Nov
7
Homebuyer Tax Credit Changes from National Association of Realtors
Posted by tanyatlewis under For Buyers, For Realty Professionals, For Sellers, General Information
NAR Issue Brief
Homebuyer Tax Credit Changes
National Association of REALTORS ® Government Affairs Division
500 New Jersey Avenue, NW, Washington DC, 20001
Congress has extended and expanded the homebuyer tax credit. The modifications in the column labeled
œDecember 1 “ April 30, 2010 become effective when President Obama signs the bill. All changes made
to the current credit become effective on that date, as well.
FEATURE Jan 1 “ November 30, 2009
Rules as enacted
February 2009
December 1 “ April 30,
2010 Rules as enacted
November 2009
Firsttime
Buyer “
Amount of Credit
$8000
($4000 married
filing separate)
$8000
($4000 married
filing separate)
Firsttime
Buyer “
Definition for Eligibility
May not have had an interest
in a principal residence for 3
years prior to purchase
Same
Current Homeowner “
Amount of Credit
No Provision $6500
($3250 married
filing separate)
Effective Date “
Current Owner
No Provision
Date of Enactment
Current Homeowner “
Definition for Eligibility
No Provision Must have used the home
sold or being sold as a
principal residence
consecutively for 5 of the
previous 8 years
Termination of Credit Purchases after
November 30, 2009.
(Becomes April 30, 2010 on
Date of Enactment.)
Purchases after
April 30, 2010
Binding Contract Rule None So long as a written binding
contract to purchase is in
effect on April 30, 2010, the
purchaser will have until
July 1, 2010 to close.
Income Limits
(Note: Increased income
limits are effective as of
date of enactment of bill)
$75,000 “ single
$150,000 “ married
Additional $20,000 phase out
$125,000 “ single
$225,000 “ married
Additional $20,000 phase
out
Limitation on Cost of
Purchased Home
None $800,000
Effective Date of Enactment
Purchase by a Dependent No Provision Ineligible
Effective Date of Enactment
Antifraud
Rule None Purchaser must attach
documentation of purchase
to tax return
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Sep
22
OPEN HOUSE SUNDAY 9/28 1-3
Posted by tanyatlewis under For Buyers, For Realty Professionals, For Sellers, General Information
I will be hosting an open house on Sunday 9/28/08 from 1-3 at 505 Philadelphia Rd Joppa MD 21085. This Beautiful Custom Home is priced at $570,000. It has a 1 Car Attached & 3 Car Detached Garage with Heat, 2 Master Suites, Possible In Law Suite in the Lower Level, 2 Decks, a HUGE Screened in Porch that over looks the Pergola & .94 Acre fenced in Back Yard. Large Kitchen with Custom Stone backsplash, glass fronted cabinets, built in desk & island. All bedrooms have walk in closets. This is a must see. For more information feel free to call Tanya T Lewis, Realtor 443-414-4002
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Jul
31
New Bill Passed with up to a $7500 Credit towards closing costs
Posted by tanyatlewis under For Buyers, For Realty Professionals, For Sellers, General Information
A New Bill was passed for 10% of the purchase price of the home or up to a $7500 credit towards closing cost. This credit is for 1st time home buyers that have not owned a home in the last 3 years. This is basically an interest free loan that gets paid off over the next 15 years. The credit is good for up to $3750 per person, with a max of $7500. So if you are a single person purchasing a home by your self you would be eligible for up to $3750, a married couple or 2 unmarried people that are purchasing a home together would be eligible for up to $7500. There is a salary restriction of up to $75,000 for a single person and $150,000 for joint filing.
This article from the washington post gives good detailed information on the credit:
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May
7
Interesting Article on Todays Housing Market!
Posted by tanyatlewis under Baltimore, For Buyers, For Realty Professionals, For Sellers, Regional News
PRESS RELEASE
May 7, 2008 FOR MORE INFORMATION, CONTACT:
Harford County Association of REALTORS ®, Inc.
Mark Wilson, Executive Vice President
info@HarfordREALTORS.com
410-569-0750
A Housing Market to Embrace
There is an old saying “ œOpportunities are never missed. Someone will take the one you miss. Today™s housing market might just be an opportunity you should examine before you believe the national media headlines.
While sales of existing homes are off from their high, last year was still the fifth best year on record for existing-home sales. As for prices, the national median existing-home price remains within 2 percent of the all-time high set in 2006, according to Julie Duley, President of the Harford County Association of REALTORS ®.
The number of sales increased by 96% in March 2008, compared to February 2008 in Harford County. (Source: MRIS)
œThe biggest enemies of today™s housing market and the economy in general are pessimism and uncertainty, Duley said. Statistics clearly suggest a sizable pent-up demand in the marketplace. Yet home sales have remained soft. Why? Lack of buyer confidence, according to Duley.
The lack of buyer confidence not only impacts homeowners and the housing industry, but could easily spread to the economy. Any further weakening in the housing market and its related housing wealth impact could slow the economy into a œno growth zone, she said.
So what can we do to bolster confidence? Duley suggests we look at the facts. Over the past two years:
· Average wages have risen by 8 percent
· 4.3 million jobs have been added
· Total household net worth (assets minus liability) was more than $6 trillion higher in 2007 than 2005 (despite some losses in housing equity)
· Nearly 2 million new households were formed
œThis all suggests that there are many more people with jobs at higher wages and with higher wealth accumulation, Duley explained. œHowever, the rising inventory of homes on the market and slower sales indicate that these potential buyers are uncertain and may be sitting on the fence.
œOver time, homeownership has proven to be a good long-term investment. A look at today™s market fundamentals makes a very good case for buying a home if your life and family conditions warrant it, Duley said.
œI encourage fence-sitters to get into the market and look around, Duley said. œI think you™ll be pleasantly surprised at what you find.
She added that there are many low-cost, sound mortgage products today “ from prime conforming loans to those insured by the Federal Housing Administration. The economic stimulus package recently signed into law by the president will also help expand the availability of affordable and safer home financing options.
The package increases the loan limits on FHA-insured loans, as well as those purchased by Fannie Mae and Freddie Mac. Higher FHA loan limits will help an additional 138,000 Americans purchase homes and allow nearly 200,000 owners to refinance and potentially keep their home, according to research from the National Association of Realtors ®.
In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will help as many as 500,000 people refinance their loans and could help reduce foreclosures by as much as 210,000. On top of that, more than 300,000 additional home sales could be generated.
In the end, these higher loan limits alone can be expected to reduce housing inventories and strengthen home prices by two to three percentage points, according to NAR.
Consult the Government Affairs section of Realtor.org — http://www.realtor.org/gapublic.nsf/pages/economic_stimulus — for specifics on the economic stimulus package, including a chart of the new loan limits by metro area]
œSo join the fight against irrational pessimism “ take a look at your local housing market and think, just think, of the possibilities, she said.
Contact your neighborhood REALTOR ® to gets the true facts on the real estate market in your neighborhood or visit www.HarfordREALTORS.com.
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Apr
8
Price of Stamps Increasing
Posted by tanyatlewis under For Buyers, For Realty Professionals, For Sellers, General Information
Price of Stamps are increasing on May 12, 2008 to $.41. Below is the link to the USPS
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Mar
20
Home Ownership Versus Renting
Posted by tanyatlewis under For Buyers, For Realty Professionals, For Sellers, General Information
I found this wonderful article that goes through all of the supposive advantages of renting versus buying in any market. Check it out:
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Feb
18
Todays Market
Posted by tanyatlewis under For Buyers, For Realty Professionals, For Sellers, General Information
|
I thought this was a very interesting article: Harford County Association of REALTORS ®PO Box 802
|
PRESS RELEASE
February 14, 2008 FOR MORE INFORMATION, CONTACT:
Harford County Association of REALTORS ®, Inc.
Mark Wilson, Executive Vice President
info@HarfordREALTORS.com
410-569-0750
Keeping Your Pains and Gains Straight
With some recent media reports about real estate losses, housing slumps and home price declines, it can be easy to lose perspective. Julie Duley, President of the Harford County Association of REALTORS ® says it™s time for a reality check.
œWhen you look closely at who™s experiencing real estate gains and losses, the overall picture comes into focus, Duley said. œShort-term fluctuations don™t have as much impact on owners and investors who bought with a long-term perspective.
Over the past three decades, home values have risen an average of 6 percent annually. Of course, all real estate is local, and markets vary by region. In some markets, people who bought homes within the past year or two have seen the value of their investment go down. But real estate is not a quick-in, quick-out investment.
According to statistics from the National Association of RealtorsÃ’, a buyer who purchased a median-priced home five years ago has seen an average home value gain of $54,000 during that time; in Las Vegas, the gain averages $150,000, and in Miami, the same buyer would have averaged a $200,000 gain.
œReal estate market conditions are like the weather forecast “ the local conditions are much more meaningful than national data, Duley said.
Even so, some homeowners who have seen gains over the long term may perceive losses because of short-term market fluctuations. For example, buyers in Anaheim, Calif., saw an average median price increase of 13 percent between 2004 and 2006. In 2007, prices there have declined 0.6 percent “ a bit lower than last year, but still leaving a healthy gain from three years ago.
œIn most cases, consumers and homeowners who are in it for the long-term will come out well ahead, Duley said.
The long-term value of housing as an investment is compounded by the power of leveraging. A $10,000 used for a down payment on a median-price U.S. home at a typical home price appreciation of 5 percent will return $110,000 after 10 years. The same $10,000 invested in the stock market appreciating at 10 percent annually will return $23,600.
œNo wonder the Federal Reserve shows consistent year-after-year results of the staggering difference in net worth between homeowners and renters. In a recent study, the average homeowner had $184,400 in net worth versus only $4,000 for the average renter, Duley said.
Keeping Your Pains and Gains Straight”add one
History also provides its own type of perspective. In hindsight, times of crisis often turn out to be times of opportunity. With over 4 million net new jobs added in the past two years “ a timeframe during which the volume of home sales have steadily fallen “ a significant pent-up demand has developed. As a result, home sales and prices are forecast to rise in 2008 compared to 2007.
œIn many areas, this may be the best time in years to buy a home, Duley said. œSmart and serious investors look at the long term. Those investing in a home and keeping it for a typical holding period of six to 10 years will likely see their investment pay off financially. At the same time, they will enjoy all of the non-tangible benefits of homeownership.
So although some homeowners may be experiencing short-term pain, those with a long-term perspective will more than likely see overall gains.
Contact your local REALTOR ® for more information on your neighborhood real estate values or visit
www.Harford REALTORS.com.
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Jan
18
Information on the Homestead Tax Exemption
Posted by tanyatlewis under For Buyers, For Realty Professionals, General Information
This week you should receive your Maryland Property Tax Assessment notice in the mail. According to yesterday’s Washington Post, there is an application inside the assessment which you need to fill out in order to apply for the Homestead Property Tax Credit. This credit was automatically given to you in the past, if you were eligible, which most of us are. This year you must apply for it. The homestead credit limits the amount of assessment increase on which a homeowner will pay property
taxes in that tax year on the one property actually used as the owner’s principal residence.
THIS YEAR IF YOU DO NOT FILL OUT THE APPLICATION YOU WILL NOT BE GRANTED THE HOMESTEAD TAX EXEMPTION AND YOUR TAX BILL WILL GO UP ACCORDINGLY.
Please be sure to look for this application and fill it out.. If you
have neighbors who may not know this information and may not be aware of
the application process that is needed this year, please pass this information
along.
If you have further questions, or to download the application, you can visit the Maryland Department of Assessments website at www.dat.state.md.us
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Dec
29
Increase in Non-Resident Withholding tax
Posted by tanyatlewis under For Buyers, For Realty Professionals, For Sellers, General Information
The Maryland “Non-resident withholding tax” rate is due to increase on January 1, 2008 from 6 to 6.75% for individuals and from 7 to 8.25% for corporations. The non-resident tax rate increase will affect those closings that take place January 1, 2008 or later.
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Dec
10
Get your name Removed From Junk Mail Lists!
Posted by tanyatlewis under For Buyers, For Realty Professionals, For Sellers, General Information
Did you know that you can have your name removed from Junk Mail Lists? Simply write to the address below. They send out lists every 6 months, so it could take awhile to see a reduction in your junk mail. It could reduce your junk mail by up to 75%! That is a great way to start the new year out by helping the environment!
Mail Preference Service
Direct Marketing Association
6 East 43rd Street
New York, NY 10017
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