Good News!
New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts.
$8,000 First-time Home Buyer Tax Credit at a Glance
· The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
· The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
· The tax credit applies only to homes priced at $800,000 or less.
· The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
· For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
· For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
· To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years and purchase a replacement primary home.
· The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.
· The tax credit applies only to homes priced at $800,000 or less.
· The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
· Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
For your FREE guide to see if you qualify for these programs, call our 24 Hour Recording at 1-866-927-4771, EX 112 for your FREE Tax Credit Guide or go to TaxcreditGuide.com/CollinCounty Betty Magee, Magee & Associates, 972-985-4747, Betty.Magee@HomesByBetty.com
Saturday, November 14, 2009
Friday, November 06, 2009
Hello,
You may have already heard that the bill to extend the Home Buyer Tax Credit has passed both the house and Senate, and it is anticipated that President Obama will be signing it today.
What you may not know are the details involved - who will now qualify and how this tax credit is different from the current one.
For a FREE REPORT to help answer those questions just reply to this email and I will email or mail you a copy - either way is fine with me.
- Home Buyer Tax Credit Guide
Just click on the link below to find out more about the tax credit and find out if you will qualify for the $8,000 credit: http://www.taxcreditguide.com/collincounty
Thanks,
Betty Magee
(972) 985-4747
You may have already heard that the bill to extend the Home Buyer Tax Credit has passed both the house and Senate, and it is anticipated that President Obama will be signing it today.
What you may not know are the details involved - who will now qualify and how this tax credit is different from the current one.
For a FREE REPORT to help answer those questions just reply to this email and I will email or mail you a copy - either way is fine with me.
- Home Buyer Tax Credit Guide
Just click on the link below to find out more about the tax credit and find out if you will qualify for the $8,000 credit: http://www.taxcreditguide.com/collincounty
Thanks,
Betty Magee
(972) 985-4747
Sunday, November 01, 2009
Market Update:
The last few months, prices have dropped in all of our areas in Collin County after tracking most of the cities consistently. There could be several reasons for that: that prices have fallen, that most sales are foreclosures and short sales which do sell for less since they are distressed properties, and the fact that first time buyers are taking advantage of the $8,000 tax credit which is still around until December 1st. Of course our unit numbers are down (the number of actual houses that have sold). A lot of that comes from the fact that we are not confident that this is the time to move up.
Most of our sales in our area come from move-ups or now, move-downs. The fact is most prospective buyers don’t feel they are getting enough money out of th existing home in order to buy that new home. Also, the inventory is low so it is hard to find what you want without really wanting to “steal” a house like you would think you could! The better homes which are few do sell quickly and higher!
The realtor associations are trying to get the government to not only extend the tax credit but also give a tax credit to those that would like to move up or down! I don’t like any of these stimulus packages but think this plan might work in giving an incentive to move up and also giving more available funds to be spent in other areas to help the economy. I still say that a lot of you will be sorry you did not take advantage of the tax credit, the low interest rates and the lower prices which are there! Just remember that I said it!
Shopping:
There will not be extra money this year for spending for Christmas, I would say. Our family gave up giving gifts at Christmas a long time ago. I think all of us will be looking for better values this year as well. What is value? Could have meaning for different people but for example: if you buy a dress for $200 and you wear it 20 times, that would be of more value than spending $50 for a dress and wearing it only 2 times. That's "cost per wear" test! Do we follow such a test with most things that we buy?
Just being together sometimes is the best gift. Or the value of time….giving your time to someone that needs your help or a friendly face or a listening ear. Just taking the time to reconnect with people in our past would be a great gift. That is what I am going to try to do this season! What are your plans?
There will not be extra money this year for spending for Christmas, I would say. Our family gave up giving gifts at Christmas a long time ago. I think all of us will be looking for better values this year as well. What is value? Could have meaning for different people but for example: if you buy a dress for $200 and you wear it 20 times, that would be of more value than spending $50 for a dress and wearing it only 2 times. That's "cost per wear" test! Do we follow such a test with most things that we buy?
Just being together sometimes is the best gift. Or the value of time….giving your time to someone that needs your help or a friendly face or a listening ear. Just taking the time to reconnect with people in our past would be a great gift. That is what I am going to try to do this season! What are your plans?
Monday, October 19, 2009
What Are We Missing?
The lack of BUYER CONFIDENCE is what I think is plaguing us so we cannot overcome the “recession” that we now have! Now what do I mean by lack of buyer confidence? Just think what the media does: they scare you! You never hear about the good that is happening or the successes or even the good news on the wars we are involved in. That does not sell papers or the news. We are bombarded with all the "bad" news. And that is another point: we have access to this news 24 hours a day....television cable news, newspapers, internet news, mobile phone news, etc. If you continuously have the “bad” information sent you every minute of every day, why wouldn’t you be running scared? If I listened to that “media pornography”, I would be scared too. (Feel free to ask me why I’m not afraid!)
Yes, buyers and sellers need to be cautious and they need to sell and buy with lots of knowledge which is where we come in with over 25 years of experience in buying and selling. But, this IS the TIME to buy! You will not find such favorable factors as you do right now for buying! Housing prices flat, interest rates below 5%, minimum down payments, and an outlook that our area may be one of the first to completely recover because of our economic climate in Texas and especially in North Texas.
Contact us to see if we can help you evaluate whether this time is right for you!
The lack of BUYER CONFIDENCE is what I think is plaguing us so we cannot overcome the “recession” that we now have! Now what do I mean by lack of buyer confidence? Just think what the media does: they scare you! You never hear about the good that is happening or the successes or even the good news on the wars we are involved in. That does not sell papers or the news. We are bombarded with all the "bad" news. And that is another point: we have access to this news 24 hours a day....television cable news, newspapers, internet news, mobile phone news, etc. If you continuously have the “bad” information sent you every minute of every day, why wouldn’t you be running scared? If I listened to that “media pornography”, I would be scared too. (Feel free to ask me why I’m not afraid!)
Yes, buyers and sellers need to be cautious and they need to sell and buy with lots of knowledge which is where we come in with over 25 years of experience in buying and selling. But, this IS the TIME to buy! You will not find such favorable factors as you do right now for buying! Housing prices flat, interest rates below 5%, minimum down payments, and an outlook that our area may be one of the first to completely recover because of our economic climate in Texas and especially in North Texas.
Contact us to see if we can help you evaluate whether this time is right for you!
Friday, October 02, 2009
Where do I get my downpayment?
Alright, you want to take advantage of these low interest rates that are back down to 5% and below. You want to receive that $8,000 before December 1st that the Government is offering first time buyers which you are. You want to take advantage of the lower prices that the media is telling you about. BUT…..how in the world are you going to be able to come up with the down payment of 3.5% of the sales price? On a $150,000 priced home, you only need $5,950 dollars.
We have some suggestions for you. Try these on and see if any will fit.
1. Have a relative give you the money as a gift.
Documentation will be required to prove that the money is actually a gift and not a loan. Any taxpayer is permitted to give up to $11,000.00 per year to another person without having to pay a gift tax. Technically, your mother could give you $11,000.00 and give another $11,000.00 to your spouse. Your father could do the same. This would give you a total of $44,000.00 towards a down payment and closing costs. This could be your “inheritance” when you need it.
2. Borrow against your 401K or insurance policy.
You can also cash out your 401K but you will be subject to withdrawal penalties and payment of taxes.
3. Sell or borrow against an asset.
Selling an asset such as a car can help increase the amount of money you have available. Borrowing against an asset is also acceptable as long as you qualify with the additional debt.
Click here to start your search for that home.
Alright, you want to take advantage of these low interest rates that are back down to 5% and below. You want to receive that $8,000 before December 1st that the Government is offering first time buyers which you are. You want to take advantage of the lower prices that the media is telling you about. BUT…..how in the world are you going to be able to come up with the down payment of 3.5% of the sales price? On a $150,000 priced home, you only need $5,950 dollars.
We have some suggestions for you. Try these on and see if any will fit.
1. Have a relative give you the money as a gift.
Documentation will be required to prove that the money is actually a gift and not a loan. Any taxpayer is permitted to give up to $11,000.00 per year to another person without having to pay a gift tax. Technically, your mother could give you $11,000.00 and give another $11,000.00 to your spouse. Your father could do the same. This would give you a total of $44,000.00 towards a down payment and closing costs. This could be your “inheritance” when you need it.
2. Borrow against your 401K or insurance policy.
You can also cash out your 401K but you will be subject to withdrawal penalties and payment of taxes.
3. Sell or borrow against an asset.
Selling an asset such as a car can help increase the amount of money you have available. Borrowing against an asset is also acceptable as long as you qualify with the additional debt.
Click here to start your search for that home.
Thursday, October 01, 2009
PlanoFirst…..it makes cents
Why Should I Spend My Money in Plano?
1. Plano is a unique community offering everything a resident could want for shopping, dining and playing.
2. The importance of making “Plano First” when making your decision to spend your money is critical.
3. Local dollars spent in Plano boost sales tax revenues and helps the City operate.
4. Approximately 1/3 of the City’s revenues come from sales tax so it is especially important to make “Plano First” when you shop, eat and play.
5. Help Plano continue to provide the services that are critically important to making Plano a great City.
6. 1 cent of every dollar spent in Plano goes toward City sales tax to help fund city services.
This same scenario is true with any City each of us live in. Cities that have lower sales are reaping lower tax dollars which reflect in the services the Cities can fund and operate.
Why Should I Spend My Money in Plano?
1. Plano is a unique community offering everything a resident could want for shopping, dining and playing.
2. The importance of making “Plano First” when making your decision to spend your money is critical.
3. Local dollars spent in Plano boost sales tax revenues and helps the City operate.
4. Approximately 1/3 of the City’s revenues come from sales tax so it is especially important to make “Plano First” when you shop, eat and play.
5. Help Plano continue to provide the services that are critically important to making Plano a great City.
6. 1 cent of every dollar spent in Plano goes toward City sales tax to help fund city services.
This same scenario is true with any City each of us live in. Cities that have lower sales are reaping lower tax dollars which reflect in the services the Cities can fund and operate.
Wednesday, September 30, 2009
Should You Sell Now and Buy Now?
You can sell your house, and you feel you can get a wonderful buy on the other end with interest rates so low. Should you take advantage of the “flat” or lower prices and sell, taking advantage of the current market or should you wait? Personally, I see interest rates going up, prices of homes going up, and inflation increasing. And yes, you should sell and buy now.
Now, do you have a strategy for your selling and buying?
We feel we have the solution:
1. Nail down a value. You should talk to a reputable, qualified agent to give you an idea for what your house might sell for. You need to ask for proof of the suggested value, worse-case scenario, and all the costs that would be involved in closing. If the price is acceptable and you can live with the worse case, get your house on the market as it will take a minimum of 65 days to sell as an average in most of our cities.
2. Set a budget. Most of you are debt-averse! You might want to keep your mortgage very close to what you have now, so you could add funds from nonretirement savings toward that down payment. But figure out what your goal is: to get your payment down or to have your cash available (remember that money in a house is sitting there and is “dormant” equity and not working for you)
3. Shop like a shark. Have your agent review what is out there available for you and realize that our inventory is down. Very often it is wise to go look at a few homes to see if there IS something in the marketplace that you could not live without! Then start the moving process.
4. Always have a Plan B. What if the house you love is sold before you sell yours? What if your house takes longer to sell and you don’t get as much as you were told was the bottom dollar? What if you sell so quickly, you haven’t found your next “dream” house? Just have some backup plans for possibilities that might happen. You would be surprise how many times we make it all work out and work it out smoothly!
Call us to interview and see if we have a strategy that would work for you at 972-985-4747 or email us at Betty.Magee@HomesByBetty.com
You can sell your house, and you feel you can get a wonderful buy on the other end with interest rates so low. Should you take advantage of the “flat” or lower prices and sell, taking advantage of the current market or should you wait? Personally, I see interest rates going up, prices of homes going up, and inflation increasing. And yes, you should sell and buy now.
Now, do you have a strategy for your selling and buying?
We feel we have the solution:
1. Nail down a value. You should talk to a reputable, qualified agent to give you an idea for what your house might sell for. You need to ask for proof of the suggested value, worse-case scenario, and all the costs that would be involved in closing. If the price is acceptable and you can live with the worse case, get your house on the market as it will take a minimum of 65 days to sell as an average in most of our cities.
2. Set a budget. Most of you are debt-averse! You might want to keep your mortgage very close to what you have now, so you could add funds from nonretirement savings toward that down payment. But figure out what your goal is: to get your payment down or to have your cash available (remember that money in a house is sitting there and is “dormant” equity and not working for you)
3. Shop like a shark. Have your agent review what is out there available for you and realize that our inventory is down. Very often it is wise to go look at a few homes to see if there IS something in the marketplace that you could not live without! Then start the moving process.
4. Always have a Plan B. What if the house you love is sold before you sell yours? What if your house takes longer to sell and you don’t get as much as you were told was the bottom dollar? What if you sell so quickly, you haven’t found your next “dream” house? Just have some backup plans for possibilities that might happen. You would be surprise how many times we make it all work out and work it out smoothly!
Call us to interview and see if we have a strategy that would work for you at 972-985-4747 or email us at Betty.Magee@HomesByBetty.com
5 Tips For Avoiding Foreclosure Scams
1. Work only with a HUD-approved counselor and Professional licensed Real Estate Agent.
2. Don’t pay an arm and a leg.
3. Be wary of “guarantees.”
4. Know what you are signing –and be sure you sign it.
5. If it sounds too good to be true, it probably is.
Actually these Tips should be followed with any purchase or contract you enter into.
Did you know that you can dial 211 for local resources in our community? Try it!
1. Work only with a HUD-approved counselor and Professional licensed Real Estate Agent.
2. Don’t pay an arm and a leg.
3. Be wary of “guarantees.”
4. Know what you are signing –and be sure you sign it.
5. If it sounds too good to be true, it probably is.
Actually these Tips should be followed with any purchase or contract you enter into.
Did you know that you can dial 211 for local resources in our community? Try it!
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