As I mentioned on my other blog, the homebuyer tax credit expires today. Although the tax credit is over, i’m confident that homes will still sell. Click here to read my original post. If you have any questions, give me a call at 262-694-2141, 608-770-4568, or 262-320-SOLD (7653), or email me at: soconnor@shorewest.com.
Posted by:
Pete O’Connor
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Should I or shouldn’t I move? Often this question comes up with those potential home buyers and home sellers that are sitting on the fence directly after the start of the New Year. “What’s the right choice?”, “Am I making a mistake?”, “Will I be able to afford this home?” In each and every instance these are normal questions to ask, and of course all the pros and cons need to be evaluated. Certainly in these unsteady financial times a mistake could prove to be costly.
However, if you happen to be one of those people that are sitting on the fence, there is no better time than now to purchase a home. Whether you’re a move up home buyer and qualify for the $6,500, or a first time home buyer and qualify for the $8,000 tax credit these most assuredly are enticing. As a seller, if you over price your home you’re more likely to lose money and the sting of selling your home may be a bit more abrasive that if you’d priced it accordingly. See, even though we homeowners always think our home is worth a little more than it really is (me included), there is the reality check of the Buyer and Appraiser both.
In this market, the wise thing to do is to price your home just below market value. Insert long pause here….. I can understand the skepticism that follows those words above, but consider this. When you and the rest of the world are shopping for a specific item and it’s got a great price on it what’s the natural reaction of the shopper? Demand, correct?
In this instance pricing (as well as all the other components of selling a home) is key. This strategy is more likely to net you multiple buyers, and multiple offers on your home! Positively the best of all scenarios as you’ll more than likely have multiple offers from which to choose and multiple buyers trying to get your home.
So, take this New Year and be the master of your destiny and don’t be afraid of selling your home, especially when the government will compensate you. Remember, that both of these tax credits have expiration dates on them so act now! If you’d like more information on how these programs work, of if you’d like to see what your home is worth, please feel free to contact me at your convenience. I can be reached at 262-694-2141, 608-770-4568, or 262-320-SOLD (7653). Or, email me at: soconnor@shorewest.com.
Posted by:Pete O’Connor
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Whether you’re thinking about buying or selling, 2009 will definitely shine! Think about a time when you’ve made a great decision but didn’t know how great it really was until you looked back on it. This is the year that buyers, and some sellers, are going to look back and think exactly that!
Let’s say you want to buy a new home but aren’t sure you can sell your existing home. First, if you are considering moving up to a larger home, 2009 is a fantastic time to sell! You may not have as much equity in your home as you had a couple of years ago, but you will be able to get a terrific deal on your new home. For example, you own a $250,000 house and need to sell it to buy a larger $350,000 home. While it's true that in 2006 you might have sold your home for $260,000, you also would have paid $375,000 for your new house. In other words, in this market you may lose $10,000 on your current home, but you will be save $25,000 on your new home, for a net gain of $15,000!
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If you’re a first time home buyer or considering purchasing your first home you’ve probably heard about the $8000.00 tax credit. This tax credit is a great incentive for first time home buyers, every dollar of this credit will reduce your income tax by a dollar. The tax credit is based on 10% of the cost of your home purchase. So if you purchase a home for $80,000 you could qualify for the full $8000.00 credit. Here are a few of the rules of the tax credit:
You have to be a first time home buyer or haven’t owned in the last three years.
You must take ownership of the property before December 1, 2009
You must make $75,000 or less or $150,000 per year if filing jointly
You do not have to pay back the credit if you own the property for three years
You may purchase a single family home, Condo or townhouse
For additional rules to the tax credit go to www.irs.gov and read form 5405.
For a list of homes for sale go to sara.shorewest.com.
Posted By:
Sara Schneider
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