This Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.

This month’s issue includes topics such as:

“Plenty of Reasons to Buy a Home Even After the Tax Credit”;
“It’s a Good Time For a Home Inspection”;
“Appealing Your Property Tax Bill”;
“Where is Real Estate Headed?”;
“Is Your Home in Tip-Top Shape for Sale?”;

Plus a roundup of May real estate activity as well as much more advice and information.

I hope you enjoy this monthly newsletter. If you have any comments, please e-mail them to me. Or, if you would like to see a certain topic covered in future months, let me know that too!

Best regards,

Rob Cassam

http://realtytimes.com/133/RobCassam

This Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.

This month’s issue includes topics such as:

“Home Buyer Tax Credit Extended, Expanded”;
“Man’s Best Friend May Be Costly When Selling Your Home”;
“Should I Take My Home Off the Market During the Holidays?”;
“Tips for an Eco-Friendly Holiday”;
“How Mortgage Management Affects Credit Scores”;

Plus a roundup of November real estate activity as well as much more advice and information.

I hope you enjoy this monthly newsletter. If you have any comments, please e-mail them to me. Or, if you would like to see a certain topic covered in future months, let me know that too!

Tax credit

Under current law, the First-Time Homebuyer Tax Credit is a refundable tax credit available to an individual buying a principal residence for the first time. The credit phases out for individuals with income between $75,000 and $95,000, and for joint filers with income between $150,000 and $170,000. For purchases made on or after Jan. 1, 2009 and before Dec. 1, 2009, the tax credit is equal to the lesser of $8,000 or 10 percent of the purchase price of the residence. Individuals must repay the credit only if the principal residence is disposed of within 36 months of purchase. For purchases made on or after April 9, 2008 and before Jan. 1, 2009, the tax credit is equal to the lesser of $7,500 or 10 percent of the purchase price of the residence. Individuals who purchased homes in 2008 are also required to repay the credit over 15 years. This proposal would extend the availability of a homebuyer credit to homes under a binding contract before April 30, 2010, allowing 60 days to close. The key modifications are as follows: 1) The credit is phased out for individuals with income above $125,000 and for joint filers with income above $225,000. 2) An $8,000 credit is available to all first-time homebuyers. The tax credit will be extended upon enactment until April 30, 2010. 3) A $6,500 credit is available to homebuyers who have been in their current residences for the last five years or more. This will go into effect on the legislation enactment date.  4) The credit is available only for the purchases of principal residences with purchase prices of $800,000 or less. 5) The legislation incorporates a proposal in the Service Members Home Ownership Tax Act of 2009. This proposal eliminates the recapture requirement for military personnel, including members of the Foreign Service and intelligence community, who were forced to sell as a result of an official extended duty of service. It allows military personnel serving outside the U.S. for at least 90 days in 2009 or 2010 one additional year to qualify for the credit. 6) The proposal includes anti-fraud language. 7) The proposal also includes math-error authority for the Internal Revenue Service (IRS).

Conforming Loan Limits

The extension of the current Federal Housing Administration (FHA) and conforming loan limits (125 percent of median home price up to $729,750) through Dec. 31, 2010 has been added to the legislation; the president should sign this into law over the weekend. This will have an enormous impact on the availability of loans in higher-priced areas.

Click here to see the NAR’s summary chart to further explain how this works.