Driven by the first-time buyer tax credit, existing-home sales showed another big gain in October with a strong uptrend established over the past seven months, while inventories continue to decline, according to the National Association of Realtors®.
http://www.realtor.org/press_room/news_releases/2009/11/record_big
Monday, November 30, 2009
Tuesday, November 17, 2009
Thanksgiving Camp .
Camp is back! Over the Thanksgiving holiday the Coppell Parks and Recreation Department will be holding Camp Do-It-All! Monday – Wednesday, November 23-25 camp will be held at the Aquatic and Recreation Center where campers will participate in many activities, including a trip to Going Bonkers, Swimming, Crafts, Arts and Fun! To register log on to www.coppelltx.gov , Departments and Services, Parks and Recreation, Camp Do-It-All and print out a registration form and Calendar! For more information about this camp or others call 972-304-7077. If you can’t make this one, don’t forget about our Holiday camp in December
Monday, November 16, 2009
Don't procrastinate. Use the tax credit now.
Start your house search now. Getting an early start will give you a better chance of finding the right house before the credit deadline.
When first-time buyers thought that the credit would expire Nov. 30, people scrambled to find properties in September and October.
Before you start house hunting, get preapproved for a mortgage, and do a realistic assessment of what you can afford.
Buyers who have to sell an existing home should price it aggressively from the beginning to drum up interest and get a buyer as soon as possible.
When first-time buyers thought that the credit would expire Nov. 30, people scrambled to find properties in September and October.
Before you start house hunting, get preapproved for a mortgage, and do a realistic assessment of what you can afford.
Buyers who have to sell an existing home should price it aggressively from the beginning to drum up interest and get a buyer as soon as possible.
Monday, November 9, 2009
Tax Credit Extended !
It's official.
The President signed the bill that contained the extension of the popular $8,000 credit for first-time home buyers.
The credit will be available through next June as long as the buyer signs a binding contract by the end of April.
Existing Homes Included
The law includes a $6,500 credit for existing homeowners who buy a home after living in their current residence at least five of the last eight years.
The President signed the bill that contained the extension of the popular $8,000 credit for first-time home buyers.
The credit will be available through next June as long as the buyer signs a binding contract by the end of April.
Existing Homes Included
The law includes a $6,500 credit for existing homeowners who buy a home after living in their current residence at least five of the last eight years.
Tuesday, November 3, 2009
The Dallas/Fort Worth Metroplex, has one of he best Real Estate Markets !
Watch the Texaplex Video
David Winans, the self-appointed cheerleader for Texas, created the term “Texaplex” and the Texaplex video and set out combat negative economic news by helping to spread the good news for a change. The Texaplex video struck a chord with people across the country and has become an online hit. Watch the video below and see why everyone is talking about Texas!
www.texaplex.com
David Winans, the self-appointed cheerleader for Texas, created the term “Texaplex” and the Texaplex video and set out combat negative economic news by helping to spread the good news for a change. The Texaplex video struck a chord with people across the country and has become an online hit. Watch the video below and see why everyone is talking about Texas!
www.texaplex.com
Thursday, October 29, 2009
Visit Coppell Farmers Market
Located in Old Town Coppell at Bethel and Coppell Roads
Local Produce, Grass Fed Beef, Eggs, Plants, and More...
Every Saturday
8 a.m. to sellout (1pm)
April 11 through November 21, 2009
PO Box 9478 Coppell. Tx 75019
phone (972) 304-7043
farmersmarket@ci.coppell.tx.us
www.coppellfarmersmarket.org
Local Produce, Grass Fed Beef, Eggs, Plants, and More...
Every Saturday
8 a.m. to sellout (1pm)
April 11 through November 21, 2009
PO Box 9478 Coppell. Tx 75019
phone (972) 304-7043
farmersmarket@ci.coppell.tx.us
www.coppellfarmersmarket.org
Wednesday, August 5, 2009
Home Sales Are Up!
RISMEDIA, August 5, 2009-Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6% to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7% above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.
Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower priced homes,” he said. ”Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30.”
The Pending Home Sales Index in the Northeast rose 0.4% to 81.2 in June and is 5.8% above a year ago. In the Midwest the index increased 0.8% to 89.9 and is 11.6% above June 2008. The index in the South jumped 7.1% to 100.7 in June and is 8.9% higher than a year ago. In the West the index rose 2.9% to 100.4 but is 0.2% below June 2008.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, is hopeful that a recently elevated level of contract cancellations will ease. “Last month, Freddie Mac and Fannie Mae clarified that appraisals should be done by professionals with clear local expertise,” he said. “This should mitigate the situation of many valuations done by out-of-area appraisers coming in below the price negotiated between buyers and sellers. Hopefully, in the months ahead, we’ll see an even closer relationship between contract activity and closed transactions.” McMillan said NAR is continuing to press the appraisal issue. “We have asked Congress and the Federal Housing Finance Agency to immediately implement an 18-month moratorium on the new appraisal rules to further address unintended consequences of the new guidelines,” he said.
NAR’s Housing Affordability Index (HAI) remains very favorable. The affordability index stood at 159.2 in July, down from record peaks in recent months but it remains 36.6 percentage points above a year ago. Under these conditions the typical family would devote 15.7% of gross income to mortgage principal and interest, well below the standard allowance of 25%. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.
“A monthly rise in home prices and somewhat higher mortgage interest rates led to a modest decline in affordability in June, but it was still the sixth highest index on record dating back to 1970,” Yun said. “Because housing is so affordable in today’s market, job security and the first-time buyer tax credit are bigger factors in influencing home sales.”
A median-income family, earning $60,700, could afford a home costing $289,100 in June with a 20% downpayment, assuming 25% of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80% of what a median-income family can afford. The affordable price was much higher than the median existing single-family home price in June, which was $181,600.
Yun expects existing-home sales to gradually rise over the balance of the year, with conditions varying around the country. “It appears home sales are on a sounder footing and inventory is gradually being absorbed.”
Read more: http://rismedia.com/2009-08-04/pending-home-sales-up-for-fifth-consecutive-month/#ixzz0NK80N0IR
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6% to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7% above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.
Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower priced homes,” he said. ”Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30.”
The Pending Home Sales Index in the Northeast rose 0.4% to 81.2 in June and is 5.8% above a year ago. In the Midwest the index increased 0.8% to 89.9 and is 11.6% above June 2008. The index in the South jumped 7.1% to 100.7 in June and is 8.9% higher than a year ago. In the West the index rose 2.9% to 100.4 but is 0.2% below June 2008.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, is hopeful that a recently elevated level of contract cancellations will ease. “Last month, Freddie Mac and Fannie Mae clarified that appraisals should be done by professionals with clear local expertise,” he said. “This should mitigate the situation of many valuations done by out-of-area appraisers coming in below the price negotiated between buyers and sellers. Hopefully, in the months ahead, we’ll see an even closer relationship between contract activity and closed transactions.” McMillan said NAR is continuing to press the appraisal issue. “We have asked Congress and the Federal Housing Finance Agency to immediately implement an 18-month moratorium on the new appraisal rules to further address unintended consequences of the new guidelines,” he said.
NAR’s Housing Affordability Index (HAI) remains very favorable. The affordability index stood at 159.2 in July, down from record peaks in recent months but it remains 36.6 percentage points above a year ago. Under these conditions the typical family would devote 15.7% of gross income to mortgage principal and interest, well below the standard allowance of 25%. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.
“A monthly rise in home prices and somewhat higher mortgage interest rates led to a modest decline in affordability in June, but it was still the sixth highest index on record dating back to 1970,” Yun said. “Because housing is so affordable in today’s market, job security and the first-time buyer tax credit are bigger factors in influencing home sales.”
A median-income family, earning $60,700, could afford a home costing $289,100 in June with a 20% downpayment, assuming 25% of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80% of what a median-income family can afford. The affordable price was much higher than the median existing single-family home price in June, which was $181,600.
Yun expects existing-home sales to gradually rise over the balance of the year, with conditions varying around the country. “It appears home sales are on a sounder footing and inventory is gradually being absorbed.”
Read more: http://rismedia.com/2009-08-04/pending-home-sales-up-for-fifth-consecutive-month/#ixzz0NK80N0IR
Tuesday, August 4, 2009
Hurry $8,000 Tax Credit Will Soon End!
RISMEDIA, August 3, 2009-TheAssociation of Realtors is encouraging those considering buying a home for the first time to act quickly, as there is very limited time to qualify for the $8,000 first-time homebuyer tax credit. As of August 1, there were only 121 days for first-time purchasers to take advantage of the credit. In order to qualify, the transaction must close before 11:59 p.m. on November 30, 2009.
“November might seem like it is far enough away, but potential buyers need to account for the time it takes to shop for a home, present an offer on the property of their choosing, and manage the various contracts and logistics that are required in a real estate transaction,” said 2009 NJAR President Diane Dilzell. “Starting the process now should allow just enough time to reach closing before the expiration of the credit.”
Prospective buyers, particularly first-time buyers, should factor in the following steps that are typically involved in the purchase of real estate: shopping for and securing a mortgage, finding a Realtor, creating a list of preferable features for the home, searching for homes that fit that criteria, settling on a home, presenting an offer, obtaining a home inspection, shopping for homeowners insurance, and closing. Buyers should factor in extra time to allow for unforeseen circumstances and any additional steps that may be necessary in their particular transaction.
Dilzell added, “The clock is also ticking for buyers to maximize their purchasing power in this market. Affordable prices and low interest rates are aligning right now with the $8,000 credit to form an unprecedented opportunity that is not guaranteed to last much longer.”
All transactions vary, and there are different circumstances for each of them that could lead to a longer buying process. NJAR has compiled testimonials from real New Jersey consumers at www.realstorynj.com/news/real-stories that detail their individual experiences.
“Unique circumstances can be encountered in any transaction so it is important to get started early to account for those factors,” Dilzell said. “Since numerous third parties are involved, delays can often be expected no matter how swiftly you act. That wait time can be very detrimental if it is the difference between $8,000 and nothing.”
The tax credit is available to buyers who have not owned a principal residence during the three-year period prior to the purchase. The credit does not have to be repaid, and it must be claimed on your federal income tax return.
Buyers are finding that the credit is allowing them to take advantage of opportunities they might not otherwise consider. For example, the $8,000 can be applied toward repairs and renovations in fixer-uppers that buyers might not otherwise have been able to afford. The extra funds can be invested for future use, or applied to new furniture and appliance purchases.
Labels: RISMEDIA
Labels: RISMEDIA
“November might seem like it is far enough away, but potential buyers need to account for the time it takes to shop for a home, present an offer on the property of their choosing, and manage the various contracts and logistics that are required in a real estate transaction,” said 2009 NJAR President Diane Dilzell. “Starting the process now should allow just enough time to reach closing before the expiration of the credit.”
Prospective buyers, particularly first-time buyers, should factor in the following steps that are typically involved in the purchase of real estate: shopping for and securing a mortgage, finding a Realtor, creating a list of preferable features for the home, searching for homes that fit that criteria, settling on a home, presenting an offer, obtaining a home inspection, shopping for homeowners insurance, and closing. Buyers should factor in extra time to allow for unforeseen circumstances and any additional steps that may be necessary in their particular transaction.
Dilzell added, “The clock is also ticking for buyers to maximize their purchasing power in this market. Affordable prices and low interest rates are aligning right now with the $8,000 credit to form an unprecedented opportunity that is not guaranteed to last much longer.”
All transactions vary, and there are different circumstances for each of them that could lead to a longer buying process. NJAR has compiled testimonials from real New Jersey consumers at www.realstorynj.com/news/real-stories that detail their individual experiences.
“Unique circumstances can be encountered in any transaction so it is important to get started early to account for those factors,” Dilzell said. “Since numerous third parties are involved, delays can often be expected no matter how swiftly you act. That wait time can be very detrimental if it is the difference between $8,000 and nothing.”
The tax credit is available to buyers who have not owned a principal residence during the three-year period prior to the purchase. The credit does not have to be repaid, and it must be claimed on your federal income tax return.
Buyers are finding that the credit is allowing them to take advantage of opportunities they might not otherwise consider. For example, the $8,000 can be applied toward repairs and renovations in fixer-uppers that buyers might not otherwise have been able to afford. The extra funds can be invested for future use, or applied to new furniture and appliance purchases.
Labels: RISMEDIA
Labels: RISMEDIA
Monday, June 29, 2009
Fourth of July Festivities Draw Near in Coppell
Train rides, bounce houses, face painting, games, live music – and, of course, FIREWORKS! There is a good time to be had by the entire family out at Andrew Brown Park on Friday, July 3rd. The festivities kick off at 7:00pm and will conclude with a jaw-dropping firework spectacular that will begin after dark. Pack a picnic or enjoy the various food vendors that will be in the park selling tasty treats that will make your mouth water. Mark your calendar. This event is one that will go down in your yearly planner as a family tradition!
The excitement of the holiday continues on Saturday, July 4th with Coppell’s annual Patriotic Parade. As we all know, “Everybody loves a parade!” So, hop in the car and come over to Samuel and Parkway Blvd. and scope out the perfect spot along the parade route. The sights and sounds will start meandering down the route at 10 a.m., ending at Town Center Plaza.
Check out the City of Coppell web page for all of the details on the Fourth of July fun: www.ci.coppell.tx.us. We don’t want anyone to miss out on the excitement!
For more information, contact:
Sherri Lewis, Special Events Coordinator 972-462-5181, slewis@ci.coppell.tx.us
The excitement of the holiday continues on Saturday, July 4th with Coppell’s annual Patriotic Parade. As we all know, “Everybody loves a parade!” So, hop in the car and come over to Samuel and Parkway Blvd. and scope out the perfect spot along the parade route. The sights and sounds will start meandering down the route at 10 a.m., ending at Town Center Plaza.
Check out the City of Coppell web page for all of the details on the Fourth of July fun: www.ci.coppell.tx.us. We don’t want anyone to miss out on the excitement!
For more information, contact:
Sherri Lewis, Special Events Coordinator 972-462-5181, slewis@ci.coppell.tx.us
Wednesday, May 6, 2009
Job Opportunities in Texas !
This video shows the growth and opportunity here in Texas. The stats are real and Texas is not only the perfect place to live but the perfect place to have a job. With times as they are we as real estate agents are seeing more and more out of state home buyers who are relocating to either find new jobs or their actual headquarters moved to Texas. That says a lot. We hope you enjoy this video.
You can view the video on youtube.com at
http://www.youtube.com/watch?v=FC16-4fh-Qc
You can view the video on youtube.com at
http://www.youtube.com/watch?v=FC16-4fh-Qc
Tuesday, April 21, 2009
The Top 10 U.S. Cities with the Most Green Buildings
The top ten city rankings based on the number of Energy Star-qualified buildings in 2008 are:
1) Los Angeles, CA
2) San Francisco, CA
3) Houston, TX
4) Washington, D.C.
5) Dallas-Fort Worth, TX
6) Chicago, IL
7) Denver, CO
8) Minneapolis-St. Paul, MN
9) Atlanta, GA
10) Seattle, WA
To read the full article click the link below.
http://lifestyle.msn.com/your-life/living-green/articledg.aspx?cp-documentid=18711707
1) Los Angeles, CA
2) San Francisco, CA
3) Houston, TX
4) Washington, D.C.
5) Dallas-Fort Worth, TX
6) Chicago, IL
7) Denver, CO
8) Minneapolis-St. Paul, MN
9) Atlanta, GA
10) Seattle, WA
To read the full article click the link below.
http://lifestyle.msn.com/your-life/living-green/articledg.aspx?cp-documentid=18711707
Wednesday, April 8, 2009
Half of American Households Can Now Afford A Home!
RISMEDIA, April 8, 2009-Thanks to record low mortgage rates and declining home prices, 55 million families - or half of all U.S. households - can afford today’s $200,000 median-priced new home, according to figures released by the National Association of Home Builders (NAHB). “That’s an increase of 17 million households from conditions just two years ago and the best housing affordability number we have seen in years,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. “We are now seeing the first signs that buyers are returning to the marketplace.”
Based on data from the U.S. Census Bureau comparing home prices, mortgage rates and minimum income needed to purchase a median-priced home in February 2007 and February 2009, a typical family today can purchase a house with $20,000 less in household income and save nearly $500 per month on their principal, interest, taxes and insurance. The number of households that can afford to purchase a home today is 55.4 million, compared with 38.4 million two years ago, according to figures compiled by NAHB.
“With affordability up dramatically, reports from our builders in the field indicate that foot traffic in new homes is on the rise and consumer interest is increasing with each passing day. These are encouraging signs that the housing market may be finally reaching a bottom,” said Robson.
Entering the crucial spring home buying season, there are other signs that buyers are starting to return to the market.
Single-family permits were up 11% in February 2009, new and existing home sales also posted gains and the huge inventory backlog is being slowly whittled down. In a survey for Century 21 Real Estate last month among prospective first-time home buyers who indicated they were likely to purchase a home in the next two years, a majority - 78% - said that now is a good time to buy a home. Of those responding to the online poll, 68% said that now is a better time to buy than six months ago.
Another sign that consumers are considering jumping back into the housing market is the growing interest in the $8,000 first-time home buyer tax credit included in the recently enacted economic stimulus package. During February and March 2009, 1.5 million visitors logged on to NAHB’s consumer website, www.federalhousingtaxcredit.com, to learn more about the tax credit. Further, a new survey commissioned by Move, Inc. found that nearly 20% of those who plan to purchase a home this year are doing so to take advantage of the tax credit, which expires at the end of November.
“With home values in many markets at the lowest level since 2003, an $8,000 tax credit available to first-time home buyers, fixed-rate mortgages under 5%, and an outstanding selection of homes to choose from, buyers are starting to recognize that this has the makings for a one-time opportunity to break into the market,” said Robson.
Housing is a critical component of the U.S. economy, accounting for about 15 cents of every dollar spent in this country, so any upturn in the housing market should be viewed as good news for the overall economy, said Robson.
Construction of an additional 500,000 single-family homes - the difference between today’s anemic construction rate and one that would move closer to meeting the underlying demand for housing - would generate 734,000 jobs and $35 billion in wages in the construction industry and another 790,000 jobs and $37.7 billion wages in manufacturing, trade, and service sector jobs, he noted.
Additionally, another half-million housing starts would bolster the tax base for government, generating $45 billion in federal, state and local tax revenues. And the benefits go well beyond the completion of each home. Within the first year after buying a home, those half million households will spend about $2.5 billion more on appliances, furnishings and property alterations.
“Clearly, housing will be central to any economic recovery we experience in the months ahead,” said Robson.
Based on data from the U.S. Census Bureau comparing home prices, mortgage rates and minimum income needed to purchase a median-priced home in February 2007 and February 2009, a typical family today can purchase a house with $20,000 less in household income and save nearly $500 per month on their principal, interest, taxes and insurance. The number of households that can afford to purchase a home today is 55.4 million, compared with 38.4 million two years ago, according to figures compiled by NAHB.
“With affordability up dramatically, reports from our builders in the field indicate that foot traffic in new homes is on the rise and consumer interest is increasing with each passing day. These are encouraging signs that the housing market may be finally reaching a bottom,” said Robson.
Entering the crucial spring home buying season, there are other signs that buyers are starting to return to the market.
Single-family permits were up 11% in February 2009, new and existing home sales also posted gains and the huge inventory backlog is being slowly whittled down. In a survey for Century 21 Real Estate last month among prospective first-time home buyers who indicated they were likely to purchase a home in the next two years, a majority - 78% - said that now is a good time to buy a home. Of those responding to the online poll, 68% said that now is a better time to buy than six months ago.
Another sign that consumers are considering jumping back into the housing market is the growing interest in the $8,000 first-time home buyer tax credit included in the recently enacted economic stimulus package. During February and March 2009, 1.5 million visitors logged on to NAHB’s consumer website, www.federalhousingtaxcredit.com, to learn more about the tax credit. Further, a new survey commissioned by Move, Inc. found that nearly 20% of those who plan to purchase a home this year are doing so to take advantage of the tax credit, which expires at the end of November.
“With home values in many markets at the lowest level since 2003, an $8,000 tax credit available to first-time home buyers, fixed-rate mortgages under 5%, and an outstanding selection of homes to choose from, buyers are starting to recognize that this has the makings for a one-time opportunity to break into the market,” said Robson.
Housing is a critical component of the U.S. economy, accounting for about 15 cents of every dollar spent in this country, so any upturn in the housing market should be viewed as good news for the overall economy, said Robson.
Construction of an additional 500,000 single-family homes - the difference between today’s anemic construction rate and one that would move closer to meeting the underlying demand for housing - would generate 734,000 jobs and $35 billion in wages in the construction industry and another 790,000 jobs and $37.7 billion wages in manufacturing, trade, and service sector jobs, he noted.
Additionally, another half-million housing starts would bolster the tax base for government, generating $45 billion in federal, state and local tax revenues. And the benefits go well beyond the completion of each home. Within the first year after buying a home, those half million households will spend about $2.5 billion more on appliances, furnishings and property alterations.
“Clearly, housing will be central to any economic recovery we experience in the months ahead,” said Robson.
Wednesday, March 25, 2009
New $8,000 Tax Credit for First Time Buyers!
Great news for first-time home buyers in 2009! The stimulus plan that President Obama signed into law contains a new $8,000 tax credit for qualified first-time home buyers. And, unlike the $7,500 tax credit from last year, this credit does NOT have to be repaid to the government, as long as you stay in the home for at least 36 months after the purchase date.
Remember, a tax credit is much more valuable than a tax deduction. A tax credit reduces dollar for dollar the amount of tax you owe. A deduction merely reduces the amount of your income that is taxable. This means the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset.
Who?
First-time buyers or anyone who hasn't owned a home in the 3 years prior to a purchase of a primary residence may qualify for a tax credit of up to 10% of the purchase price or $8,000, whichever is less. To qualify for the full credit, the buyer's modified adjusted gross income must be less than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. Partial credit is proportionally reduced for incomes under $95,000 (single) or $170,000 (married). For married taxpayers, the homeownership history of both the home buyer and his/her spouse are taken into account. This means if you or your spouse has owned a principal residence in the last 3 years, neither you nor your spouse qualifies for the credit.
What?
According to the IRS, a primary residence is the one you live in most of the time. It can be a house, houseboat, housetrailer, cooperative apartment, condominium, or other type of residence. If you constructed your main home, you are treated as having purchased it on the date you first occupied it.
When?
The $8,000 tax credit is available for qualifying home purchases made from Jan. 1, 2009, until Dec. 1, 2009. This is not a typo. To receive the credit you must purchase a qualified home before December 1st, 2009 – not the end of the year.
How?
Unfortunately, you can NOT use the credit as a down payment. To receive the credit, you must purchase a qualified home first and then claim it on either your 2008 or 2009 taxes. If you make a qualified purchase after April 15, or after having already filed your 2008 taxes, you and your tax professional can submit an amendment to your return. To claim the credit, use form 5405.
Why?
The current combination of lower home prices and lower interest rates makes for an amazing opportunity to buy real estate. Add to that this $8,000 gift from the government, and renting a home just doesn't make much sense.
Remember, a tax credit is much more valuable than a tax deduction. A tax credit reduces dollar for dollar the amount of tax you owe. A deduction merely reduces the amount of your income that is taxable. This means the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset.
Who?
First-time buyers or anyone who hasn't owned a home in the 3 years prior to a purchase of a primary residence may qualify for a tax credit of up to 10% of the purchase price or $8,000, whichever is less. To qualify for the full credit, the buyer's modified adjusted gross income must be less than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. Partial credit is proportionally reduced for incomes under $95,000 (single) or $170,000 (married). For married taxpayers, the homeownership history of both the home buyer and his/her spouse are taken into account. This means if you or your spouse has owned a principal residence in the last 3 years, neither you nor your spouse qualifies for the credit.
What?
According to the IRS, a primary residence is the one you live in most of the time. It can be a house, houseboat, housetrailer, cooperative apartment, condominium, or other type of residence. If you constructed your main home, you are treated as having purchased it on the date you first occupied it.
When?
The $8,000 tax credit is available for qualifying home purchases made from Jan. 1, 2009, until Dec. 1, 2009. This is not a typo. To receive the credit you must purchase a qualified home before December 1st, 2009 – not the end of the year.
How?
Unfortunately, you can NOT use the credit as a down payment. To receive the credit, you must purchase a qualified home first and then claim it on either your 2008 or 2009 taxes. If you make a qualified purchase after April 15, or after having already filed your 2008 taxes, you and your tax professional can submit an amendment to your return. To claim the credit, use form 5405.
Why?
The current combination of lower home prices and lower interest rates makes for an amazing opportunity to buy real estate. Add to that this $8,000 gift from the government, and renting a home just doesn't make much sense.
Rates Dropped .75%
Surprise, surprise, surprise. Fed Chairman Ben Bernanke and the other members of the Federal Open Market Committee stunned the credit markets with their announced plans to buy up to an additional $750 billion of mortgage-backed securities.
Market participants were further shocked by the Fed’s plan to buy up $300 billion of longer-term U.S. government debt over the next six months. This event is nothing but mortgage market friendly and virtually assures mortgage interest rates will stay unusually low for an extend period of time
Market participants were further shocked by the Fed’s plan to buy up $300 billion of longer-term U.S. government debt over the next six months. This event is nothing but mortgage market friendly and virtually assures mortgage interest rates will stay unusually low for an extend period of time
Friday, February 20, 2009
Home Ownership Benefits!
Ownership Has its Benefits
If you or someone you know are still paying a landlord's mortgage instead of building equity of your own, see what you're missing. Check out some of the other financial benefits of being a homeowner.
Typical Tax Deductions for Homeowners
Mortgage interest – One of the biggest tax incentives to owning a home is that the interest you pay on your mortgage is tax-deductible, up to $1 million. This deduction applies to any kind of home, including a second home under certain conditions.
Real-estate taxes – As a homeowner, you can deduct the local property taxes you pay each year, too. This applies to both your principal home and any others you may own.
Points – If you (or even the seller) paid points to the lender to secure your mortgage, you may be able to deduct those points on your taxes.
New and Temporary Deductions
$8,000 for First-time Buyers – Just when you were figuring out the $7,500 tax credit for first-time buyers, Congress changed the rules and is now offering an $8,000 tax credit – and guess what? Buyers won't have to repay it unless they sell their homes within three years.
Mortgage Insurance Premiums – Thanks to Congress, MI premiums can be deducted in most cases by home buyers for mortgages issued after 2006 and before 2010 (although Congress may extend this provision). This one has income limits, so ask your tax professional for help.
New Standard Deduction – Prior to 2008, only taxpayers who itemized their deductions could deduct state and local property taxes. New legislation changes this for 2008 and 2009. Qualifying tax payers who don't itemize but pay property tax, get up to a $500 extra deduction; married filing jointly get up to $1,000.
Special Incentives
Tax-Free Profits on Sale – When you sell your primary residence, you can make up to $250,000 in profit if you're a single owner, twice that if you're married, and not owe any capital gains taxes.
Other Benefits – Ask your tax professional about Penalty-free IRA payouts for first-time buyers, home improvement deductions, energy credits, and even moving expense deductions.
If you or someone you know are still paying a landlord's mortgage instead of building equity of your own, see what you're missing. Check out some of the other financial benefits of being a homeowner.
Typical Tax Deductions for Homeowners
Mortgage interest – One of the biggest tax incentives to owning a home is that the interest you pay on your mortgage is tax-deductible, up to $1 million. This deduction applies to any kind of home, including a second home under certain conditions.
Real-estate taxes – As a homeowner, you can deduct the local property taxes you pay each year, too. This applies to both your principal home and any others you may own.
Points – If you (or even the seller) paid points to the lender to secure your mortgage, you may be able to deduct those points on your taxes.
New and Temporary Deductions
$8,000 for First-time Buyers – Just when you were figuring out the $7,500 tax credit for first-time buyers, Congress changed the rules and is now offering an $8,000 tax credit – and guess what? Buyers won't have to repay it unless they sell their homes within three years.
Mortgage Insurance Premiums – Thanks to Congress, MI premiums can be deducted in most cases by home buyers for mortgages issued after 2006 and before 2010 (although Congress may extend this provision). This one has income limits, so ask your tax professional for help.
New Standard Deduction – Prior to 2008, only taxpayers who itemized their deductions could deduct state and local property taxes. New legislation changes this for 2008 and 2009. Qualifying tax payers who don't itemize but pay property tax, get up to a $500 extra deduction; married filing jointly get up to $1,000.
Special Incentives
Tax-Free Profits on Sale – When you sell your primary residence, you can make up to $250,000 in profit if you're a single owner, twice that if you're married, and not owe any capital gains taxes.
Other Benefits – Ask your tax professional about Penalty-free IRA payouts for first-time buyers, home improvement deductions, energy credits, and even moving expense deductions.
Mortgage Rates Hold Steady !
Mortgage Rates Hold Steady
RISMEDIA, February 20, 2009-Mortgage rates were largely unchanged from one week ago, with the average 30-year fixed mortgage rate remaining at 5.34%. According to Bankrate.com’s weekly national survey, the average 30-year fixed mortgage has an average of 0.41 discount and origination points.
The average 15-year fixed rate mortgage sank below the 5% threshold to 4.93% and the average jumbo 30-year fixed rate dipped to 6.92%. Adjustable rate mortgages were mixed, with the average 1-year ARM pulling back to 5.47% and the 5/1 ARM holding at 5.37%.
Mortgage rates finished where they started one week ago after yo-yoing up and down in the days preceding President Obama’s housing announcement. With the government committed to keeping mortgage rates low and recession fears continuing to grip investors, mortgage rates may head lower in the weeks to come. But an opposite force that cannot be ignored is the risk that foreign central banks that buy so much U.S. government debt will turn away amid the surge in issuance by the Treasury. If foreign banks do curtail their purchases, that would drive interest rates higher for government, corporate, and consumer borrowers.
Mortgage rates remain significantly lower than six months ago. Back in August, the average 30-year fixed mortgage rate was 6.66%, meaning a $200,000 loan would have carried a monthly payment of $1,285.25. With the average rate now at 5.34%, the monthly payment for the same size loan would be $1,115.58, a savings of $170 per month for a homeowner refinancing now.
Survey Results
30-year fixed: 5.34% — unchanged from last week (avg. points: 0.41)
15-year fixed: 4.93% — down from 5.03% last week (avg. points: 0.41)
5/1 ARM: 5.37% — unchanged last week (avg. points: 0.45)
Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.
For more information, visit http://www.bankrate.com/mortgagerates.
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.
Don’t miss other real estate headlines on RISMedia.com, see:
RISMEDIA, February 20, 2009-Mortgage rates were largely unchanged from one week ago, with the average 30-year fixed mortgage rate remaining at 5.34%. According to Bankrate.com’s weekly national survey, the average 30-year fixed mortgage has an average of 0.41 discount and origination points.
The average 15-year fixed rate mortgage sank below the 5% threshold to 4.93% and the average jumbo 30-year fixed rate dipped to 6.92%. Adjustable rate mortgages were mixed, with the average 1-year ARM pulling back to 5.47% and the 5/1 ARM holding at 5.37%.
Mortgage rates finished where they started one week ago after yo-yoing up and down in the days preceding President Obama’s housing announcement. With the government committed to keeping mortgage rates low and recession fears continuing to grip investors, mortgage rates may head lower in the weeks to come. But an opposite force that cannot be ignored is the risk that foreign central banks that buy so much U.S. government debt will turn away amid the surge in issuance by the Treasury. If foreign banks do curtail their purchases, that would drive interest rates higher for government, corporate, and consumer borrowers.
Mortgage rates remain significantly lower than six months ago. Back in August, the average 30-year fixed mortgage rate was 6.66%, meaning a $200,000 loan would have carried a monthly payment of $1,285.25. With the average rate now at 5.34%, the monthly payment for the same size loan would be $1,115.58, a savings of $170 per month for a homeowner refinancing now.
Survey Results
30-year fixed: 5.34% — unchanged from last week (avg. points: 0.41)
15-year fixed: 4.93% — down from 5.03% last week (avg. points: 0.41)
5/1 ARM: 5.37% — unchanged last week (avg. points: 0.45)
Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.
For more information, visit http://www.bankrate.com/mortgagerates.
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.
Don’t miss other real estate headlines on RISMedia.com, see:
Wednesday, February 11, 2009
The NTTA Board of Directors voted to set a 70 mph speed limit on the 121 Tollway.
Official 70 mph speed limit set on
121 Tollway
The NTTA Board of Directors voted during its Jan. 30 meeting to set a 70 mph speed limit on the 121 Tollway.
The Board acted after receiving the results of a speed limit study on Segment 2 of the 121 Tollway, which opened to traffic Aug. 31 and stretches from Old Denton Road in Denton County to Hillcrest Road in Collin County.
Drivers are already accustomed to the 70 mph speed limit on the main lanes of the 121 Tollway as it’s the same as the state-mandated default speed limit, known as the “prima facie limit,” which already was in effect.
The NTTA assumed responsibility of the 121 Tollway corridor from the Texas Department of Transportation (TxDOT) on Sept. 1, per a project agreement. The agreement called for TxDOT to conduct a speed limit study on the toll road’s main lanes after Segment 2 opened.
An NTTA consultant conducted the study using TxDOT procedures, which involved tracking and documenting the speeds of 125 random vehicles. Measurements were taken every one-half mile during weekday off-peak hours during good weather to assess free-flowing traffic.
The information on traffic speeds was then calculated to determine the 85th percentile speed – which is the speed that 85 percent of vehicles travel at or below. The 85th percentile speed is considered the most characteristic representation of safe and reasonable traffic speeds.
Segment 1 of the 121 Tollway – from Denton Tap Road in Dallas and Denton counties to Old Denton Road in Denton County – was built by TxDOT and opened to traffic in summer 2006. TxDOT conducted its initial speed study on that stretch of the toll road in March 2007 and set the speed limit as 70 mph.
The Board’s action means that the speed limit on the entire 121 Tollway corridor that is open to traffic is set at 70 mph.
121 Tollway
The NTTA Board of Directors voted during its Jan. 30 meeting to set a 70 mph speed limit on the 121 Tollway.
The Board acted after receiving the results of a speed limit study on Segment 2 of the 121 Tollway, which opened to traffic Aug. 31 and stretches from Old Denton Road in Denton County to Hillcrest Road in Collin County.
Drivers are already accustomed to the 70 mph speed limit on the main lanes of the 121 Tollway as it’s the same as the state-mandated default speed limit, known as the “prima facie limit,” which already was in effect.
The NTTA assumed responsibility of the 121 Tollway corridor from the Texas Department of Transportation (TxDOT) on Sept. 1, per a project agreement. The agreement called for TxDOT to conduct a speed limit study on the toll road’s main lanes after Segment 2 opened.
An NTTA consultant conducted the study using TxDOT procedures, which involved tracking and documenting the speeds of 125 random vehicles. Measurements were taken every one-half mile during weekday off-peak hours during good weather to assess free-flowing traffic.
The information on traffic speeds was then calculated to determine the 85th percentile speed – which is the speed that 85 percent of vehicles travel at or below. The 85th percentile speed is considered the most characteristic representation of safe and reasonable traffic speeds.
Segment 1 of the 121 Tollway – from Denton Tap Road in Dallas and Denton counties to Old Denton Road in Denton County – was built by TxDOT and opened to traffic in summer 2006. TxDOT conducted its initial speed study on that stretch of the toll road in March 2007 and set the speed limit as 70 mph.
The Board’s action means that the speed limit on the entire 121 Tollway corridor that is open to traffic is set at 70 mph.
Tuesday, February 10, 2009
FHA Loan Incentive. What Do You Think?
FHA has a 203KS loan that will give a buyer money added to the mortgage to repair and or update a home being purchased, that is in need of some TLC.
Here is some information on what qualifies under this loan.
For help finding a home that will qualify give me a call.
What improvements are eligible under the new Streamlined (k) program?
The Streamlined (k) program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are not required. The Streamlined (k) program includes the discretionary improvements and/or repairs shown below:
• Repair/Replacement of roofs, gutters and downspouts
• Repair/Replacement/upgrade of existing HVAC systems
• Repair/Replacement/upgrade of plumbing and electrical systems
• Repair/Replacement of flooring
• Minor remodeling, such as kitchens, which does not involve structural repairs
• Painting, both exterior and interior
• Weatherization, including storm windows and doors, insulation, weather stripping, etc.
• Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
• Accessibility improvements for persons with disabilities
• Lead-based paint stabilization or abatement of lead-based paint hazards
• Repair/replace/add exterior decks, patios, porches
• Basement finishing and remodeling, which does not involve structural repairs
• Basement waterproofing
• Window and door replacements and exterior wall re-siding
• Septic system and/or well repair or replacement
What are the minimum and maximum amounts for repair costs under this program?
Given the need for homeowners to make minor repairs without exhausting personal savings, and in consideration of the increasing cost of materials, the minimum repair cost of $5,000 is eliminated and the ceiling is now raised to $35,000. This revised maximum repair/rehabilitation amount recognizes the cost of making older homes more energy efficient. Note that as described below, when the repairs exceed $15,000, the mortgagee must perform or obtain an inspection to determine that all listed repairs were completed.
Can this program be used for repairs and improvements on purchases of HUD Homes?
Like the regular Section 203(k) program, Streamlined (k) may be used for single-family housing sold by HUD. REO properties that have been designated by FHA’s Management and Marketing contractor (M&M) as “insurable” with repair escrow ($5,000 or less in required repairs) or “uninsurable” (with more than $5,000 but no more than $35,000 in required repairs) are eligible for the Streamlined (k) program provided that the repairs qualify as eligible work items outlined in this Mortgagee Letter.
For questions give me a call or send an e mail. I will be happy to help you find a home, or help you find a great lender.
Have a great week,
Kelly
817-881-1612
Here is some information on what qualifies under this loan.
For help finding a home that will qualify give me a call.
What improvements are eligible under the new Streamlined (k) program?
The Streamlined (k) program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are not required. The Streamlined (k) program includes the discretionary improvements and/or repairs shown below:
• Repair/Replacement of roofs, gutters and downspouts
• Repair/Replacement/upgrade of existing HVAC systems
• Repair/Replacement/upgrade of plumbing and electrical systems
• Repair/Replacement of flooring
• Minor remodeling, such as kitchens, which does not involve structural repairs
• Painting, both exterior and interior
• Weatherization, including storm windows and doors, insulation, weather stripping, etc.
• Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
• Accessibility improvements for persons with disabilities
• Lead-based paint stabilization or abatement of lead-based paint hazards
• Repair/replace/add exterior decks, patios, porches
• Basement finishing and remodeling, which does not involve structural repairs
• Basement waterproofing
• Window and door replacements and exterior wall re-siding
• Septic system and/or well repair or replacement
What are the minimum and maximum amounts for repair costs under this program?
Given the need for homeowners to make minor repairs without exhausting personal savings, and in consideration of the increasing cost of materials, the minimum repair cost of $5,000 is eliminated and the ceiling is now raised to $35,000. This revised maximum repair/rehabilitation amount recognizes the cost of making older homes more energy efficient. Note that as described below, when the repairs exceed $15,000, the mortgagee must perform or obtain an inspection to determine that all listed repairs were completed.
Can this program be used for repairs and improvements on purchases of HUD Homes?
Like the regular Section 203(k) program, Streamlined (k) may be used for single-family housing sold by HUD. REO properties that have been designated by FHA’s Management and Marketing contractor (M&M) as “insurable” with repair escrow ($5,000 or less in required repairs) or “uninsurable” (with more than $5,000 but no more than $35,000 in required repairs) are eligible for the Streamlined (k) program provided that the repairs qualify as eligible work items outlined in this Mortgagee Letter.
For questions give me a call or send an e mail. I will be happy to help you find a home, or help you find a great lender.
Have a great week,
Kelly
817-881-1612
Monday, February 2, 2009
Google 411
News You Can Use
Here's a number worth putting in your cell phone, or your home phone speed dial: 1-800-goog411 or 1-800-466-4411. This is an awesome service from Google, and it's free -- great when you 're on the road. Don't waste your money on information calls and don't waste your time manually dialing the number. Imagine... driving along in your car and you need to call a golf course, your favorite store or restaurant -- you don't know the number. You hit the speed dial for information that you have programmed (1-800-goog411). The voice at the other end says, "Say the name of the business and the City & State." you say, "Gaylord Hotel, Grapevine, Texas." He says, "Connecting," and The Gaylord answers the phone. How great is that?
Works on cell and land line phones. You can also text 46645 and then enter the business name, city and state .
This is nationwide and it is absolutely FREE!
Click on the link below and watch the short clip for a quick demonstration.
http://www.Google.com/goog411/
Here's a number worth putting in your cell phone, or your home phone speed dial: 1-800-goog411 or 1-800-466-4411. This is an awesome service from Google, and it's free -- great when you 're on the road. Don't waste your money on information calls and don't waste your time manually dialing the number. Imagine... driving along in your car and you need to call a golf course, your favorite store or restaurant -- you don't know the number. You hit the speed dial for information that you have programmed (1-800-goog411). The voice at the other end says, "Say the name of the business and the City & State." you say, "Gaylord Hotel, Grapevine, Texas." He says, "Connecting," and The Gaylord answers the phone. How great is that?
Works on cell and land line phones. You can also text 46645 and then enter the business name, city and state .
This is nationwide and it is absolutely FREE!
Click on the link below and watch the short clip for a quick demonstration.
http://www.Google.com/goog411/
Saturday, January 31, 2009
Downpayment Assistance = Economic Impact
Downpayment assistance (DPA) programs in the U.S. had a major beneficial impact on the economy last year, creating $38.6 billion in revenues, 235,000 jobs, and $4.6 billion in total tax revenues, according to an economic-impact study done by two well-respected California economists, Dr. Robert Waste and Dr. Robert Fountain.
Some highlights of their research:
More than 200,000 new and existing homes were sold last year with DPA. (The research covered the 12 months from December 2007 through November 2008.) Roughly 40% of all loans originated by the Federal Housing Administration used DPA.
Nehemiah's DPA program helped families purchase more than 78,000 new and existing homes last year. More than 25% of those sales were on foreclosed homes, effectively taking them off the market.
About 40% of the borrowers were households headed by minorities and more than one-third were headed by females.
Of 235,000 new jobs created last year, 195,000 came from new-home construction and the rest from new-home sales. DPA also accounted for $4.6 billion in total tax revenues last year.
Fact Sheet
Study Summary
Support H.R. 600
The Waste/Fountain Study supports the passage of H.R. 600 - FHA Seller-Financed Downpayment Reform Act of 2009, a bi-partisan bill introduced by Representative Al Green (D-TX). Reformed DPA will play a key role in generating homeownership at no cost to U.S. government or taxpayers, according to a Congressional Budget Office (CBO) report.
Send a letter to your elected officials in support H.R. 600 and DPA.
Some highlights of their research:
More than 200,000 new and existing homes were sold last year with DPA. (The research covered the 12 months from December 2007 through November 2008.) Roughly 40% of all loans originated by the Federal Housing Administration used DPA.
Nehemiah's DPA program helped families purchase more than 78,000 new and existing homes last year. More than 25% of those sales were on foreclosed homes, effectively taking them off the market.
About 40% of the borrowers were households headed by minorities and more than one-third were headed by females.
Of 235,000 new jobs created last year, 195,000 came from new-home construction and the rest from new-home sales. DPA also accounted for $4.6 billion in total tax revenues last year.
Fact Sheet
Study Summary
Support H.R. 600
The Waste/Fountain Study supports the passage of H.R. 600 - FHA Seller-Financed Downpayment Reform Act of 2009, a bi-partisan bill introduced by Representative Al Green (D-TX). Reformed DPA will play a key role in generating homeownership at no cost to U.S. government or taxpayers, according to a Congressional Budget Office (CBO) report.
Send a letter to your elected officials in support H.R. 600 and DPA.
Monday, January 26, 2009
Companies Remember Employees
In the mist of all the negative press on CEO's there are still uplifting stories that keeps hope alive.
David Weekley, the founder and CEO of David Weekley Homes, Inc. generously gave to all his employees nationwide a PERSONAL check of up to a maximum of $1000 depending on years of service. His letter sent with the check stated that not only did he appreciate the hard work during a trying time but that he and his family felt very fortunate and wanted to share with his David Weekley family.
Having worked for David Weekley Homes for many years as a lead sales consultant,I am proud now as a Realtor to sell David Weekley Homes and to have my company name next to them as well. If your next step is buying a new home, I highly recommend David Weekley Homes. I will be happy to help you build your dream home with them. They have mastered the building process.
The CEO of Best Buy also shared his good fortune with his staff. The board offered him an additional bonus which he refused. He decided the money should be given to the employees that keep the company moving forward every day. I will continue to shop at Best Buy and probably will not even check out the competition.
If the executives of these two companies care that much about the people who help run the business then I can only imagine how wonderful they treat their clients.
Posted by Your Flower Mound-Lewisville Real Estate
David Weekley, the founder and CEO of David Weekley Homes, Inc. generously gave to all his employees nationwide a PERSONAL check of up to a maximum of $1000 depending on years of service. His letter sent with the check stated that not only did he appreciate the hard work during a trying time but that he and his family felt very fortunate and wanted to share with his David Weekley family.
Having worked for David Weekley Homes for many years as a lead sales consultant,I am proud now as a Realtor to sell David Weekley Homes and to have my company name next to them as well. If your next step is buying a new home, I highly recommend David Weekley Homes. I will be happy to help you build your dream home with them. They have mastered the building process.
The CEO of Best Buy also shared his good fortune with his staff. The board offered him an additional bonus which he refused. He decided the money should be given to the employees that keep the company moving forward every day. I will continue to shop at Best Buy and probably will not even check out the competition.
If the executives of these two companies care that much about the people who help run the business then I can only imagine how wonderful they treat their clients.
Posted by Your Flower Mound-Lewisville Real Estate
Monday, January 5, 2009
Federal Tax Credits for Energy Efficiency Extended in 2009
Do you have some things that need to be done to your home to sell it? Here are some things that you can get Federal Tax Credits for.
Federal Tax Credits for Energy EfficiencyOn October 3, 2008, President Bush signed into law the “Emergency Economic Stabilization Act of 2008.” This bill extended tax credits for energy efficient home improvements (windows, doors, roofs, insulation, HVAC, and non-solar water heaters). Tax credits for these residential products, which had expired at the end of 2007, will now be available for improvements made during 2009. However, improvements made during 2008 are not eligible for a tax credit.
The bill also extended tax credits for solar energy systems and fuel cells to 2016. New tax credits were established for small wind energy systems and plug-in hybrid electric vehicles. Tax credits for builders of new energy efficient homes and tax deductions for owners and designers of energy efficient commercial buildings were also extended.
Go to
www.irs.gov.com
Federal Tax Credits for Energy EfficiencyOn October 3, 2008, President Bush signed into law the “Emergency Economic Stabilization Act of 2008.” This bill extended tax credits for energy efficient home improvements (windows, doors, roofs, insulation, HVAC, and non-solar water heaters). Tax credits for these residential products, which had expired at the end of 2007, will now be available for improvements made during 2009. However, improvements made during 2008 are not eligible for a tax credit.
The bill also extended tax credits for solar energy systems and fuel cells to 2016. New tax credits were established for small wind energy systems and plug-in hybrid electric vehicles. Tax credits for builders of new energy efficient homes and tax deductions for owners and designers of energy efficient commercial buildings were also extended.
Go to
www.irs.gov.com
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