On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act of 2009 to jump start our economy. Will it work? Only time will tell. All of the details have not been hammered out, so watch this blog and as information gets dispersed, we will post it. But always talk to your accountant as to the most current interpretation of the tax incentives and if they apply to you. How does this affect the home buyer?
Targeted Incentives for New Home Buyers
If you are a first-time home buyer who purchases a new or existing home on or after January 1, 2009 and before December 1, 2009, you may be eligible for a tax credit of up to $8000.00. The credit phases out for individuals with incomes of $75,000.00or more and married couples filing jointly with an income of $150,000.00 or more. Furthermore, you (and your spouse) must not have owned a principal residence during the three-year period prior to purchasing the home.
Tax Relief- a Little More Money in your Pocket
Most wage earners will qualify for a 6.2% tax credit, up to $400.00 for a single tax filer and $800.00 for a married couple filing jointly for 2009 and 2010. The credit phases out for individuals with an income of $75,000.00 and married couples with income of $150,000.00 or more.
Home ownership is still one of the great long term investments. It is critical to work with an experienced Realtor who truly knows the value of the property. In our Winter Park market, location, location, location is still for long term appreciation. Winter Park Resort will continue to have great snow and skiers/boarders will still love the thrill of the mountain during and after this economic situation.
For additional Winter Park real estate information contact Winter Park Partners.
866-538-8666
www.winterparkpartners.com
Friday, February 27, 2009
Friday, February 20, 2009
9 tips for homebuyers and sellers in 2009
In residential real estate, 2009 arrives much the same way that 2008 did: via a rocky road with deepening potholes. While more homebuyers are swooping in and picking up great deals, and sales are slowly increasing in many markets, the ongoing excess inventory of foreclosed homes continues to depress the market.
While potential buyers are getting very low mortgage rates, they also are facing much tighter credit standards and demands for significantly larger down payments. And we haven't even started absorbing the financial fallout from adjustable-rate mortgages, slated to ratchet up in 2009.
No one can really say quite when this downward spiral will cease. If former Fed Chairman Alan Greenspan and current Chairman Ben Bernanke were surprised by the depth of this housing crisis, who among us can accurately make the call?
There is growing sentiment out there that this darkness directly precedes a new dawn. A late-2008 consensus survey by PricewaterhouseCoopers and the Urban Land Institute, based on input from more than 600 industry experts, projects the U.S. residential market should start rebounding appreciably in 2010.
But what about now? Well, this new economy has added some wrinkles to home buying and home selling strategies, while reintroducing some of those old-school favorites like sound fundamental fiscal practices. So here are nine tips for homebuyers and nine for sellers to help them survive and hopefully thrive in the transition year of 2009.
By Steve McLinden • Bankrate.com
While potential buyers are getting very low mortgage rates, they also are facing much tighter credit standards and demands for significantly larger down payments. And we haven't even started absorbing the financial fallout from adjustable-rate mortgages, slated to ratchet up in 2009.
No one can really say quite when this downward spiral will cease. If former Fed Chairman Alan Greenspan and current Chairman Ben Bernanke were surprised by the depth of this housing crisis, who among us can accurately make the call?
There is growing sentiment out there that this darkness directly precedes a new dawn. A late-2008 consensus survey by PricewaterhouseCoopers and the Urban Land Institute, based on input from more than 600 industry experts, projects the U.S. residential market should start rebounding appreciably in 2010.
But what about now? Well, this new economy has added some wrinkles to home buying and home selling strategies, while reintroducing some of those old-school favorites like sound fundamental fiscal practices. So here are nine tips for homebuyers and nine for sellers to help them survive and hopefully thrive in the transition year of 2009.
By Steve McLinden • Bankrate.com
Sunday, February 15, 2009
Stimulis Bill and Treasury Announcements
According to the National Association of Realtors:
The new stimulis bill will do the following to our real estate related transaction:
1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.
None of fully understand exactly where this will lead us, but those changes may help some of us to move forward a bit more easily!
The new stimulis bill will do the following to our real estate related transaction:
1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.
None of fully understand exactly where this will lead us, but those changes may help some of us to move forward a bit more easily!
Friday, February 6, 2009
WELCOME BACK TO WINTER PARK
The Winter Park-Fraser Valley Chamber of Commerce has launched a new campaign to stimulate our local economy. “Welcome Back to Winter Park” is a promotion that features great deals at over 60 participating businesses and an opportunity to win great prizes, including a $10,000 Grand Prize. Guests and locals can get involved and enter many times in order to increase their chances to win.
Now every time you visit Welcome Back Participating Merchants, you can get great deals at shops, restaurants and lodging all over town. Plus, you can earn secret codes that enter you to win $10,000 in cold hard cash. The more you visit, the more chances you earn. You can even earn one free entry simply by stopping by the Visitor Center in downtown Winter Park and mentioning you saw this offer on the website. www.WelcomeBacktoWP.com
The program is being promoted on five Front Range radio stations, through direct mail and internet advertising. There are also appearances by our “Welcome Wagon” at a variety of Denver locations. These appearances are used to distribute area information and sign folks up for the giveaway.
While you are in Winter Park if you have interest in any Real Estate be sure to stop into Coldwell Banker Mountain Properties and ask for team "Winter Park Partners." We will be happy to talk with you about our market and available Real Estate opportunities.
Now every time you visit Welcome Back Participating Merchants, you can get great deals at shops, restaurants and lodging all over town. Plus, you can earn secret codes that enter you to win $10,000 in cold hard cash. The more you visit, the more chances you earn. You can even earn one free entry simply by stopping by the Visitor Center in downtown Winter Park and mentioning you saw this offer on the website. www.WelcomeBacktoWP.com
The program is being promoted on five Front Range radio stations, through direct mail and internet advertising. There are also appearances by our “Welcome Wagon” at a variety of Denver locations. These appearances are used to distribute area information and sign folks up for the giveaway.
While you are in Winter Park if you have interest in any Real Estate be sure to stop into Coldwell Banker Mountain Properties and ask for team "Winter Park Partners." We will be happy to talk with you about our market and available Real Estate opportunities.
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