2009 First-Time Homebuyer Tax Credit

The following is a breakdown of the 2009 First-Time Homebuyer Tax Credit that Congress recently passed.

How Does the Tax Credit Work?

• If you owe $5,000 in taxes, the credit eliminates your tax liability, and you’ll receive $3,000 back (assuming you bought a house worth more than $80,000; it is 10% of the purchase price up to $8,000).
• If you have no tax liability, you get $8,000.
• If you are due a refund of $1,000, you get $9,000 total back. Please consult your tax advisor regarding your specific situations.
• If you utilize revenue bond financing, you can use the tax credit.
• You cannot buy your home from a close relative such as a spouse, parent, grandparent, child or grandchild.
• It can be claimed on your 2008 Tax Return (to be filed by April 15, 2009), an amended 2008 Tax Return, or your 2009 Tax Return
• Best of all, there’s no repayment as long as you don’t sell the home within three years of purchase. If you choose to do so, the entire amount of credit is due back to the government at the time of sale.
  

Qualifications

• You must be a first-time homebuyer. If you (and your spouse, if filing jointly) haven’t owned a principal residence in the past 3 years, you qualify.
• You must purchase a single-family home that will be your primary residence (meaning you spend 50% or more of your time there) between Jan. 1 and Dec. 1, 2009. This includes condos, townhouses and co-ops.
• It must also be in the U.S.
• The full amount of credit is available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). It begins phasing out after those numbers and completely disappears at income levels of $95,000 and $170,000 on a joint return.

Partial Credit Charts

As previously explained, if your income falls between $75,000 and $95,000 (single) or $150,000 and $170,000 (married), you may qualify for a partial tax credit. If you qualify for a partial credit, check out the below graphs to see how much credit you can potentially receive based on your income.

For more details on the tax credit and to begin the search for your new home, contact a local agent today!

Guide to Purchasing a Foreclosed Home

Are you interested in purchasing a home that’s possibly below market value? Well no time is better than the present to purchase a foreclosure. It’s important to know the facts before you invest your money in a foreclosed home, so make sure to contact your Realtor® and do your research.

There’s No Such Thing as Too Much Research
Experts agree that if you’re interested in purchasing a foreclosed home, it’s important to do research on foreclosed homes in the area as well as the foreclosure process. Start by searching public records for a lis pendens, also known as a “lawsuit pending”. This is where you can begin to follow the long foreclosure process. It’s also important to research foreclosure methods and procedures since it varies from state to state. Florida, New York, Ohio and Pennsylvania all require judicial foreclosures--when a lender takes a borrower to court. In other states, the foreclosure process can take place outside the court. For information on your specific state, check out United States Foreclosure Laws.

HUD Housing
A Housing and Urban Development (HUD) home is a residence acquired by the U.S. Department of Housing and Urban Development due to a foreclosure on a Federal Housing Administration (FHA) mortgage. Once acquired by HUD, the home is sold in an attempt to recover foreclosure losses. If you’re interested in purchasing a HUD home, check out the National Home Management Solutions (NHMS) for a listing of HUD homes in your state.

Bank-Owned and REO Homes
Bank-owned and real estate-owned (REO) homes come into the possession of a lender—in this case, the bank—during the foreclosure process. An REO home is a type of bank-owned home that has been through an unsuccessful auction. If you’re interested in purchasing a bank-owned or REO home, search for a listing of homes at Bank Owned Properties.

Inspections
If you’re interested in purchasing a HUD or bank-owned home, it’s important to get the home inspected. These homes are sold as they are—with no extra compensation or repairs. Paying for a portion of a foreclosed home in cash is typically a great option; however, there are HUD homes that do qualify for FHA (Federal Housing Administration) loans.

For more information about purchasing a foreclosed home, contact your local agent today!

A Marketing Strategy that Goes Beyond the Sunday Paper

When searching for a new home, how often do you sit down with a newspaper? Do you ever go online to look for homes? Have you ever sent a text message to a Realtor® to request information on a house listing? Well if you’ve participated in any combination of these, you’re the modern-day buyer, and Real Living sellers are reaching out to you.

For several years now, Real Living has used a 360^o marketing system that incorporates old as well as new ways of marketing homes to buyers. We recognize that newspaper listings alone don’t produce sales, and sellers are still looking for new and innovative ways to market their home to a wide range of buyers, fast and for top dollar.

By combining the use of traditional, mobile and digital outlets to reach buyers, Real Living agents work hard to meet the seller’s needs through 360^o of marketing. Let’s face it, in today’s real estate market, newspaper ads alone won’t sell your home. A full, comprehensive marketing plan, like Real Living’s 360^o marketing integration, is what’s needed to get the job done.

Real Living understands that consumers are multi-dimensional. They are traditional (signs, radio, print), mobile (texting, click-to-talk, etc) and digital (web, blogs, videos). When listing your home with a Real Living agent, he or she will work with you one-on-one to create the perfect combination of traditional, mobile and digital outlets—customizing a marketing plan that’s unique to your home. You can be confident that 360^o marketing will reach buyers looking for a home like yours.

From yard signs to the Web, 360^o is online, offline, outside, inside, everywhere and anytime of the day! To learn more about 360^o marketing and listing your home with Real Living, call a local Real Living agent today.

Broker Spotlight: Real Living Volpini Realty Group

Located in the Mahoning Valley region, Real Living Volpini stands out from other real estate offices in the area due its high level of professionalism, experience and superior knowledge of the local market. Continuing education classes and real estate seminars keep Real Living Volpini agents up-to-date in the rapidly changing world of real estate. President and broker of Real Living Volpini, Richard Volpini, has practiced real estate for over 30 years and works hard to create an unparalleled experience for consumers regardless of where they are in the real estate process.

“I love our clients and helping them fulfill their dreams,” said Volpini. “We have a welcoming family atmosphere and treat every transaction with the highest level of detail”.

Service areas: Mahoning Valley and Youngstown—Warren area

Office locations:
Warren:
8740 E. Market Street
Warren, Ohio 44484
(330) 856 - 5700

Youngstown:
1975 E. Western Reserve Rd.
Poland, Ohio 44514
(330) 757- 1300

Web site: Volpini.RealLiving.com

For more information on Real Living Volpini Realty Group, you can contact Rick Volpini, at (330) 757-1300 or by e-mail at Richard.Volpini@RealLiving.com.

How Going Green Can Save You Money

According to the U.S. Green Building Council’s Green Building Guide, green homes are expected to make up 10% of new home construction by the 2010. The green housing movement is rapidly growing. Here are some simple ways to help the environment as well as your wallet.

Lighting
Allowing natural light to filter through your home will help trim down your electric bill. To increase the amounts of natural light in your home:

• Install skylights—preferably double-glazed skylights.
• Display window curtains with sheer or light fabric.
• Place trees in areas that won’t block natural sunlight from filtering through windows and skylights.

When natural lighting isn’t an option, here are some guidelines for indoor lighting.

• Opt for compact fluorescent light bulbs.
• Turn off lights when you leave a room.
• Install task lighting, or a small lamp instead of using big overhead lights.

Technology Savers

• Turn off and unplug your computer when it’s not being used.
• Opt for a laptop instead of a desktop. Laptops only use 15 watts of electricity while a desktop uses around 130 watts.
• Plug printers, fax machines, computers, lamps and more into a smart strip. Smart strips sense when a machine isn’t in use and reduces energy flow.
• Unplug all electrical devices when not in use.

Water Usage

• Take a shower instead of a bath—showers use less water.
• Ensure that you don’t have leaks in toilets, bathtubs, showers, sinks and outdoor faucets.
• Try and keep showers to 5 minutes.
• Purchase energy-efficient dishwashers and clothing washers.
• Use aerators on your faucets and install low-flow shower heads.

It’s important to be aware of how much energy you’re using and how much CO₂ you emit on a daily basis. National Geographic’s Green Guide offers energy calculators such as the Shower CO₂ calculator, Lighting CO₂ calculator, Laundry Dryer CO₂ calculator and much more. You may be surprised at the size of your carbon footprint as well as how much money you could be saving. For more information on this topic, contact your local agent today!

Additions to the Real Living Executive Team

Real Living recently announced the promotions of several executive team members. Congrats to Brooks Burton, Clyde Corle, Chris Svec and Sara Walsh on their new positions.

Burton has been named chief operating officer of Real Living. He is responsible for web services, information technology infrastructure and the daily operations of agent and customer care centers. He will also continue to provide oversight for Real Living Relocation Management, Real Living Business—The Commercial Partnership—and other Real Living affiliate programs.

Corle has been named president of new markets and franchise development for Real Living. He is responsible for legal, organizational, managerial, coaching and operational functions of the franchise network. He will also remain president of the Southwest Ohio region, including affiliate brokerages Real Living Realty Services and Real Living Partners Realty Experts.

Svec has been named vice president of marketing of Real Living. He will lead the strategic direction of Real Living’s national marketing initiatives.

Walsh has been named chief operations officer of Real Living Relocation Services of Real Living. She is responsible for the daily operations of broker and agent referrals, customer care leads, professional relocation development and training, relocation services and outreach to corporate companies.

For more information on this topic, click here to access the press release.

Test your "green" knowledge

Are you eco-friendly? Do you consider yourself “green”? Take this quiz to test your knowledge on environmental preservation.

1. Which of the following light bulbs is the most energy efficient?

A. Compact Flourescent
B. Incandescent
C. Halogen

2. How long does it take carbon dioxide to disperse in the atmosphere?

1. 50 years
2. 75 years
3. 100 years
4. 150 years

3. The average American emits how many tons of CO2 each year?

1. 3 tons
2. 7.5 tons
3. 10.2 tons
4. 15 tons

4. Which of the following items lasts in the environment the longest?

1. Glass (1 million years)
2. Plastic (20-30 years)
3. Leather (50 years)
4. Disposable Diapers (300-500 years)

5. How many gallons of water does the average American go through each shower?

1. 8 gallons
2. 15 gallons
3. 17 gallons
4. 25 gallons

6. What percent of global energy comes from non-renewable resources?

1. 26%
2. 45%
3. 65%
4. 92%

7. How many miles will the average American drive in their lifetime?

1. 45,078 miles
2. 298,207 miles
3. 452,662 miles
4. 627,000 miles

8. True of False
Climate change due to increased global warming pollution will cause more severe weather patterns across the U.S. in years to come.

9. Which of the following statements is true according to the Environmental Protection Agency?

1. Indoor air pollution is two to five times higher than outdoor air pollution levels
2. Outdoor air pollution is two to five times higher than indoor air pollution levels
3. Indoor and outdoor air pollution levels are equal

Let us know your score!

Answers: 1. a, 2. c, 3. b, 4. a, 5. d, 6. d, 7. d, 8. true, 9. a