Home & Community

First time home buyer credit problems

2009-10-22T09:38:00.000-07:00

I found an article today on Yahoo finance indicating that lots of taxpayers have claimed the first time home buyer credit on their 2008 tax return who aren't qualified for the credit. As lawmakers are looking at extending the Nov. 30 deadline and the possibility of expanding the credit to more buyers, this is not good news.
To read the article for yourself, the website is http://finance.yahoo.com/new/Congress-scrutinizes-problems-apf-3498429273.html?x=0
It is truly a shame that when the government creates a program to help taxpayers, there are always those who take advantage and ruin it for legitimately qualified taxpayers.
The real estate market has not yet recovered from the recession and the extention of this program until mid 2010 is desperately needed. Let's all hope Congress understands and continues and/or expands this credit.

SNOW!?!

2009-10-12T11:47:00.000-07:00

It's snowing - October 12 and it's snowing. We had such a cool summer, and now it's snowing!
Guess we may be in for a long, cold, white winter. Such is life in Northern WI and the UP.

2010 Economy

2009-09-23T12:30:00.000-07:00

I attended a very interesting webinar yesterday. The topic was "2010 Economic Forecast". I'd like to share some of the information that I learned.
The recession ended earlier this month, but recovery will be slow and positive. Jobs are sluggish and need to be restored. This is of great importance to our local (Marinette and Menominee) economies. So many of our manufacturing jobs are dependent upon the auto industry. Until the auto industry stabilizes, our local economy will continue to suffer. Many of the jobs that have been eliminated will NOT be replaced. New technologies have eliminated many of our former jobs. Job losses will continue for another 5 or 6 months.
As far as the real estate business is concerned - interest rates are expected to rise about 1% next year. However, I have also heard a report that indicates interest rates may rise dramatically in March, 2010. The market will grow in 2010, but not by much. Prices will remain sluggish well into 2010 as distressed properties drag prices down. By mid 2010 prices are expected to rise.
So, just hang in there! Better days are ahead!!!!!

BEAUTIFUL DAY IN MENOMINEE MICHIGAN

2009-06-13T15:21:00.000-07:00

Well, it appears that summer has finally arrived. It's a beautiful weekend, with lots of activities for all. We were busy this morning with open houses and then graduation parties and a quick walk through the car show at Stephenson Island.
This is a great area to raise a family and lots of family friendly activies all around town.
If you are thinking about selling or buying a home, give me a call. I'd love to help you out.
I've been in the real estate business since 1995 and yes, homes are selling.
Or call me and give me some ideas for my blog!
Thanks and have a glorious weekend.
Linda
Best! Real Estate Services
906-864-9369
www.best-res.com

MEMORIAL DAY 2009

2009-05-25T10:27:00.000-07:00

Today is Memorial Day. To many folks it's the official start of summer. We tend to go about our holiday weekend activities enjoying the outdoors, fresh air and time with friends and family. I encourage everyone to just take a few moments out of your busy day and remember the real reason for the holiday today - to remember the bravest of the brave in our military who've sacrificed their lives so that we may enjoy the freedoms we have here in the United States of America.

God Bless our troops and God Bless America!

2009 Economic Stimulus - $8,000 homebuyer credit

2009-02-27T09:09:00.000-08:00

If you are considering purchasing a home in 2009 you must read this!

First time home buyers (those folks who haven't owned a primary residence in the last 3 years) who earn less than $75,000 if single, or $150,000 if married, will qualify for the tax credit. If you earn more than $75,000 ($150,000 if married) but less than $95,000 ($170,000 if married) the credit amount is reduced. For those who qualify, the credit amount is 10% of the purchase price of the home, up to a total of $8,000. You receive the credit on your income tax return when you file next year. It is a CREDIT, which means if you owe for example, $1,000 in taxes, you would receive a refund of $7,000. Or, if you are receiving a refund, the credit would be added to your refund! And the greatest part is - as long as you own your home for 3 years, you do not have to pay the money back!!!

Need more info? Visit www.federalhousingtaxcredit.com or call Best! Real Estate Services and ask for Linda (906-864-9369).

Or you can post your question here and I'll answer!

IT'S A GREAT TIME TO BUY A HOME!

2009-01-16T14:52:00.000-08:00

Here are the top 10 reasons to buy a home now!:
10. Local lenders have money to lend!
9. Move in the springtime when weather is warmer
8. You can paint/decorate as you please - no landlord telling you what you can and can't do
7. Mortgage interest and real estate taxes are tax deductions
6. Monthly mortgage payments increase your equity
5. 1st time homebuyer tax credit of up to $7,500
4. Rates are extremely low
3. Prices are reasonable
2. There is a great selection of wonderful homes to choose from
1. Any Best! Real Estate Services agent would be happy to help you find just the right home! Just call us at 906-864-9369.
Don't settle for less than the Best!

'TIS THE SEASON

2008-12-15T09:45:00.000-08:00

The red Salvation Army kettles are all around our town once again this season. I spent a few hours last week manning one of the kettles. I was a bit curious to see how the turbulent economy would effect the contributions. I was pleasantly surprised that once again, about 75 to 80% of the people passing by my kettle stopped to drop something in. Most folks folded their contribution to fit in the slot, while others dropped their pocket change into the kettle.
All in all, it was once again a joyous time in my life. It's one of the small things I can do this time of year to help make a difference. To all the folks who have contributed to the red kettle drive - a BIG THANK YOU! You are appreciated!

FIRST TIME HOME BUYER TAX CREDIT

2008-12-03T07:51:00.000-08:00

The Housing and Economic Recovery Act of 2008 authorizes a $7500 tax credit for qualified first time home buyers purchasing homes between 4/9/08 and 6/30/09.

To qualify for the credit you must be a first-time home buyer (have not owned a principal residence during the 3 year period prior to your purchase) and must purchase between 4/9/08 and 6/30/09.

You claim the tax credit on your federal income tax return - no other paperwork is required!

In general, the tax credit is 10% of the qualified home purchase price, but the amount of the credit is capped at $7500.

There is also an income limit. If you exceed the income limit, the amount of the credit will be modified. There is a calculation for figuring the modified credit amount. I suggest you consult your tax advisor for information relating to your specific circumstances.

The great news is that this credit is refundable. That means that if you have no tax liability you will receive a check for the full amount of your credit. If you are receiving a refund, your credit will be added to your refund check. And if you owe the IRS, that amount will be deducted from your check.

At this point in time the credit must be repaid. There is some discussion among lawmakers regarding making the credit forgiveable. There is also some discussion about allowing ALL buyers between the designated dates to receive the credit (non first time buyers).

If the repayment plan remains as is currently in place, the credit is paid back over 15 years. That's $500 per year, paid on your tax return. It will either add $500 to what you owe, or reduce your refund by $500.

For more information, contact your tax advisor.

What do you think of this tax credit?

Linda

My reaquaintance with Tastebuds

2008-11-29T18:12:00.001-08:00

I'm always looking for new and interesting restaurants in the Marinette and Menominee areas. I visited Tastebuds after a long absence and I was very pleasantly surprised. My pulled pork sandwich was juicy and tasty. I have since visited again after church on Sunday morning and enjoyed the buffet. Quite a nice variety of both breakfast and dinner foods.
Surely I will be visiting this establishment again.
Let me know about your favorite places in Marinette and Menominee.

My First Post

2008-11-26T07:15:00.000-08:00

Hi! The purpose of this blog is to provide information about home and life in our community.