Archive for real estate
Short Time Left To Use Tax Credit & It’s Not Just For First Time Home Buyers
With just under two seeks left to use the tax credit there are a few points about the credit to remember. The home buyer tax credit originated as a f
irst time home buyer tax credit but it is no longer just for first time home buyers. If you have lived in your home for 5 of the past 7 years and are looking to buy a new home the tax credit can help make your purchase more affordable.
Another important point is that if you are a current home owner who qualifies for the tax credit you don’t have to be moving up. Your new home does not need to be a bigger, more expensive home, you can make a lateral move or a move down to a smaller home. The new home must also be your primary residence.
If you want to use the home buyer tax credit toward purchasing a new home in 2010 you need to have the home under contract by April 30. The home needs to close before June 30, but the contract date is nearing. The tax credit offers home buyers a great opportunity to save some money, so contact me today and let’s get out there and start looking at real estate. The inventory in Corvallis and the mid-Willamette Valley is great!
Click here to read all about the home buyer tax credit.
Buying a New Home in Corvallis? How Much Money Should Be Put Down?
Buying a new home is a big step, and an expensive one at that. After qualifying for a loan, locating a home and going under contract there are many questions to be answered regarding financing your new home. One such question is how much money should be put down. If you can afford to put down more than 20% should you?
When purchasing a new home it can be beneficial to put down as little money as possible. Having cash left over in your bank account can mean extra money for home improvements. Less money down enables homeowners to maximize the tax benefits that come along with home ownership. Mortgage interest and property taxes are deductible from a person’s state and federal income taxes.
On the flip side, paying more up front can save quite a lot of money over time by reducing the initial debt and therefore saving on interest payments. Evaluating what makes more sense in a particular situation is a smart way to go. Either way you will save, money on taxes or money on interest. Having the extra money to ponder this dilemma is a good position to be in.
Contact me today to discuss the options available for purchasing that new home!
Thinking About Using Tax Credit Toward Buying Corvallis Real Estate? Act Fast!
If you are thinking about using the extended and expanded home buyer tax credit to purchase a home in Corvallis, Oregon this year you better act fast. The tax credit can be used
on homes purchased by July 1, 2010, but the homes must be under contract by April 30, 2010. What does this mean? You have a little more than a month to locate your new home. The tax credit is for two types of buyers, first time home buyers (home buyers who have not owned a home in the past 3 years) or home owners who have lived in their home for 5 of the past 8 years and want to purchase a new primary residence.
Important aspects of the tax credit include:
- Homes must be closed by July 1, 2010, under contract by April 30, 2010.
- Homes must have a value of $800,000 or less and must be the buyer’s primary residence.
- There are income restrictions, $125,000 for singles, $225,000 for couples.
- The credit is also affected by being single or married. Married couples who file together are entitled for up to $8,000 for a first home buyer, up to $6,500 for current homeowners. Single people are entitled for up to $4,000 for a first time home buyer and $3,250 for a current homeowner.
- The credit will need to be repaid if you sell your home within a time period of 36 months.
Remember, time is running out. Contact me today to start looking for your new home if you intend on using the tax credit.
Selling Your Home? Get in Spring Cleaning Mode
We are rapidly ap
proaching Spring and if you are selling your home or thinking about selling your home, you might want to get into the Spring cleaning mode. There is no doubt about it, across the board clean homes sell better than messy or dirty homes do. It is an unwritten, yet openly discussed, rule in real estate.
The main areas to focus on when cleaning, or examining your already cleaned home, are windows, walls, baseboards, bathrooms, closets and cabinets.
- Windows should be clear inside and out. Large picture windows should offer a clear, smudge-free view.
- Walls should be clean, free of holes and have a fresh coat of paint if needed.
- Baseboards should be free of dust and clean as well.
- Bathrooms should sparkle. Tile and grout should be clean, any cracked tiles should be replaced. Toilets, tubs and showers should be stain-free.
- Closets and cabinets should be cleared of clutter, organized and neat. If there is a door or drawer the chances are good that a prospective buyer will open it.
The important thing to remember is that you never get a second chance to make a first impression. The better condition your home is in and the cleaner it appears the more likely it is to make a good impression.
Click here to view an article from Realty Times about selling a clean house.
The Reality of Realty
The reality of realty is that searching for positive news about real estate is not that difficult these days. Foreclosures have dropped in certain areas of the Country. Some areas are showing rebounds, having an increase in sales volume and home values. The available ho
me buyer tax credits and low mortgage rates are boosting home sales. Even the drop in January sales appears temporary because, after-all, the tax credit expires on April 30th and people will start pounding the pavement in search of the new home to use it on.
Real estate that is selling in most places is selling because the price is right. People are buying real estate that they view as priced appropriately. If the home is affordable it will sell. The real estate that is not selling is real estate that is owned by people who are having a hard time letting go of what they think their home is worth or who will lose their shirt if they sell at the correct price. The reality of realty is that home values are not nearly what most people thought they would be when they bought their homes at the height of the market.
Click here for a recent article from CNBC on what is going on in real estate right now.
Home Values
In glomming on to positive news don’t forget to remember your basic math. Median prices have been going up in some areas, down in others. The median is the value that occurs in the middle of everything that has sold. For example, if seven apples have sold for $1, $1.25, $1.5, $1.5, $1.5, $1.75 and $2. The median price would be $1.5. The median value is the middle price, it does not represent the size, quality or type of apple.
In real estate it is important to remember that the median sales price represents the average price of what homes are selling for in a given area. It is not representing the size, condition or value of a home. The median sales price can be offset by foreclosure property that is selling in an area as well as by luxury property that is selling in an area.
The best way to determine the value of your real estate is to get it analyzed by an experienced real estate professional. There are many factors in determining real estate values today and picking an average out of the air could hinder the sale of your home. In today’s real estate market it is more important than ever to price your home appropriately.
January, Shmanuary, Look Ahead When it Comes to Real Estate
The latest real estate headlines for the US are that home sales were down in January, some of these headlines even use the word “plunged”. However, there are a few areas scattered around that managed to buck this trend and no media frenzy can change that. Think about it, is it really a surprise that sales are down in January? January is the coldest month, even if you live in a southern state like Florida, who wants to move in to a new house in January.
Does anyone really feel like shopping in January when they have just completed a major holiday season that began with Thanksgiving at the end of November? Most people are just plain worn out by the time New Year’s Day is over, the last thing they feel like doing in packing up and moving. It is a month to relax and observe.
The original First Time Home Buyer Tax Credit was meant to expire in November and when it got extended and expanded people realized that they had more time to make a decision. January data is showing a dip because people wanted to stop and take a look at what the new year would bring. Now that 2010 is here and people can see that mortgage rates and property values are staying low, housing is bound to show a steady increase in sales and eventually prices as well. Even Warren Buffet appears optimistic, stating that he believes that housing problems will soon be behind us.
Click here to view Warren Buffet’s stance on the economy and real estate as a whole.
Going Green With Your Home
Green homes are becoming more attractive for the environment and the wallet
When it comes to your home going green no longer means painting your house a shade of the color, it means you are taking steps toward improving both the environment and your wallet. In real estate green improvements can mean more energy efficient appliances like refrigerators, stoves, toilets and lighting fixtures to major improvements like adding solar heating, recycled materials and wind energy. Green improvements are not only becoming more popular but they are also becoming more attractive financially due to tax savings and long term cost effectiveness.
Choosing renewable products and making environmentally friendly decisions when it comes to your property can make a big difference. While being green is often a state of mind, for people who dedicate themselves to recycling, turning off lights, and bicycling instead of driving a car, making green improvements in the home has proven to make quite a difference.
For information about green choices for the home click here to read a recent article from Realty Times.
Foreclosure Figures Show Improvement
The feeling is that foreclosures are subsiding. The incredible increase in foreclosure activity that hit the United States hard over the past couple of years was a huge catalyst for falling home prices, as well as a staggering hit to the real estate market as a whole. The decrease in foreclosures for the end of 2009 that has been reported is good news for all. As foreclosures disappear real estate values will be less affected.
The Mortgage Bankers Association reported on Friday that there was a decrease in foreclosure applications for the last quarter of 2009. This was particularly good news considering the fourth quarter typically sees a rise in foreclosures due to heating costs, according to the MBA.
While foreclosures will still be coming the decrease appears to make the problem improving or, at the very least, not getting worse. The nation’s employment numbers need to improve before we are out of the woods but slowly and steadily we are climbing out of the recession and real estate is taking baby steps toward a solid recovery.
Click here to read the full report from the MBA.
Clean Homes Show Better!
Clean Homes Show Better–Five Areas To Scrub to Make Yours Sparkle
by Phoebe Chongchua
So, here’s a question for you. Would you rather walk into a clean home or a dirty one? No, it’s not a trick question but it is an important one. You see, when it comes to selling a home, many people forget how important the answer to that question really is. Sellers get busy looking for their new home, preparing the kids for a move, packing up their belongings, getting organized for their new life and relocation so much that sometimes their home that’s for sale doesn’t get the TLC that’s needed to push it to the top of the buyers’ must-have list.
It’s not until the home sits on the market for long periods that sellers realize something has to change. Read more…..
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