February 13, 2010
February 8, 2010
HOME BUYER TAX CREDIT INFORMATION
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
•• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
•• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
Recent news:
IRS Releases Revised Tax Forms, Instructions for Claiming Tax Credit (Jan. 25)
Economists' Podcast: Lawrence Yun Discusses Market Recovery, the Tax Credit, and Employment (Jan. 12)
Economists' Commentary: Existing-Home Sales and the Tax Credit (Dec. 22)
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.
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.
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.
www.buyvegashouses.com
buyvegashouses@gmail.com
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
•• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
•• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
Recent news:
IRS Releases Revised Tax Forms, Instructions for Claiming Tax Credit (Jan. 25)
Economists' Podcast: Lawrence Yun Discusses Market Recovery, the Tax Credit, and Employment (Jan. 12)
Economists' Commentary: Existing-Home Sales and the Tax Credit (Dec. 22)
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.
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.
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.
www.buyvegashouses.com
buyvegashouses@gmail.com
February 1, 2010
IF YOU'RE THINKING ABOUT BUYING AN INVESTMENT PROPERTY - **READ THIS**
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So, you're thinking about buying a property and renting it out, you're just not sure if you're going to be able to get it rented and bring in that cash flow to cover the mortgage payments...****READ THIS!!*****
In Las Vegas in December there were 1784 rental units on the market (I know, it sounds like a lot, but wait for it...) In December 1713 of those units were rented out for an average rental price of $1313/month. WHAT??? That's right...96% of houses place on the MLS in Las Vegas were rented. It's almost a no brainer - you pick-up a single-family home in Las Vegas for about $100k - $150k and turn around and rent it out and schazam, cash flow!
If you ever thought about investing in Real Estate in Las Vegas, now is the time, the prices have evened out and with inventory decreasing the prices may even start eeking up a little bit. What are you waiting for??
www.buyvegashouses.com
buyvegashouses@gmail.com
January 28, 2010
January 27, 2010
A Few Things You're Realtor Probably Would Like You To Know, But May Never Tell You...(in no specific order of importance)
1. We actually like what we do. It's not always necessarily about the money - especially right now with the median home price where it is. We have to sell four houses to get the same money we were getting three years ago. A lot of times right now it's about getting someone into a house. It's about going up against investors trying to buy up the good stuff and stickin' to the man.
2. We don't expect you to humor us. If we pull up to a house and you hate it, you don't have to go in. Just tell us and we'll go to the next one. You're not obligated to waste your time just because we drove out there...we understand.
3. When you're trying to be thoughtful and don't call us on a Sunday because we've been working non-stop with you all week - we appreciate it, BUT...when you decide to go on your own to a new housing developement and not bother us it's thoughtful, but without realizing it, you've most likely made us ineligable for our comission if you buy one of those new houses. Give us a call...we don't mind!
4. We can pull up any information on any listing you see...on the internet, on a yard sign, etc.
5. We spend a lot of time studying the market and what's going on - espcially in regards to offers getting accepted. We'll write whatever offer you ask us to, but if you ask our opinion, don't get annoyed when we tell you that you're probably not going to get the house going in under the list price...we want you to get a good deal, but we also want you to get the house if you like it.
6. Going through the listing agent (using the listing agent as the buyer agent) isn't necassarily going to save you money. It will however put you in a position of being represented by an agent that will have a fiduciary duty to both the buyer and seller - which is a fine line to walk when you're an agent because you know the financial situation of both parties. It's legal in Nevada, but not in all states. Get your own agent whose only looking out for your interests.
7. We like dogs...but not when we're showing you houses if you can help it. It's against the law to leave them in the car and a lot of times, if the house is occupied, it may not be taken well.
8. We love kids and unlike dogs, please bring 'em with you! We're trying to help you find a home that your family can live in...you'd be amazed the insight a five year old can have on the functionality of a backyard!
9. We know this is a lot of money for you. Trust us. We really are looking out for you. We'd rather look at one more house than have you get something and not love it every day when you come home. We want you to have happy thoughts when you think about us later down the road!
10. If you liked us and liked our service, please tell your friends. Finding new clients is always a challenge for us and when we can get a recommendation from you for a job well done, it goes a long way!
www.buyvegashouses.com
buyvegashouses@gmail.com
2. We don't expect you to humor us. If we pull up to a house and you hate it, you don't have to go in. Just tell us and we'll go to the next one. You're not obligated to waste your time just because we drove out there...we understand.
3. When you're trying to be thoughtful and don't call us on a Sunday because we've been working non-stop with you all week - we appreciate it, BUT...when you decide to go on your own to a new housing developement and not bother us it's thoughtful, but without realizing it, you've most likely made us ineligable for our comission if you buy one of those new houses. Give us a call...we don't mind!
4. We can pull up any information on any listing you see...on the internet, on a yard sign, etc.
5. We spend a lot of time studying the market and what's going on - espcially in regards to offers getting accepted. We'll write whatever offer you ask us to, but if you ask our opinion, don't get annoyed when we tell you that you're probably not going to get the house going in under the list price...we want you to get a good deal, but we also want you to get the house if you like it.
6. Going through the listing agent (using the listing agent as the buyer agent) isn't necassarily going to save you money. It will however put you in a position of being represented by an agent that will have a fiduciary duty to both the buyer and seller - which is a fine line to walk when you're an agent because you know the financial situation of both parties. It's legal in Nevada, but not in all states. Get your own agent whose only looking out for your interests.
7. We like dogs...but not when we're showing you houses if you can help it. It's against the law to leave them in the car and a lot of times, if the house is occupied, it may not be taken well.
8. We love kids and unlike dogs, please bring 'em with you! We're trying to help you find a home that your family can live in...you'd be amazed the insight a five year old can have on the functionality of a backyard!
9. We know this is a lot of money for you. Trust us. We really are looking out for you. We'd rather look at one more house than have you get something and not love it every day when you come home. We want you to have happy thoughts when you think about us later down the road!
10. If you liked us and liked our service, please tell your friends. Finding new clients is always a challenge for us and when we can get a recommendation from you for a job well done, it goes a long way!
www.buyvegashouses.com
buyvegashouses@gmail.com
January 24, 2010
The Las Vegas Real Estate Market – How it Really Is!
It’s an exciting time in the Las Vegas Real Estate Market – DESPITE what you hear on the news. They would have you believe that it’s possible to swoop in and steal a property for up to 50% off of the list price. They’d have you believe that sellers are practically begging people to take their homes off their hands. They’d have you believe that banks would rather “dump” houses for pennies on the dollar than keep them on their books one more day. They’d have you believe that this is absolutely the worst time in Las Vegas Real Estate.
It’s time to take a step back and find out what’s really happening in Las Vegas.
If you’re an investor, the long and short of it is, yes, you can get a great deal in Las Vegas. Yes, if you have some cash, it’s time to buy an investment property – either to rent out or sell. No, you’re probably not going to be able to come in with $15,000 and buy a house that you can rehab and turn around and sell for a $20,000 profit BUT, you can come in and make some money.
If you’re a Homeowner who’s looking to up-size, down-size, or purchase your first home in Las Vegas, NOW is a great time to buy. You’ll have to get with your lender before going to look at houses so you know how much you can afford. After that you’re going to have to be ready if you see a house you like, to make an offer at a price that is at or above the list price – yes, even on foreclosures! You’re in the mix with investors who are paying cash now, if you want it and we tell you it’s a good deal, it’s not the time to try and haggle. About 58% of homes that are listed get sold within the first 30 days on the market – it’s time to make your move!
If you’re a seller who has equity – you’re golden. Houses are going fast for the list price and above. If you’ve got a decent house and it’s priced right, you could have multiple offers, including cash buyers, within days of your home going on the market. Again, 58% of the homes listed get sold within the first 30 days…PRICING IS KEY! 77% of Single Family Homes that are listed are SOLD. Compare that to one of the best year’s for Real Estate in Las Vegas (2005) where only 58% of homes listed were sold…It’s one of the best times to list your home!
If you’re one of the thousands of homeowners facing foreclosure, NOW is the time to get that house SOLD. Maybe you’ve just started to fall behind on your payments or maybe you’re not behind yet, but your hours at work were cut and you can see the late payments coming in the near future. It could be that you’re just tired and you’ve decided to head home to where you have family that can cheer you on, NOW is the time to get that houses SOLD. Banks really would rather have you try to sell your home before they have to take it back. More and more short-sales are being approved by lenders these days. Not only will it give you some peace of mind during the whole process, but it will put you back on track to be able to purchase another home sooner that if you “just let the bank have their dang house back”. Walking away really is never the answer – especially when a short-sale is an easy solution that someone else basically does all the work on.
All in all, there really hasn’t been a better time to buy or sell Real Estate in Las Vegas. Stick around, check out the website. If you see something you like, give me a call. If you have a question, give me a call. The point is, just call, because you really can’t afford not to make a move in this market!
www.buyvegashouses.com
buyvegashouses@gmail.com
It’s time to take a step back and find out what’s really happening in Las Vegas.
If you’re an investor, the long and short of it is, yes, you can get a great deal in Las Vegas. Yes, if you have some cash, it’s time to buy an investment property – either to rent out or sell. No, you’re probably not going to be able to come in with $15,000 and buy a house that you can rehab and turn around and sell for a $20,000 profit BUT, you can come in and make some money.
If you’re a Homeowner who’s looking to up-size, down-size, or purchase your first home in Las Vegas, NOW is a great time to buy. You’ll have to get with your lender before going to look at houses so you know how much you can afford. After that you’re going to have to be ready if you see a house you like, to make an offer at a price that is at or above the list price – yes, even on foreclosures! You’re in the mix with investors who are paying cash now, if you want it and we tell you it’s a good deal, it’s not the time to try and haggle. About 58% of homes that are listed get sold within the first 30 days on the market – it’s time to make your move!
If you’re a seller who has equity – you’re golden. Houses are going fast for the list price and above. If you’ve got a decent house and it’s priced right, you could have multiple offers, including cash buyers, within days of your home going on the market. Again, 58% of the homes listed get sold within the first 30 days…PRICING IS KEY! 77% of Single Family Homes that are listed are SOLD. Compare that to one of the best year’s for Real Estate in Las Vegas (2005) where only 58% of homes listed were sold…It’s one of the best times to list your home!
If you’re one of the thousands of homeowners facing foreclosure, NOW is the time to get that house SOLD. Maybe you’ve just started to fall behind on your payments or maybe you’re not behind yet, but your hours at work were cut and you can see the late payments coming in the near future. It could be that you’re just tired and you’ve decided to head home to where you have family that can cheer you on, NOW is the time to get that houses SOLD. Banks really would rather have you try to sell your home before they have to take it back. More and more short-sales are being approved by lenders these days. Not only will it give you some peace of mind during the whole process, but it will put you back on track to be able to purchase another home sooner that if you “just let the bank have their dang house back”. Walking away really is never the answer – especially when a short-sale is an easy solution that someone else basically does all the work on.
All in all, there really hasn’t been a better time to buy or sell Real Estate in Las Vegas. Stick around, check out the website. If you see something you like, give me a call. If you have a question, give me a call. The point is, just call, because you really can’t afford not to make a move in this market!
www.buyvegashouses.com
buyvegashouses@gmail.com
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