Title

Home Buyer Tax Credit Expanded & Extended

Great Information for Your Homebuyers!

The $8,000 first-time homebuyer tax credit, will be extended for contracts signed before May 1, 2010 and that close before July 1, 2010. First-time buyers, who are in the process of closing now, no longer have to worry about qualifying for the $8,000 tax credit if they do end up closing after the Nov. 30 deadline. The new legislation also increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the current level.

Buyers who already own a home are also now eligible for a tax credit and the purchase of a home. The $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation does set forth several provisions including, limiting eligibility for existing homeowners to homes worth $800,000 or less, as well as making both credits available only for primary residences, not second homes or investment properties. ( Information obtained from Keller Williams website )

Here is a chart that may help with the information:

	Current	New
Effective Date	·        January 1, 2009	·        November 7, 2009
Deadline	·        Close on or before  November 30, 2009	·       Contract signed before May 1, 2010, must close before July 1, 2010·       Members of the uniformed services, foreign services, and intelligence employees who served an extended service of 90 days will have until April 30, 2011 and June 30, 2011.
Amount	·        First-Timers: maximum of $8,000  or 10% of sales price ·        Prior Owners: $0	·        First-Timers: Unchanged·        Prior Owners: $6,500 if lived in prior home for at least 5 consecutive years of past 8 years.
Income Limit	·        Individual: $75,000·        Couple: $150,000	·        Individual: $125,000 ·        Couple: $225,000
Other   Restrictions	·       Home must be primary residence for at least 3 years. If home is sold or buyer moves before 3 years, must re-pay full amount of credit.	·       Buyer must be at least 18 years old and not classified as a dependent for tax purposes·        Home must cost less than $800,000·       New Home must be primary residence for at least 3 years following purchase. If home is sold or buyer moves, before 3 years, must re-pay full amount of credit. Exception for military, foreign services, or intelligence with extended 90 days service overseas.
How to claim	·       If purchased in 2009, by amending 2009 tax return or claiming on 2010 tax return	·       If purchased in 2010, by amending 2010 tax return or claiming on 2011 tax return

Using Social Networks in Real Estate

Its All About Your Connections

 

 If you have kids at home, I am sure that at times you begin to wonder – what are they doing online all the time?  Their answer many times is Read the rest of this entry »

Why Use Google Alerts?

Now that we have learned a bit about how Google works and maybe you have even checked out the results for your name, it is time to turn an eye toward your market and see your real estate market like Google does.

 

 In a Google search you can get results in two ways.  First, you can pay for results – you will notice this when you see sponsored results or the right hand side bar of any google search.  Second, you can earn “organic” results which come from the information and backlinks you have on your website.

What search terms do you think are important in your real estate market?  Let’s start with big area searches like Aventura Real Estate, Miami Beach Real Estate, Sunny Isles Beach Real Estate, etc.  Maybe your focus is a little more narrow -  think of subdivisions and condo buildings like Acqualina, Aventura Lakes or The Beach Club in Hallandale Beach.  Whatever your terms are – you need to set up a Google Alert to keep an eye out on the competition.  Here’s how: (the end of the video gets a little more advanced, but you will get the idea)

1. Your Market area and real estate.
2. Your name – hint:  if you have a common name  make sure you put it in quotes and maybe use one other word ( like the city where you live or work).   This way you willonly get Alerts for yourself not someone else with your same name.
3. Just your market area – keep up on all the news
4. set up a link: yourwebsite alert for your website and maybe one for a competitors website so you can “spy” on what they are doing
5. Anything else of interest to you !

Negotiating a Win-Win

Negotiating with different people is not always the easiest thing to do. There are a lot of factors to consider; like what it is that both parties are trying to attain, and the temperament of each party involved. In Ki Gray’s article, “Avoiding Sour Negotiations”, he breaks it down step by step. Read the rest of this entry »