Current Home Owners! Info on Tax Credit

Who Qualifies for the Extended Credit?



•• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.

•• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.


To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.


Which Properties Are Eligible?


The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.






How Much Is Available?


The maximum allowable credit for first-time home buyers is $8,000.






The maximum allowable credit for current homeowners is $6,500.






How is a Buyer's Credit Amount Determined?


Each home buyer’s tax credit is determined by two additional factors:






1.The price of the home.


2.The buyer's income.


Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.






Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.






These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.






If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?


Yes, some buyers may still be eligible for the credit.






The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.






Can a Buyer Still Qualify If He/She Closes After April 30, 2010?


Under the Extended Home Buyer Tax Credit, as 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.






Will the Tax Credit Need to Be Repaid?


No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.


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Source Realtor.com

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Cost vs. Value Report

Thinking about doing a remodel???? Check out this article to see if you will be getting your money back!

Cost vs. Value Report

www.EmilyLeeRealty.com

Living Smaller: House and Home Special Issue: Home & Design: REALTOR® Magazine

If you feel your living space is too small then you need to check out this article with lots of great tips on how to get the most out of what you have!!!

click on link below to access article

Living Smaller: House and Home Special Issue: Home & Design: REALTOR® Magazine

Make Under $30,000 a yr.?

If you make under $30,000 a yr. did you know that you may be eligible for a 100% financed loan? That means no down payment! You may also be able to get a 1% interest rate!!! Stop paying rent and throwing your money away!!

Call or E-mail Me Today for More Information and How to Get Started!!!

EMILY LEE 606-499-7836
www.EmilyLeeRealty.com

Ten Inexpensive Ways to Wow Buyers

Now is the time for home owners contemplating a spring sale to spruce up their properties in anticipation of what Mike Larson of Weiss Research calls a potentially vibrant home-selling season. "If you have been beating your head against a wall, this is going to feel a lot better,” he jokes.Here are 10 cheap ways to make a property more attractive to shoppers.

1.Improve first impressions. Touch up the paint on the front door and other areas that buyers see first.

2.Clean up the landscaping. Trim the hedges and trees and plant some annuals in the flowerbeds.

3.Paint the interior. A coat of light yellow or cream with contrasting white woodwork looks fresh and clean.

4.Refurbish the floors. Buff the hardwoods. Install new carpets – or at least get them professionally cleaned.

5.Take care of the big problems. If the house needs a roof or the front stoop is crumbling, get them fixed.

6.Buy warranties. Putting appliances under warranty gives home buyers a secure feeling.

7.Improve energy efficiency. New windows or improved insulation tell a potential buyer the seller is on top of things plus they come with tax benefits.

8.Replace light fixtures. Updated fixtures, especially at the entrance way and in the foyer, create a good first impression.

9.Buy a stove. Home owners whose kitchen isn’t top of the line can jazz it up for a few hundred dollars by buying a new stove, which gives the room a fresh feel.

10.Tidy up the bathrooms. Get rid of mildew, replace caulking and replace stained sinks.

Source: U.S. News & World Report, Luke Mullins (01/21/2010)

5 Things to do Before Putting Your Home on the Market

1.Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin.

2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.

3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.

4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.

5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?


Provided by Realtor.com

Mark Your Calendar

MAY 8 – Walk for the Claiborne County Animal Shelter

The Realty Group is sponsering a walk-a-thon in Tazewell, TN to raise money for the newly/still in construction Animal Shelter. If you would like to participate in the walk-a-thon or donate money/prizes just let me know!

Click here to vist the Claiborne County Animal Shelter

Job 12:7-10:

But ask the animals, and they will teach you; or birds of the air and they will tell you; or speak to the earth and it will teach you; or let the fish of the sea inform you. Which of all these does not know that the hand of the lord has done this. In his hand is the life of every creature and the breath of all
mankind.