Spencer's Blog

Judging from my own experience, I noticed that pictures of your property can increase the value of your house for sale. But your photos should be correct and impressive.

If you send photos of your home online on your own, you definitely dream of impressing your buyers. It's clear that it’s much better to see the home than to listen to long descriptive stories about it. That’s why providing pictures plays an essential role in FSBO procedure of selling.

And besides, offering pictures online is very convenient as you do not waste time on meeting your numerous buyers and showing them your property. You'll deal only with those who are really interested in buying your home.

Of course, it'll be a great idea to ask a professional photographer to take pictures. These people know how to make your home really attractive.

But if you want to do it yourself, here are some tips for you:

- You can put some nice plants, bright magazines and books on your furniture;

- Try to make your rooms look tidy and neat; no clutter;

- Do not include your personal things in view, they are nice for you, but may be opposite for other people. Tastes differ, you know.

- Demonstrate all advantages of your home, emphasize them; avoid possibly negative details.

And in general, do not forget to make the rooms in your photos welcoming and relaxing.

The Senate today voted unanimously Wednesday night to extend the $8,000 tax credit for home buyers beyond its scheduled November 30, 2009 expiration date.  The credit would be available until April 30, 2010.  Under the new legislation the credit will also now apply to home buyers who are buying their second or subsequent home.  The credit currently applies only to first time home buyer.

The Senate vote was 98 to 0

Under a compromise reached late last week, the tax credit for veteran homeowners will apply only to those who have lived in their current residence for at least five years.  The credit for these buyers will be capped at $6,500 while first time buyers will continue to receive $8,000.

Income levels will be extended from the current limits of $75,000 for a single purchaser and $150,000 for couples to $125,000 and $225,000 respectively.  Above those limits there are diminishing credits available.

   This list of the most asked questions has been provided to us Akron Ohio Realtors to assist our clients in understanding the changes and time limits on the recent legislation passed and signed by the President on Friday, November 6, 2009. You may contact me or any Realtor in your area for any further questions or concerns you may have. Good luck in your home search!

NAR Frequently Asked Questions

Homebuyer Tax Credit Changes

National Association of REALTORS® Government Affairs Division

 Question: Existing homeowner credit: Must the new house cost more than the old house?

Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?

Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

Question: I am a firsttime homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?

Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phaseout range).

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?

Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?

Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.

Question: I am an eligible firsttime homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?

Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.

 

Your Local Akron Ohio Realtor

David M. Childress

                                                        

Join Me:   on TWITTER    AND   on FACEBOOK   

Serving Buyers and Sellers in the following Ohio Communities

   Akron, Canton, North Canton, Barberton, Cuyahoga Falls, Stow, Munroe Falls, Silver Lake, Fairlawn, Green, Hudson, Macedonia, New Franklin, Northfield, Norton, Tallmadge, Twinsburg, Bath, Boston, Copley, Coventry, Northfield Center, Richfield, Sagamore Hills, Springfield, Hartville, Uniontown, Jackson, Kent, Ravenna, Portage Lakes, Wadsworth, Seville, Medina and more. Just visit my website or email me for information on any home in NE Ohio.

When Active Rain first came out with the ability to re-blog, I wasn't sure that I liked the idea... I'm always just a tad cautious about new things and need a little time to think about it or get used to it. 

Quickly though I realized that others were writing stuff that my clients would or could benefit from if they read it... articles about topics that those writers were much better qualified to write and may have just said it better than I had.

So I started re-blogging.

Since there are mortgage people here on Active Rain that are writing some really great blogs about all of the ins and outs of mortgages, I sometimes re-blog a mortgage post.  It compliments the topics that I choose to write about.

Ditto for staging.  My clients could really benefit from good staging articles and we have some of the best stagers in the world right here writing about it.  So I re-blog staging articles. And home inspection articles, AND appraisal articles. 

Sometimes someone posts an article and I just flat-out do not want to lose that article and I will come back to it easier if I re-blog it into my line-up... I realize that reason for re-blogging may be a little off base but hey, it's the truth.

Sometimes I simply truly enjoy an article.  It says things in ways that I want to promote...so I re-blog.

Every once in a while someone is trying to accomplish a worthwhile goal that will better accomplished if more people know about it, so I re-blog their post to bring attention to their issue.

On one re-blog, I received an email from the original blogger, compliementing me on the use of her blog.  I had added a little bit to the title for a better fit to my area.  I knew when I saw her photo blog that it was a great one for use around Lake Raymond Gary and I appreciate her letting me re-blog and her compliment on my use of it. 

Re-blogging allows me to have a much fuller blog for my clients and customers with depth into areas where others are the expert, not me.  Hopefully it will benefit my clients, my office, and the original blogger.

So my question - Why do you re-blog?

The picture of the cracked foundation is from flickr user Casey Serin.  The photo is a link to the profile on flckr. The picture of the staged room is from flickr user Real Estaging. The photo is a link to their profile.

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Life in Southeast Oklahoma is GREAT! If you're looking for a home or land in my part of the country, please give me a call, and give me a chance to earn your business! 

Judi Barrett, broker, Integrity Real Estate Services, 580-212-5946

Integrity Realty
Integrity Real Estate
Lake Raymond Gary Homes
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Valliant Homes
McCurtain County
Choctaw County
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Lake Raymond Gary
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Commercial Property List
===================================

Judi Barrett
Broker - Integrity Real Estate Services
Our Name Says It All.
Real Estate Services You Can Trust.
580-212-5946

 

 

 

 

     There are not all that many roofs that I do not walk on---but one of the kinds I don’t usually walk on is steep metal roofs.  If one thinks back to their childhood---they make slippery-slides out of metal for a reason.  I know there are plastic ones, but they are not nearly as good as metal ones----unless there is water running down them.

     So, I was looking at this one from the eaves and from the ground, to make as good an assessment of the roof as I could.

     I think everyone can see in this picture that there is no flashing around this vent pipe.

     From the attic side, it is as clear as blue sky and green grass that there just “ain’t no flashing.”

     WHOOPS!

Charles Buell

 

Click on the Rose to check out:  AHA!---A Forum of Landmark Proportions---your Group

PS, for those of you that are new to my blog (or for some other "unexplained" reason have never noticed)all pictures and smiley-face inserts (emoticons) (when I use them) have messages that show up when you point at them with your cursor.

 

DeCroe, is my "ethereal" home inspector assistant and occasionally flies into my blog and other people's blogs to offer assistance. To find out more about her beginnings just click on Raven.

 

 

First Time Home-buyer 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 home buyers (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 Home-buyer 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 individuals primary residence.

What is the tax credit for first-time home-buyers (FTHBs)?
An eligible home-buyer 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 home-buyer 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.

 

Please call me to help you buy or sell your home .

Let HelpfulHannah Help You!

Pictures are by Hannah Williams not to be duplicated without permission .HelpfulHannahs.com is a Real Estate website please visit it if you are interested in information about homes or any information about the Philadelphia or Bucks County Pennsylvania area or call me direct 215-992 3376 or by cell 820-3376 i will be glad to assist you.Unless otherwise noted, the content, both written and in pictures,are the property of Hannah Williams. If you wish to use something you see here,( please ask for permission) Most likely I will oblige, with a link back to my original content as well as an acknowledgment. Thank you to all my friends,neighbors and clients who allowed my to use their photos and videos maybe you will get to Hollywood!

To SEARCH for HOMES PLEASE VISIT HELPFULHANNAH,COM

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"Rich, how much will the seller take for the house? Well, taking the rest of the contract into consideration, the seller will more than likely accept the listing price." Frankly, what the heck else did you expect me to say?

Even though some agents ask that question, thats really not what they're after. There is usually a pause after I tell them the seller will accept the listing price. What they frequently say next is, "my client wants to make an offer, but I don't want to waste your time." I don't know about you, but for me, its never a waste of my time to review a written offer with my sellers. Thats my job.

At least be honest. It really is about wasting your time, having to write an embarrasingly low offer, isn't it? If you're working with a client who thinks they can grab some listing by offering 50 cents on a dollar, you probably are wasting your time. As a buyer's agent, you really need to ask yourself whether your client is a serious buyer.

Experienced agents know whether their buyer clients are serious, or just tire kickers. You would be surprised how many people fall asleep in front of the tv and wake up in the middle of the night to an infomercial. "Real estate riches for 50 cents on the dollar, or less." This is where many of them hook up with an unsuspecting agent to do their dirty, time wasting work.

If your buyer client is wasting your time, I'm sorry. If you have an offer, even a low one, send it over. I never consider it a waste of time to do my job.

 

If you're SEARCHING for a home anywhere in Maryland, click here to view ALL ACTIVE LISTINGS.

 

Richard Iarossi, REALTOR®
Long and Foster® Real Estate, Inc.
Crofton, MD 21114

410-451-6255 Office
443-995-9595 Cell
Web: http://www.RichSellsHomes.com
eMail: Rich@RichSellsHomes.com

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