Archive for December, 2009
MERRY CHRISTMAS!
December 25th, 2009 categories: Fun Stuff
Our Christmas lights in the snow. . .
Everyone here at Strong Team Realtors would like to wish you and yours a very Merry Christmas!
We hope you have a wonderful day, and a joyous holiday season.
| Discussion: Comments
FAQ About the Homebuyer Tax Credit
December 16th, 2009 categories: Albemarle County, Charlottesville, Communities, FAQ, Financing, First Time Buyers, Fluvanna County, For Buyers, For Sellers, Info, Lake Monticello, Louisa County, STR Market Info Blitz
This post is part of the Strong Team REALTORS Market Info Blitz. We’re heating up the Winter market by giving you three-months worth of the information you need, November through January. Check out the latest posts in the blitz, here.
Take advantage of the homebuyer tax credit!
We told you about the extension of the homebuyer tax credit as soon as it was extended and expanded back in November. Since then we’ve received a lot of questions from folks looking to buy a home in the Charlottesville area about the homebuyer tax credit and how they might be able to take advantage of it.
We thought it might be a good idea to answer some of the most common questions about the homebuyer tax credit right here, so that anyone interested in it will have a better understanding of how it works. As always, if you have additional questions about the tax credit that might not have been answered in this post, please feel free to contact us, and we’ll be happy to help you.
How much is the first-time homebuyer tax credit worth?
The first-time homebuyer tax credit is $8000. If you are a married couple who files your taxes separately, the tax credit is $4000 each.
Who is considered a “first-time homebuyer?”
In order to be eligible to receive the first-time homebuyer tax credit, you must not have had an interest in a principle residence for 3 years prior to your current purchase.
How much is the tax credit worth for current homeowners?
Current homeowners may receive a $6500 tax credit. If you are a married couple who files your taxes separately, the tax credit is $3250 each.
<Who is considered a “current homeowner?”
In order to qualify as a current homeowner, you must have used the home being sold as a principle residence consecutively for 5 of the previous 8 years.
When does the credit expire?
The credit expires for both first-time homebuyers and current homeowners on April 30th, 2010. In order to take advantage of the credit, you must have a binding contract by midnight on April 30th, and the home must close by July 1, 2010.
Are their limits to eligibility?
Yes. The income limits for eligibility are $125,000 annual income for single persons, and $225,000 annual income for married couples. There is also a limit of $800,000 for the home being purchased.
Is there paperwork
As with any government program, there is some paperwork to be done in order to receive the credit. The IRS has special forms for your purchase, which you can get from your closing attorney or accountant. You will also need to attach to your tax return documentation of the purchase, which will at least include the signed HUD-1 statement from your closing.
Will the government send me a check?
Maybe. When you apply for the credit, it will be applied to your tax bill. That means that if you owe less taxes then the amount of your credit, you will receive a check from the IRS. If the amount of the taxes you owe is more than the credit, it will simply reduce your total tax burden. Some people who took advantage of the tax credit early filed amended 2008 returns, and were able to receive a check, since they had already paid their 2008 taxes.
Are their homes available that will work for me?
Of course! We’ve worked with a number of buyers this year who have taken advantage of the tax credit. There are plenty of homes for sale in Lake Monticello, Charlottesville, and Albemarle that are perfect for people who want to take advantage of the tax credit. We can help guide you through the process every step of the way. If you are interested in taking advantage of the tax credit, just let us know, and we’ll be happy to help you!
Photo credit: http://www.flickr.com/photos/wwworks/ / CC BY 2.0
| Discussion: Comments
If you want to sell your house, there are 2 resources you ABSOLUTELY MUST use. . .
December 15th, 2009 categories: FAQ, For Sellers, Helpful Tips, STR Market Info Blitz
This post is part of the Strong Team REALTORS Market Info Blitz. We’re heating up the Winter market by giving you three-months worth of the information you need, November through January. Check out the latest posts in the blitz, here.
A little while ago, we told you about the NAR 2009 Profile of Home Buyers and Sellers. This document is the result of data gathered from over 9000 people who recently purchased homes.
As you can imagine, the data is extremely useful to agents, since it shows what types of people are buying and selling, what types of homes they are buying and selling, and how they navigate through the buying or selling process.
While this data was gathered from buyers and sellers all across the country, it is certainly representative of what happens right here in the Charlottesville area. Over the coming weeks, we’ll be going over some of the more interesting and important information from the survey. You’ll learn exactly what we’ve learned.
How are buyers finding my house?
The first question we are going to address is one we hear from just about every seller we work with– “how are buyers finding my house?”
Obviously, this is an important question. It is important for one big reason: if you know where buyers are looking for your house, you can concentrate your marketing efforts there.
Luckily, this very question is answered by the data in the NAR 2009 Survey of Buyers and Sellers. The survey asked buyers where they found the home they purchased. There are two very important aspects to this question. The first is that this question was only answered by people who actually bought a home. No browsers or looky-loos in the mix. The second important thing is that the question refers to the where they found the home they purchased. This means that the source the buyers site was obviously very important to them. The answer to this question is one of the major reasons that they bought the house they chose.
The results are displayed by year, starting in 2001 and ending in 2009. Let’s take a look:
72% of buyers found the home they purchased either through the Internet or their real estate agent
Direct your attention to the last column, which contains the survey results for 2009. Notice that the two most popular answers were “Real estate agent” and “Internet” (36% each). That means: 72% OF PEOPLE FOUND THE HOME THEY PURCHASED FROM THOSE 2 SOURCES.
Why is this important?
Marketing your home isn’t a game of chance. There are some ways that work better than others. After looking at the results of the survey, it is obvious that your home needs to marketed on the Internet and to real estate agents. The most common way to market to real estate agents is through listing the home through the local MLS (Multiple Listing Service).
If you are planning on selling the home yourself, you can market it on the Internet through various outlets. You wouldn’t have access to the MLS, so you would have to come up with other methods of getting the home in front of real estate agents.
If, like most sellers, you are going to use a Realtor to assist you in the sale of your home, you want to make absolutely, positively sure that your Realtor has a plan for marketing the home on the Internet and through the MLS.
Things to remember. . .
Most people enjoy seeing their home advertised in print. You need to be smarter than those people. Only 2% of buyers found the home they purchased through a print ad. Your time, effort, and money is better spent elsewhere.
If you really want to sell your home, you need to make sure that it is marketed effectively to prospective buyers. For 72% of buyers, this means that the home needs to be on the Internet and/or in the MLS. Doing those two things, and doing them exceptionally well, will give you the best chance of selling your home for the highest possible price. This is true whether you are selling a home in Lake Monticello or Charlottesville, Albemarle or Louisa.
When you are evaluating Realtors, make sure that your Realtor has a good understanding of how Internet and MLS marketing works, and a solid plan for using both outlets to your advantage.
| Discussion: Comments
7 Ways to Grow Your Bank Account for 2010
December 11th, 2009 categories: Financing, First Time Buyers, For Buyers, For Sellers, Helpful Tips, STR Market Info Blitz
This post is part of the Strong Team REALTORS Market Info Blitz. We’re heating up the Winter market by giving you three-months worth of the information you need, November through January. Check out the latest posts in the blitz, here.
Fatten your piggy bank for 2010
2009 is almost over.
With the coming of the new year, most folks look forward to a fresh start. That is probably just as true for your bank account. 2009 was a tough year, economically; but that doesn’t mean that you can’t get things together so that you can start the year off on the right foot for 2010.
We’re always on the lookout for information we can share with our clients and customers that can help them improve their financial situation and help them reach their goals.
Technology website, Lifehacker, recently published a great list of things you can do that will help put you on sound financial footing in 2010. Here is a summary of their list of “Essential Year-End Money Moves:”
- Set up or review your automatic savings plans.
- Max out your retirement savings.
- Get your last tax deductions in.
- Get your 2009 free credit report.
- Jot down your accomplishments at the office this year.
- Calculate your net worth and get a 2010 budget set up.
- Get your will and insurance ducks in a row.
All seven of these items are very important for your financial future. We also know first-hand that one of the best ways to achieve success in your real estate goals is to have a firm financial foundation. We think these 7 things will help you establish a foundation that will help you reach your personal and real estate goals. To read the entire article and all the tips on the list, click here.
| Discussion: Comments
National mortgage applications rise 8.5%
December 10th, 2009 categories: Financing, First Time Buyers, For Buyers, For Sellers, News, STR Market Info Blitz
This post is part of the Strong Team REALTORS Market Info Blitz. We’re heating up the Winter market by giving you three-months worth of the information you need, November through January. Check out the latest posts in the blitz, here.
Mortage applications jump, fueled by refinancing
USA Today recently reported that mortgage applications jumped 8.5% last week.
The large increase in mortgage applications was due mainly to refinancing applications, which rose 11.1%. With interest rates still at historically low levels, many homeowners are taking advantage of the low rates and refinancing their current mortgages. 74% of all the applications were from people looking to refinance.
New mortgage applications were up slightly, also, at 4%. Rates rose slightly last week, but they remain at record-low levels. The average rate for a 30-year fixed mortgage last week was 4.88%.
If you are thinking about refinancing, or are thinking of buying a home in the Charlottesville area, just let us know. Our clients have worked with the area’s best mortgage lenders. We’re always happy to share the names of lenders with whom our clients have had success.
| Discussion: Comments
