Posts Tagged Tax Credit
New Home Sales Drop
Posted by Kathy Landstra in Real Estate Data on June 24, 2010
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Good Morning America offers a “What You Should Know” primer. New home sales dropped almost 33 percent in May, according to a report from the Commerce Department. Mellody Hobson, “Good Morning America’s” personal finance contributor and president of Ariel Investments, appeared on the show this morning to talk about what the dive in home sales means for buyers and sellers. For a look at the Question & Answer with Mellody, link directly to the story by following this link to the Good Morning America website. |
Housing market diagnosis: Bipolar
Posted by Kathy Landstra in Home Buyers, Home Sellers, Real Estate on May 17, 2010
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At least, that’s what CNNMoney.com has to say in their recently published article. With the Federal Tax Credit for home buyers behind us the big question is: What happens to homes sales in the coming months. According to the article “Bipolar” is an apt desciption for the most recent predictions. “On one hand, sales and prices are rising, indicating recovery. On the other hand, so are interest rates and repossessions, which most certainly do not.” The good news is that while we do see some of the foreclosures/repossessions here in northeast Cincinnati, our marketplace is not overcrowded by the national trends in these areas (i.e., repo’s). The numbers show that our local area has been somewhat insulated from the national scene, but we have not been wholly immune. In other words, do we face challenges? Yes. Are there still great opportunities for home buyers and home sellers here in our metorpolitan area? Yes. |
Tax Credit Television
Posted by Kathy Landstra in Home Buyers, Real Estate on March 28, 2010
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The time is running short for buyers to leverage the extended Federal Tax Credit available to many home buyers through the end of April 2010. The National Association of REALTORS® has produced this video to help re-enforce the opportunity. If you would like more information about the tax credit, click here. Or, contact me, if I can help explain the Tax Credit, help you find a home, or help you sell a home. |
6 housing trends in a still-shaky market
Posted by Kathy Landstra in Real Estate on March 24, 2010
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It seems that the trend down for home values is coming to an end. After a bumpy ride down, which began nationally in 2006, the residential real estate market is showing increasing signs of stabilizing. According to Fiserv and Moody’s Economy.com, some parts of the country will even see prices increasing slightly in the next twelve months. As we head into this calmer market, CNNMoney.com is offering a deeper look in to what will shape the housing market in the coming months. An interesting and detailed review, this article provides worthwhile info for home owners, buyers and sellers. |
Six Housing Trends
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Housing Market Facts
Posted by Kathy Landstra in Real Estate on March 15, 2010
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The National Association of REALTORS® (“NAR”) has created a website to help first time and repeat home buyers research the many benefits of home ownership. With a well-designed website, NAR presents various levels of information including, Tax Credit Info, Market Research Data, and the Financial Benefits of Home Ownership. Under the category, “Housing Market Facts” the website presents four market statistics that provide interesting data. The first two facts presented are:
If you would like to see the other two facts, or look through the other information on the NAR site, please follow this link |
Act now or risk losing home tax credit
Posted by Kathy Landstra in Cincinnati Real Estate, Home Buyers on March 8, 2010
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Contract must be signedby April 30 A really good article appeared in the Cincinnati Enquirer today by Enquirer reporter Ms. Lisa Bernard-Kuhn. In the article, which is much more than a brief summary, Ms. Bernard-Kuhn outlines the timing issues (April 30th and July 1st), the two types for credits for first-time and “move-up” buyers, and the potential effects or issues that short sales could have. This time around is pretty important, because many real estate watchers are predicting that these tax credits will not be renewed when they expire this spring. If you’re in the market or considering making a real estate move this year, it’s not too late to make a plan and take advantage of the tax credits. Why wait? It’s like free money. You can access the complete Cinicinnat Enquirer article by following this link. |
Home Prices now at August 2003 Levels
Posted by Kathy Landstra in Real Estate Data on December 29, 2009
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Standard & Poor’s Case-Shiller Home Price Report was released this morning. According to their research home prices have now reached the comparable level with August 2003. This means that after a large pricing drop that saw home prices retract to a 2001 or 2002 level, residential real estate pricing has been improving of late. In fact, October was the 5th straight month that the Case-Shiller report showed a pricing increase for their twenty city composite index. Comparative increases each month have been slowing, but we are now heading to toward a cyclical up-tick for housing activity as we turn the calendar to a new year, and the housing tax-credit is certain to motivate buyers during the first quarter. More coverage of the Standard&Poor’s Case-Shiller report check these links: |
Four good reasons to buy now
Posted by Kathy Landstra in Cincinnati Real Estate, Home Buyers on December 23, 2009
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The Cincinnati Area Board of Realtors (“CABR”) released a well-researched document yesterday that summarizes some key reasons to buy residential real estate today. Their four reasons include:
Home buying has been on the climb recently. Look at the graph on the left, which compares the number of homes sold in southwest Ohio in 2009 v. 2008, and you will see what has been happening in the last 6 months of this year. Take a look at CABR’s complete document and consider making that new purchase soon! |
Home Listings Drop Dramatically
Posted by Kathy Landstra in Real Estate Data on December 9, 2009
Another sign that our real estate market is continuing to improve was signaled by a report on today’s Good Morning America program. This morning, Melody Hobson reported that national home listings dropped by 28% compared to the same time last year. This shows that people are again buying homes and that the inventory of available homes is being turned over at a more normal rate.
You can see the complete article and view Melody’s video from the show this morning by visiting the Good Morning America website.
Additional information about the study can be found on the Zip Realty website.
Home Buyer Tax Credits
Posted by Kathy Landstra in Home Buyers on November 23, 2009
The National Association of Home Builders has created an extremely informative and helpful site that focuses entirely on the available tax credits for home buyers. If you’re looking for a site with straightforward and detailed information about the home buyer tax credit, this is a great resource. With a format that addresses Frequently Asked Questions about all manner of home buyer tax credit issues, you will find sections that are dedicated to:
- Frequently asked questions about the $8,000 first-time home buyer tax credit.
- Frequently asked questions about the $6,500 tax credit for repeat home buyers.
- Some key points for prospective home buyers.
- Special rules that apply to members of the military, the foreign service and the intelligence community.
You can access the NAHB site by clicking here.
Tax Credit Summary from NAR
Posted by Kathy Landstra in Home Buyers, Real Estate Data on November 8, 2009
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The National Association of REALTORS® (NAR) has published an entire series of information about the Home Buyers Tax Credit and the recent extension. The comparison table shown in the mini-graphic at the left can be accessed by clicking this link (PDF Reader required). For additional information from NAR, please visit their website by following this link to the NAR Tax Credit Info. |
Home Buyers Tax Credit Extended and Expanded
Posted by Kathy Landstra in Home Buyers, Real Estate Data on November 6, 2009
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From today’s National Association of REALTORS® news reports: “Expected to contribute approximately $22 billion to the economy, Congress overwhelmingly passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010. The legislation, which is part of a larger bill that also extends unemployment benefits, was signed into law by President Obama today. More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years. Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000.” You can find more information at one of these links: |
1st Time Buyer Deadline Near
Posted by Kathy Landstra in Cincinnati Real Estate, Home Buyers on September 6, 2009
If you’re a first time buyer (you have not owned a house in the last three years) you probably already know. The deadline for closing on your home purchase is November 30, 2009. For a variety of valid real estate reasons, there is not much time left.
Finding a home, getting financing approved, inspections, and the scheduled closing will all eat more days than we like. Therefore, we should work now to get that first house identifed and moving toward a pre-November 30 close.
The Cincinnati Enquirer has a couple recent articles:
What is a Home Warranty?
A home warranty is a service contract, normally for one year, which helps protect home owners against the cost of unexpected covered repairs or replacement on their major systems and appliances that break down due to normal wear and tear. Coverage is for systems and appliances in good working order at the start of the contract.
What is a Short Sale?
If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. A short sale is different from a foreclosure, which is when the seller's lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure.
