http://www.everstarrealty.com/ EverStar Realty en-us EverStar Realty 60 Wed, 20 Jan 2010 11:44:00 PST Wed, 19 Jul 2006 13:49:04 PST http://www.everstarrealty.com/article.src?ID=94 <p>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:</p> <ul> <li>Extends the First-Time Home Buyer Tax Credit of up to $$8,000 to first-time home buyers until April 30, 2010.&nbsp;</li> <li>Expands the credit to grant up to $$6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.&nbsp;</li> </ul> <p><strong>Who Qualifies for the Extended Credit?</strong></p> <ul> <li>First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.</li> <li>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 <em>consecutive</em> years within the last eight.&nbsp;</li> <li>To qualify as a &ldquo;first-time home buyer&rdquo; the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.</li> </ul> <p><span><strong><br /> </strong></span><span><strong>Which Properties Are Eligible?</strong></span></p> <p>The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.</p> <p><strong>How Much Is Available?</strong></p> <ul> <li>The maximum allowable credit for first-time home buyers is $$8,000.</li> <li>The maximum allowable credit for current homeowners is $$6,500.</li> </ul> <p><strong>How is a Buyer's Credit Amount Determined?</strong></p> <p>Each home buyer&rsquo;s tax credit is determined by two additional factors:</p> <ul> <li>The price of the home.&nbsp;</li> <li>The buyer's income.&nbsp;</li> </ul> <p><strong>Price</strong><span><strong><br /> </strong><br /> </span>Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $$800,000 or less.</p> <p><strong>Buyer Income</strong></p> <p>Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, &nbsp;single buyers with incomes up to $$125,000 and married couples with incomes up to $$225,000&mdash;may receive the maximum tax credit.</p> <p>These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you purchased a home between January 1, 2009 and November 6, 2009.</p> <p><strong>If the Buyer(s)&rsquo; Income Exceeds These Limits, Can He/She Still Get a Credit?</strong></p> <p>Yes, some buyers may still be eligible for the credit.</p> <p>The credit decreases for buyers who earn between $$125,000 and $$145,000 for single buyers and between $$225,000 and $$245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income&mdash;over $$145,000 for singles and over $$245,000 for couples are not eligible for the credit.</p> <p><strong>Can a Buyer Still Qualify If He/She Closes After April 30, 2010?</strong></p> <p>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.</p> <p><strong>Will the Tax Credit Need to Be Repaid?</strong></p> <p><strong><span style="font-weight: normal;">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.</span></strong></p> <p>Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. <strong>If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040</strong>.</p> <p><em>-Information provided by the National Association of Realtors, www.Realtor.org</em></p> Mon, 23 Nov 2009 08:47:00 -0800 http://www.everstarrealty.com/article.src?ID=95 <p>Should you rent or should you buy your home?&nbsp; It takes more than looking to your mortgage payment to answer this question.&nbsp; Filtering through the fees, taxes and monthly payments can be a daunting task not to mention the emotional aspect.&nbsp; When you buy, you build equity with every payment.&nbsp; But when you rent, you typically pay less each month and don&rsquo;t need to scrape together a down-payment &ndash; which leaves you more money to put into your investment portfolio. &nbsp;</p> <p>There is help!&nbsp; By using a <span>Rent vs. Buy Worksheet</span>, you can compare renting and buying as investment strategies. &nbsp;</p> <p>Check out this link to &ldquo;Smart Money&rdquo; by The Wall Street Journal, to help figure out which option works best for you.&nbsp;</p> <p><span>http://www.smartmoney.com/personal-finance/real-estate/to-rent-or-to-buy-9687/</span></p> Thu, 19 Nov 2009 01:30:00 -0800