Archive for the 'Vermont Economy' Category

We are ending the summer with some pretty incredible interest rates and some very motivated Sellers in the Champlain Valley. The market is extremely active for my clients and we are going into the fall with great anticipation and optimism.

Currently, our closings are 24% ahead of last years’ numbers through July and we should be above that after this month. There are a number of buyers  looking to buy and the doom and gloom outlook has subsided a bit. We are heading in the right direction and will continue to do so through hard work and providing the service and assistance home buyers and sellers are looking for. If you or someone you know is thinking about buying or selling in the Chittenden County area or beyond, please drop me a line so I can walk  you through the process.

Go Mobile! Search all home listings from your cell phone.

Brian

As the April 15 deadline to file 2009 federal tax returns approaches, the National Association of Home Builders (NAHB) is providing answers to some of the questions home buyers are most frequently asking about the home buyer tax credit.

“NAHB’s website that provides information about the home buyer tax credit, www.FederalHousingTaxCredit.com, has received more than 8 million visits,” said NAHB Chairman Bob Jones, a builder and developer in Bloomfield Hills, Mich. “We are doing everything we can to make sure home buyers are informed about this outstanding opportunity to benefit from buying a home before it expires April 30.”

Some of the more commonly-asked questions, and the answers, include:

1. How does a home buyer claim the tax credit?

The credit is claimed when the home buyer files or amends their federal income taxes. For qualifying homes purchased in 2009 or 2010, the taxpayer must complete IRS Form 5405 and attach a copy of the settlement statement. In most cases, the settlement statement is a properly executed Form HUD-1.

In circumstances where a HUD-1 is not provided, such as purchasing a mobile home or a newly constructed home, the IRS will accept an executed retail sales contract (mobile homes) or a copy of the certificate of occupancy (new homes).

2. Does the home buyer have to sell their current home in order to qualify for the $6,500 repeat home buyer tax credit?

A home buyer does not need to sell their current home in order to be eligible for the repeat buyer credit. They can continue to own both homes, and rent or use their former home for something else, as long as it no longer serves as their principal residence. The taxpayer is required to use the new home as their principal residence, and live in it for at least 36 months, or they will have to repay the credit.

3. Do married couples both have to meet the eligibility requirements in order to claim the credit, even if they file taxes separately?

Both spouses must fully meet all the eligibility requirements for either the $8,000 first-time home buyer tax credit or the $6,500 repeat buyer tax credit, regardless of if they file joint or separate tax returns. However, if an unmarried couple purchases a home and only one person qualifies, the eligible person may claim the full credit.

4. Do all home purchases need to be completed by April 30, 2010, in order to be eligible for the credit?

There are two exceptions to the April 30 deadline. If the buyer enters into a binding contract by the deadline, they have until June 30, 2010, to complete the purchase. The deadline has been extended a year, to April 30, 2011, for members of the uniformed services, Foreign Service or employees of the intelligence community who have been on qualified extended duty outside the United States for at least 90 days between January 1, 2009, and April 30, 2010.

Article recently taken from RISMedia

If you have been sitting on the couch and looking out your window contemplating making a move, then now is the time to do it. The hardest part of winter is over and the interest rates recently dropped below 5%. The inventory is great and it is still a buyer’s market. The federal government is still offering an $8,000 tax credit to first time homebuyers that qualify and a $6,500 tax credit to move up buyers that qualify, but the clock is ticking.  If you don’t have your next home under deposit by April 30th, then you have missed the incredible deal. Don’t procrastinate any longer. Drop me a line, and I can help you through the process. Contact me at brian@c21-advantage.com today.

This year has started out with a much different level of confidence than we had last year at this time.  According to the National Association of Realtors, less mortgages are becoming delinquent and going into foreclosure.  This bears well for our local real estate market and economy.  In Burlington, Vermont  and our surrounding area, we are experiencing a much better mortgage delinquency rate than in most other areas of the country.  Our deposits are ahead of last year and we are working with a number of people that are looking to purchase homes.  Business has definately picked up and we feel that the economy has taken a turn for the better.  Run a VT MLS Search or view new listings this week!

Brian French of Century 21 Advantage blogs about short sales and foreclosures in Burlington Vermont. Oftentimes there is assistance when hardships occur.   A couple of examples of resources to use are www.hud.gov and for people trying to get some guidance they can try www.makinghomeaffordable.gov as well. Nationwide there are a number of people going through this process and it is good to have resources that can assist you in the process.  If you would like more information on short sale and foreclosures, drop Brian a line at brian@c21-advantage.com your real estate advantage.

If you get Sunday’s newspaper check out the real estate section and notice all the price reduction banners. Prices of homes are still being reduced and now is a great time to negotiate a good value for yourself. Things seem to be moving in a positive direction which means that the buyer’s market may be a short-lived event, but for now it is still alive and well. Take the time to check things out with your favorite Realtor and see what kind of a buy you can get in this market. If you don’t have a Realtor, drop me a line. I can help you out. Brian

Now that summer is officially over with yesterday being Labor Day, I hope everyone got to enjoy it to its fullest. It definately was a shorter summer with all the rain we had in June and July. Mother Nature was kind to us these past 4 days though with no rain even predicted. With that said, the real estate market is still chugging along and the interest rates are still great. Now is the time to make that move before winter takes its toll. We bought our annual ski passes this weekend thus confirming that it is inevitable and not that far away. But for now, we will enjoy the rest of the warmer weather and look forward to the changing colors that are in our near future. If you have a real estate need, drop me a line. Brian

Recently I attended a Realtor function where I was able to talk to a number of my peers about the current market. It appears that we are seeing a resurrection of sorts for deals being done. The attorneys that we work with said that most of their business is now purchases instead of refinances and all the Realtors that I spoke with seemed to be optimistic about the current condition of the market. It has picked up and with the rates still at incredibly favorable status, it really is a great time to buy. We are starting to see multiple offers on properties that are priced properly and we are seeing more inventory that is representative of the market conditions. If you would like to see how you can plan for your future in real estate, drop me a line or give me a call. Brian French

I don’t know if you have the same problem I do, but my taxes continue to rise during a time when property values are not. How can the assessors justify tax increases when values have decreased by at least 10%? It is time to reduce our city budgets and fat from our ledgers. If we continue on this path, it will make it impossible for retirees to continue to hold onto their homes.  For all intensive purposes we are forcing our elderly to exodus our state because they can’t afford the cost of living.  We must speak up and do it now.

If you are a first-time home buyer, now is the time to get pre-approved and contact yours truly to find you a home. For only a short time left if you close on your first home by December 1st the government will give you an $8,000 tax credit when you file your taxes the next year. This is really a deal that seems to good to be true, but more importantly it is to good to pass up. I have been selling real estate for the last 25 years and this is the first time that I have ever seen anyone offer free money for purchasing a home. Tha’t s right it is free and you should all be taking advantage of it.  Especially since the interest rates are so low. But remember the clock is ticking and before you know it, this special offering will be over and my only hope is that you can say that you saw it here first and took advantage of it.  Drop me a line today. I can help.