email:  karmenb@johnlscott.com

Certified New Home Sales Professional   Local Knowledge and Experience Make The Difference

  

8,000 Tax Credit For First Time Homebuyers In New Stimulus Package

 First-time buyers can claim a credit worth $8,000 or 10% of the home’s value, whichever is less - on their 2008 or 2009 taxes. A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of witholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount.

 If his total tax liability came to $6,000, but he had $7,000 withheld from his payroll, he would normally receive a $1,000 refund. With this credit, his refund would total $8,000.

To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009.

 Buyers may not have owned a home for the past three years to qualify as “first time” buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.

Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)

 Applying for the credit will be easy - or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.

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 More than half of those planning to buy in the next 12 months would be first-time homebuyers (53.5 percent), which compares to the 41 percent market share actually taken by first-time homebuyers in 2008, according to the National Association of Realtors.

Great Time to Buy real Estate Now

“Compared to a year ago, the typical family can pay much less in mortgage costs for the same home, or buy a better home without necessarily increasing their monthly payment,” he said. Bottom line: Given that house prices have turned around, and interest costs are soaring, value-conscious shoppers need to get their contracts and loan applications in -- quick!                             Realty Times 6.16.2009

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 You need a knowledgeable Realtor such as me to assist you in researching sales information, helping you get prequalified for a mortgage, and negotiate the best price and terms for you.

Interesting article to share by April 2009, Housing Giants-Builders magazine:

Downsizing and "right" sizing are no longer terms we hear only in the workplace.

They're becoming the buzzwords we use when talking about where we live. No longer is a bigger home better. We want to live smarter and that means smaller.

Advocates of this pared-down philosophy range from empty nesters and seniors who want less maintenance to folks of all ages who want to reduce expenses in a sour economy.

In response, Builders, like Arbe Homes are  offering homes that help downsizers have new home  that  fit their live styles  and have extra (unused) space  eliminated.b   How progressive!  

New home will deliver long-term value, satisfaction, comfort, and peace of mind

   Testimonials to share:

'We wanted to drop a letter to you and thank you for all the hard work you put into this event in our lives. We knew you are the right agent for us as you were very helpful and honest as we were getting ready our property for the market. Thanks for your selling skills! with all the evenings and early morning times you contacted us i see you certainly there when your client needs you! We will certainly be referring your name to any clients/friends that need real estate services. Thanks again for the great experience, Karmen!"
Rachel & Keith 

Thank you so much for selling my home of seven years.  It was very difficult to leave my home..as I put my heart into it and made it my own.    You helped me by selling my home quickly with suggestions on presentation and show.  You were always a telephone call away to quell my fears with a calming voice. My new husband and I will soon be retiring..with dreams of moving out of Portland.  We called you..and once again you stepped up to the plate and gave us an estimate on what you thought our home was worth..and ideas for improvements to make a future sale go better. 

Karmen..as soon as we do decide to sell and move on..we will call you..knowing you will be a professional that will make the sale go smoothly and quickly with little stress on us. Thank you, Karmen..

Randy and Kimberley  

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