Archive for the 'Real Estate Sales' Category
Helpful information on Home Buyer Tax Credits
Related Posts: Credit & Finance, Government, Real Estate News, Real Estate Sales, What If Realty News
hiHere are some helpful things the IRS wants you to know about the credits.
• The credits are available only to buyers purchasing primary residences. The IRS defines this has the residence where you spend most of your time.
• There are two credits available. One is for first-time buyers, or those who have not owned a home in the past three years. The maximum for this credit is $8,000 and, unlike a previous credit, this one does not have to be paid back. It applies to purchases made this year between Jan. 1 and April 30.
• The government broadened the credit in November to include some buyers who already own houses. Those buyers are eligible for a credit worth up to $6,500 for purchases made between Nov. 7 and April 30. In order to qualify, the buyer must have owned a primary residence for at least five consecutive years out of the past eight years. This credit also does not need to be paid back.
• There are income and price requirements. If the home was purchased after Nov. 6, it can cost no more than $800,000. Also, if purchased after that date, individuals cannot earn more than $125,000 and married couples filing jointly cannot earn more than $225,000.
• You don’t have to wait until 2010 to claim your credit, even if you buy this year. Purchase a home before the April 30 deadline and the credit can be claimed on this year’s taxes.
• If you’re claiming the credit, a paper filing is necessary. Only taxpayers not claiming the credit can file electronically. Dobzinski said buyers can still use electronic forms, but must print them out and mail them in, along with form 5405.
• Unlike last year, buyers claiming the credit must prove they are eligible. This is because some people filed for the credit last year, even though they had not purchased a home. You’ll need to send the HUD settlement statement along with the tax form. If you’re claiming the longtime owner credit, also include proof, such as copies of mortgage interest statements, property tax records or homeowner’s insurance records.
• Keep in mind that the credit is for your primary home. If you decide to rent or sell the home within three years, the credit must be repaid.
• Buyers claiming the credit will have to wait longer than usual to get the credit because of the need to file by paper. Expect to wait four to eight weeks, instead of the typical two weeks when filing electronically.
| Currently No Comments »
Fanie eases up on Condos !
Related Posts: Credit & Finance, Government, Real Estate News, Real Estate Sales
hiWASHINGTON – Jan. 8, 2010 – Fannie Mae announced yesterday that it would comprehensively review hundreds of condominium projects in Florida. Through a new “Special Approval” designation, Fannie hopes to streamline mortgage approvals for projects that don’t currently fit Fannie Mae guidelines even though they present limited risk to the company.
Florida Realtors strongly urged Fannie Mae to revisit its lending program in the condo market, and it consulted a number of Florida Realtors as it developed the program, including Florida Realtors® Vice President Summer Greene, regional manager with Prudential Florida 1st Realty in Fort Lauderdale.
Fannie Mae and its cousin, Freddie Mac, back more than half of all U.S. mortgages. As the Fannie Mae initiative develops and gains momentum, Greene hopes it provides incentive for Freddie Mac to follow suit.
While Fannie Mae currently has boilerplate guidelines for approving condo loans, it will sometimes grant a mortgage to a non-conforming condo if requested by a lender. The Special Approval designation takes that a step further by approving exceptions before a lender request has been submitted.
A dedicated team of six Fannie Mae professionals based in Florida will now examine statewide condominium projects that may not currently meet Fannie Mae’s standard eligibility criteria and assessing specific criteria more closely. The team will look at a condo project’s occupancy level, association dues, financial stability and property condition. If a project is deemed sufficiently stable following a closer examination, it will be granted the Special Approval designation, freeing lenders to originate and deliver mortgage loans secured by Fannie Mae. Projects deemed eligible will be listed on www.eFannieMae.com, and qualified borrowers will be eligible for financing.
A Special Approval designation will be effective for a period between 9 and 18 months, and lenders must confirm a project’s Special Approval designation on the date of the loan application. The Special Approval initiative applies to established condominium projects only.
© 2010 Florida Realtors®
| Currently No Comments »
US Home Sales Bump up in October
Related Posts: Real Estate News, Real Estate Sales
hiSales of new U.S. homes rose more than expected last month to the highest level in more than a year as the housing market shows stability after its historic collapse.
The Commerce Department says sales rose 6.2 percent to a seasonally adjusted annual rate of 430,000 from an upwardly revised 405,000 in September. Economists surveyed by Thomson Reuters had expected a pace of 410,000.
Home shoppers in October were acting before lawmakers decided to extend a tax credit for first-time buyers and expand it to existing homeowners. Nevertheless, sales were up 5.1 percent from a year ago, the first yearly increase since November 2005.
The median sales price of $212,200 was off 0.5 percent from $213,200 a year earlier, but up 0.7 percent from September’s level of $210,700.
| Currently No Comments »
Sales in Florida are up a bit in August !
Related Posts: Florida Listings, Real Estate Sales
hiHomes up 28% for 12th month in a row; condos up 45%. NAR notes sales ease, but still above year-ago levels.
| Currently No Comments »
Mark your calendar this week !
Related Posts: Credit & Finance, Florida Listings, Government, Real Estate Sales
hiHousing has hit bottom, says economist one. Housing will hit bottom this summer, says economist two. Housing won’t hit bottom until 2010, says economist three.
Some liken housing data to the weather: If you don’t like today’s statistics, wait until tomorrow. The “facts” will change. Here are some mixed signals:
• The Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, reported that home prices rose 0.7 percent from January to February 2009.
• The February 2009 RPX Monthly Housing Market Report said home sales increased month-over-month in 22 of 25 key metropolitan statistical areas and 13 of these areas posted the largest gain in February 2009 since 2006.
• The National of Association of Realtors® reported that existing home sales dropped in March 2009, and median prices fell 12 percent from a year earlier.
• First American CoreLogic announced that national housing prices declined 12.2 percent in February from a year earlier and have been in decline for 24 straight months. It predicted that home prices would continue to decline through 2010.
This BrokerBlogger said months ago that the statistical bottom will of the housing market be April 1st, 2009. In April of 2010 we will look back and see that the slooooooow and rocky recovery began this month. Write it down and we can debate it on Cinco de Mayo 2010. It will still be a struggle to get credit if you have a marginal credit score, unit sales will be rising, housing starts for single family homes will lead the building recovery, the desireous areas like Florida will be at the top of the lists of states moving forward and people will talk about the new new real estate buying & selling methods and strategies that for some reason will remind you of the way it was before the housing boom and before the day when not everyone could just state an income and get a loan.
| Currently No Comments »