$ 8,000 Tax Credit Is Still Going Strong!

Well kids, you still have time to get one of the greatest gift from Uncle Sam! A new Senate proposal will offer a first time home buyer an $8,000.00 tax credit. This program has been widely popular, and this is probably the final extension. You can take advantage of this up to April, as long as you are under contract by April 30, 2010. The former deadline was November 30, 2009 – but the program has proven so popular that the government has kept things around for a few more months…. Single taxpayers with incomes of up to $125,000 and married couples with incomes up to $225,000 are eligible to receive the full tax credit.

Current Charlotte Homeowners looking for a replacement primary residence can also qualify for a $6,500 (up to $3,250 for a married individual filing separately) under the new “long-time resident” provision. They must have lived in the same principal residence for a five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased. (Shew!) This new provision also only applies to homes purchased after Nov. 6th 2009.

The IRS has stepped up compliance checks involving the home buyer credit for those with past homes and they must provide a mortgage Interest Statement, Property tax records or Homeowner’s insurance records, to prove compliance with past residency criteria.

To get into the fine print – if you plan on claiming the new home buyer credi… For qualifying purchases, taxpayers have the option of claiming the credit on either their 2009 or 2010 return. A new version of Form 5405, First-Time Home buyer Credit, is now available on the IRS website. Taxpayers claiming the credit on their 2009 returns, will not be able to file electronically because of the added documentation requirements, but instead will need to file a paper return by using the new version of Form 5405. A taxpayer who purchased a home on or before Nov. 6 and chooses to claim the credit on an original or amended 2008 return may continue to use the current version of Form 5405.

Want more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out www.minthillrealty.com

Don’t (Necessarily) Say No To A Foreclosed Home - and other reasons to BUY NOW!

Sometimes during our search for real estate in the Charlotte area, we might overlook foreclosed homes--since there are so many great properties available. The forclosure seizure often leaves a stigma on these properties, but one that is fairly misunderstood. Foreclosed homes are often in just as good of condition as any other home on the market. But the benefits of buying a foreclosure home have never been better, thanks to two major factors. Home prices are at record lows and rare government incentives are available for a limited time…But neither factors will last forever!

Record levels of foreclosures hitting the market at the same time in Charlotte is keeping their prices low, and dropping. While their isn’t much wiggle room or bargaining with these properties, they are always deeply discounted… Many at a rock bottom price, and they probably won’t last, so consider buying now. The economy is already beginning to rebound, and the foreclosed homes will not stay on the market for long.

Now to the tax credit…The foreclosure tax credit gives buyers of foreclosed properties a $7,000 tax credit. This credit is to be divided equally between the two years following the home’s purchase. (For married couples filing separately, the credit will be divided into $3,500 per person.) One catch is that the credit is only available for real estate bought as your principle residence – not as investment property. You’d have to use the home as your home for the 24 months following the purchase date in order to receive the full $7,000 credit.

Would you like more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out http://www.minthillrealty.com/

Get off the Fence!

Are you sitting on the fence? Have you thought about buying that first home and you are just waiting for the right time? IT IS THE RIGHT TIME!

The first-time $8,000 home buyer tax credit has helped many people to get “off the fence” and it has now been extended through April! It is a buyer's market and there has never been better opportunities to get a great deal on a great home AND get money back. Now is the time to start looking for that new home!

Currently there is a decent inventory in the Mint Hill and Matthews areas of Charlotte that are perfect for couples and families seeking to take advantage of these great deals. Please check out my real estate website for featured listings.

I understand that the decision to buy a first home is a big one for my clients and I am dedicated to making sure that I give each and every one of my clients all of the information and the resources they need to make an informed decision. I spend as much time as possible BEFORE we ever look at homes to find out what you are looking for, what your lifestyle is, how your family will live in the new home and how your circumstances may change, (planning to add to yor family soon? Sending any off to college?). We look at your budget, your needs, your wants. When we finally get in the car and look at homes, I am very in-tune with what you want to see, and you have been educated on what you need to do to find the perfect fit for you. Rarely do I spend days looking at house after house after house with my clients, because I try to make sure we only look at the homes in the neighborhoods, at the price range, in the floorplan with the features you want!

Please consider working with me if you are seeking a new home in Charlotte or the Charlotte area. When you are ready, call Rich Ferretti! 704-564-0807


If you would like more information about the Mint Hill, Matthews and Charlotte area real estate market? Check out www.minthillrealty.com

$8,000 Tax Credit!

Tick-tock-tick-tock-tick-tock…Do you hear that sound? Tick-tock-tick-tock…It’s the sound of time running out! On November 30th, the incredible home buyer’s tax credit of $8,000 will END! If you can take advantage of this opportunity, and haven’t – you absolutely need too! With property values at the most affordable in several decades, and plenty of fantastic property to choose from – you should seriously consider moving into action before the offer expires.

First, let’s explain this credit a bit….

Who is eligible for the tax credit?
-->First-time home-buyers (or buyers who haven’t owned a home in the last 3 years would also qualify as “first-time” buyers)…
-->Buyers who make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers could receive a partial credit.)

The Catch?
-->The buyers must live in the house for 3 years or more, or they will have to pay back the tax refund.
-->The refund amount is $8000 or 10% of the home’s value – whichever one is less.

Extra important – this is not a tax-deduction! It is a tax credit!
Since it is a tax credit, it will show up a tax refund for most people. For example, if you paid $5000 in taxes this year and after doing your taxes found out that the IRS owed you a $500 refund, you would now get $8500 back.

Most importantly - Yes! You have to close by November 30th as the program ends on Dec 1, 2009. They may extend this program but it has not been approved yet by congress to extend it. You can’t trust the boys in Washington to keep this stimulus plan going, so you need to jump onboard with a solid Realtor and move quickly.

While the time-frame sounds really small, a qualified Realtor with a great mortgage team will be able to make this happen to you. Commit the necessary time from your schedule to look at the right properties, and you can find your dream home and take advantage of this amazing financial opportunity.

Want more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out http://www.minthillrealty.com/

The Economy….It’s getting better!

Consumer confidence is back to its highest level since January 2008, according to a recent University of Michigan survey. The stock market has been up more then down, and our friends at the Federal Reserve have declared that “economic activity has picked up following a severe downturn”

While many of our countrymen are still out of work and suffering from the past years’ terrible economic setbacks, a growing number of businesses and banks are finding that the darkness is almost over and we are getting closer to the dawn.

As consumer confidence grows, and people are spending more money – we will see manufacturing bounce back. With manufacturing jobs, one of the big issues is that inventories are low and must be brought up to higher levels – meaning some industries will see a desperate need for more manpower and employees. Exports are up which is also indicative that our pals in Europe are doing better too.

Along with the fantastic rebate for first-time home-buyers, other government stimulus plans have been helpful as well. The ‘cash for clunkers’ program certainly worked well for portions of the auto industry. All in all, people are starting to make money, spend money, and invest money again.

Consider this the prefect time to make a move- whether it is your first property, a new home, or some investment real estate. There is plenty of great opportunities out there for a savvy buyer, and we can help you find them.

--RICH

Want more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out www.minthillrealty.com