Posts Tagged ‘ $8000 tax credit ’

Congress Extends & Expands the Home Buyer Tax Credit

After seeing a Senate vote of 98-0, the House approved the extension & expansion of the home buyer tax credit by a vote of 403 to 12.  The overwhelming bipartisan support was applauded by the NAHB and the National money-pocket-home-buyer-tax-creditAssociation of Realtors® (NAR).

The new bill extends the expiration of the current $8000 tax credit to first time home buyers purchasing a principle residence.  The bill further expands the credit to include existing purchasers who have owned and occupied a primary residence for the past five of eight years.  Existing purchasers will receive a credit of $6500.

The income restrictions on qualifying buyers have also been increased.  Single filers earning up to $125k/year are eligible for the full credit, and those earning up to $145k/year are eligible for a partial credit.  Joint filers are eligible for the full amount with a combined income of up to $225k, and eligible for a partial if earning up to $245k.

The new law has seen wide support, especially from the real estate blogging community. Continue reading this post

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Posted by: Eric Bramlett on November 9th, 2009 under Buying or Selling a Home, Financing, Mortgage and Home Loans

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HomeGain Agent Advisors Give Sign of Improving Market

The HomeGain Advisors met for their quarterly meeting on Thursday, July 23. The Advisors represent real estate agents across the country and provide insight into HomeGain products and services, market trendshomegain-advisors-09 and Realtor behavior.

In line with a recent HomeGain poll in which 75 percent of respondents said their markets were speeding up, the majority of the Agent Advisors said that business has increased in the recent months.

The majority of Advisors reported that a good deal of their business can be attributed to the $8000 tax incentive offered by the federal government to first time home buyers.

One Advisor in Florida stated that 60 percent his real estate business was first time home buyers. He indicated that he believed the tax incentive had motivated them to purchase a home. Advisors in Chicago and Maryland echoed this statement, while an Advisor in the Scottsdale and Phoenix areas of Arizona estimated a larger amount at 75 percent and an Advisor in Texas reported about 50 percent. Continue reading this post

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Posted by: Peter McCullough on August 10th, 2009 under HomeGain

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Why Real Estate Agents Are Worth Their Weight in Gold

The Brooklyn New York real estate market has been really picking up over the past two months.

realtor-value-worth-pot-of-goldAs an example, I want to tell you about a listing appointment I went on several weeks ago. The owner of the house passed away and left the home to her son who lives in Texas. The son called me and invited me over to give them an estimate as to how much the home is worth and to consider hiring me to represent him with the sale of the same.

Upon viewing the house I expressed to them that in my opinion the home was worth between $500,000 to $525,000. When I told him this his jaw dropped and I asked them “why do you have that look on your face?” To which he explained to me the following…

“I had a neighbor approach me as I was cleaning out the house inquiring if I was going to be selling it. I told him I was to which he responded that he would like to buy it. I asked him how much he would pay me and he states $350,000. I thought that was a great offer because in San Antonio Texas those kind of numbers buy you a mansion and my Mom’s house as you can see is small, fully attached and in dire need of major repair work. So I accepted the offer and my lawyer sent contracts to that buyer. Instead of signing the contracts, the buyer started to play games and wanted changes to the contract that my lawyer would not accept. Continue reading this post

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Posted by: Mitchell Feldman on July 16th, 2009 under Regional

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