Yesterday, the IRS updated information on their web site to include a revised Form 5405, the form used to calculate the credit available. Below is a link to an IRS web page that has additional information on the credit and a link to the form.

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

The Senate last night passed an expansion of the tax credit proposal.   The proposal would be available to all purchasers (not just first-time homebuyers).  The key elements are:

•  A tax credit in the amount of $15,000 or 10 percent of the purchase price (whichever is less), with the option to utilize all in one year or spread out over two years. 

•  The tax credit is available to all purchases of any home from date of enactment for one full year. 

•  Able to claim the credit against the 2008 tax return. 

•  Buyers must occupy the homes for two years as their principal residences. 

•  Purchases of homes by investors are ineligible. 

•  Terminates the previous $7,500 Housing Tax credit on the date of enactment 

We have been told the Senate is likely to pass its entire Stimulus Bill by this week-end.  The House and Senate will then have a conference next week to work out the differences.

Avon Indiana real estate, Market Value versus value... (edit/delete)

Market value vs. value...

Avon, Indiana - Realtor Chris Castetter can help you best determine the market value for your property.   Often times we do not stop to realize that there is a difference in market value versus value.  When selling your home is the main goal, market value will be key. 

market value n.  The amount that a seller may expect to obtain for merchandise, services or securities in the open market.  (The question to consider is this:  "In today's real estate market, what will an educated, objective buyer pay for my property?"  Remember, buyers shop by comparison and know the market sometimes better than a seller.)

Often times I am presented with an appraisal from a potential home seller, which usually tells me that the homeowner believes that this "appraised value" is what his or her home will sell for in today's real estate market.  This is not the case usually...

An appraisal for an existing property is most often performed for the sake of refinancing a home to gain a second mortgage or line of credit (which I do not recommend.) also referred to as a HELOC.  This

The lender will need to show a certain percentage spread to be able to make the loan and complete the refinance.  Generally the appraisal is inflated to reflect a high enough value to cover the percentage spread needed.  This does not reflect "market value".  It reflects the value that the lender needs to see in order to loan you money.  This is the case in Indianapolis or anywhere in the U.S.

appraised value v.   to estimate the quality, amount, size and other features of;

value n.  Worth in usefulness or importance to the possessor; utility or merit. 

http://www.chriscastetter.com

JUST SOLD FEBRUARY 2009.  STUNNING ESTRIDGE BUILT HOME.  WHO SAYS

HOMES ARE NOT SELLING?  VISIT WWW.CHRISCASTETTER.COM

JUST SOLD FEBRUARY 2009 IN AVON, INDIANA - WHO SAYS HOUSES ARE NOT SELLING?

VISIT WWW.CHRISCASTETTER.COM

JUST SOLD FEBRUARY 2009 LOCATED AT THE PARKS AT PRESTWICK IN AVON.

WHO SAYS HOMES ARE NOT SELLING?  VISIT WWW.CHRISCASTETTER.COM

THANK YOU FOR VISITING MY DADDY'S BLOG...  PLEASE ALSO VISIT WWW.CHRISCASTETTER.COM

CUSTOM BUILT HOME WITH A PERFECT IN-LAW-QUARTERS OR FULL HOME OFFICE! 

THIS PLAINFIELD HOME IS OFFERED FOR SALE IN THE MID $300'S.

TO SEE MORE PHOTOS AND FULL DETAILS OF THIS PROPERTY,

GO TO WWW.CHRISCASTETTER.COM

HENDRICKS COUNTY INDIANA - While overall home sales remain lower on a month-to-month and year-to-date basis in Central Indiana, three Indianapolis-area counties reported higher sales in December 2008 than the same time in 2007, according to finalized pended sales statistics compiled by F.C. Tucker Company. Hancock, Johnson and Marion counties showed improvement over other counties in the nine-county region. 

Available homes for sale dropped 14.3 percent in December 2008 with 2,605 fewer homes on the market than in December 2007. Total homes available for sale at year-end were 15,600. Marion County and Hendricks County experienced the greatest decrease in inventory at 19.2 percent each. 

Current interest rates are hovering around 5 percent for a 30-year, fixed-rate loan, and with the Federal Reserves MBS (mortgage-backed securities) buying program in full swing, many experts believe that mortgage rates will stay down for the foreseeable future. 

"We continue to be encouraged by the decline in inventory in Central Indiana, as available inventory declines, we hope to see pricing firm up.  Also, as interest rates remain historically low, consumer confidence will continue to grow." 

Homes remained on the market an average of 92 days in December, only a 2.2 percent increase comparing year-to-date figures from 2007 and 2008. Four counties - Hancock, Hendricks, Johnson and Madison - showed a decrease in days on the market, compared to December 2007.  

Madison County also showed a 7.4 percent increase in average home sales price in December 2008, compared to December 2007. Home inventory in the county decreased 7.9 percent over the same time frame.

I continue to stay optimistic about the real estate market, depsite the sometimes meida gloom and doom.  Please contact www.chriscastetter.comfor your real estate needs in Hendricks and west Marion Counties.  Proudly serving Avon, Plainfield, Danville and Brownsburg.  indymarketleader@gmail.com

So now the information is in hand.  You have been given a CMA, which gives you an opinion of the fair market value of your property.  Many homeowners like to have two or three opinions, thus interviewing more than one agent.  However, be cautious for the one(s) who tells you want you want to hear.  It is not fair to anyone involved to tell you that your home is worth more than it really is just so that Realtor can get your business.  This will turn out to be a lose, lose situation for you.  Instead, be objective and honest with yourself through this process.

By now, you will be able to determine if now is the right time for you to make a move or not.  If it is the right time, then here are some questions that every homeowner should ask their potential real estate agent prior to listing.

1. May I see your past clients testimonials?
2. May I see your resume?
3. What areas do you specialize in selling real estate?
4. Where do today's buyer's originate from and how will you reach them?
5. Show me your personal marketing plan for my home.
6. How many web-sites do you market my home on & what are they?
7. How many viewers search these sites monthly?
8. What percentage of your companies listings sell rather than expire?
9. What is the current absorption rate in my area?
10. What is the average days on the market for our area?

For more information regarding pricing, conditions, and home staging, please feel free to contact me for all of your Home Selling Matters.   at 317-414-1117 or visit www.chriscastetter.com.  I want the opportunity to earn your business and appreciate your referrals.