January 13, 2010 at 08:57 AM · Posted under Karen Trepton
It’s Jan 13th and there’s 108 shopping days left! Left for what, you may ask? If you have been reading this blog, you should be aware that there is a deadline for the home buying tax credits. To receive further information on this, and our Seller Forum that will take place on January 20th, please contact me.
Below is a video featuring Becky Brand with Shorewest Realtors, inviting you to a free, no obligation seminar for anyone thinking about selling a home this year. Becky reveals what information will be covered in the Free Seller’s Seminar on January 20th, 2010 at the Country Springs Hotel in Waukesha, including some statistics and expert information.
To RSVP for the seminar, email or call me at 414.975.9659 or contact Becky Brand at bbrand@shorewest.com.
January 06, 2010 at 12:23 PM · Posted under Karen Trepton
The holiday season may be over, but in real estate, we are focused more than ever on the remaining “shopping days” of the “retail home hunting season!” What I mean by that is, the number of days that are left before the various incentives to assist buyers and sellers expire.This chart outlines the terms of the credits, and if ever there was a slight, and I mean slight, window of opportunity for a seller’s market, it will be between January and April of this year. April is the deadline for offers to be accepted, in order to receive the tax credits.
Sellers who price their homes aggressively and utilize the various tools that Shorewest has to offer, can propel their sale to the closing table. Shadow foreclosure inventory is expected to increase throughout the year, as are mortgage interest rates. The effect of these issues will be increased depreciation in home values, as well as a softening of buying power. If mortgage rates increase by one percent, a corresponding price reduction of 10% must occur, in order to maintain the same monthly payment in principal and interest on a new home.
This is not all doom and gloom, however. Education is the key. As a Certified Relocation Specialist, and Certified Short Sale and Foreclosure Specialist, it is my duty to educate my buyers and sellers on how to maneuver through these critical months, in order to maximize their buying and selling power.
To find out more about these tax credits and where your goals fit into this ever changing real estate market, consult your tax advisor and give me a call.
November 05, 2009 at 12:21 PM · Posted under Kelly Kuchta
First-Time Homebuyer Tax Credit available to an individual buying a principal residence for the first time. This will expire Dec 1, 2009 or won’t it? We will find out soon in November 2009. The extension of this Homebuyer credit if passed, will be a bit different but still nothing like we have ever had in the history of home buying.
The modifications are as follows:
1) The credit is available only for the purchase of principal residences with a purchase price of $800,000 or less.
2) An $8,000 credit is available to all first-time homebuyers.
3) The credit is phased out for individuals with income above $125,000 and for joint filers with income about $225,000.
4) A $6,500 credit is available to homebuyers who have been in their current residence for the last five years or more.
The $8,000 home buyer tax credit for first-time buyers would extend to April 30, 2010. A credit would be available under the bill to allow some existing homeowners a credit of $6,500 if they had been living in the same residence for five consecutive years out of the eight years prior to the date of the new settlement.
For more information contact,
The Kuchta’s Kelly and Colleen
Cell: 414-651-1613
Fax: 262-782-8260
Website: thekuchtas.shorewest.com
“Families Helping Families”
November 05, 2009 at 10:07 AM · Posted under Karen Trepton
The Government Affairs Communications Director for the National Association of REALTORS® has informed us that the Senate just voted 98-0 to pass the Tax Credit [within the Unemployment Bill]. In her words…
“It now goes to the House. Expect Democratic leadership to place the bill on a fast track for passage on Thursday.
It could get to the President on Friday.”
Great news for homebuyers and sellers, alike! Stay tuned for the final decision.
July 10, 2009 at 02:25 PM · Posted under Glenn Hanon
Ahh it’s summer and the weather is finally nice, there is so much fun to enjoy. The apartment is not that bad we can get by in this studio unit. I know I have saved some money for a house but after all I have the summer to enjoy and once fall is here we will buckle down and look for a house, I know I qualify for that $8,000 first time home buyer credit….If that sounds like you can I give you a different perspective? The first time home buyer credit is available IF you are living in the new house by December 1, 2009 NOT by the end of the year as many people assume. Chances are if you are taking advantage of the credit you may also be obtaining a FHA loan. Here is where it gets messy. FHA loans right now are bottle-necked in the system for the current buyers. Many of the FHA transactions are taking at least 60 days to slug through the system. Chances are that when you decide to start looking you are not going to buy the very first house you see, which means that you may spend a month (at a minimum) looking for that right house.
So let’s do a little reverse planning. You need to be in your new house on November 30th. The processing time for your loan can take 60-75 days from the time you had an accepted offer. Assuming that you close the day you receive the loan commitment (typically this does not happen) this puts the offer day at September 16, 2009!! If it takes a month to find the house you will need to start looking August 16th! If everyone waits until August 16th to start looking for a house, can you imagine what the backlog at FHA will look like then? If you are serious about using the first time home buyer credit you need to be out looking for that home TODAY. Waiting may cost you $8,000. If you would like more information on how to streamline your process, call me at the office, 1-888-HEY GLEN, Let’s not make a $8,000 ooopps.
Karen Trepton
First-Time Homebuyer Tax Credit available to an individual buying a principal residence for the first time. This will expire Dec 1, 2009 or won’t it? We will find out soon in November 2009. The extension of this Homebuyer credit if passed, will be a bit different but still nothing like we have ever had in the history of home buying.
The $8,000 home buyer tax credit for first-time buyers would extend to April 30, 2010. A credit would be available under the bill to allow some existing homeowners a credit of $6,500 if they had been living in the same residence for five consecutive years out of the eight years prior to the date of the new settlement.
Kelly Kuchta
The Government Affairs Communications Director for the National Association of REALTORS® has informed us that the Senate just voted 98-0 to pass the Tax Credit [within the Unemployment Bill]. In her words…
So let’s do a little reverse planning. You need to be in your new house on November 30th. The processing time for your loan can take 60-75 days from the time you had an accepted offer. Assuming that you close the day you receive the loan commitment (typically this does not happen) this puts the offer day at September 16, 2009!! If it takes a month to find the house you will need to start looking August 16th! If everyone waits until August 16th to start looking for a house, can you imagine what the backlog at FHA will look like then? If you are serious about using the first time home buyer credit you need to be out looking for that home TODAY. Waiting may cost you $8,000. If you would like more information on how to streamline your process, call me at the office, 1-888-HEY GLEN, Let’s not make a $8,000 ooopps.
Glenn Hanon
