Summary of the First-Time Homebuyer Credit

2008: First-time home buyers would receive a tax credit of up to $7,500.  The credit would be PAID BACK to the government every year at tax time for 15 years (i.e you would pay back $500 per year). 

January thru November 2009: First time home buyers receive a tax credit of up to $8,000.  The credit DOES NOT need to be paid back.  Qualifying buyers must not make more than $75,000 per year ($150,000 for a married couple).  Buyers must PURCHASE their property by November 30, 2009.

December, 2009 thru April, 2010: First-time home buyers receive a up to $8,000 for first-time buyers, the credit DOES NOT have to be paid back.  Qualifying buyers can make up to $125,000 per year ($250,000 for a married couple).  Buyers must be UNDER CONTRACT on their home by April 30, 2010 and CLOSE (i.e. purchase) home by June 30, 2010.

A NEW INCENTIVE FOR CURRENT HOMEOWNERS (i.e. REPEAT HOME BUYERS)

Nov 7, 2009 – April 2010:  Home buyers who have lived in their home for 5 of the past 8 years can get up to $6,500 if they purchase a new home.  As above, the home buyer does NOT need to pay back the credit!  The new Federal tax credit is also known as the “Repeat Buyer” or “Move up Buyer” Tax Credit.  >>> GET MORE INFORMATION ABOUT THIS TAX CREDIT

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  Thank you for visiting our Atlanta Georgia Real Estate Blog!

Posted by:  Kerry Lucasse – Atlanta GA Real Estate Agent – Atlanta Home Search Team
The ATL Home Search Team is part of Keller Williams Realty,
specializing in Intown Atlanta Real Estate, Foreclosures and Bungalows & Historic Homes

CALL US ANYTIME AT 404.432.1844

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Atlanta Real Estate – Keller Williams Realty

It’s been a fantastic year of recognition for my company, Keller Williams Realty, thanks to the dedication of the agents and the stellar leadership.

Here are just a few of the recent accolades for KW…

** Keller Williams Realty was ranked as the No. 1 real estate franchise on the 31^st Annual Franchise 500 list by Entrepreneur magazine.

** Keller Williams was also voted the Most Recognizable Brand of Real Estate Franchises for 2009 in an industry-wide survey for the Swanepoel TRENDS Report.    

** Keller Williams Realty also received the highest overall satisfaction ratings from home buyers among the largest full-service real estate firms from J.D. Power and Associates for the second year in a row.

Personally, Keller Williams has been a tremendous asset to my business, especially in a shifting market.  With the top-notch education, daily motivation and one-on-one assistance, this has been my best year in the real estate business!

If you are an Atlanta real estate agent and are thinking of making a change in 2010, please give me a call — I would love to talk with you about Keller Williams.

If you are thinking of buying or selling a home in 2010, I would highly recommend that you interview at least 2 or 3 agents — and be sure that at least one of those agents is with Keller Williams.  I know you’ll be impresssed!

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  Thank you for visiting our Atlanta Georgia Real Estate Blog

Posted by:  Kerry Lucasse – Atlanta GA Real Estate Agent – Atlanta Home Search Team
The ATL Home Search Team is part of Keller Williams Realty,
specializing in Intown Atlanta Real Estate, Foreclosures and Bungalows & Historic Homes

CALL US ANYTIME AT 404.432.1844

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>>  Read the article from Yahoo Finance – “July Home Sales Surge”

>>  Read the article from MSNBC –”Home Sales Soar 7.2 percent”

 If you are a potential first time home buyer in Atlanta and are still on the fence, please do not miss this fantastic opportunity.  In addtion to the Federal Tax Credit of $8000, the interest rates are still fantastic. 

PLEASE NOTE:  If you want to take advantage of the tax credit, there are only 97 days left!  Typically it takes 30 to 40 days to purchase the home once you are under contract, so you really only have about 60 days to find your dream home.

If you have ANY questions about the home buying process in Atlanta or Decatur, call the Atlanta Home Search Team anytime at 404.432.1844.  About 70% of the buyers we are working with are “first-timers” and we would love to help you find your first place.

Thank you for visiting our Atlanta Real Estate Blog! 

Kerry Lucasse – Atlanta GA Real Estate Agent – Atlanta Home Search Team
The ATL Home Search Team is part of Keller Williams Realty,
specializing in Intown Atlanta Real Estate, Condos, Lofts and Historic Homes

If you are thinking of Buying a Home, Condo or Loft, call us anytime at 404.432.1844.

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I’m sure many of you have been listening to the news and have heard about the new “Making Home Affordable” plan. 

The question is… ARE YOU ELIGIBLE to REFINANCE USING THIS PLAN? 

The good news is that you can quickly find out with the new Making Housing Affordable government website.  They have an online questionnaire that only takes a minute or two to complete and you get an instant response.

Visit the website at:  www.MakingHomeAffordable.gov

There are actually two different programs that are under the “Making Home Affordable” plan — one allows you to refinance if you no or little equity in your home but you are current on your mortgage payments (see the refinance questionnaire). 

The other program is for people who are behind in their mortgage payments and may qualify for a “loan modification” (see the mortgage modification questionnaire).

This may be a challenging and stressful time for you and your family, so please take advantage of the new mortgage assistance programs available to you so you can get back on your feet.  If you don’t qualify for the programs above,  please reach out to your mortgage holder or a local real estate professional in your area… help is available!

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INFORMATION BROUGHT TO YOU BY: 

Kerry Lucasse  ::  Atlanta Real Estate Consultant  ::  Keller Williams Realty  ::  404.432.1844

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Everything you need to know about the 2008 and 2009 First Time Home Buyer Tax Credits 

For many potential first time home buyers, the 2008 and 2009 “First-time Homebuyer Tax Credit” has been a bit of a mystery. 

I’ve had many questions such as — When do you get your tax credit?  Do you have to pay it back?  What if you sell your house within 2 or 3 years?  What if I’m a first time home buyer but my husband isn’t? 

REALTOR.org created a “Cheat Sheet” that covers EVERYTHING and should answer 99% of your questions about the 2008 and 2009 First time home buyer tax credit.

>>> VIEW THE “CHEAT SHEET” 

FREQUENTLY ASKED QUESTIONS:

What is the difference between the 2008 tax credit and the 2009 tax credit (other than the amount)?

The primary difference is that the $7500 tax credit of 2008 needs to be paid back over the next 15 years (at $500 per year).  The new 2009 tax credit does not need to be paid back, as long as you stay in your home for at least three years.

When would I receive the $8,000?

There are several variables.  Assuming that you qualify for the full $8000 tax credit, you will need to file your 2009 income taxes in early 2010 and if you don’t owe any additional income tax, you should receive your check for $8,000 from the federal government within 1 to 6 weeks (it just depends on when you file and how your tax preparer submits your information.

A few other possible scenarios:

• If you owe $2,000 on your tax return, you will receive a refund of $6,000  ($8000 – $2000 = $6000)
• If you are entitled to a refund on your income taxes (let’s say $1,500), then you would receive an refund of $9,500 ($1500 + $8000 = $9500)

When is the last day I can buy a home and still get the $8,000 Tax Credit?

You must purchase BEFORE December 1, 2009.  That means that you should make an offer on a home in mid-October, as it usually takes 30 to 45 days to close on a home or condo.

I owned a home a few years ago — can I still qualify for the First-time Homebuyer Tax Credit?

Yes, if you have NOT owned a principal residence in the three (3) years prior to purchasing your new home.

My husband is not a first-time home buyer, but I am — can we still qualify for the tax credit?

You would only qualify if your husband (or spouse) has NOT owned a principal residence in the three (3) years prior to purchasing the new home.

Are there any income limitations?

Yes.  The full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). If you are an individual who makes $85,000 (for example), you will still qualify, just not for the full amount.  The tax credit phases out to those who make more than $95,000 (individuals) and $170,000 (on a joint return).

How long do I have to live in my home or condo?

If you sell your home before the 3-year limit, you will be required to pay back the $8000.

What if I want to buy a $30,000 foreclosure home?

The amount of the tax credit is the lesser of 10 percent of cost of home or $8,000.  So if you purchased a $30,000 home, you would get a $3,000 tax credit.  In order to get the full $8,000 you would need to purchase a home that is at least $80,000.

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I hope this information was helpful to you!  If you have any questions about the tax credit or need assistance with the purchase of your first home, please call anytime at (404) 432.1844.  I truly enjoy working with first-time home buyers and would be honored to help.

KERRY LUCASSE  ::   ATLANTA & DECATUR REAL ESTATE CONSULTANT  ::   KELLER WILLIAMS REALTY

Thanks to incredible leadership, an amazing culture, state of the art training programs AND profit-sharing, it’s not suprising that Keller Williams Realty is not only surviving in this market, we are THRIVING. 

I am VERY proud — and thankful — to be associated with a company like Keller Williams.

There is something to be said about the company you keep! If you or anyone you know is interested in learning more about the real estate industry or Keller Williams, please don’t hesitate to call me at (404) 432.1844.  It would be my pleasure to speak to you about our agent programs, profit-sharing and training programs. 

To follow are just a few of the articles announcing Keller Williams promotion to #3 in North America:

Austin Business Journal: http://www.bizjournals.com/austin/stories/2009/03/02/daily9.html

MarketWatch: http://www.marketwatch.com/news/story/keller-williams-realty-climbs-third-largest/story.aspx?guid={2E5A6EA1-C83D-4777-AE3A-CFE07A817117}&dist=msr_1

RISMedia: http://rismedia.com/2009-03-03/keller-williams-realty-climbs-to-third-largest-real-estate-franchise/

Realty News Now: http://www.realtynewsnow.com/keller-williams-realty-climbs-to-third-largest-real-estate-franchise-in-united-states

Streetinsider.com: http://www.streetinsider.com/Press+Releases/Keller+Williams+Realty+Climbs+to+Third-Largest+Real+Estate+Franchise+in+United+States/4448618.html

Yahoo Finance News: http://finance.yahoo.com/news/Keller-Williams-Realty-Climbs-bw-14513634.html

Reuters: http://www.reuters.com/article/pressRelease/idUS188216+02-Mar-2009+BW20090302

Hot Property, one of the largest real estate sites in the UK, http://news.hotproperty.co.uk/Keller_Williams_Realty_Prospers_in_the_USA_2009030409145044.html

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KERRY LUCASSE  ::  INTOWN ATLANTA REAL ESTATE AGENT  ::  404.432.1844

www.ATLhomesearch.com

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J.D. Power ranks Keller Williams the #1 real estate company in overall satisfaction with home buyers. 

Click here for the full press release and report.

For first-time home buyers — or any buyers for that matter — this is a phenomenal time to purchase a home.  Not only are the interest rates low, but home prices have stabilized quite a bit in Metro Atlanta and there are some very good deals out there.

All of the turmoil you’ve heard about — lenders going out of business, banks and investors losing billions of dollars, soaring foreclosure rates     — is very real.  BUT the mainstream media doesn’t (usually) tell you that the mortgage crisis only hurts only two types of borrowers:

• Those who need to borrow more than $417,000 (called a Jumbo Mortgage) 
• Anyone with bad credit (those with credit scores below 620)

If you are not in the two categories above, then you should seriously consider investing in a new home.  If you have questions about the process, please contact Kerry Lucasse, Keller Williams Buyer Representative and ATLhomesearch.com Team Lead.  We would be honored to help answer your questions and help you find your first home!

GREAT “INTOWN” NEIGHBORHOODS FOR FIRST-TIME HOME BUYERS:

>> Grant Park – View all available homes for sale

>> Oakhurst – View all available homes for sale

>> Kirkwood – View all available homes for sale

>> East Atlanta – View all available homes for sale

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This is a great time to buy a home!  It is also a very good time to consider selling your home…. the buyers are out there and the reduced interest rate will help them better qualify for financing.

Search for homes by Atlanta Neighborhoods

Search for homes by Metro Atlanta Subdivisions

….”Hotlanta” boasts one of the highest rates of job growth in so-called creative-class occupations in the country. Why? It’s the top destination in America for young professionals, a transportation hub (Atlanta’s airport is the busiest in the world), and a place where most Fortune 500 companies maintain a regional presence. Projections by researchers at the U.S. Census Bureau and Virginia Tech place Atlanta at the center of a “megapolitan” cluster of urban sprawl that will develop over the next quarter-century, encompassing 7 million people.

This points to another niche real estate play –>  As buildable land around the city disappears, downtown neighborhoods  on the brink of transformation are ripe for investment.

SOURCE:   CNNMoney.com

** As a Realtor, I primarily work “intown“ and over the past two years, that market has remained quite stable.  Homes are still selling in a reasonable timeframe, multiple offers are still coming in (although not as often as 2003 – 2005), and there are still a LOT of buyers out there.  If you are considering selling your home, my advice would be to “have no fear”, but do everything you can to make your home look like a showplace!  If you are looking to purchase a home in the next year, this is the perfect time to do it.