Sunday, November 29, 2009

Mint Hill NC and Charlotte NC Real Estate Update

Courtesy Of:
Rich Ferretti
November 2009
Helping clients for over 20 years!
Copyright 2009 Realty TimesAll Rights Reserved.

Rates Remain Low In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage averaged 5.03 percent for the week ending October 29, 2009 - up from the previous week when it averaged 5.00 percent. Last year at this time, the 30-year fixed-rate mortgage averaged 6.46 percent. "Interest rates for 30-year fixed mortgages have averaged just below 5 percent this year, which is the

Realty Times
U.S. averages as of October 29, 2009:
30 yr. fixed: 5.03%15 yr. fixed: 4.46%1 yr. adj: 4.57%
lowest 10-month average since the survey began in 1971," said Frank Nothaft, Freddie Mac vice president and chief economist.

Homebuyer's Tax Credit Extension The Senate now appears likely to pass a bipartisan compromise extending and expanding a tax credit for homebuyers. The deal would extend the $8,000 credit for first-time homebuyers for sales contracts entered into by April 30, 2010, and closed within 60 days. It would also add a $6,500 credit for some owners of existing homes as long as they have been in their homes for five consecutive years in the past eight. The income cap would be raised to $125,000 for individuals and $225,000 for married couples, up from $75,000 and $150,000, respectively. Check with your REALTOR® as more details about this credit extension become available.

Value of Remodeling Projects Up The value of remodeling projects nationwide increased 20 percent in the second quarter compared to the same quarters of both 2007 and 2008, according to a Remodel or Move survey of remodeling permits. Remodel or Move said the increase followed an earlier report that identified 5 percent of homeowners who said they planned to remodel in the time period. Most of the remodeling activity was in the Northeast and the Southwest. The rest of the country hasn't seen much recovery, the survey found, Authors of the report speculate that more people are spending money on remodeling projects because of declining costs and government stimulus payments.

Taking Advantage of Tax Incentives If you're considering a major purchase like an energy-efficient home improvement or a new car, there are tax incentives available that can help you offset your costs by reducing your federal income tax liability. Home Improvements: Tax credits of up to $1,500 are available to taxpayers who make certain energy-efficient home improvements that are placed in service by December 31, 2010. The improvements must be made to the taxpayer's principal residence, with tax credits available at 30 percent of the cost - up to a maximum total of $1,500 - for the following products: windows, doors, insulation, roofs, HVAC, water heaters, and biomass stoves. New Car Tax Deduction: Taxpayers who purchase a new car, light truck, motor home or motorcycle after February 16, 2009 and before January 1, 2010 can deduct the state and local sales and excise taxes paid on their purchase from their 2009 federal income tax. The deduction is limited to taxes paid on vehicles with a purchase price up to $49,500; if you buy a more expensive vehicle, you can deduct only the taxes paid on the first $49,500 of the purchase. Unlike a tax "credit", the new car tax deduction reduces your taxable income - rather than your income tax due. Remember to consult with a tax advisor regarding your eligibility.

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Rich Ferretti, Broker/Realtor 704-564-0807rich@richferretti.com">704-564-0807rich@richferretti.com

Jamison Realty704-564-0807500 W. John StreetMatthews, NC 28105

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