Chic and Neutral Move-In Ready Townhome. Desirable End Unit with no neighbor Right. Almost 1600 sq Ft. Maple Cabinets with Brushed Nickel Hardware. Stainless Micro & Gas Range Stay, Dishwasher & Disposal too!. 9 FT Ceilings on First with Two Story Foyer & Master Volume Ceiling with Plant Ledges. Have overnight guests in 14X12 Loft & Media room! Why carry laundry? Your Laundry Utility Room is Up! Patio off back is perfect for barbeque's. 2 Car attached Garage. Lister Rita Buys 1 Year Home Warranty For You! Refresh and Recharge with Pool, club house and playground too!
Presented by Rita Legan ASP Staging Realtor and eagent. In my twenty three years of second generation real estate consulting, my guiding principle is "your success is my #1 priority". My background in corporate relocation, new construction, marketing and interior design arm my client's for making smart and timely decisions weather buying, selling or investing in real estate in the Greater Cleveland Ohio Southwest Suburbs. I am ready to earn your business.
Call Now (440) 440-227-4461
or email rlegan@kw.com
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Can It Be? Lawrence Yun, Chief Economist At The National Association Of Realtors Think So.
RISMEDIA, November 18, 2009—Aided by the home buyer tax credit, the outlook for housing and the economy appears headed for a sustainable recovery, according to the National Association of Realtors®. Lawrence Yun, NAR chief economist, said the projections are enhanced by a tax credit expansion to more home buyers through the middle of 2010. “Given the success of the first-time buyer tax credit to date, and the need for qualified buyers to continue to absorb inventory that will include additional foreclosures over the coming year, we are hopeful about the impact of the expanded tax credit because it will stabilize home prices,” he said. “In fact, the credit is working better than first projected – it now looks like we’ll have 2.3 to 2.4 million first-time buyers this year.”
The 2009 National Association of Realtors® Profile of Home Buyers and Sellers, shows first-time buyers accounted for a record 47% share of home sales over the past year, up from 41% in the 2008 survey. The share has risen steadily since a cyclical low of 36% in 2006. Existing-home sales are expected to total 5.01 million in 2009, a gain of 2.0% over last year, and then are forecast to rise 13.6% to 5.69 million in 2010. “A steady draw down of inventory will help home values to turn positive in 2010, but risks such as unemployment remain in the economy,” Yun said.
New-home sales are projected at 397,000 this year, recovering to 549,000 in 2010. Housing starts, including multifamily units, should total 564,000 units this year but grow to 752,000 in 2010. The 30-year fixed-rate mortgage will probably average 5.3% in the fourth quarter, rising gradually to 5.8% by the end of next year. NAR’s housing affordability index will set a record in 2009, averaging 30 percentage points higher than 2008. Affordability will decline from record highs next year but will remain at historically attractive levels for home buyers. “We’ve seen a steady downtrend in housing inventory for well over a year and home prices appear to be in the early stages of stabilizing. With the expansion of the tax credit to additional buyers through the middle of next year, and no major unforeseen events impacting the economy, home prices should rise between 3 and 5% in 2010, but with wide geographic differences,” Yun said. He expects growth in the U.S. gross domestic product to be at a pace of 2.5% in the current quarter, with GDP up 2.8% in 2010.
The unemployment rate is close to peaking and is projected to ease to 9.5% by the end of next year. “The size of the U.S. budget deficit is a concern going forward, and carries the risk of higher inflation. At this point, that risk appears to be restrained,” Yun said. Inflation, as measured by the Consumer Price Index, is seen contracting 0.4% this year, then rising 1.6% in 2010. Inflation-adjusted disposable personal income is estimated to grow 0.4% this year and 1.2% next year.
This article through RISMEDIA orginally published to Realtor.org
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Chic and Neutral Move-In Ready Townhome. Desirable End Unit with no neighbor Right. Almost 1600 sq Ft. Maple Cabinets with Brushed Nickel Hardware. Stainless Micro Gas Range Stay, Dishwasher Disposal too!. 9 FT Ceilings on First with Two Story Foyer & Master Volume Ceiling with Plant Ledges. Have overnight guests in 14X12 Loft & Media room! Why carry laundry? Your Laundry Utility Room is Up! Patio off back is perfect for barbeque's. 2 Car attached Garage. Lister Rita Buys 1 Year Home Warranty For You! Refresh and Recharge with Pool, club house and playground too!
First Time Homebuyer Tax Credit Extended Into 2010! Plus...A New Tax Credit for Certain Existing Home Owners!
It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.
In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.
So Who Gets What? The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.
Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Deadlines In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Higher Income Caps in Effect The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price Qualifying buyers may purchase a property with a maximum sales price of $800,000.
First-Time Homebuyer Tax Credit – Frequently Asked Questions Here are answers to some commonly asked questions about the tax credit.
What is a tax credit? A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.
What is the tax credit for first-time homebuyers (FTHBs)? An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.
Who is eligible for the FTHB tax credit? Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.
As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.
How do I claim the credit? For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).
Can you claim the tax credit in advance of purchasing a property? No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property? Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.
Are there other restrictions to taking the credit? Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.
You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You do not use the home as your principal residence.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.
Can you buy a home from a step-relative and be eligible for the credit? Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.
Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit? Yes.
Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years? No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.
If you have any questions that fall outside the situations here, give me a call and if you do not have an accountant to speak with, I can refer you to one.
This article thanks to Don Jareki of
HERITAGE MORTGAGE SERVICES (216) 347-3900
A Keller Williams Realty Greater Cleveland Southwest Lending Affiliate
Happy Buyer's Are Moving Into High Point In Strongsville Oh
Just a few short hours ago I handed my keys over to the new owners of a fine Forest Park Home. When I see my client's faces I feel their excitement. I love handing them the keys to their new home. It truly makes my job all worth while. Coming from another Cleveland Suburb Alex and Trudie were not that familiar with Strongsville. It didn't take them long to decide when they saw the proximity of the park system, all the new shopping and our great Rec Center with indoor pool they decided this city was for them. The development of Forest Park which they choose, has a home owner's association that supports lovely landscaped entrances, outdoor pool and club house. It is tucked away and surrounded by lush forests right off the parkway! You may even see a horseman or two taking a leisurely ride.
Presented by Rita Legan ASP Staging Realtor and eagent. In my twenty three years of second generation real estate consulting, my guiding principle is "your success is my #1 priority". My background in corporate relocation, new construction, marketing and interior design arm my client's for making smart and timely decisions weather buying, selling or investing in real estate in the Greater Cleveland Ohio Southwest Suburbs. I am ready to earn your business too. Call (440) 227-4461
The U.S. Senate could vote on Tuesday to extend a popular tax break for home buyers that has helped lift the housing market out of its worst slump since the Great Depression.
Housing has become such a hot button issue that investors sold off U.S. stocks and pushed the dollar sharply higher on Monday after a misleading media headline said research firm, ISI Group, had written the tax credit probably would not be extended when it expires November 30.
Under Reid's plan, the $8,000 tax credit would be phased out over time, dropping to $6,000 in April, $4,000 in July, and $2,000 in October, before expiring at the end of 2010.
The tax credit was approved in February 2008 and about 1.5 million tax returns filed with the Internal Revenue Service have claimed the credit at a cost to the government of $10 billion, according to officials.
Isakson, a former real estate agent, would also raise the income limit of eligible home buyers to $300,000 per family from the current $150,000 limit.
The U.S. real estate and homebuilding industry is lobbying Congress to extend the tax credit although critics say it gives cash to many buyers who would have purchased a home without the benefit.
The White House has also raised concerns about the cost of expanding the credit.
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Happy Buyer's Are Moving Into High Point In Strongsville Oh
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