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  Top 10 things you should know about the homebuyer’s tax credit before it runs out

  John Butzko 3:22 pm on February 23, 2010 | Comments:0 Permalink | Reply
  Tags: first time buyer (14), first time homebuyer tax credit (5), homebuyers (22), tax credit

  

  A tax credit of up to $8,000 is available to new homebuyers. Act now!

  With April 15 quickly approaching, many of us find ourselves scrambling for the necessary information to ensure Uncle Sam gets his share—and our refunds are maximized. This past year, new legislation passed through the United States Congress to extend and expand the popular first-time homebuyer tax credit. The new and improved federal homebuyer tax credit can benefit not only first-time homebuyers, but also homeowners who choose to upgrade or buy a new home.

  So, if you are thinking about taking advantage of this limited-time offer, or already have, here are the top 10 things you should know about the homebuyer’s tax credit before it runs out: (More …)

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  Looking Ahead – Top 10 Real Estate New Year’s Resolutions

  John Butzko 3:19 pm on January 7, 2010 | Comments:0 Permalink | Reply
  Tags: buyers (22), first time buyer (14), home prices (7), homebuyers (22), real estate market (100), refinance (4), sellers (12), tax credit

  

  2010: Your year to get the most from the real estate market.

  As the page on our calendars turned to the fresh slate of 2010, Americans are starting to plan what will be a priority for them when it comes to real estate. Exciting things are happening in the market, and the next few months will bring an unprecedented number of opportunities and possibilities for the heads-up buyer or seller.

  While existing homeowners and potential homebuyers experience different situations and needs in regards to their future goals and expectations, we present the top 10 possible New Year resolutions to help point some in the right direction for a successful 2010 in real estate:

  1. Get in the Game – Join the nearly 18 percent of Americans who say they’ve resolved to become a first-time homebuyer in 2010, according to a new survey HERE.  With the homebuyer tax credit extension running until April 2010, this is an exceptional time to get in the game and become a homeowner. (More …)

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  The New Normal

  Michael Saunders & Company 10:08 am on December 31, 2009 | Comments:0 Permalink | Reply
  Tags: buyers (22), economy (2), first-time homebuyer credit, Florida (10), foreclosures (10), home sales (3), Michael Saunders & Company (43), real estate industry, sellers (12), tax credit, unemployment

  Across virtually every segment of the economy, 2009 sputtered-in as miserably as 2008 sputtered-out.  Yet in spite of its many challenges, the past year showed that it’s better to light one candle than to curse the darkness.  For if the experiences of 2009 taught us nothing else, we learned that true professionals united in common cause can truly make good things happen.

  That’s how agents from Michael Saunders & Company helped re-awaken the region’s comatose housing market in 2009.  United in purpose and armed with statistics to prove the point—they were able to educate sellers to the new realities of a market in which competitive pricing is key.  Of course, it never hurts that ours remains Florida’s top destination for a lifestyle rich in world-class cultural and recreational amenities.

  With corrected prices now the accepted norm and the popular first-time homebuyer tax credit renewed for another six months, buyers have rushed in and put the market on the fast track to stability.  They’ve driven up year-over-year the number of home sales by as much as 63 percent, according to the most recent monthly MLS sales recap for November.   As a company, Michael Saunders & Company is proud to announce that our agents finished 2009 with over $1 Billion in closed dollar volume and exceeded our 2008 production.  It took 30 percent more transactions to accomplish this uphill feat, but lowered prices proved the catalyst by which buyers were finally heartened to return to the market.

  Even as the S&P 500 gained over 69% from its annual low, holiday sales rose and the consumer confidence index improved over 40% in 2009, economists are dubbing 2010 a “Tabletop” year for the real estate industry.  This means that having clawed its way back to a sustained level of sales activity, our market will continue in something of a horizontal recovery; without any major setbacks or much in the way of noticeable price appreciation, until the job market picks up and the inventory of properties—especially foreclosures—drops off. With unemployment showing signs of slowing, we are beginning to see the impact of our stimulus dollars at work.

  (More …)

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  ‘Tis the Season – Top 10 Reasons to List During the Holidays

  John Butzko 1:13 pm on December 10, 2009 | Comments:0 Permalink | Reply
  Tags: first time homebuyer tax credit (5), real estate market (100), tax credit

  

  Homes decorated for the holidays add a special touch for homebuyers.

  From November to January, folks are geared up for celebration, family gatherings and holiday cheer. While this time of year is well known for shopping and gifts, it is also a good time to have your home on the market—contrary to a common mindset.

  It is no surprise to learn that homeowners believe that trying to sell their home during the holiday season is a difficult, challenging task. With all the rush and responsibility this time of year brings, why add another headache to the equation? In fact, many sellers take their home off the market during the holiday season, which reduces the competition in the real estate marketplace.

  So, go ahead and decorate your home for celebration, and be sure to keep that For Sale sign standing tall. Here are the top 10 reasons why it is a good idea to keep your home listed during the holidays. (More …)

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  Market In Review: The Wells Fargo ViewSM

  Ann Stickel 4:55 pm on November 30, 2009 | Comments:0 Permalink
  Tags: consumers (3), first time homebuyer tax credit (5), HAMP, home prices (7), homebuyer (2), mortgage lenders (2), Real Estate Settlement Procedures Act, refinance (4), RESPA, tax credit, wells fargo (4)

  Refinances and first-time homebuyer property sales largely contributed to third quarter volume

  Consumers were active in the housing market during the third quarter with refinance and purchase applications. Existing homeowners fueled the refi activity, and first-time homebuyers accounted for 43% of home purchases in August, according to the Sept. 18 issue of Inside Mortgage Finance.

  In a September 2009 Wells Fargo Home Mortgage survey, 56% of first-time homebuyers cited the $8,000 tax credit for their reason to purchase. Low interest rates drove 66% of these borrowers, and 74% attributed the decision to low home prices.

  

  In the same survey, renters shared their reasons for intending to purchase their first home within six months. Roughly 84% said low home prices were the reason, 74% cited low interest rates, and 72% referenced the tax credit as the key deciding factor.

  As of the publication date, there is still debate in Congress about whether the first-time homebuyer tax credit will be extended beyond the Nov. 30 deadline.

  When will local housing markets recover?
  Recent news released from the National Association of REALTORS® showed that pending home sales have increased for seven consecutive months based on contracts signed in August. In addition, the S&P/Case-Shiller Home Price Indices demonstrated that the annual decline in home price values continues to slow and that many markets have experienced some sustained monthly increases.

  (More …)

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  Primary Choice

  Michael Saunders & Company 9:55 am on November 19, 2009 | Comments:0 Permalink | Reply
  Tags: first time buyer (14), Florida (10), Freddie Mac (2), homebuyers (22), housing market (12), mortgage rates (2), Southwest Florida (15), tax credit

  Homebuyers probably don’t see themselves this way, but as they step up to take advantage of the best housing values in more than a decade each becomes their own personal economic stimulus package, securing for themselves a fabulous long term investment even as they help rescue the economy from the mess it’s in.  More likely, they see themselves as grand prize winners in the housing sweepstakes; smartly timing the market just as prices are bottoming, interest rates are at an all-time low and the first time homebuyer tax credit is on hand to add an extra dollop of icing to the cake.  Moreover, if you also happen to be a newcomer to Florida your decision to move your primary residence to one of the least-taxed states in America will be the gift that keeps on giving.

  For the stragglers among us—not to mention many would-be buyers who didn’t quite qualify for the first round of housing tax credits—Congress has just rolled back the clock by about six months to allow one last opportunity to take advantage of what has been an enormously popular and effective incentive.  Judging by the number of homes sold since the tax credit first went into effect; this is one of the few economic stimulus measures that have truly found its way down to the grass roots level.  We applaud Congress for not only renewing the credit in a landslide, bi-partisan vote, but also for broadening its benefits to include a substantially larger pool of potential move-up buyers.  At the end of the day, every buyer who uses the credit to sweeten an already great deal moves the housing market one transaction closer to shoring-up the rest of the economy.  Indeed, most economists are of the mind that until the housing market regains its footing, the overall economic recovery will simply stumble forward with precious little for anyone to cheer about.

  Under the revised rules of the extended tax credit:

  • First time home buyers can now receive up to an $8,000 tax credit by entering into a binding contract on or before April 30, 2010; and closing by June 30, 2010.
  • Buyers who have lived in their residences for five years may now receive a credit of up to $6,500 (or, up to $3,250 for a married individual filing separately).
  • The tax credit is now available to individuals earning up to $125,000—or $250,000 for couples—on homes priced to $800,000

  (More …)

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  What You Should Know - $8,000 Homebuyer Tax Credit Extension FAQs

  John Butzko 5:12 pm on November 11, 2009 | Comments:5 Permalink | Reply
  Tags: extension, homebuyer (2), tax credit

  

  Congress extends the popular $8,000 tax credit for homebuyers.

  New legislation passed through the United States Congress has extended and expanded the first-time homebuyer tax credit. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, the law also allows home sales occurring by June 30, 2010 to qualify, provided they are due to a binding sales contract on or before April 30, 2010.

  The extended Act covers sales occurring after November 6, 2009, and establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns. The new law:

  • Extends the deadline for purchasing and closing on a home
  • Authorizes the credit for long-time homeowners buying a replacement primary
  • Raises the income limitations for homeowners claiming the credit

  The Worker, Homeownership, and Business Assistance Act of 2009 has also established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a primary residence after November 6, 2009 and on or before April 30, 2010.

  Below are basic questions and answers regarding the extended $8,000 Homebuyer Tax Credit and the $6,500 move-up/repeat buyer credit. For more in-depth queries, we encourage you to consult a qualified tax advisor or professional. (More …)

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  Recovery By Extension

  Michael Saunders & Company 7:15 pm on October 28, 2009 | Comments:1 Permalink | Reply
  Tags: buyers (22), Christopher Dodd, Congress (2), first time homebuyer tax credit (5), foreclosures (10), Governor Charlie Crist, home prices (7), housing market (12), Mark Zandi (2), National Association of Home Builders, National Association of Realtors (3), sellers (12), Senator Bill Nelson, Senator George LeMieux, Senator Johnny Isakson, short sale (2), tax credit, tax incentive

  This is an audience participation post in which you are invited and encouraged to weigh-in with your opinions on one of our region’s most pressing economic issues.  But first, read on.

  Counting today, there are just 30 days to go before the first time homebuyer tax credit expires.  For all intents and purposes, if you haven’t gone to contract on a home by now you probably won’t complete your purchase in time to qualify for the credit.

  That’s bad news for many qualified buyers who have been in the market for months only to be frustrated at every turn by a system that refuses to budge.  Perhaps they’ve been denied financing due to an incompetent appraisal by an out-of-town appraiser.  Perhaps the appraisal was accurate, credit scores were good, but the lenders simply refuse to lend.  Or perhaps they’ve been on the buyer side of a short-sale where the seller and the lender have been locked in limbo for six months or more.   For these reasons—and because the tax credit has had such a positive impact on our market—we join Congress in its support for extending the deadline at least another six months.  There’s agreement on both sides of the aisle—and among leading economists—that a recovering housing market is the prime catalyst that will lead the rest of the economy out of the wilderness.

  The tax credit has been so effective in stimulating sales and stabilizing home prices that continuing it seems like a no-brainer in light of a housing market that still exhibits contradictory signs of recovery.  Secondly, a significant new wave of foreclosures is in the pipeline that could easily undo much of the progress that has been made toward reducing inventory and firming-up prices.  One of the key benefits of the tax credit is that it ignited a firestorm of sales that has helped shore-up home prices in spite of the unprecedented number of foreclosures and short sales.

  (More …)

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  It IS Easy Being Green – Top 10 Green Innovations for Your Home

  John Butzko 2:44 pm on October 15, 2009 | Comments:1 Permalink | Reply
  Tags: tax credit

  

  Solar panels make use of the sun to provide a clean, environmentally sound way to collect energy. Photo courtesy of greenpoweryourhome.com.

  Within the last several years, environmentally sensitive features for homes have become increasingly popular with builders, designers and homeowners alike. As energy prices have increased and the green movement ascended, more innovative, eco-friendly materials, systems and solutions have emerged in many of today’s newest constructions and home designs.

  The benefits of creating a green home are many, including lower utility and water bills and a host of tax incentives and breaks. Below are the top 10 green innovations and ideas to help turn any house into a self-sufficient, resource-saving home. (More …)

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  First-Time Homebuyers Tax Credit Deadline is November 30th

  Michael Saunders & Company 12:25 pm on September 25, 2009 | Comments:0 Permalink | Reply
  Tags: homebuyers tax credit, Michael Saunders & Company (43), real estate market (100), tax credit

  An invaluable resource is now available for you to promote the First-Time Homebuyers Tax Credit.

  Please follow the link below to download the PDF, which you can distribute to your contacts.

  Time is of the essence — the deadline to apply for the tax credit is November 30th.

  For more information or to download the printable Tax Credit flyer please visit MSC Resources:

  http://mscresources.michaelsaunders.com/the-clock-is-ticking

  Also, see Sunday’s Sarasota Herald-Tribune article, “Two Minute Warning” or click here to read it now: The Two-Minute Warning

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