There is still time to take advantage of the Homebuyer Credit. Deadline is fast approaching however, which means you need to be calling your personal Realtors, Ted and Sandy to see what properties you can preview and consider purchasing. Prices have never been so low, and the interest rates too! What are you waiting for? Great opportunities are there for the savvy buyer and seller, Call us today to discuss your needs! 440-899-5460.
Legislative changes in November 2009 expanded and extended the credit and also added documentation requirements for claiming the credit. Due to increased compliance checks by the IRS, failure to submit documentation will slow down the issuance of any applicable refund.
Because of the documentation requirements for claiming the credit, taxpayers who claim the credit on their 2009 tax return must file a paper — not electronic — return and attach Form 5405, First-Time Homebuyer Credit and Repayment of the Credit (see the instructions for help with the form), and a properly executed copy of a settlement statement used to complete the purchase.
Note Regarding Signatures: While the Form 5405 instructions indicate that a properly executed settlement statement should show the signatures of all parties, the IRS recognizes that the elements of the settlement document, often a Form HUD-1, may vary from jurisdiction to jurisdiction and may not reflect the signatures of the buyer and seller. The settlement statement that must be attached to the return is considered to be properly executed if it is complete and valid according to local law. In locations where signatures are not required the IRS encourages the buyer to sign the settlement statement prior to attaching it to the tax return even in cases where the settlement form does not include a signature line.
Long-Time Residents: The November 2009 legislation extends the credit to long-time residents of the same main home if they purchase a new main home. To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home. For long-time residents claiming the credit, the IRS recommends attaching, in addition to the documents described above, any of the following documentation of the five-consecutive-year period:
Homebuyers who purchased a home in 2008, 2009 or 2010 may be able to take advantage of the first-time homebuyer credit. The credit:
More information is available in the question and answer section.
What are the tax rules regarding this credit? I have pasted here some of the IRS requirements, for more interesting reading, go to http://www.irs.gov/newsroom/article/0,,id=204671,00.html
There are lots more details about the credit, just visit the site noted above.
Happy House Hunting Season is upon us!
It is out there, just look at recent stats that show new home starts, and housing transactions. Stuff is selling, and good deals are still out there. What are you waiting for? If you need to make a move this year, do it before the snow flies and before the first time home buyer incentives are all gone. Give us a call, we will help you get the info you need to make the right decision for you. Ted or Sandy, standing by, 440-552-8890.
More later...:)
A Mini Country Estate
all your own!
Pending Home Sales Increase Nearly 7 Percent - taken from our industry's publication, National Association of Realtors
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.Lawrence Yun, NAR chief economist, says buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he says. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”
For the Northeast: The Pending Home Sales Index shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago.
What does this mean to you, fellow Clevelander? That putting off your home buying and selling doesn't make sense in this economy. There are buyers out there, with a pent up demand for affordable housing. Sellers just have to realize that while the selling prices are depressed, activity is up and a well-kept home priced right will be sold promptly.
Don't let the media scare you off from making important housing decisions. Let us show you the way with our almost 60 years combined experience in our local real estate market. Call today!
Hope you and yours are enjoying a new year filled with promise and excitement. Of course, making a move, upsizing or downsizing brings with it so many challenges and opportunities. We have record low interest rates, with a record inventory, if you are buying, you are at a great time in history to make a move! If you are selling, you might find yourself having to make the extra improvements you have put off, as you are faced with alot of competition for these buyers. Staging is a real buzzword, and if you have watched any HGTV lately, you are well aware how important it is for your home to really sparkle to attract the attention it deserves. We can help you with some of these choices, we are familiar with what buyers are looking for, and can help you to maximize your dollars to get the offer. Give us a call to talk about staging and other services you won't find at the big box realtors. We want to be your Personal Realtors, and we take this seriously, at every point of the transaction. Are you ready to make 2009 the best year yet? Give us a call, 440-899-5460, we are ready for you!
Ted and Sandy McManamon
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