Archive for Tax Credit
Tax Credit May Be Gone But There is Still Assistance in Wellesley, MA
Tax Credit May Be Gone But There is Still Assistance in Wellesley, MA
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com.
The home buyer tax credit may be gone but assistance is still out there. Potential first time home buyers have options to explore when considering jumping into real estate. One of the first hurdles when buying a home for the first time is often coming up with a down payment. Even a good saver may have a hard time saving the thousands that can be necessary for a down payment. Luckily there are options for help.
The Department of Housing and Urban Development (HUD) has many assistance and reference programs. HUD’s website has links to Habitat for Humanity, rural housing, and a number of home buyer programs in your area. The HUD website can be a great resource, offering a wealth of information on what is involved in purchasing a home.
The Federal Housing Agency (FHA) is another agency offering information and assistance. The FHA helps buyers buy homes with both low interest rates and a small down payment. Where a standard down payment can be anywhere from 10 to 20%, an FHA loan can require as little as 3.5% down. Standard loan fees can be wrapped into the loan through FHA as well.
If home ownership seems like a pipe dream, it doesn’t have to. If you have a steady source of income then you have mastered one of your biggest hurdles. Contact a real estate professional today to learn more about purchasing real estate in your area.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
Click here to visit the HUD website.
Click here to learn more about FHA.
Tax Credits Gone, What’s in Store For Wellesley, MA Real Estate?
Tax Credits Gone, What’s in Store For Wellesley, MA Real Estate?
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com.
While it is true that the home buyer tax credits spurred real estate sales during the past 12 months or so, it is also true that that is exactly what the tax credits were designed to do. There is an old saying, “all good things must come to an end”, the tax credits could not last forever but just because they are gone does not mean that recovery is not occurring.
What does the real estate market have going for it now? Two very important things: low mortgage rates and low home prices. While a tax credit may be helpful up front, low mortgage rates can save much more than a tax credit over the length of a loan, diminishing the overall cost of a home by thousands of dollars.
Real estate is recovering at a steady pace. While impatience may create a doubt about the reality of recovery it is important to remember that it is a boom that created the bust in the first place, and a slow approach is more likely to be a secure step in the right direction.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
Click here to read a recent article from Realty Times regarding the current state of real estate.
Tax Benefits For Wellesley, MA Homeowners
Tax Benefits For Wellesley, MA Homeowners
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com.
There has been a lot of talk throughout the past year regarding tax credits and with the expiration of the home buyer tax credit it should come to attention that there are still many tax benefits for home owners. There is no doubt that home ownership has its benefits. Aside from the fact that interest paid for a mortgage is a write-off for federal tax purposes, there are other tax incentives that come along with owning a home, one of which comes hand-in-hand with home improvements.
Making energy efficient or green improvements to a home can help homeowners at tax time. Reducing a home’s carbon footprint can also reduce a home’s annual expenses. The addition of solar energy, or simply replacing appliances with more energy efficient versions, can cost a homeowner up front yet save a homeowner money over time. Tax credits have been created to help encourage these green improvements.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
Wellesley Real Estate, A Matter of Timing
Wellesley Real Estate, A Matter of Timing
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com
Investing in real estate is a matter of timing. Many home buyers across the Country are sensing that now is a great time to buy a home, since many factors are keeping purchasing real estate affordable for the time being. Low mortgage rates, tax incentives and low home prices all add up to one great deal for the person who can afford to buy a home.
The end of last month marked the end of the government’s involvement in purchasing mortgage-securities and the end of this month marks the end of the home buyer tax credit. The government has helped to make buying homes incredibly affordable for many people and when it pulls out of real estate the deals may not be as sweet.
Likewise, home values have remained low for quite some time, dropping dramatically when foreclosures began springing up all over. Can home prices keep dropping? In some parts of the Country real estate values appear to have stabilized, some areas are even showing small increases in home prices. Home prices are likely to stabilize and stay level for some time before heading upward, but it is likely that they will stop dropping much more.
Timing is everything. It is pure luck to time anything perfectly, whether you are playing the stock market, roulette, or investing in real estate. Nothing lasts forever, and that includes low home values. Now might be the time to start looking if you have been considering purchasing a new home, before interest rates rise and home values do as well.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
Click here to read a recent article from Realty Times on the current state of the US real estate market.
5 Good Reasons to Buy that Home in Wellesley NOW!
5 Good Reasons to Buy that Home in Wellesley NOW!
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com
If you are considering whether or not to purchase a home in the near future, let us discuss why this might be the optimal time to do so. There are five excellent reasons to buy a home now instead of waiting until later. Let’s go over them quickly in this post.
1.) The Homebuyer’s Tax Credit
The federal government, in hopes of stimulating the economy, has made available to eligible first-time homebuyers a tax credit of eight thousand dollars ($8,000). The tax credit also makes six thousand five hundred dollars ($6,500) available to eligible move-up buyers. This tax credit is scheduled to end this spring. The home in question must be in contract by April 30, 2010 and you must close the transaction by June 30, 2010. To see if you are eligible, you can go to http://www.federalhousingtaxcredit.com/home.html
2.) Low Interest Rates Currently Available
The Fed has announced that they will be definitely exiting their plan to purchase mortgage-backed-securities. That plan has lowered interest rates on a 30 year fixed rate mortgage by two full percentage points since its inception in October, 2008. Almost every expert believes interest rates will increase immediately once the Fed backs away. Some, like Morgan Stanley, believe rates can return to the seven percent level that existed before the Fed involvement. What can that mean to you? In the adjourning graph, we can see that even if prices continue to soften, the change in interest rates could dramatically increase your monthly costs.
3.) Location, Location, Location
There is a tremendous selection of properties currently available. More and more buyers are seeing the opportunities that exist in today’s real estate market. As more purchasers enter the market, many of the best values (determined by price, location, or both) will be gobbled up first. This is an opportunity for you to purchase that dream house your family has always relished.
As the Washington Post reported last week, waterfront properties are at bargain prices:
For investors, second-home buyers or retirees who have been sitting on the sidelines for years, 2010 may be the time to dive into the beach market. Prices are now almost back to 2001 levels, and buyers previously priced out of this market may now be able to afford their dream home. In addition, the sheer inventory of available homes is quite favorable to a beach buyer.
4.) Real Estate Has Always Been a Good Long Term Investment
Though prices in many markets will continue to feel downward pressure in 2010, in the long term real estate will eventually return to historic returns. Even in the past decade, real estate was a better investment than the stock market as shown by the table below:
5.) The House Is a Home First and an Investment Second
In our culture today we are moving away from extrinsic values (power, money and prestige) and moving back toward more intrinsic values (wanting meaning in our lives). The home has always been a place where friends and family gather to share our live experiences whether at a party or over a simple dinner. We may be too focused on the cost of a house without taking into account the cost of delaying a return to the more fulfilling experiences a home brings with it.
What does this mean to you?
Only you truly know. But if you have a desire to settle down in your own home and enjoy everything that comes with the homeowner experience, this is probably the time to act.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needha, Wellesley, Wayland, Weston and more.
by Steve Harney
Wellesley Readers, Is it Time to Let the Tax Credit Walk Off into the Sunset?
Wellesley Readers, Is it Time to Let the Tax Credit Walk Off into the Sunset? Will Congress Extend the Home Buyer Tax Credit?
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my website www.HomesbyNorcross.com
It’s that time of year again: time for lobbyists to convince Congress to extend the home buyer tax credit.
The National Association of Realtors and other industry groups are beginning to make the rounds on Capitol Hill to press their case, which goes something like this: We know you’ve extended the tax credit two times already, but the housing market is still fragile, the tax credit is working, and don’t forget– you’re up for re-election soon. In other words, do you really want to own the next leg down in home prices?
They’ll also make their case by reminding polls that a series of other market supports are being removed, the largest of which is the Federal Reserve’s purchases of $1.25 trillion in mortgage-backed securities that expires next month and has pushed mortgage rates to postwar lows for much of the past year. The Federal Housing Administration is also under pressure to pull back its lending, and more foreclosures could add to the housing inventory as borrowers fail to qualify for modifications.
Industry groups are also pushing the argument that the credit should be extended because it’s taking so long for banks to approve short sales, where lenders agree to a sale for less than the value of the mortgage.
To recap, Congress first passed a $7,500 tax credit in 2008 for first-time buyers, but that credit had to be repaid over 15 years. When it expired one year ago, Congress extended it, expanded it to $8,000, and said it wouldn’t have to be paid back. Just before that credit was to expire last December, Congress extended it again, until April 30 (sales contracts signed by April 30 have until June 30 to close). A new credit of $6,500 was created for current home-buyers. “There’s nothing more permanent in Washington than a temporary tax credit,” jokes Howard Glaser, a housing-industry consultant.
This time, the lobbyists certainly have their work cut out for them. For one, industry groups last time swore that the last tax credit extension would be, well, the last extension. To secure the deal, the lawmaker who shepherded that effort through Congress, Sen. Johnny Isakson (R., Ga.), made clear at the time that extending it again would be a nonstarter. (His spokeswoman says that he has no plans to offer any legislation extending the credit. “Part of the benefit of the tax credit is the urgency of it sunsetting,” said spokeswoman Sheridan Watson.)
Economists mostly agree that the tax credit has helped to goose demand and sell more homes, though there’s still considerable debate over just how many homes would have sold anyway.
Mark Zandi, chief economist at Moody’s Economy.com, pushed to extend the tax credit last fall but says now it’s time to let it expire. “It’s worn out its benefit,” he says. “If you extend it again, it isn’t going to do much, and what you’re doing is providing a tax break to folks who bought anyway.”
While there’s still about 10 weeks before the current tax credit expires, that doesn’t leave much time for buyers looking to cash-in, notes Keith Gumbinger of HSH.com, a financial publisher. Home sales surged last October when it looked like the tax credit might expire for good, and then plunged in December, once it the credit had been extended.
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
By Nick Timiraos-Wall Street Journal
Want to buy a home, Natick, MA? Supply is down
Want to buy a home, Natick, MA ? Supply is down
For more information call my cell 781-929-4994 or visit my website www.HomesbyNorcross.com
So far in 2010 we are experiencing something new. Supply is down and there are more buyers than sellers. Buyers have been waiting for the market to come down before they can purchase a home. I
Natick Real Estate
recently read of a home for sale in Natick, MA that came on the market and had 60 people at the open house and 5 offers. In the Boston globe recently it talked about Demand is up, Supply is down.
Last year we had a ton of inventory. This year so far we have more demand than supply. If houses come on and they are priced right they are experiencing multiple offers. So to the sellers I work with I advise them to be very careful on their pricing. If they price it right they will get their asking price.
This is a great article in the Boston Globe about a home for sale in Natick that sold prior to the home’s open house.
If you are a buyer – now is the time to get moving. Interest rates are down, prices are still down and the 1st time and home owner trade up program expires April 30. I have been to several closings in 2010. My experience with rates are still under 5 for a 30-year fixed conforming loan. Last week I was at a closing with an interest rate in the 3′s for a 10 year ARM.
William Raveis Mortgage has some great rates. Contact Susan Kelly at William Raveis Mortgage. She is very creative and is a mortgage banker with Raveis Mortgage. Raveis has access to several banks and is very competitive in the market!.
See you at the next open house!
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Boston Metro West Market – Natick, Newton, Needha, Wellesley, Wayland, Weston and more.
You can reach Chris Norcross at 781-694-3595. Visit our website www.HomesByNorcross.com
Obama Plans to Introduce Legislation Offering Incentives for Energy Improvements to Homes
Obama Plans to Introduce Legislation Offering Incentives for Energy Improvements to Homes
Energy efficiency and greener building practices have begun to take hold across the Country, spurring incentives that warrant making home improvements to existing homes as well as better practices for building new homes. Currently President Obama is considering federal incentives to homeowners who make energy efficient improvements to their homes.
President Obama had said that energy efficiency “creates jobs, saves money for families, and reduces the pollution that threatens our environment. With additional resources, in areas like advanced manufacturing of wind turbines and solar panels, for instance, we can help turn good ideas into good private-sector jobs.”
Providing incentives to home owners to make their properties more energy efficient will not only help the homeowner but help the economy, seen as two major players in exiting the recession that has affected our Nation’s economy.
The possible legislation could provide 50% rebates up to $12,000 in incentives for product costs as well as installation costs of energy efficient home improvements that could include appliances, insulation, solar products and more. The legislation is in the planning phase but is something Obama is planning on introducing.
For more information on possible legislation click here to a view an article posted by CNN Money.
If you are interested in finding more information on buying or selling your home call us today at 781-694-3595. Christine Norcross & Partners. Click Here to learn more.
JUST IN!!.. Homebuyer’s Tax Credit Extension
SENATE PASSES DODD LEGISLATION TO EXTEND HOMEBUYER’S TAX CREDIT
Dodd: A “Double Victory” for Connecticut Workers and Middle Class Families
WASHINGTON, DC – Senator Chris Dodd’s legislation to extend the homebuyer’s tax credit and expand it to more middle class families passed the Senate tonight as part of a bill that will also extend unemployment insurance. Dodd was an original co-sponsor of the bill, which will provide 14 additional weeks of jobless benefits for Connecticut workers.
“This is a double victory for families in Connecticut,” said Dodd. “Extending unemployment insurance benefits will help Connecticut families make ends meet in a tough economy. And thousands more middle class Connecticut residents may now be eligible to take advantage of the successful homebuyer’s tax credit. By helping unemployed workers keep from falling further behind, and helping middle class families get ahead, we’re taking positive steps to get our economy back on track.”
Dodd was joined by Senator Johnny Isakson (R-GA) in support of extending the homebuyer’s tax credit. The provision also expands it to cover people looking to buy a new home after having owned and lived in a home for more than five years. More than 70 percent of existing homeowners will now be eligible to take advantage of this program and use the credit to buy a new home.
The House version of the bill provided a 13-week extension in unemployment benefits for workers in states where the three-month unemployment average was above 8.5 percent. Dodd co-authored the Senate version, which provides a 14-week extension for workers in all states, including Connecticut, and an additional six weeks for workers in states where the three-month unemployment average is at or above 8.5 percent. Connecticut’s three-month average is 8.1 percent.
Summary of Dodd’s Homebuyer’s Tax Credit Provision:
· Extends the $8,000 first time Homebuyers Tax Credit and creates a new $6,500 tax credit for qualifying “move-up buyers” purchasing a home before April 30, 2010.
· Qualifying “move-up” buyers include homebuyers who already own a home that they have used as a principal residence for 5 years or more.
· Homebuyers with binding contracts as of April 30th will also qualify for the credit so long as they complete the transaction within 60 days.
· Available to homebuyers with incomes of up to $125,000 for a single return or $225,000 for a joint return.
· Available for homes which cost less than $800,000.
· Provides authority to the IRS to do greater oversight while processing the return and requires that the taxpayer claiming the credit be 18 or older.
· Members of the military, military intelligence, and foreign service who are on qualified extended official duty are not subject to the recapture fee and individuals who have been deployed overseas for 90 days or more in 2008 or 2009 can claim the credit through April 30, 2011
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Breaking news, the House passed the tax credit bill
The vote was 403-12. It is expected to be signed by the President tomorrow!!
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Last Call for the Tax Credit for First Time Home Buyers??
Most of the information coming from Washington DC indicates that the First Time Home Buyer Credit will be extended, as noted from our lobbyist in DC.
Tax Credit Extension & Expansion
There will be an important vote in the Senate this week on the housing tax credit provision. The “Dodd-Lieberman-Isakson” amendment would extend the tax credit to June 30, 2010. It would expand the credit to any homebuyer and raise the income limits to $150,000 ($300,000 for joint returns). The amount of the tax credit would remain at $8,000.
Prospects: We still believe the prospects are good for extension of the tax credit. There is real concern in the Administration about the strength of the economic recovery. Treasury Secretary Geithner was quoted in the November 2nd Business Week magazine stating: “we’re not going to make the mistake many countries made in the past of putting the brakes on too early and creating the risk of a weaker recovery with even higher levels of unemployment.” On the negative side, the stories about fraud in tax credit program (e.g. children and current homeowners receiving the tax credit) and concerns about the program cost obviously do not help.
NAR is making a major push for the expansion of the tax credit to all homebuyers. While it appears unlikely that it will be expanded beyond first-time homebuyers, NAR efforts could have a positive impact on the outcome. We will keep you apprised.
Check out the latest Wellesley Homes Real Estate Mortgages at our website www.HomesByNorcross.com