Source Real Estate Center-TAMU
In today's economy, home builders must pay close attention to what buyers say they prefer in a new home. The Real Estate Center's latest video, "What Homebuyers Want in 2010," features two experts with perspectives on buyer preferences.
Rose Quint is assistant vice president with the Survey Research Economics and Housing Policy Group for the National Association of Home Builders. Eliot Nusbaum is executive editor of Better Homes and Gardens.
This 14-minute video was taped at the 2010 International Builders' Show in Las Vegas.
Would you like to know more about what homebuyers want in 2010? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Showing posts with label national association of home builders. Show all posts
Showing posts with label national association of home builders. Show all posts
Friday, April 16, 2010
Wednesday, April 14, 2010
How to Get the Extended Home Buyer Tax Credit
Provided By Shelley Dudley
Source National Association Of Realtors
Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract by April 30, 2010 and close by July 1, 2010.
Documentation of Purchase
Details concerning the precise documents required to confirm your purchase have not yet been released. When this information becomes available, we will include instructions and links to the appropriate forms.
When to Apply the Credit
Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns.
Buyers purchasing in 2010 will have the option to:
Applying the Credit to Your 2009 Taxes
You will need to do three things to claim the credit on your 2009 tax return:
1. Fill out Form 5405 to determine the amount of your available credit;
2. Apply the credit when you file your 2009 tax return or file an amended return;
3. Attach documentation of purchase to your return or amended return.
Want to hear more about the Extended Home Buyer Tax Credit? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Source National Association Of Realtors
You've decided to purchase a home and take advantage of the Extended Home Buyer Tax Credit. Here's what you have to do to get your benefit:
Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract by April 30, 2010 and close by July 1, 2010.
- Decide whether to:
- apply the credit to your 2009 tax return, filed on or before April 15, 2010;
- file an amended 2009 return; or,
- apply the credit on your 2010 return, filed on or before April 15, 2011.
Documentation of Purchase
Details concerning the precise documents required to confirm your purchase have not yet been released. When this information becomes available, we will include instructions and links to the appropriate forms.
When to Apply the Credit
Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns.
Buyers purchasing in 2010 will have the option to:
- Claim the credit on their 2009 return, even if the purchase is completed after December 31, 2009;
- File an amended return for 2009 if their purchase is completed after April 15, 2010; or,
- Claim the credit on their 2010 tax returns.
Applying the Credit to Your 2009 Taxes
You will need to do three things to claim the credit on your 2009 tax return:
1. Fill out Form 5405 to determine the amount of your available credit;
2. Apply the credit when you file your 2009 tax return or file an amended return;
3. Attach documentation of purchase to your return or amended return.
Want to hear more about the Extended Home Buyer Tax Credit? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, March 12, 2010
4 Homebuyer Tax Credit Tips
Source: http://www.bankrate.com/
By Marcie Geffner
The credit is reasonably straightforward, but there are some tips for those who want to take advantage of it. Here's what you should know:
1. Deadline: April 30, 2010
The most important tip is to be aware of the deadline. Buyers who want to use the tax credit must have their new home under contract (i.e., in escrow) by April 30, 2010, and must close the transaction within 60 days after that date.
That deadline is much sooner than it may seem: Many buyers take months to locate a house, and closing a transaction typically takes 45 to 60 days.
First-time buyers should get started soon because they may face a lot of competition from other buyers who also want to purchase a moderately priced home, according to Ann Pettijohn, a broker and owner of Oaktree Realtors in Orange, Calif. That price range is "very popular" and those homes tend to sell more quickly than higher-priced homes, she says.
Buyers who wait until 2010 may also find fewer homes on the market from which to choose, according to Allyson Bernard, broker and owner of Real Estate Professionals of Connecticut.
"Smart buyers will be out during the holidays when other people are preoccupied," she says.
The short deadline may create even more of a crunch for homeowners who need to sell their current home and purchase a new one, Pettijohn says. Sellers need to be realistic about the value of their current home and put their home on the market as soon as possible, so they'll feel confident about buying their next home, she says.
Buyers who get behind the curveball shouldn't count on another extension to keep them in the game since Sen. Johnny Isakson, R-Ga., a former Realtor and the principal supporter of the legislation that extended and expanded the credit, has said in a statement that the tax credit won't be extended again.
2. Credit up to $8,000 or $6,500
Buyers also need to understand that the tax credit is equal to 10 percent of the sale price of the home, which could be less than the maximum of up to $8,000 for first-time buyers and up to $6,500 for repeat homeowners.
For example, if a first-time buyer purchased a small condominium that cost just $70,000, the tax credit would be $7,000. And by the way, if the home costs more than $800,000, the credit now drops to zero.
3. Get good advice
Homebuyers who want to take advantage of the tax credit should consult the right people for help, including:
4. Beware of tax fraud
According to Patti Ketcham, broker and owner of Ketcham Realty Group in Tallahassee, Fla., homebuyers should educate themselves about the tax credit and learn the lingo.
"It is critical that buyers educate themselves and that they not fall for the slick smoke and mirrors," she says. "Anytime you have found money, it brings out all the rats."
Three Web sites that may be helpful are:
Buyers and sellers should be wary of any advice that sounds suspicious or overly complicated, Ketcham says. For instance, buyers who are told to conceal any information from their lender should "get away" from whoever offered that advice, she says.
One final tip: The IRS has found such a high incidence of fraud and creative tax accounting associated with the homebuyer tax credit that taxpayers who take the credit will now be required to attach a copy of the settlement statement to their federal tax return as proof of purchase. Buyers should keep their paperwork handy.
By Marcie Geffner
The new-and-improved federal homebuyer tax credit can benefit not only first-time homebuyers but also homeowners who want to sell their current home and buy a new one.
The credit is reasonably straightforward, but there are some tips for those who want to take advantage of it. Here's what you should know:
1. Deadline: April 30, 2010
The most important tip is to be aware of the deadline. Buyers who want to use the tax credit must have their new home under contract (i.e., in escrow) by April 30, 2010, and must close the transaction within 60 days after that date.
That deadline is much sooner than it may seem: Many buyers take months to locate a house, and closing a transaction typically takes 45 to 60 days.
First-time buyers should get started soon because they may face a lot of competition from other buyers who also want to purchase a moderately priced home, according to Ann Pettijohn, a broker and owner of Oaktree Realtors in Orange, Calif. That price range is "very popular" and those homes tend to sell more quickly than higher-priced homes, she says.
Buyers who wait until 2010 may also find fewer homes on the market from which to choose, according to Allyson Bernard, broker and owner of Real Estate Professionals of Connecticut.
"Smart buyers will be out during the holidays when other people are preoccupied," she says.
The short deadline may create even more of a crunch for homeowners who need to sell their current home and purchase a new one, Pettijohn says. Sellers need to be realistic about the value of their current home and put their home on the market as soon as possible, so they'll feel confident about buying their next home, she says.
Buyers who get behind the curveball shouldn't count on another extension to keep them in the game since Sen. Johnny Isakson, R-Ga., a former Realtor and the principal supporter of the legislation that extended and expanded the credit, has said in a statement that the tax credit won't be extended again.
2. Credit up to $8,000 or $6,500
Buyers also need to understand that the tax credit is equal to 10 percent of the sale price of the home, which could be less than the maximum of up to $8,000 for first-time buyers and up to $6,500 for repeat homeowners.
For example, if a first-time buyer purchased a small condominium that cost just $70,000, the tax credit would be $7,000. And by the way, if the home costs more than $800,000, the credit now drops to zero.
3. Get good advice
Homebuyers who want to take advantage of the tax credit should consult the right people for help, including:
- A tax preparer, who can help them ensure they meet all the requirements to use the credit.
- A mortgage lender, who can help them choose a loan program that will fit their needs.
- A Realtor®, who can help them locate a home they can afford and want to purchase.
4. Beware of tax fraud
According to Patti Ketcham, broker and owner of Ketcham Realty Group in Tallahassee, Fla., homebuyers should educate themselves about the tax credit and learn the lingo.
"It is critical that buyers educate themselves and that they not fall for the slick smoke and mirrors," she says. "Anytime you have found money, it brings out all the rats."
Three Web sites that may be helpful are:
Buyers and sellers should be wary of any advice that sounds suspicious or overly complicated, Ketcham says. For instance, buyers who are told to conceal any information from their lender should "get away" from whoever offered that advice, she says.
One final tip: The IRS has found such a high incidence of fraud and creative tax accounting associated with the homebuyer tax credit that taxpayers who take the credit will now be required to attach a copy of the settlement statement to their federal tax return as proof of purchase. Buyers should keep their paperwork handy.
Friday, March 5, 2010
HOME BUILDERS' CONFIDENCE PERKS UP
Source mysanantonio.com
WASHINGTON (Associated Press) – Home builder confidence in current sales rose two index points in February to 17 after falling two consecutive months, according to the National Association of Home Builders.
Builders’ outlook for sales over the next six months climbed one point to 27, and traffic by prospective buyers remained at 12 index points.
The index for the Midwest and South regions increased two points but dropped one point in the Northeast and West.
The index reflects a survey of 528 residential developers across the nation. Index readings below 50 indicate negative sentiment about the market. The last time the index reading exceeded 50 was April 2006.
WASHINGTON (Associated Press) – Home builder confidence in current sales rose two index points in February to 17 after falling two consecutive months, according to the National Association of Home Builders.
Builders’ outlook for sales over the next six months climbed one point to 27, and traffic by prospective buyers remained at 12 index points.
The index for the Midwest and South regions increased two points but dropped one point in the Northeast and West.
The index reflects a survey of 528 residential developers across the nation. Index readings below 50 indicate negative sentiment about the market. The last time the index reading exceeded 50 was April 2006.
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