It is vitally important that when you pick an agent to represent you, that you find out from some recent clients does this agent "practice" what they preach. It is easy for an agent to say they "believe" in strong representation, ethics, and professionalism, but another thing to practice it, especially in a down market where agents are straining for every dollar of income.
I have been teaching Agency & Fair Housing for Kaplan Professional Schools and Prosource Educational Services for several years, and it never ceases to amaze me how many agents really do not enjoy the "mandatory" nature of these classes. The subject of Ethics. The Quadrennial Training was required by all REALTORS to have been completed by 12/31/08, so it is relatively fresh on many agents minds... This was excellent, and needed to assist in "standardizing" what REALTORS consider "ethical" and "appropriate" behavior with the public, our clients, and other REALTORS. In addition, the National Association of REALTORS has been promoting called "Pathways to Professionalism" which is a vigorous and honest look into the ways REALTORS can improve the way the solicit sales, work with prospects, and interact with other professionals involved in the real estate sales process.
First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
Current Owners: The tax credit 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.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
What are the New 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.
Tax Credit Versus Tax Deduction
It's important to remember that the tax credit is just that... a tax credit. The benefit of a tax credit is that it's a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.
Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!
Higher Income Caps
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 sale price of $800,000.
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Remember, the new tax credit program includes a number of details and qualifications. For more information or answers to specific questions, please call or email me today.
In addition, you may be able to benefit from additional housing related provisions, including the following:
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Tax Incentives to Spur Energy Savings and Green Jobs
This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.
Landmark Energy Savings
This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.
Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing
This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs. Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.
Expanding Housing Assistance
This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties.
Courtesy of Vaughn Kavlie - AdvisorNet Mortgage Minneapolis, MN
If you are reading this you are either interested in or LOVE Jamaica. My wife and I love Jamaica, and have been there several times most of them leading youth mission trips. It is simple - We love the spirit of the Jamaican people, we love bringing youth there to serve, and to love them, and all of us ending up growing closer to our Savior, Jesus too.
I am not trying to preach, just love - But If you would like to take a peak at our most recent trip in June/July you can check out our blog - It is a bunch of fun, with some incredible pics, even if you don't know me or any team members, I think you will find it fascinating... http://stiegasaurus.blogspot.com/
Fee free to let me know if YOU love Jamaica too - Or would be interested in learning more about what we do in Jamaica, as we plan on going there a lot more in the near future!
Blessed to Serve,
Stieg Strand
I am a "Broker/Agent/Agency & Fair Housing Instructor/Youth Pastor"
Currently in the City of Minneapolis you can receive up to 20% of the interest you pay on your mortgage EVERY YEAR as a tax credit... That could mean a direct credit (cash) to you for up to about $3000 a year!!!
The criteria are simple, here are a few of the "important ones":
1- Income guidelines under $92,290 year (AGI) for two people
2- Taking an "all day" homeowner course
3- Buying a Home with a Fixed Rate Mortgage from a participating lender.
4- Buying a home in the City of Minneapolis (Or St. Paul) with a Purchase Price of $276,870 or less.
Feel free to contact me if you have any other questions, but I have already had buyers take advantage of this program, and :in effect" their payment is about $180 less (cash) every month because of it!
Keep in mind, this blog entry is a bit of a "vent" - However it is still very true at the same time....It just came to my attention a few moments ago, after dealing with a regional manager for a Sprint reseller/provider in the north metro of the Twin Cities that they can charge you fee's for anything they want, even if other Sprint Stores do not! - My daughters phone was broken, Sprint would not fix it even though I have been paying nearly $50 a year in insurance to "cover each" phone. So I purchased a phone for her online, and then this "reseller" has the nerve to charge $10 for a 90 second procedure (transferring contacts).
My point is simple - Make sure you call around when you have ANYTHING done on your cell phones, as each store (even with the same name!) May be charging you MORE than the same store a few miles away!
Wonderful remodeled top to bottom on awesome quiet lot! Bonus 4th bedroom now being used as a recording studio! Completely clean and ready for your move now. Next door to beautiful City Park!
13504 Pleasant Lane in Burnsville! Come Quickly!!!!
The U.S. Senate just announced that they are seriously considering extending some form of the tax credit for homebuyers, and potentially not just first time homebuyers.
They are looking at a phased out approach or possibly a full blown extension of the current program with greater income allowances and even homebuyers that are not first timers...
Please contact your Senator today and let them know that you want to see some form of assistance in the housing market continue, as the momentum for action is starting now!
I am not a big fan of large government programs inducing the economy, however let's look at the facts, when people become homeowners, when people move to bigger homes when the prices are low, and when GOOD consumers buy and sell homes, it is good for the economy - Let's put it this way - Which has greater lasting impact on our economy? - People having more reason to buy a home that they need (and can afford) or getting financial assistance to buy a new car!!! Seems like money well spent, in comparison to me....
Well, in reality no one knows the answer to that question. Some of the answer is in regional markets that are seeing stronger job gains, which can lead to more demand, which brings appreciation. Some of the answer is in interest rates - Having record low rates can help, and have helped more people to become homeowners, or allowed them to "move up" if they didn't over mortgage their "back up" home. Some of the answer is in the construction industry, that is then tied to development, which is tied to capital markets, which is tied to bank liquidity and "desire" to fund, rather than "do we have the money".
It is more than a complex equation, but with record national debts, a continued "glut" of foreclosure and short sale issues, an increasing tax burden on individuals and business's, the lack of "incentive" to risk losing in start ups...It would appear that we could be 24-36 months away from broad based "appreciation" in most area's of the country.
What can you do to help? Here are a few things that might help, or at least make you feel better...
Write your local, state, and federal representatives and ask them to vote for policies that are pro-business, which is pro-growth, which is pro-appreciation.
Save and Spend - It is a great idea to save money, historically Americans are not very good at it, but have been getting better, in part out of fear. BUT, don't have an irrational fear to purchase things that you need -home improvements, reasonable vacations, presents for family and friends etc... The majority of our problem's can be directly linked to consumer confidence - Have some, not consumer stupidity, but consumer confidence!
Talk it and Walk it - Just like consumer confidence, the people around us are effected by the things that we do and say, for the positive or negative - When we ONLY looking at things in the negative, those around us have a hard time staying positive. There are a lot of positive signs and strengths in our current economy to be thankful and hopeful for.. If you doubt that, feel free to read a few paragraphs about the great depression, and see if we are really that bad off at all.
In closing, these are the observations of an employee, and entrepeneur, a neighbor, a husband, a dad, a co-worker, an observer, and in the end just a regular guy... Take it for what it is - An opinion. What is YOUR opinion?
In recent Travel Industry mag's it has been reported that the amount of travel packages being sold, particularly Tour Packages has been surpassing 2008 numbers, and even surpassing some of the downgraded projections by the Travel Companies for 2009 business!
My thought is simple - If people are more willing to spend money now on large scale, high buck tours and vacations, does this mean a "2nd home/vacation home" recovery isn't far behind?
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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