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Archive for September, 2009

front of the house

Very often I see the same misconceptions that owners come up with to determine what their house is worth.  I figured we can list them here and then build a list of the true and accurate factors. Here we go:

The market value of home is NOT:

  1. What you have in it.
  2. What you need out of it.
  3. What you want.
  4. What you heard your neighbor’s house sold for.
  5. What the tax office says it is worth.
  6. How much it is insured for.
  7. Based on memories and treasures.
  8. Based on prices of homes where you are moving.
  9. What you like about it.
  10. How you decorated it.

Selling a home is an emotional process, but it is also a business decision and transaction. One very important thing to remember is that as soon as you have decided to sell your home, it is not yours anymore.

Check back for the post on the true factors that affect the market value of your home.

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a familyFalls Township Annual Family Festival

Saturday, September 12

3-9pm

Falls Township Community Park (off Mill Creek Road in Levittown)

Admission is free, come enjoy rides, children’s game booths, live music, giveaways, puppet show, magician and tons more, including  Fireworks!

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I hate to be a bearer of bad news, however, it’s important to take a note. $8,000 government tax credit freebie is going away on December 1st.  “It’s only beginning of September”, you say. Yes, but December 1 deadline applies to your closing date, the date when you become the owner of your home, not when you sign a contract to buy it.

In today’s sensitive business between homes, buyers and banks, it can take from 45 days to 90 days and more to actually go from an agreed contract to purchase to becoming an actual owner with the keys in your pocket.

money in your hand

So, today is September 10th. That means that you only have 79 days to make things happen! It’s not too late, don’t panic.

Here is a quick recap of how this awesome $8,000 tax credit works:

  • Only first time buyers are eligible, to purchase principal residence. First time buyer is someone who has not owned a principal residence during the 3 years prior to this purchase.
  • Credit is equal to 10% of purchase price, up to $8,000.
  • Income limit for single tax payers is $75,000, income limit for married taxpayers is $150,000.
  • This tax credit does NOT have to be repaid!
  • You claim this credit on your federal income tax return (check with your accountant for details).
  • This tax credit is a dollar-for-dollar reduction in what the taxpayer owes. So if you owe $8,000 in taxes and you apply this $8,000 credit, you owe nothing!
  • Check with your accountant on the details for homes purchased in 2008 and what adjustments can be made.

So? There is still time to take advantage of this once in a lifetime opportunity. Buyers rule today and have great negotiating power. Let’s take advantage today!

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