Fantastic news today! Congress has approved an extension (and expansion) of the Home Buyer Tax Credit, which will become effective when President Obama signs the bill!!
First-Time Home Buyers will now have until April 30, 2010 (extended from November 30, 2009) to purchase a home and receive the $8,000 tax credit. To qualify, the home buyer must not have owned a home during the previous 3 years.
In addition to the extension, Congress has EXPANDED the tax credit to include even MORE home buyers (not just those purchasing a first home!). Current homeowners will qualify for this tax credit if they are selling or vacating a home that has been used as a principal residence for any 5 consecutive years out of the previous 8 years. This $6,500 tax credit will apply to the purchase of a replacement home under contract by April 30, 2010, and the home buyer will have until July 1, 2010 to close!!!
In both cases, the purchaser must occupy the home for a minimum of 3 years, or the credit will need to be paid back upon sale of the property.
Please let me know if you need any more information about this tax credit (Income Limits, Eligibility Requirements, Limitation on Cost of Purchased Home, etc.) ... I'm always available to answer questions!
Thursday, November 5, 2009
Tuesday, October 27, 2009
Keller Williams
Recently from the Longmont Times-Call:
Customers satisfied with Keller Williams
Keller Williams Realty has received the highest overall satisfaction ratings from home buyers for the second consecutive year. The company also ranked second-highest among home sellers in the same study, conducted by J.D. Power and Associates.
Keller Williams, the second-largest real estate company in the country, has 27 offices around Colorado, including Longmont.
My own experience with Keller Williams over the past 3 years has been fantastic! We have a unique situation in which all of the agents work to help one another in the real estate business (not to compete with each other) ... this includes a great support system, mentor system, and network, so I can find the answer to any question that comes up! I am also able to refer you to a KW agent almost anywhere ... so if you're moving out of state, I can still help!
I have enjoyed a very successful year, and have met a lot of wonderful new clients and friends... So a big "thank you" to all of my family and friends that have supported (and continue to support) my business through referrals!
Customers satisfied with Keller Williams
Keller Williams Realty has received the highest overall satisfaction ratings from home buyers for the second consecutive year. The company also ranked second-highest among home sellers in the same study, conducted by J.D. Power and Associates.
Keller Williams, the second-largest real estate company in the country, has 27 offices around Colorado, including Longmont.
My own experience with Keller Williams over the past 3 years has been fantastic! We have a unique situation in which all of the agents work to help one another in the real estate business (not to compete with each other) ... this includes a great support system, mentor system, and network, so I can find the answer to any question that comes up! I am also able to refer you to a KW agent almost anywhere ... so if you're moving out of state, I can still help!
I have enjoyed a very successful year, and have met a lot of wonderful new clients and friends... So a big "thank you" to all of my family and friends that have supported (and continue to support) my business through referrals!
Friday, June 26, 2009
Staging Your Home to Sell
I am frequently amazed at how little thought many sellers put into preparing their home for sale ... Understandably, it's difficult to look at your home own objectively, and see the problem areas. Yet many times the greatest issue is a lack of cleanliness and an abundance of clutter!
Unfortunately, buyers have trouble seeing through the 'mess', and will often rule out a property based on their initial reaction. The following suggestions are fundamental and highly recommended when listing a property:
1. De-clutter ... Remove all excess furniture and knick-knacks. Clean off countertops in kitchen and bathrooms. Box up collections. Put away all personal items. Straighten closets. Rent a storage unit if necessary (do not fill the garage and basement with clutter, either!).
2. Clean thoroughly ... Wash fingerprints off walls, outlet covers and doors. Clean the baseboards and windows. Have carpets professionally cleaned, if necessary. Pay attention to the front door and entrance!
3. Touch up paint. Paint the front door if necessary. Paint over bright colors, and present a neutral palette.
4. Patch holes in walls, and make sure lightbulbs are replaced.
5. Arrange furniture for presentation purposes, rather than functional use. Create sitting 'areas', rather than lining furniture up against the walls.
6. Work on the landscaping ... water, weed, and mow! Add a large flower pot (or two) near the front door.
7. If you want to spend a bit of money, update fixtures, faucets, doorknobs, and/or flooring and countertops... though this is not always necessary!
8. Add special touches, such as fresh flowers and table settings on the dining table. Pay attention to smells, and room temperature.
Most of these things simply take time and effort ... and the reward is a quick sale of the property.
If you need help getting started, staging professionals will usually charge a low fee for a one-time walk through, in which they generate a list of suggestions. This is a great way to begin the process, without spending a lot of money!
As always, I am available for questions! And I appreciate your referrals as well!
Unfortunately, buyers have trouble seeing through the 'mess', and will often rule out a property based on their initial reaction. The following suggestions are fundamental and highly recommended when listing a property:
1. De-clutter ... Remove all excess furniture and knick-knacks. Clean off countertops in kitchen and bathrooms. Box up collections. Put away all personal items. Straighten closets. Rent a storage unit if necessary (do not fill the garage and basement with clutter, either!).
2. Clean thoroughly ... Wash fingerprints off walls, outlet covers and doors. Clean the baseboards and windows. Have carpets professionally cleaned, if necessary. Pay attention to the front door and entrance!
3. Touch up paint. Paint the front door if necessary. Paint over bright colors, and present a neutral palette.
4. Patch holes in walls, and make sure lightbulbs are replaced.
5. Arrange furniture for presentation purposes, rather than functional use. Create sitting 'areas', rather than lining furniture up against the walls.
6. Work on the landscaping ... water, weed, and mow! Add a large flower pot (or two) near the front door.
7. If you want to spend a bit of money, update fixtures, faucets, doorknobs, and/or flooring and countertops... though this is not always necessary!
8. Add special touches, such as fresh flowers and table settings on the dining table. Pay attention to smells, and room temperature.
Most of these things simply take time and effort ... and the reward is a quick sale of the property.
If you need help getting started, staging professionals will usually charge a low fee for a one-time walk through, in which they generate a list of suggestions. This is a great way to begin the process, without spending a lot of money!
As always, I am available for questions! And I appreciate your referrals as well!
Sunday, June 21, 2009
Wednesday, June 10, 2009
Foreclosure Alternatives
I recently read an article (provided by Land Title) that discussed alternatives to foreclosure, and thought it might be helpful information for those in a financial crisis. The most important point is that homeowners should be PROACTIVE in corresponding with the lender, and looking into other options, PRIOR to reaching foreclosure (as well as discussing the issues with their accountant and/or attorney) ... many alternatives are actually available, as long as you deal with the situation early on.
For example: The lender may be willing to work out a repayment plan for missed payments (Repayment Plan). The lender might reduce or suspend mortgage payments for a period of time (Forbearance). Or the loan could be permanently changed in regards to interest rate or term (Loan Modification).
Other options might include sale of the property and repayment of the loan upon sale; a 'Short Sale' (in which the lender agrees to accept less than the existing loan balance); a 'Deed-In-Lieu' situation, in which the homeowner voluntarily transfers title to the lender in exchange for cancellation of the loan; or personal bankruptcy.
For free assistance in Colorado:
1-877-601-HOPE
http://www.coloradoforeclosurehotline.org
And let me know if you need additional information or have questions!!
For example: The lender may be willing to work out a repayment plan for missed payments (Repayment Plan). The lender might reduce or suspend mortgage payments for a period of time (Forbearance). Or the loan could be permanently changed in regards to interest rate or term (Loan Modification).
Other options might include sale of the property and repayment of the loan upon sale; a 'Short Sale' (in which the lender agrees to accept less than the existing loan balance); a 'Deed-In-Lieu' situation, in which the homeowner voluntarily transfers title to the lender in exchange for cancellation of the loan; or personal bankruptcy.
For free assistance in Colorado:
1-877-601-HOPE
http://www.coloradoforeclosurehotline.org
And let me know if you need additional information or have questions!!
Monday, May 25, 2009
$8,000 First-Time Homebuyer Tax Credit
For those of you that did not receive my e-mail regarding the $8,000 tax credit, I thought I should share this information through my blog:
The $8,000 tax credit is available to First-Time Home Buyers during the year 2009. This new tax credit does not need to be repaid! (Compared to the 2008 credit of $7,500, which was a loan paid back over a period of 15 years)… The buyer will receive the $8,000 as a refund on the 2009 tax return by attaching Form 5405. If you have any tax liability on your tax return, that amount will be subtracted from the $8,000 prior to the IRS sending you a check!
Only “First-Time Home Buyers” qualify for the new tax credit, available for purchases between January 1, 2009 and December 31, 2009 (determined by the closing date). To be eligible, the buyer must not have owned, nor spouse owned, a principal residence in the past three years. *** Ownership of a vacation home or rental property does not disqualify a buyer.
Additionally, income limitations apply … the buyer must have Adjusted Gross Income of $75,000 or less if filing as single, and $150,000 or less if filing a joint tax return.
This is a FANTASTIC time to buy that first home! The market is saturated with foreclosures, and market values are very low ... it's the perfect time to enter the residential home market, knowing that real estate over time is generally a great investment. If you have any questions about the $8,000 tax credit, please feel free to contact me!
The $8,000 tax credit is available to First-Time Home Buyers during the year 2009. This new tax credit does not need to be repaid! (Compared to the 2008 credit of $7,500, which was a loan paid back over a period of 15 years)… The buyer will receive the $8,000 as a refund on the 2009 tax return by attaching Form 5405. If you have any tax liability on your tax return, that amount will be subtracted from the $8,000 prior to the IRS sending you a check!
Only “First-Time Home Buyers” qualify for the new tax credit, available for purchases between January 1, 2009 and December 31, 2009 (determined by the closing date). To be eligible, the buyer must not have owned, nor spouse owned, a principal residence in the past three years. *** Ownership of a vacation home or rental property does not disqualify a buyer.
Additionally, income limitations apply … the buyer must have Adjusted Gross Income of $75,000 or less if filing as single, and $150,000 or less if filing a joint tax return.
This is a FANTASTIC time to buy that first home! The market is saturated with foreclosures, and market values are very low ... it's the perfect time to enter the residential home market, knowing that real estate over time is generally a great investment. If you have any questions about the $8,000 tax credit, please feel free to contact me!
Thursday, May 21, 2009
Remodeling
A question came up on another board in regards to remodeling, and whether or not certain projects would 'add value' to a property. My response was that in the current market, improvements to your home could make the difference between selling and NOT selling a home, or a home selling more quickly (or in a reasonable amount of time) ... you may not recover the 'costs' associated with those improvements, but your home will be a more desirable property to buyers. Kitchen and bathroom remodeling projects tend to have a higher cost recovery than others, and exterior projects (landscaping, siding, decks/patios/porches) are beneficial in adding 'curb appeal'.
Following are a couple of great articles in Realtor Magazine:
Remodeling Projects with the Highest Returns
2008 Remodeling Cost vs. Value Report
On a side note, I read a great article in the paper this morning about the 3/50 Project ... Pick 3 local (independently owned) businesses in your area that you would miss if they were gone, and stop in! Spend just $50 per month at independently owned businesses for the greatest impact ... for every $100 spend locally, $68 returns to the community through taxes, payroll, and other expenditures (versus only $43 if spend at a national chain). I LOVE this idea, and plan on making an effort to support local businesses! I encourage you to do so also!
Following are a couple of great articles in Realtor Magazine:
Remodeling Projects with the Highest Returns
2008 Remodeling Cost vs. Value Report
On a side note, I read a great article in the paper this morning about the 3/50 Project ... Pick 3 local (independently owned) businesses in your area that you would miss if they were gone, and stop in! Spend just $50 per month at independently owned businesses for the greatest impact ... for every $100 spend locally, $68 returns to the community through taxes, payroll, and other expenditures (versus only $43 if spend at a national chain). I LOVE this idea, and plan on making an effort to support local businesses! I encourage you to do so also!
Thursday, May 14, 2009
Welcome!
In theory, I'll be updating this blog on a regular basis ... and hope to discuss tax issues related to real estate, as well as thoughts about both topics that might be of interest. It seems that every day I learn more and more as a CPA and Realtor!
Thank you for visiting, and welcome to my blog!
Check out the visual tour of my new listing:
http://www.1313monarch.com
Full Information
Thank you for visiting, and welcome to my blog!
Check out the visual tour of my new listing:
http://www.1313monarch.com
Full Information
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