Provided By RECON Real Estate Center Online News
Source New York Times/ Dallas Morning News
April 5th will mark the beginning of a new program by the Obama administration intended to end the foreclosure crisis — one that will pay homeowners to sell their homes.
The program will allow owners to sell their homes for less than they owe and give them cash to expedite the process.
Hundreds of thousands of delinquent borrowers will be encouraged to sell their houses through short sales, in which properties are sold for less than the balance of the mortgage.
The new program will give the servicing bank $1,000, and another $1,000 may go toward a second loan, if one exists. The distressed homeowners will also receive $1,500 in relocation assistance. To read more of this article click here.
Are you interested in learning more about the upcoming foreclosure program? Give us a call at (972) 772-7000 or send us an email at rockwall@kw.com.
Wednesday, March 17, 2010
Monday, March 15, 2010
PLANNING NORTH TEXAS' FUTURE
Provided By RECON Real Estate Center Online News
Source Dallas Business Journal
The North Texas 2050 plan was unveiled Friday to prepare the region for the estimated population increase from its current six million people to nine million in 2030 and 12 million in 2050.
The plan provides a broad regional approach to issues that will be complicated by population increases, including transportation, development, education, health, environment, housing, economic development, energy and lifestyles.
Plans provide guidelines for businesses, governments, property owners, chambers of commerce, neighborhood associations and other organizations.
A few of the plan’s recommendations include:
Want to know more about the North Texas 2050 plan? Give us a call at (972) 772-7000 or send us an email at rockwall@kw.com.
Source Dallas Business Journal
The North Texas 2050 plan was unveiled Friday to prepare the region for the estimated population increase from its current six million people to nine million in 2030 and 12 million in 2050.
The plan provides a broad regional approach to issues that will be complicated by population increases, including transportation, development, education, health, environment, housing, economic development, energy and lifestyles.
Plans provide guidelines for businesses, governments, property owners, chambers of commerce, neighborhood associations and other organizations.
A few of the plan’s recommendations include:
- The North Central Texas Council of Governments should develop an urban forest management plan and explore the use of fees to compensate for the impact of development.
- The North Texas Housing Coalition should guide cities, developers, builders and property owners in improving housing availability, variety, value and quality.
- The Regional Transportation Council should develop and adopt a mobility plan, and transportation officials should provide systems with more travel mode options.
- A team should be formed to monitor the region’s environmental carbon footprint.
Want to know more about the North Texas 2050 plan? Give us a call at (972) 772-7000 or send us an email 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.
Wednesday, March 10, 2010
3 Steps to a Great Spring Lawn
Sources My Home Ideas/http://www.myhomeideas.com/
Photo Provided By Southern Living
Kick off your springtime gardening with these easy tips for a lush-looking lawn.
Get Ready for Spring
Your lawn may look sadder than a termite at a concrete festival, but it certainly doesn't have to stay that way. Giving your grass a bit of attention toward the end of winter will pay off big-time this spring and summer.
This machine, which resembles a large rotary tiller, uses steel tubes to take plugs of soil from the lawn and deposit them on the ground. Aerating once a year reduces compaction and increases the vigor of your lawn.
Heavy thatch prevents water and nutrients from reaching the roots and promotes disease.
Cut Bermuda lawns to 1/2 inch and leave the clippings in place to decompose. Mow other types to 1 inch. If you use a regular mower, bag the clippings; then compost or discard them. Mowing low lets more sun reach and warm the soil, encouraging the grass to green up.
When watered in, it forms a barrier atop the soil to keep weeds from sprouting. (Don't aerate after you put down the chemical, or you'll break the barrier.)
However, if you're sowing grass seeds this spring, don't put down any of these products, since weed preventers keep grass seeds from coming up, too.
Downsizing Your Lawn
If the idea of maintaining a large expanse of grass seems a bit daunting, consider downsizing your lawn.
If you like clean landscape lines, healthy green grass, and free weekends, consider hemming your lawn in with pavers or a brick patio. Because lawnmowers and string trimmers can damage the bark of trees and shrubs, reshaping your lawn so that all other vegetation is outside its perimeter avoids accidental contact.
This change also benefits the turf by reducing water and nutrient competition and providing more sunlight. With less fertilization, less watering, and less mowing to do, you can enjoy the lawn more!
Contrasting Color
Reap some wonderful landscape rewards with a little lawn.
Red brick or black stone borders around your lawn create a contrast of color that breaks up the monotony of green. Replicating the brick or stone of a house's foundation in the landscape will pull the eye from the curb to the front door, while repeating the straight lines of a front porch or the curved lines of an archway will create a pleasing effect.
In the lawn at left, combining flat stone pavers with turf creates a formal but functional entrance.
Photo Provided By Southern Living
Kick off your springtime gardening with these easy tips for a lush-looking lawn.
Your lawn may look sadder than a termite at a concrete festival, but it certainly doesn't have to stay that way. Giving your grass a bit of attention toward the end of winter will pay off big-time this spring and summer.
- Step 1: Aerate your soil
This machine, which resembles a large rotary tiller, uses steel tubes to take plugs of soil from the lawn and deposit them on the ground. Aerating once a year reduces compaction and increases the vigor of your lawn.
- Step 2: Mow the old grass low
Heavy thatch prevents water and nutrients from reaching the roots and promotes disease.
Cut Bermuda lawns to 1/2 inch and leave the clippings in place to decompose. Mow other types to 1 inch. If you use a regular mower, bag the clippings; then compost or discard them. Mowing low lets more sun reach and warm the soil, encouraging the grass to green up.
- Step 3: Stop weeds
When watered in, it forms a barrier atop the soil to keep weeds from sprouting. (Don't aerate after you put down the chemical, or you'll break the barrier.)
However, if you're sowing grass seeds this spring, don't put down any of these products, since weed preventers keep grass seeds from coming up, too.
Downsizing Your Lawn
If the idea of maintaining a large expanse of grass seems a bit daunting, consider downsizing your lawn.
If you like clean landscape lines, healthy green grass, and free weekends, consider hemming your lawn in with pavers or a brick patio. Because lawnmowers and string trimmers can damage the bark of trees and shrubs, reshaping your lawn so that all other vegetation is outside its perimeter avoids accidental contact.
This change also benefits the turf by reducing water and nutrient competition and providing more sunlight. With less fertilization, less watering, and less mowing to do, you can enjoy the lawn more!
Contrasting Color
Reap some wonderful landscape rewards with a little lawn.
Red brick or black stone borders around your lawn create a contrast of color that breaks up the monotony of green. Replicating the brick or stone of a house's foundation in the landscape will pull the eye from the curb to the front door, while repeating the straight lines of a front porch or the curved lines of an archway will create a pleasing effect.
In the lawn at left, combining flat stone pavers with turf creates a formal but functional entrance.
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