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Published On: February 6, 2009
First we had a $7500 tax credit for first time home buyers. This is based on 10% of the purchase price up to $7500. It turns out to be a tax free loan that you can receive when you file your taxes. It is paid back over time each year when you file your taxes until it is all paid back or the balance is due when you sell the home.
Thanks to the new Government Stimulus Package we now have a $8000 tax credit. The tax credit can only be used for primary residences and unlike the $7,500 tax credit passed last year, the money wouldn’t have to be repaid to the government. There are some income restrictions on who can claim the credit.
This could be a major boost for people that do not own a home or those that haven't owned one in the past three years. With interest rates low and the number of great deals out there it will be a perfect time to buy especially for those that have been watching the housing market in recent months.
It may even be possible to borrow the money for the down payment and repay it when the tax credit is received. This would be subject to mortgage lender rules.
****To determine how this will affect you please contact your tax advisor.
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Published On: February 4, 2009
How will you determine the listing price of your home?
How will you market your home?
Are you ready to answer your phone at all hours of the day and night?
Will you be available to show your home on week days and every weekend?
How will you know if someone is a qualified buyer or if they are just casing your house?
Are you willing to work with an agent that brings you a buyer?
Selling your home can be very stressful and complicated, please consider working with a professional Realtor®
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Published On: January 16, 2009
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Published On: January 15, 2009
Before deciding which house to buy, think about your lifestyle, your current and anticipated housing needs, and your budget. It's a good idea to create a prioritized list of features you want in your next home – you'll soon discover finding the right house involves striking a balance between your "must-haves" and your "nice-to-haves." To start, consider your lifestyle. If you love to cook, you'll want a well-equipped kitchen. If you're into gardening, you'll want a yard. If you're planning your office at home, you may want a room for a separate library or work space. If you have several cars, you may require a larger garage. Use this list as your search guide. Next, think about what you might need in the future. As you consider your housing needs, it's important to consider how long you may live in your home. If you're newly married, you might not be concerned with a school district right now, but you could be in a few years. If you have aging parents, you may want to look at homes that offer living arrangements for them as well as you. It's important to think about your new home's location just as carefully as you do about a house's features. Location is a huge part of any move. In addition to considering the distance to work, you need to evaluate the availability of shopping, police and fire protection, medical facilities, school and day-care, traffic and parking, trash and garbage collection, even recreational facilities. Perhaps the most important decision is deciding on the type of home you want. Do you want a condominium or a co-op? A town house or a detached single-family home? Do you want brick, stone, stucco, wood, vinyl siding, or something else? Do you prefer a new home or an older one? Through all of this, make sure to talk to your real estate professional about where you want to live. While more buyers now use the Internet to gain access to listings, or available properties for sale, it is still a good idea to use an agent. The agent brings value to the entire process: he or she is available to analyze data, answer questions, share their professional expertise, and handle all the paperwork and legwork that is involved in the real estate transaction. CENTURY 21 professionals have the expertise to help their clients narrow down their choices by sharing market trends and local information.
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