Posts Tagged ‘ buyer tax credit ’

Top Tips for Realtors in 2010

I’ve seen many business plans in my day. Although I’m a great advocate for planning and setting goals, I believe there is something even more important. In fact, I believe that without this critical ingredient, no great game plan or strategic goals will get you where you want to go.

It’s adaptability.

This past year is a great case in point. Our team duly met prior to the year’s beginning to lay down the tracks new-year-2010-tipsfor the coming year’s business. Since we’ve historically focused on home listings, listings were at the heart of our discussions. We fine tuned our listing presentations and geared up to handle all the details that would come from an increase in listings.

Who knew that normal listings would go into the toilet because home sellers were afraid to compete with REOs and Short Sales?

Had we stuck with our game plan, we would have ignored the long queue of home buyers lining up at our door to cash in on record low prices, rock bottom interest rates and the first-time buyer tax credit. Our business would have slammed to a halt.

Bottom line: We quickly switched our focus and game plan. By reacting to the market and adapting, we ended up doing 2 ½ times the total business we’ve ever done in any previous year.

A great example is a football running back. The play is called in the huddle, the ball is snapped and the running back swings into motion. What if the planned hole in the line doesn’t materialize? Continue reading this post

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Posted by: Carl Medford on January 3rd, 2010 under Motivation

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Home Buyer Tax Credit Extended and Expanded

Last Friday (November 6), President Obama signed legislation into law that both extended the existing $8,000 first time home buyer tax credit and added a new tax credit for some existing home buyers.

extension-ladder-home-tax-creditHere is a summary of the extended and expanded tax credits:

First time buyer tax credit:

This was extended to May 1, 2010:  A tax credit of 10% of the purchase price of a home, up to $8,000, may be claimed by first-time buyers for the purchase of a primary residence. As long as you are under a binding purchase contract by April 30, 2010 – and close on the transaction before July 1, you can probably claim the credit.

A first-time buyer is defined as someone who has not owned a home in the past three years.

Income limits were increased to $125,000 for singles, $225,000 for married couples filing jointly.

The purchase price of the home can not exceed $800,000.

Existing home owner credit:

If you have lived in your home for five consecutive years out of the last eight years and are buying another primary residence, you may qualify for a tax credit of 10% of the purchase price, up to a maximum of $6,500.

The May 1 / July first time limits apply to the existing buyer credit as well.

The $125,000 / $225,000 income limits and $800,000 max purchase price limits also apply.

The existing home owner credit became effective “on the date of enactment” – November 6.

Of Note: Continue reading this post

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Posted by: Jay Thompson on November 10th, 2009 under Buying or Selling a Home, Financing, Mortgage and Home Loans

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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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