First Time Homebuyer Tax Credit
Posted by: Scott Swinford, Mortgage Planner & Credit Expert In: Real Estate Finance| tax credit
One of the most exciting provisions of the Housing and Economic Recovery Act of 2008 was the First-Time Homebuyer Tax Credit. The credit was expanded as part of the most recent economic stimulus bill (The American Recovery and Reinvestment Act of 2009). The credit is designed to encourage first time home buyers to go ahead and make the leap to purchase their first homes. Combine this tax credit with the fact that home prices and interest rates are at historical lows, and it is indeed an ideal time for many first-time homebuyers to purchase a home!
Here are some things to keep in mind:
A first time home buyer is defined as someone who has not owned a home in the last three years
For Homes Purchased Between April 9, 2008 and December 31, 2008
The credit amounts to 10% of the purchase price of the home not to exceed $7,500
For Homes Purchased Between January 1, 2009 and December 1, 2009
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit… Continue to Loan Guy’s Blog
Gina Bombin, Real Estate Professional for NWI
So we are so excited about the feds possibly lowering interest rates again, well here is the other side of the story that we don’t see.
Posted by: Scott Swinford, Mortgage Planner & Credit Expert In: Real Estate Finance| credit| refinance
It seems that almost everyone is getting excited about the Fed cutting the Funds rate. “That must make money cheaper to borrow, so interest rates will go down”, they seem to be saying.
In fact, rates on 30 year fixed mortgages are as low as I have every seen them.
“This must be a positive sign?” or “This will surely stimulate the stagnant real estate market which many seen to blame for this mess!”
Not so fast…
Enter our enemy “Deflation”.
See, we are used to financing things and feeling fairly secure that the dollars we pay them back with will be less valuable later on. For instance, a $300 mortgage payment was a lot in 1960, but seemed very small when you made that last payment in 1990.
What if prices declined and the dollar was now worth more? People would hold off making purchases thinking the products would be cheaper… sort of like waiting to refinance until the rates drop a “little more”. This could potentially cause orders of goods to decrease, factories to shut down, unemployment to increase and ……. read the rest of the story
Gina Bombin, Wheatfield, Indiana Real Estate, Jasper County Real Estate, NWI Real Estate
Home Staging to get it sold.
Staging your home is very important in any market, but is crucial in a “Buyer Market.” Many buyers don’t have the time to improve their homes, so they want something they can move right into without the fuss. Also who doesn’t love walking into a new construction open house? They are always staged for dramatic impact and of course with a cozy and inviting feeling without the lived in look. So, when you have something to sell that, of course, you live in, the best way to stack up to the competition is to make your home appear new, updated, and of course not lived in. How do you do that? It is very easy. You get it staged.
1) Hire a real estate agent that is in tune with staging or even a home stager.
2) Remove clutter, storing away unnecessary papers, nick knack, and children’s toys are a must when home staging.
3) Depersonalizing, you love your family, but keeping those family photos on display will only distract the buyer. So stage away your pictures.
4) Remove oversized furniture from every room. Square footage is what sells, so show it off. This is a home staging must.
5) When home staging you must freshen floors. If you have worn carpet consider having it replaced or professionally cleaned. Hardwood is worn and has lost its finish? Have them sanded and stained. Or even pick up a solution at your local hardware store and do it yourself. Tile dated and dirty? Replace or re-glaze.
6) Every room counts when you are home staging, so give every room the special attention it deserves, even the basement and garage need to appear clean and fresh. Consider storing boxes and furniture at a storage facility. Better yet, finding that you have items you don’t plan to move, have a garage sale or donate to a local charity.
7) Kitchens and bathrooms are what sell a home. Updating and staging those rooms will bring you the buyers. Every dollar in brings more dollars out.
Update your fixtures when you are home staging. If you have dated light fixtures and faucets, change or refinish them to a more modern style.
9) Curb appeal. If you don’t have it, a buyer is more likely to keep on going. So sprucing up the outside is just as important as the inside when home staging.
10) Accessorize! Bring in modern elements to heighten your room’s potential, and warm it up with rich and bright colors in rugs and accents. So set the stage!
Home staging is all about making your home appear lavish and rich without killing the pocket book. So explore your local flee markets, thrift stores, or even a garage sale. Also, home staging is about using what you have. Walk around your home and look for furniture and accessories that you may have placed in another room. Think outside the box. Your furniture and décor are not permanent to a particular room, so move it around. Have fun with it. Remember your ultimate goal is to sell your home.
Gina Bombin, Your link to Wheatfield, Indiana R eal Estate, Home Sales
Designed By :
