Real Estate Information

Q.  Has the Homebuyer Tax Credit been extended again?

A.  Yes, Congress passed an extension of the Homebuyer Tax Credit deadline to Sept. 30, 2010.  It only applies to homebuyers who had a written and binding contract in place as of April 30, 2010, but have not yet closed.

The National Association Of REALTORS (NAR) said that up to 180,000 homebuyers were eligible for the tax credit, but were unable to finalize the contracts by the deadline due to the amount of last-minute deals that overwhelmed the system.  This was particularly critical for short sales, where a lender allows a home to sell for less than the amount owed.

The Internal Revenue Service says more than 2.6 million taxpayers claimed the tax credit through April.

Congress also extended the National Flood Insurance Program until Sept. 30, 2010, allowing property owners seeking flood insurance policies more time to finalize pending paperwork.  The NAR said extending the tax credit closing and flood insurance deadlines will help provide additional stability to real estate markets.

Q.  Have all the provisions of the first-time homebuyer credit expired?

A.  To be eligible for the first-time homeowner tax credit, you had to enter into a contract to buy a principle residence on or before April 30, 2010, and close by June 30, 2010.

There is good news, however, for members of the military and certain other federal employees (Foreign Service and the intelligence community) serving outside the U.S.  They have an extra year to buy a principle residence in the U.S. and qualify for the credit.  They must enter into a contract to buy the residence on or before April 30, 2011, and close by June 30, 2011.

This applies to any individual (and, if married, the spouse) who serves on qualified official extended duty outside the U.S. for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

Also, the requirement that a buyer must repay the credit if they move out of their new home within three years has been waived if the move is due to government-ordered extended duty service.

If you have any questions, or need capable and trustworthy representation, please either call or email us today!  Thanks for the question...

Q.  How can I make my home healthier for my family?

A.  Whether you have an older home or a new one, you can make your home healthier by following these seven basic principles recommended by the U.S. Department of Housing and Urban Development.

1.  Keep your home dry.  Check for external and internal leaks in roofing and plumbing.  Moisture invites mold, which can cause serious problems.

2.  Keep it clean.  Clean surfaces frequently to control allergy-causing dust.

3.  Keep it safe.  Install smoke and carbon monoxide detectors.  Have fire extinguishers available on each floor.

4.  Keep it well-ventilated.  Increase the amount of fresh air, which improves respiratory health.

5.  Keep it pest free.  Seal cracks and openings to keep the critters out and store all food securely.

6.  Keep it contaminant free.  Check for deteriorating lead-based paint in homes built before 1978.  Have your home tested for radon.

7.  Keep it well maintained.  Routinely inspect your home and make repairs.  Better to fix small problems before they become bigger ones.

If you have any questions, or need capable and trustworthy representation, please call us today!!!

Q.  What Are The Remodeling Trends For 2010?

A.  Obviously, your return on investment depends on where you live.  But according to Remodeling Magazine's "2009-2010 Cost vs. Value report," which compiles results from members of the National Association Of REALTORS® in 80 cities, the trend is toward small-scale projects and replacements.

There's no doubt that curb appeal helps sell homes.  You can improve your home's exterior without spending a great deal of money by adding a deck, replacing a lawn or enhancing the entrance-way.

Because of all the government incentives available, it also makes sense to make any improvements that add to your home's energy efficiency.  For example, you can get a federal tax credit for 30% of the cost (up to $1,500) for installing certain products such as energy-efficient windows, insulation, roofing, and heating and cooling equipment.  Go to www.energystar.gov for details.

Prospective home Buyers continue to look for improvements to kitchens and bathrooms.  Instead of a high-end remodel, more people are choosing moderately priced upgrades that will improve their chances of a sale. 

If you have any questions, or need capable and trustworthy representation, please call Joy Setzer at 704-241-8831 or Chelci Setzer at 704-605-9546 today!  Thanks for the question!