Real Estate Information

     There is alot of information out there on the new tax credit advantages that a home buyer can take advantage of, but in my travels out and about it is definitely certain that not many really understand what it would mean to them individually and personally if they were to participate in a real estate transaction over the next 4 months (remainder of the tax credit).  Everyone seems to know there is a tax credit available out there, but the general details of what the two credits are is another story.  The National Association of Realtors is trying its best to get the word out, but it is really up the individual agents to get the point across to the folks they know and do business with or hope to do business with at some point.  So here goes, and I will keep it simple as one only needs to get into the finite details when in the midst of a real estate transaction and taking advantage of the tax credit.

     There are 2 tax credits available:

1. The first time home buyers tax credit (which most do know about).  This is an $8,000 credit for a first time home buyer, the government definition of a first time home buyer is anyone who has not been an owner occupant for the last 3 years minimum.  So it pertains to anyone who was a previous homeowner who sold their home a minimum of 3 years ago and have rented for the past 3 or more years, and of course someone who has never purchased a home before.

2.  The repeat buyers tax credit of $6,500, this is the one that very few know about and certainly should as it pertains to 70% of American homeowners according to the National Govt.  This tax credit is made eligible to anyone who has been a homeowner for at least 5 out of the previous 8 years and decides to sell and move their primary residence.  It doesn't matter if you were to upgrade, downsize or move across the country, if you qualify you get the credit.

These 2 tax credits are very good and many are starting to realize them and take advantage of them, but there is a time limit attached.  For eligibility of either tax credit, one must be under binder/contract of the home they are purchasing by April 30th, 2010 and have closed on the property (or take possession of) by June 30th, 2010.

This is the primary info that you need to know about the government tax credits, please call or email with any further questions or if you are not sure you qualify for one of the programs.

I regularly get emails from the "This Old House" website. Their topics this week are very fitting, so much I thought that I would have to post some of them to help with the entertaining portion of the Holidays for everyone hosting the Holiday parties this year.

The Holiday Ready house:

"The fire's blazing, the hors d'oeuvres tasty, the tree a-twinkle...but if your guests slip on a wet floor or shiver through dinner, no one will remember those lovely details. Use our cheat sheet to help make your home comfortable for everybody, from your baby niece to Great Uncle Harry."  See The Holiday Ready house.

Since there is so much confusion of the new tax credits issued by the U.S. Gov't.  I wanted to post this short videoby Ryan Raveis, the company's Vice President of the mortgage business explaining the new tax credits issued by the United States Government.  In the video he explains the tax credits in a simple yet concrete matter.  Give me a call/email if any other questions arise.

10 Reasons that cannot be overlooked:

Below is a 5 minute video by our CEO Bill Raveis on how to analyze data for buying and selling a home.  The most important part of the video is the last 1 minute which summarizes how to analyze the data.

Very important and powerful information when deciding to buy or sell real estate.

For all local calls dial 10 digits (area code+ 7-digit number) effective November 8.

Due to the demand for more phone numbers, two area codes will be added in Connecticut in November:

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  • the area code 475 will be added in the southwestern CT region (currently all 203)
  • the area code 959 will be added in the rest of Connecticut (currently all 860)

Phone numbers for these two new area codes will be interspersed with numbers in the existing area code in each region. Therefore, the same 7-digit phone number could exist locally in both the 203 and 475 area codes (i.e., your number might be 203-327-6666 and your next door neighbor could be 475-327-6666). As a result, everyone will need to change the way all local Connecticut calls are dialed.

Example of Dialing Local Calls in CT
Formerly: 846-7000
Now: 203-846-7000 (you do NOT need to dial a lead 1 for local calls)

AT&T is providing a transition period between now and November 8 during which a local call can be dialed using either 7-digits or 10-digits so that everyone can adjust to the new dialing procedures.

Remember to update any speed dials that you have on your phone devices (including cellular & faxes).

Bushes and shrubs can be your partner in preventing crime around your home.  It only takes a few simple alterations to the existing shrubbery of a home to discourage criminals from making it their next target.

Don't let your shrubs and trees aid and embed thieves.  Trees should be trimmed so that their lower branches are a minimum of six feet off the ground.  This allows doors and windows to be visible to your neighbors and from the street.

If you have flower beds or shrubs near your windows, consider filling the beds with gravel.  Not only can this add a decorative touch to your garden but the noise made by stepping on the gravel is a good deterrent for intruders.  Burglars will target homes that can provide visual as well as auditory cover.  If trying to get in a window means stepping on noisy gravel, the burglar won't bother.

Plant thorny shrubs under windows.  The sharp thorns will keep intruders at bay, their mind set will be "why bother" and they will move on.

Be creative.  Protecting your home can be quite attractive.

Short and sweet!

pending sales of previously owned U.S. homes raced to a two-year high in July, a real estate trade group said Tuesday, providing more evidence the housing market was on a steady recovery path.

The National Association of Realtors said its Pending home sales Index, based on contracts signed in July, rose 3.2 percent to 97.6, the highest level since June 2007, from 94.6 in June.

Pending home sales contracts have risen for a record six straight months.

Copyright 2009 Reuters

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