Homebuyer Tax Credit Passes in a Landslide

December 31, 2009 Leave a comment

On Thursday, Congress authorized the extension of the Homebuyer Tax Credit. The vote was 98 – 2 in the Senate and 412 – 12 in the House. The President’s signature is expected within the coming days. While I had little doubt that Washington would overlook the impact of the tax credit and therefore fail to extend, it must be noted that the overwhelming support in Congress can be directly attributed to the “Invasion of Normandy” style mobilization of the National Association of Realtors and it’s members lobbying efforts.

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1009 Wiltshire Drive, Carrollton, TX 75007-4914

November 14, 2009 Leave a comment

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Want More Information? Contact me at: 469.892.8044

Offered at $388,500

This phenomenally designed custom-built home is truly one of a kind! It is rare to find this quality of craftsmanship in this price range and built for today’s style of living with casual elegance. Enter through the handmade, custom semi-private front door screen and discover what defines quality in craftsmanship! Everywhere you look, from the fully cased wood-trimmed windows, to the multitude of built-ins, crown moldings, and full-wall bathroom mirrors that double as hidden medicine cabinets, you’ll find many more creature comforts and attention to detail that makes this house a home. Whether you enjoy the exercise room or find safety in the Texas tornado shelter housed in the basement garage, or just pleasure in spending your warm summer evenings on the “Choice” board deck, there is something for everyone in the family. The outdoor kitchen is flanked by a soothing outdoor fountain and a wall of trees that helps you to forget the sounds of the city and enjoy the sounds of nature. Storage abounds from the 2 outdoor storage sheds to added interior attic storage and an extra large closet off the game room. The upstairs study is complete with a built-in maple wood wrap-around desk topped with granite and enough glass encased cabinets to hold the family’s trophies! Not to be outdone, there is an additional children’s study outfitted with built-in computer station, desk and cabinets with a large window over-looking the front circular drive. Attention to detail is magnified by the post tension slab foundation reinforced with 64 piers at time of construction. Ideal for entertaining as the north/south exposure allows tons of natural light to shower in at all times of the day through the Low E vinyl windows and keenly placed skylights. Nestled conveniently close to 190, I-35 and 121, this home is not to be missed! Blue Ribbon Schools. Walk to city park. EBBY 5K+5K!

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3825 Peppertree Carrollton, TX 75007

November 14, 2009 Leave a comment

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Want more information? Contact me at 469.892.8044

Offered at $309,900

1 of a kind upstairs living area designed by TV’s Trading Spaces featuring built-ins for study areas/media/ or crafts. Quality Huntington built home with extensive mill work, elegant formals, designer paint colors , 4 bedrooms,3 1/2 bath, and 3 living areas. Owner recently added extensive hardwoods and slate flooring throughout the house. The over-sized master is down with sitting area. The updated master bath and 1/2 bath downstairs feature furniture-styled separate vanities, old world fixtures, jetted tub and rimless shower surround. The kitchen features a walk-in pantry and island. Living area and breakfast room off of kitchen over look the landscaped backyard and pool area. The backyard pool offers a great place to relax and entertain with recent updates to pool, spa, equipment, and decking. The tranquil subdivision is next to the Oak Creek Tennis Center and greenbelt. HOA includes community security cameras.

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Sellers Get Ready, Get Ready, Get Ready: North Texas Pre-Owned Home Sales Soar

November 11, 2009 Leave a comment

The front page of today’s Dallas Morning News states that pre-owned home sales in North Texas were up 11% in October from a year ago – that’s the first year-over-year gain since September 2008 and one of the best signs yet that the local housing market has turned the corner!

The article cites the $8,000 first time homebuyer tax credit as one of the reasons for the increase and with the recent extension of the credit and the addition of a $6,500 credit for buyers who have lived in their current home for at least 5 years, the Spring 2010 market is already looking bright.

Mary Frances Burleson, president & CEO of The Ebby Halliday Companies is quoted at the end of the article saying:

“Every time a house sells, it adds to our economy.  People buy furniture.  They pay the moving company and the title company – it brings a lot of dollars to many businesses.  Every time we come out of a real estate downturn, housing leads the way.”

To read the full article by Steve Brown, vist link:

http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-resales_10bus.ART.State.Edition2.4b71727.html

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Source: Ebby Blog

Signed. Sealed. Delivered.

November 11, 2009 Leave a comment

It’s official.  The first time homebuyer tax credit has been extended – President Obama has now signed the bill into law! 

First time homebuyers are eligible for the $8,000 tax credit if they sign a contract by April 30 and close by June 30.  In addition, this new bill extends the credit beyond first time buyers.  Those who are buying a new home and have lived in their current home at least 5 years are eligible for up to a $6,500 tax credit.

For additional details, review these links at:

http://www.realtoractioncenter.com/realtor-party/documents/2009-NAR-Issue-Brief-Homebuyer-Tax-Credit-Changes-1104-1107.pdf

http://money.cnn.com/2009/11/05/news/economy/Extending_unemployment_benefits/index.htm?postversion=2009110612

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Source: Ebby Blog

Christmas Come Early? Senate Voted to Extend Homebuyers Tax Credit.

November 5, 2009 Leave a comment

By The Associated Press (AP) –

The Senate has voted to extend and expand a popular tax credit for homebuyers that was scheduled to expire Nov. 30. The House is expected to schedule a quick vote on the bill, part of a package that also extends unemployment benefits for people out of work more than a year. How the homebuyer tax credit would work:

Tax credit: Ten percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for repeat buyers. First-time homebuyers are defined as people who have not owned a home in the previous three years. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000.

Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30.

Military deadline: The deadline is extended by a year for members of the military who have served outside the U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010.

Income limits: Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.

Cost: $10.8 billion.

Source: Joint Committee on Taxation

On a Wing & a Prayer: Homebuyer Tax Credit Adavances in Senate

November 3, 2009 1 comment
Homebuyer Tax Credit, Unemployment Bill Advances in Senate
By Brian Faler

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Nov. 2 (Bloomberg) — Legislation to extend unemployment benefits and a tax credit for first-time homebuyers cleared a procedural hurdle in the U.S. Senate as Democrats pushed to complete work on the measure this week.

Lawmakers voted 85-2 to move closer to a final vote on the bill, which would extend until April 30 the $8,000 homebuyer credit that otherwise would expire at the end of this month.

Senate Majority Leader Harry Reid, a Nevada Democrat, said last week he hoped both houses of Congress would pass the legislation by tomorrow.

That’s unlikely to happen if Senate Republicans, unhappy that Democrats are blocking their amendments to the plan, force the chamber through a series of procedural steps before the final vote.

In addition to extending the tax break for first-time homebuyers, the measure would let more people qualify for the credit, including some who already own homes and those with higher incomes.

Homebuyers who have lived in their prior residence for at least five years could receive a credit of $6,500. Couples earning as much as $225,000 a year and individuals earning up to $125,000 would qualify. That’s up from the current $75,000 limit for individuals and $150,000 for couples.

The tax credit was enacted as part of an economic stimulus plan in February. More than 1.2 million borrowers have claimed $8.5 billion of the $13.6 billion set aside for the homebuyer tax credits this year, according to the Treasury Department.

The Obama administration has endorsed the extension. The Joint Committee on Taxation estimated the revised homebuyer tax credit would cost $10.8 billion over 10 years.

The legislation also calls for spending $2.4 billion to extend unemployment benefits by 14 weeks in all states, and by six additional weeks in states with the highest jobless rates.

To contact the reporters on this story: Brian Faler in Washington at bfaler@bloomberg.net

Last Updated: November 2, 2009 17:40 EST