St. Louis real estate tips St. Louis Home Buyer tips St. Louis Home Seller Tips
There is no doubt that the first time home buyer tax credit is a great thing but there are a few things to know before you assume that you qualify for the full $8,000. The tax credit breaks down as follows:
Who qualifies? First time home buyers and people (or spouses) who have not owned a home for the previous 3 years. You must purchase your home between January 1, 2009 and December 1, 2009.
- What qualifies for the first time home buyer’s tax credit? Only a primary house qualifies. It does not matter if it is a single family home, duplex, townhome, condo, apartment or co-op, if it is a primary residence it will apply.
- What is the amount of the first time home buyer’s tax credit? $8,000 is the maximum amount of the credit. There are 2 factors at play when it comes to getting the credit: The cost of the home and the income of the person or married couple purchasing the home. The credit can be 10% of the closing price up to $8,000 or a person making $75,000 or less or a married couple making $150,000 or less are eligible for the full $8,000.
- Do you qualify for the first time home buyer’s tax credit if your income is higher? Yes and no. If you make more than the $75,000/$150,000 limit you get less of a credit. The maximum income is $95,000 for singles or $170,000 for couples. If you make more than the maximum income you are not eligible for the tax credit.
The tax credit is a real boon for first time home buyers and does not have to be repaid. If you qualify for the tax credit and have been considering purchasing a new home there could not be a better time. Low interest rates, low home values and the first time home buyer tax credit all add up to the right time to call an experienced local Realtor.
Resource and for more information: Realtor.org
Check out my website to find your St. Louis home. Or call me at 314 267 2636.
Category : first time home buyer tax credit &Home Buyer and Seller Tips
Real Estate values and sales seem to be on the rise
Clear Capital Report sees home prices rise across the country when analyzing quarterly results. The report sees home value gains in all regions of the country, averaging out to 5%, with the Midwest gaining the most at 11.2%. The real estate improvements are linked with summer being a buying season, increased investment opportunity and the previous large drop in home values.
The second quarter of 2009 followed a period of extremely low real estate activity, couple that with tax incentives, low mortgage rates and reduced home values, and the evidence of a true buyer’s market became omnipresent. Acquiring a mortgage is probably still the most difficult part of the home buying process but money is strating to loosen. Increased sales volume indicates an improvement in the real estate sector, a welcome sign for a beleaguered economy.
For a complete look at the Clear Capital report click here.
Want to be part of the solution to the real estate bust? Search St. Louis homes and call 314 267 2636.
Category : Home Buyer and Seller Tips
According to reports June was the 5th month in a row where pending real estate sales were on the rise, great news for the national real estate market. While there are still many areas where sales are faltering the majority of the country is seeing home values stabilizing or dropping at greatly decreased levels while at the same time the volume of sales is picking up. A recent Associated Press article pointed out that “the last time there were five consecutive monthly gains was July 2003.” Lower home values, the first time home buyer tax credit and reduced mortgage rates are seen as drawing people back into the real estate market. People can find bargains as far as real estate goes and that is an attraction in any market.
At this link you can create an online search for your St. Louis home.
For more information visit YahooRealEstate.com.
Category : Home Buyer and Seller Tips &pending real estate sales
If you currently are in a situation where you must sell your home and you owe more on your home than what it is worth to sell, a short sale can be a very good solution to your problem. Many myths have evolved over time, but understanding the reality is a way to help yourself. Seven short sale myths are:
- Short sales are impossible and never get approved. It is true that short sales are more difficult but they are not impossible. A Certified Distressed Property Expert has extensive training to help homeowners in distress.
- Banks Don’t Accept Short Sales. In reality, banks are doing whatever they can to avoid a foreclosure.
- You must be behind on your mortgage to negotiate a short sale. Many lenders today focus on verifiable hardship, monthly cash flow shortfall and insolvency – not just people in default.
- Buyers Avoid Short Sales. Many agents report that buyers call them looking for short sales. Short sales are becoming synonymous with a “good deal”, specifically with international buyers.
- Listing your home as a short sale is embarrassing. Recent estimates state that 1 out of 5 homeowners in the U.S. is in this situation. You are not alone!
- Banks prefer to foreclose. Banks do NOT want to foreclose. Banks, investors and the federal government have all publicly stated that if a person qualifies for a short sale, then the deal needs to be considered.
- There is not enough time to negotiate a short sale before my foreclosure. Many lenders today will stall a foreclosure up to the final day of the process, with a legitimate contract.
For more information about short sales go to About website.
Also, search for short sales on my free St. Louis home listing resource. I can be reached at 314-267-2636.
Category : Foreclosure &Home Buyer and Seller Tips &Real Estate Sales in St. Louis &Short Sales in St. Louis &St. Louis Real Estate Sales Statistics
If you decide to purchase a home by December 1, 2009, you will be entitled to an $8,000 tax credit. This amendment to the economic stimulus bill will be available to if you purchase your first home between 1/1/2009 and 12/1/2009. Home buyers will be entitled to claim a total tax credit of $8,000 or 10% of the purchase price, whichever is less. To avoid possible abuse of this credit, it is only allowed for your primary residence and will only have to be re-paid if said house is sold within two years of purchase. Keep in mind that you must close on or before December 1, 2009 to be eligible for the credit. Most closings take about sixty days, so with that in mind you must go under contract by October 2nd, 2009 – this gives you seventy-three days from today to find your first home. If you manage to meet these deadlines, all you have to do to claim your credit is fill out I.R.S. Form 5405. Search for your next home on my St. Louis MLS search website.
For more information about this credit go to the IRS website.
Category : First Time Homebuyers in St. Louis &Home Buyer and Seller Tips &Relocation to St. Louis &St. Louis Real Estate Buyers
If you are concerned about your credit score, there is new information about what credit scoring companies deem important. One change that is being made is that there is a significantly more negative importance on a person that carries their credit balance near the limit. Experts are suggesting that people try to keep all balances owed near 30% of available credit. Another important fact is that you should never close an account with a zero balance. If you close the account, it can alter your total Debt to Credit ratio. It works in your favor to have a long credit history. Also, do not apply for too many credit cards, especially from companies that do not set a spending limit. To raise your score, always pay your debts ON TIME. Your payment history makes up 35% of your score. A late payment can actually drop your score by up to 100 points and these late payments could last on your report for seven years. Bankruptcies last for ten years. If your score is below 620, people assume you are a bad risk dooming you to credit denial, sub prime interest rates, higher home insurance premiums, and possible checks form landlords withholding a lease.
To order a free report go to annualcreditreport.com.
Category : finance &Home Buyer and Seller Tips
Yes, you can actually save money by installing a Drain-water Heat-recovery system in your home. It works to warm up water for your shower by using heat from waste water as it goes down your drain. These systems are available for other appliances as well, such as dishwashers.
According to experts, if your house uses enough water to take four seven-minute showers each day while using a standard shower head, you will save 183 cubic meters of natural gas per year. If you have electric water heating, you can save 1,479 kilowatt-hours per year. These systems cost between $500 and $700, and cost an additional $100 for installation. So, depending on your type of energy and the rates you pay, the system could actually pay for itself in as little as 2 1/2 years.
Always shop around for rebates if you decide to install one, as many power companies do offer them.
Category : Home Buyer and Seller Tips
