You will have to register with my site to be able to search the MLS. I will contact you initially and all requests thereafter for privacy will be respected.
Looking to move? Wanting to Invest? Need help as a First Time Buyer? Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753
Special Weather Alert from the City of Oak Hill in Nashville!
As a resident of Oak Hill I received this email today, January 29, 2010 with regards to our current (and beautiful!) snowy conditions...
Special Weather Alert
On Thursday afternoon the City of Oak Hill began a pre-salting program for our roads in preparation for today's weather. The trucks rolled back out this morning to try and keep the streets clear while the precipitation fell. Unfortunately, the mix of snow and ice have overwhelmed our efforts.
At eight o'clock Friday evening we are halting our efforts as the precipitation is coming down faster than we can clear the roads. To continue at this point would be a waste of city resources, and many other entities have made similar decisions.
Our trucks will start working again around four o'clock Saturday morning. However, it may be longer before we reach the higher elevations.
We encourage you to stay home and not be out on the roads. There are two primary reasons for this. First and foremost, it is for your safety. Additionally, vehicles traveling on the roads before our salt trucks have them properly treated only makes their job tougher. When their job is made tougher, the time it takes to clear the roads for our residents is lengthened.
We hope that you enjoy the peace and beauty that this event has brought to Oak Hill. Please be safe and take this opportunity to spend time with your family, friends, and neighbors.
 Enjoy the snow Oak Hill residents! It's definitely unique for Nashville!
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If you are interested in selling or finding a home in Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE. Please note: You will have to register with my site to be able to search the MLS. I will contact you initially and all requests thereafter for privacy will be respected.
Looking to move? Wanting to Invest? Need help as a First Time Buyer? Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753
Well, I had heard that these FHA changes were coming - Here they are all spelled out in black and white! Via David H Stevens (United States Dept. of HUD): I wanted to take a moment to make sure you are familiar with events surrounding a sweeping set of policy changes for FHA announced earlier this week. The announcement details the changes that Secretary Donovan promised to deliver by the end of January when he testified before Congress last month.
The new policies are designed to strengthen the FHA's capital reserves so we can continue to fulfill our mission of serving underserved communities. In addition, we were determined that these changes should support, not disrupt, the nation's housing market recovery. Bringing these changes to market has been the result of a lot of hard work and long hours. And, I am proud to have worked with so many of you on this initiative.
What changes will be implemented? We announced the following on January 20:
- Increase the up-front mortgage insurance premium (MIP) to 2.25%;
- Update credit score and down payment requirements for new borrowers;
- Reduce seller concessions to three percent, from six percent; and
- Implement a series of significant measures aimed at increasing lender enforcement.
When combined with the risk management measures announced in September of last year, these new changes are among the most significant steps ever taken by FHA to address risk. Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market's recovery. Importantly, FHA will remain the largest source of home purchase financing for underserved communities.
Let's go into more detail:
Announced FHA Policy Changes:
1. Increase the MIP to build up capital reserves and bring back private lending.
o The first step will be to raise the up-front MIP by 50 basis points to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
o If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
o This shift will allow for the capital reserves to increase with less impact on the consumer because the annual MIP is paid over the life of the loan instead of at the time of closing.
o The initial up-front increase is included in Mortgagee Letter 2010-02 and will go into effect in the spring.
2. Update the combination of credit scores and down payments for new borrowers.
o New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 credit score will be required to put down at least 10%.
o This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
o This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
3. Reduce allowable seller concessions from 6% to 3%.
o The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
o The change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.
4. Increase FHA lender enforcement.
o Publicly report lender performance rankings to complement currently available Neighborhood Watch data which will be accessible via www.hud.gov on February 1.
§ This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.
o Enhance monitoring of lender performance and compliance with FHA guidelines and standards.
§ Implement Credit Watch termination through lender underwriting ID in addition to originating ID.
§ This change is included in Mortgagee Letter 2010-03 and is effective immediately.
o Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process.
§ Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.
o HUD is pursuing legislative authority to increase enforcement on FHA lenders. Specific authority includes:
§ Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders. This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite.
§ Legislative authority permitting HUD maximum flexibility to establish separate "areas" for purposes of review and termination under the Credit Watch initiative.
Note: This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches.
In addition to the changes I have outlined, we are continuing to review FHA's overall response to housing market conditions, to evaluate its mortgage insurance underwriting standards, and to improve its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.
I know this is a lot of information to absorb. Listed below are links to some of the major stories about the announcement. I promise to keep you aware as we implement these changes going forward.
Wall Street Journal (Nick Timiraos, 1/20) "FHA Sets Tighter Lending Requirements" The Federal Housing Administration is implementing more-stringent lending requirements and higher borrower fees to cushion against rising defaults and stave off the need for a taxpayer bailout of the agency. LINK
Washington Post (Dina ElBoghady, 1/20) "FHA plans to require borrowers to produce more cash for downpayments" The Federal Housing Administration plans to increase the amount of up-front cash paid by all new borrowers and to require higher down payments from those with the poorest credit, according to agency officials. LINK
Chicago Tribune (Mary Ellen Podmolick, 1/20) "FHA homeownership rules to change" The Federal Housing Administration announced changes Wednesday that will make it more expensive for homebuyers to secure agency-backed mortgages while some consumers will be priced out of the housing market. LINK
CNNMoney.com (Tami Luhby, 1/20) "FHA loan requirements will make it harder to get a mortgage" It's going to be harder to get a government-backed mortgage from now on. LINK
CNBC.com (Diana Olick, 1/20) "FHA Boosts Insurance Premiums to Cushion Defaults" In a move to shore up the FHA's beleaguered balance sheet, Commissioner David Stevens on Wednesday announced big changes at the government mortgage insurer that now backs about half of all home loans to the nation's minorities. LINK
I want to thank you for your efforts to keep this housing system on track. The role of the Real Estate Agent, Mortgage Lender, Settlement Service Provider, and all who make the dream of homeownership a reality, is critical to stabilizing this economy. Your work is for a good cause. We really are making a difference in people's lives. Thanks for the partnership!
Crunching the Numbers: How Nashville Home Owners Can Take Advantage of the $6500 Tax Credit!
Hey Nashville, you've probably heard about this! The illustrious $6500 "move-up" government tax credit for home owners! And maybe you are on the fence, or, if you're like me, you've been so busy that you haven't really had time to look into it. Well, search no more! Here is the skinny on that $6500 tax credit, straight from the Government's Website. As usual, there are stipulations that you must adhere to. Have a look!
Who is eligible to claim the $6,500 tax credit?
Qualified move-up or repeat home buyers purchasing any kind of home are eligible to claim this credit.
What is the definition of a move-up or repeat home buyer?
The law defines a tax credit qualified move-up home buyer ("long-time resident") as a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. That is, both spouses must qualify as long-time residents, with at least five years of principal residency for each. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.
How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500. Purchases of homes priced above $800,000 are not eligible for the tax credit.
Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) above those limits. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
What is "modified adjusted gross income"?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and the first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.
To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.
If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $6,500 are available for some taxpayers whose MAGI exceeds the phaseout limits.
Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $235,000. The applicable phaseout to qualify for the tax credit is $225,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $6,500 by 0.5. The result is $3,250.
Here's another example: assume that an individual home buyer has a modified adjusted gross income of $138,000. The buyer's income exceeds $125,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $6,500 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,275.
Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.
How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008? How is this different than the rules established in early 2009?
The previous tax credits applied only to first-time home buyers and were for different amounts of money.
How do I claim the tax credit? Do I need to complete a form or application? Are there documentation requirements?
You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns).
No other applications are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and repeat home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase. Home buyers must attach a copy of their HUD-1 settlement form (closing statement) to Form 5405 as proof of the completed home purchase.
What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
It is important to note that you cannot purchase a home from, among other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse's family members. Please consult with your tax advisor for more information. Also see IRS Form 5405.
I read that the tax credit is "refundable." What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $6,500 home buyer tax credit. As a result, the taxpayer would receive a check for $5,500 ($6,500 minus the $1,000 owed).
Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be after November 6, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April 30, 2010).
In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date. Be sure to check with a tax advisor in cases where a HUD-1 form is not used at settlement to be sure you have sufficient documentation to attach to IRS Form 5405.
Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
Yes. The tax credit can be combined with an MRB home buyer program.
I am not a U.S. citizen. Can I claim the tax credit?
Perhaps. Anyone who is not a nonresident alien (as defined by the IRS) and who has owned and resided in a principal residence in the United States for at least five consecutive years of the eight years prior to the purchase date can claim the tax credit if they meet the income limits. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. The IRS provides a definition of "nonresident alien" in IRS Publication 519.
Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $6,500 in income taxes and who receives an $6,500 tax credit would owe nothing to the IRS.
A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $6,500 in income taxes. If the taxpayer receives a $6,500 deduction, the taxpayer's tax liability would be reduced by $975 (15 percent of $6,500), or lowered from $6,500 to $5,525.
Is there a way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 or 2010 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.
Buyers should adjust the withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.
In addition, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. As a result, some state housing finance agencies have introduced programs that provide short-term second mortgage loans that may be used to fund a downpayment. Prospective home buyers should check with their state housing finance agency to see if such a program is available in their community. To date, 18 state agencies have announced tax credit assistance programs, and more are expected to follow suit. The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which can be found here.
HUD allows "monetization" of the tax credit. What does that mean?
It means that HUD will allow buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 or 2010 income taxes to receive a refund. These funds may be used for certain downpayment and closing cost expenses.
Under the guidelines announced by HUD, non-profits and FHA-approved lenders are allowed to give home buyers short-term loans. The guidelines also allow government agencies, such as state housing finance agencies, to facilitate home sales by providing longer term loans secured by second mortgages.
Housing finance agencies and other government entities may also issue tax credit loans, which home buyers may use to satisfy the FHA 3.5 percent downpayment requirement.
In addition, approved FHA lenders can purchase a home buyer's anticipated tax credit to pay closing costs and downpayment costs above the 3.5 percent downpayment that is required for FHA-insured homes.
More information about the guidelines is available on the NAHB web site. Read the HUD mortgagee letter (pdf) and an explanation of the FHA Mortgagee Letter on Tax Credit Monetization (pdf). An FAQ about monetization (pdf) is available at the NAHB web site.
If I'm qualified for the tax credit and buy a home in 2009 (or 2010), can I apply the tax credit against my 2008 (or 2009) tax return?
Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 (or 2010) as if the purchase occurred on December 31, 2008 (or if in 2010, December 31, 2009). This means that the previous year's income limit (MAGI) applies and the election accelerates when the credit can be claimed. A benefit of this election is that a home buyer in 2009 or 2010 will know their prior year MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.
Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this.
For a home purchase in 2009 or 2010, can I choose whether to treat the purchase as occurring in the prior or present year, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in the present year and a larger credit would be available using the prior year MAGI amounts, then you can choose the year that yields the largest credit amount.
How can two unmarried buyers allocate the tax credit if one qualifies for the $8,000 first-time home buyer tax credit and the other qualifies for the $6,500 repeat home buyer credit?
The buyers can allocate the tax credit in any reasonable manner, provided neither claims a tax credit higher than the one they qualify for and the home purchase does not yield a total of more than $8,000 in tax credits. For example, the repeat home buyer could claim $6,500 and the first-time home buyer could claim $1,500. Alternatively, both buyers could claim a $4,000 tax credit.
Does a married couple qualify for any home buyer tax credit in the following situation? Spouse A has lived in and owned the same principal residence for at least five years. Spouse B has lived in and owned the same principal residence for less than five years.
In this situation, the couple does not qualify for any home buyer tax credit. Because the couple is married, the law tests the ownership history of both spouses. Spouse A clearly does not qualify for the $8,000 first-time home buyer tax credit, so neither does Spouse B.
Spouse A does appear to qualify for the $6,500 repeat buyer credit, but because Spouse B has not owned and lived in the same principal residence for at least five years, neither of them can claim the repeat home buyer tax credit.
If you would like to take advantage of this tax credit, please call me at 615.509.1753 and I will be glad to answer any questions you may have about it! Also, I offer a FREE comparable market analysis on your current home and offer FREE advice on how to get your home ready to sell!
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If you are interested in selling or finding a home in Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE. Please note: You will have to register with my site to be able to search the MLS. I will contact you initially and all requests thereafter for privacy will be respected.
Looking to move? Wanting to Invest? Need help as a First Time Buyer? Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753
Hey Nashville: 9 Tips for Improving Your Credit Score!
Recently, I wanted to check on my credit score - after all, when it comes to purchasing, credit is EVERYTHING!
I was divorced in 2006 and, for those of you who have been through the same, you know that your credit is damaged a lot! I have slowly been repairing it over time and it is starting to look good again! My message here is that YOU CAN IMPROVE YOUR CREDIT SCORE!!!
Here are 9 tips to show you how (these did not originate with me, but through RIZ MEDIA):
1. Review your current credit report for accuracy. Everyone is entitled to one free credit report per year from each of the three credit bureaus-Experian, Equifax, and TransUnion. Get a copy of your credit report and look at it for accuracy. First, make sure that the information in your file is about you and only you, not someone who has a similar name or a similar Social Security number. It is very common for your credit reports to have mistakes or incorrect information. At a minimum, make sure that the information you are being evaluated on is current and correct.
2. Repair credit report mistakes. If you find something on your credit report that is incorrect or missing, you should dispute the mistake by contacting the credit bureaus directly. All credit bureaus have their dispute procedures on their website. They are also required by law to investigate any disputed items and these investigations will usually be done within 30 days of your request.
3. Pay your bills on time. Sounds like a no-brainer, right? Payment history accounts for roughly 35% of your credit score. Paying bills on time is the most important thing to do. If you're struggling to catch up, contact your creditors to work out a payment schedule.
4. Increase the length of your credit history. This accounts for about 15% of your score. Don't cancel your old card or get a lot of new ones in a short time span because this can hurt your score.
5. Keep credit card balances low. It's a good idea to keep the balances below 25% of your available credit. Even if you pay off your credit cards every month, a high average balance will impact your score. This accounts for about 30% of your credit score.
6. Keep new credit requests to a minimum. This accounts for 10% of your score. Every time a lender runs your credit, an inquiry is recorded. If you are trying to get a loan, don't apply for new credit cards first.
7. Be aware that paying off a collection account will not remove it from your credit report. It will stay on your report for seven years.
8. Pay off debt rather than moving it around. The most effective way to improve your credit score in this area is by paying down your revolving credit. In fact, owing the same amount but having fewer open accounts may lower your score.
9. Beware credit-repair scams. By all means, don't pay someone to wipe away the negative items in your file. If they don't follow through, the damaging items will reappear in two or three months.
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If you are interested in selling or finding a home in Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE. Please note: You will have to register with my site to be able to search the MLS. I will contact you initially and all requests thereafter for privacy will be respected.
Looking to move? Wanting to Invest? Need help as a First Time Buyer? Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753
Well, I had heard something about the delays and I think that this blog clearly addresses that. Via Leslie Ebersole (Baird&Warner Real Estate): From CNNMoney.com, we have just learned that the way the IRS is "handling" the tax credit is turning into yet another stumbling block to helping the real estate market recover. This seems to me to be so unfair! Anyone who qualified for the credit probably could really use that money, whether to repay mom and dad for the down payment loan or as cash to repair that fixer-upper they bought. I'm going to email the article and link this out to my clients IRS Form 5405.
Home Buyer Tax Credit: No e-file and four month delays
By CNNMoney.com Les Christie staff writer
January 16, 2010: 6:54 AM ET
NEW YORK (CNNMoney.com) -- Good news homebuyers: You can file for your $8,000 first-time buyer tax credit again. Bad news: You still can't e-file your taxes if you want the cash. And there are long delays.
On Thursday, CNNMoney revealed that buyers who purchased their properties after Nov. 6 were unable to claim the refund because the Internal Revenue Service had yet to release a new form and instructions. But on Friday, the IRS finally posted the new form 5405.
The two-month delay was frustrating to Florida resident Charles Teschke. "We are not broke or anything, but nevertheless we were still counting on getting the tax refund to help pay for the appliances and stuff we needed for our new home," he said. "The IRS told me they estimate it will take four months for me to get my refund!"
First-time buyers were able to immediately file for the tax credit after Congress approved it last February as part of the stimulus program. All they had to do was file an amendment to their 2008 tax returns (the ones they filed last April) and claim the promised refund of 10% of the purchase price, up to $8,000.
Nashville Area Oak Hill Home Sales: December 2009 Market Report
Sorry to say it, but the December 2009 home sales were down again in Oak Hill. From three closings during the previous month, this Nashville satellite city could only show two this time around:
|
Address
|
BR
|
Baths
|
Yr Blt
|
Gar
|
Sq Ft
|
List Price
|
SP/SF
|
Sales Price
|
DOM
|
|
919 Evans Rd
|
4
|
3 / 0
|
1951
|
|
2,720
|
$409,900
|
$136.03
|
$370,000
|
46
|
|
5625 Hillview Drive
|
4
|
3 / 1
|
1971
|
2
|
3,897
|
$479,000
|
$113.74
|
$443,250
|
249
|
|
Average
|
4
|
|
1961
|
2
|
3,308
|
$444,450
|
$122.92
|
$406,625
|
147
|
I am personally hoping that the $6500 move-up tax credit will help with the Oak Hill home sales in the coming months. If you haven't heard about it, there is a $6500 tax credit offered to those who have not purchased (to live in) a new home during the past five years. Of course, there are stipulations to this tax credit. I may even do a blog post on just that topic later this week/month.
Currently there are 32 other homes for sale in Oak Hill, ranging in price from $265K to just under $6M. Three of them are under contract, so we may see a higher number of Oak Hill home sales in January 2010 to start the year off right!
If you are ready to list your Oak Hill home or are considering purchasing a home in Nashville's Oak Hill area, then why not select an Oak Hill realtor? I offer both a free market analysis AND will also give you free advice on what to do to get your Oak Hill home ready to sell!
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If you are interested in selling or finding a home in Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE. Please note: You will have to register with my site to be able to search the MLS. I will contact you initially and all requests thereafter for privacy will be respected.
Looking to move? Wanting to Invest? Need help as a First Time Buyer? Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753
I really enjoyed reading this post and I think you may as well.
After teaching private piano lessons for so many years and being loved by my clients, I was shocked to find out how much people did not care for realtors! And, truth be told, I have heard some horror stories, so I can understand.
But I would like for you to understand that WE'RE NOT ALL BAD!!! There are PLENTY of good, honest, hard-working realtors out there! I would consider myself one of them. Ask any of my clients.
Here ya go: Via Karen Parsons-Fiddler Broker/Realtor (Great Western Realty Group): Why do we need to be compared to anything? Why? I see all over the Internet Realtors comparing themselves to doctors, attorneys and CPAs to justify our commission. "Would you go to a doctor and expect him to examine you for free?" Oh, come on......let's be fair. We have not spent years and years of study and practice just to get to the point where we COULD see patients. We don't have thousands of dollars of student loans and we are not dealing with life and death. That's just silly!!!
But....comparing us to the stereotypical used-car salesman is not fair either. I know there are many professional car salesman, so forgive me, but the term conjures up smoke-filled rooms and the phrase "what do I need to do to put you in this car today?" I have never used that phrase. The implication is that we, like the used-car salesman, cannot be trusted to be honest because we are 100% commission. That's ridiculous! Many professions are 100% commission. I've had many such positions.....but you know some too. The Gardener, the pool guy, your house cleaner, your hairdresser...all commissioned, do you think twice before asking them questions? No you don't!
Another comparison falls short in the deceitful quality of the stereotyped used-car salesman. (AGAIN....THIS IS JUST THE STEREOTYPE, NOT THE TRUTH). That the dealership, through the salesman, is hiding a true cost, or defect of the car in question. Realtors actually arrange for home inspections. We are not trying to hide anything.....just the amount of disclosures alone show that. We help our clients through all the stages of contingencies and are strong advocates for their rights. We are working alongside the client, not the dealership. This is a huge difference. It would be as if you brought your own agent to buy a car to do all the negotiation and inspection. Wouldn't that be great!!!
There are bad eggs everywhere, in every profession....even, gasp, real estate. But the majority are hard-working, experienced, honest people who make things easier on their clients. If you don't trust your agent....you are working with the wrong person.
So...we are not doctors, attorneys, CPS....but we aren't used-car salesmen either. I'll stop, if you'll stop? Deal?
Downtown Nashville Condo Sales: December 2009 Market Report
My Goodness - Just have a look at all of these Downtown Nashville Condo Sales for the month of December 2009! These 29 Downtown Nashville Condo Sales definitely made November 2009's condo sales look shabby!
|
Address
|
Sub/Dev
|
BR
|
Baths
|
Yr Blt
|
Sq Ft
|
List Price
|
SP/SF
|
Sales Price
|
DOM
|
|
|
510 Gay St Apt 1016
|
Capitol Towers
|
1
|
1 / 0
|
1959
|
562
|
$56,500
|
$90.75
|
$51,000
|
56
|
|
|
952 1St Ave N
|
Riverfront Condo
|
1
|
1 / 0
|
1986
|
630
|
$95,000
|
$150.79
|
$95,000
|
0
|
|
|
320 11th Avenue South #237
|
Velocity in the Gulch
|
1
|
1 / 0
|
2009
|
442
|
$133,400
|
$301.81
|
$133,400
|
0
|
|
|
301 Demonbreun #1011
|
Encore
|
1
|
1 / 0
|
2008
|
718
|
$149,700
|
$203.34
|
$146,000
|
58
|
|
|
600 12th Avenue South Unit 406
|
ICON
|
1
|
1 / 0
|
2008
|
614
|
$149,900
|
$244.14
|
$149,900
|
0
|
|
|
600 12th Avenue South Unit 608
|
ICON
|
1
|
1 / 0
|
2008
|
614
|
$149,900
|
$244.14
|
$149,900
|
0
|
|
|
600 12th Avenue South Unit 510
|
ICON
|
1
|
1 / 0
|
2008
|
614
|
$149,900
|
$244.14
|
$149,900
|
0
|
|
|
600 12th Avenue South Unit 405
|
ICON
|
1
|
1 / 0
|
2008
|
657
|
$149,900
|
$228.16
|
$149,900
|
0
|
|
|
700 Church St #408
|
Bennie Dillon Condominiums
|
1
|
1 / 0
|
1926
|
744
|
$149,900
|
$201.48
|
$149,900
|
110
|
|
|
320 11th Avenue South #322
|
Velocity in the Gulch
|
1
|
1 / 0
|
2009
|
543
|
$149,900
|
$276.06
|
$149,900
|
169
|
|
|
600 12th Avenue South Unit 618
|
ICON
|
1
|
1 / 0
|
2008
|
620
|
$153,400
|
$247.42
|
$153,400
|
0
|
|
|
1350 Rosa L Parks Blvd Apt 314
|
Werthan Lofts Iv & V
|
1
|
1 / 0
|
2008
|
687
|
$164,900
|
$232.90
|
$160,000
|
128
|
|
|
320 11th Avenue South #412
|
Velocity in the Gulch
|
1
|
1 / 0
|
2009
|
621
|
$179,900
|
$289.69
|
$179,900
|
0
|
|
|
600 12th Avenue South #912
|
ICON
|
1
|
1 / 0
|
2008
|
639
|
$190,000
|
$297.34
|
$190,000
|
54
|
|
|
1803 Broadway Apt 215
|
Bristol On Broadway
|
1
|
1 / 0
|
2005
|
870
|
$194,800
|
$214.66
|
$186,750
|
33
|
|
|
600 12th Avenue South Unit1016
|
ICON
|
1
|
1 / 1
|
2008
|
710
|
$216,000
|
$304.23
|
$216,000
|
0
|
|
|
303 Criddle St.
|
Harrison Square
|
2
|
2 / 0
|
2008
|
1,307
|
$221,500
|
$169.47
|
$221,500
|
2
|
|
|
301 Demonbreun #804
|
Encore
|
1
|
1 / 0
|
2008
|
931
|
$245,000
|
$242.75
|
$226,000
|
35
|
|
|
600 12th Avenue South Unit1603
|
ICON
|
1
|
1 / 1
|
2008
|
808
|
$275,000
|
$340.35
|
$275,000
|
0
|
|
|
600 12th Avenue South Unit1705
|
ICON
|
1
|
1 / 1
|
2008
|
808
|
$275,000
|
$340.35
|
$275,000
|
0
|
|
|
320 11th Avenue South #427
|
Velocity in the Gulch
|
1
|
1 / 0
|
2009
|
840
|
$278,900
|
$315.48
|
$265,000
|
174
|
|
|
320 11th Avenue South #257
|
Velocity in the Gulch
|
2
|
1 / 1
|
2009
|
960
|
$280,000
|
$291.67
|
$280,000
|
0
|
|
|
309 CHURCH ST # 502
|
Exchange
|
2
|
1 / 1
|
2005
|
1,316
|
$304,500
|
$216.57
|
$285,000
|
72
|
|
|
320 11th Avenue South #251
|
Velocity in the Gulch
|
2
|
1 / 1
|
2009
|
960
|
$343,050
|
$357.34
|
$343,050
|
0
|
|
|
700 12th Ave. So.
|
Terrazzo
|
2
|
2 / 0
|
2009
|
1,654
|
$395,000
|
$239.42
|
$396,000
|
27
|
|
|
600 12th Avenue South #2100
|
ICON
|
2
|
2 / 0
|
2008
|
1,251
|
$405,000
|
$323.74
|
$405,000
|
0
|
|
|
600 12th Avenue South #1515
|
ICON
|
2
|
2 / 0
|
2008
|
1,298
|
$445,000
|
$342.84
|
$445,000
|
0
|
|
|
600 12th Avenue South #2001
|
ICON
|
2
|
2 / 0
|
2008
|
1,251
|
$454,500
|
$363.31
|
$454,500
|
0
|
|
|
600 12th Avenue South Unit2011
|
ICON
|
2
|
2 / 0
|
2008
|
1,890
|
$625,000
|
$330.69
|
$625,000
|
0
|
|
|
Average
|
|
1.31
|
|
2002
|
881
|
$240,705
|
$270.34
|
$238,168
|
31
|
The ICON in the Gulch area of downtown Nashville REALLY had some condo sales in December!
The Velocity in the Gulch also had notable condo sales...
______________________________________________________________________________________
If you are interested in selling or finding a home in Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE. Please note: You will have to register with my site to be able to search the MLS. I will contact you initially and all requests thereafter for privacy will be respected.
Looking to move? Wanting to Invest? Need help as a First Time Buyer? Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753
Nashville's Green Hills Area Condo Sales: December 2009
Well, it's certainly a sign of the slow-down on the first-time buyer's tax credit that condo sales for December 2009 continued to decline. Here are the numbers for condo sales in Green Hills from the previous month.
And here are the Green Hills Condo Sales for December 2009:
|
Address
|
Sub/Dev
|
BR
|
Baths
|
Yr Blt
|
Stories
|
Sq Ft
|
List Price
|
SP/SF
|
Sales Price
|
DOM
|
|
|
2116 HOBBS RD APT K1
|
HOBBS HOUSE COND.
|
2
|
1 / 1
|
1968
|
2.00
|
1,110
|
$140,900
|
$121.62
|
$135,000
|
98
|
|
|
409 ASHLAWN CT
|
BURTON HILLS-VILLAGE
|
2
|
2 / 0
|
1986
|
1.00
|
1,300
|
$204,900
|
$136.92
|
$178,000
|
441
|
|
|
117 Matthew Lane
|
Park Green Condomini
|
2
|
2 / 0
|
1984
|
1.00
|
1,212
|
$214,500
|
$172.44
|
$209,000
|
98
|
|
|
2091 Stokes Ln
|
Fairsted Park Condos
|
2
|
2 / 0
|
1996
|
2.00
|
1,227
|
$215,000
|
$175.22
|
$215,000
|
0
|
|
|
700 ESTES RD
|
Green Hills
|
2
|
1 / 1
|
1984
|
2.00
|
1,224
|
$215,900
|
$169.12
|
$207,000
|
41
|
|
|
3353 Golf Club Ln
|
Golf Club Place Condos
|
2
|
2 / 1
|
1996
|
2.00
|
1,326
|
$219,900
|
$159.88
|
$212,000
|
78
|
|
|
3347 Golf Club Ln
|
Golf Club Place Cond
|
2
|
2 / 1
|
1996
|
2.00
|
1,328
|
$222,900
|
$160.39
|
$213,000
|
77
|
|
|
237 Boxmere Pl
|
Burton Hills Village
|
2
|
2 / 1
|
1985
|
1.00
|
1,463
|
$259,000
|
$173.27
|
$253,500
|
91
|
|
|
Average
|
|
2
|
|
1986
|
1.6
|
1,273
|
$211,625
|
$159.32
|
$202,812
|
115
|
Burton Hills and Golf Club Place Condos topped the Green Hills condo Sales for the month of December 2009 in Nashville!
If you are a regular at my blog post here, you know that I am a Nashville / Green Hills native so I love working with any and all who are interested in Green Hills Real Estate! Give me a shout to list or to purchase a Green Hills home!
______________________________________________________________________________________
If you are interested in selling or finding a home in Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE. Please note: You will have to register with my site to be able to search the MLS. I will contact you initially and all requests thereafter for privacy will be respected.
Looking to move? Wanting to Invest? Need help as a First Time Buyer? Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753
|
|
Emily Lowe - Nashville TN Realtor
Nashville,
TN
More about me…
The Lipman Group Sotheby's International Realty
Address: 2325 Crestmoor Road, Suite L-4, Nashville, TN, 37215
Office Phone: (615) 463-3333 x 131
Cell Phone: (615) 509-1753
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