This is new and has just been posted. Just another reason to be shopping for a home. If you are a first-time home buyer and purchase a new construction - that is $14,000 in your pocket!
$8,000 first-time home buyer tax credit
$6,000 Utah new construction purchase
Be warned, the $6,000 is first-come, first-served. Below are the details.
Governor signs bill for new homes grant. Gov. Jon Huntsman Jr. signed a bill yesterday that will provide $6,000 grants to buyers of newly constructed, never-occupied homes. Upon his signature, he immediately directed the Utah Housing Corporation to begin dispersing grants under the “Home Run” program to buyers who finance a recently constructed home with a 30-year (or less) fixed-rate mortgage and meet other qualifications.
Senate Bill 260 created a fund that will use federal stimulus dollars to provide about 1,600 grants to be distributed through Utah Housing Corporation to home buyers on a first-come, first-served basis. To apply for the grant, home buyers should work through their lender. Any mortgage lender qualified to make mortgage loans under Utah law can assist home buyers to secure the Home Run grant, but Utah Housing has a list of currently approved lenders. Lenders will work directly with Utah Housing Corporation to apply for the grant money. Examples of qualifying mortgages include conventional, FHA, VA, Rural Housing and Utah Housing loans. Cash buyers should work directly with Utah Housing.
Consumers do not have to be first-time buyers to qualify for the program but incomes cannot exceed $75,000 for singles and $150,000 for married couples. Buyers who qualify for both programs can take advantage of the $8,000 federal home-buyer tax credit as well as a Home Run grant. “It is up to the states to use the federal stimulus money in a way that truly has a beneficial impact on our economy. This is an immediate stimulus targeted at the weakest area of Utah’s economy,” Huntsman said in a press release. “This investment of $10 million will result in 8,800 jobs in the market and $324 million in wages into our economy. This boost is critical for us to reverse our current position.” To learn more about program details and how buyers can apply, visit http://www.utahhousingcorp.org/ . Also visit http://www.utahhousingfacts.com/ for information about both the Home Run program and the $8,000 federal first-time home buyer tax credit.
(Utah Association of Realtors)
Have you heard enough? What are you waiting for? Call me and let's get this ball rolling!!!
Friday, March 20, 2009
Thursday, February 19, 2009
$8,000 Tax Credit is for Real!!
If you are a first time home buyer, the time to buy is NOW!
Here is the scoop on the $8,000 tax credit for first time home buyers in the stimulus package just passed by Congress and signed by the President.
The credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of withholding they paid during the year- was less than that amount.
To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009.
To qualify buyers may not have owned a home for the past three years. Buyers must also live in the house as their primary residence for at least three years.
Applying for the credit is easy. Just claim it on your tax return. No other forms or papers have to be filed.
To qualify, buyers must make less than $75,000 for singles or $150,000 for couples.
Source: CNN.com
Please email me if you have any questions.
Here is the scoop on the $8,000 tax credit for first time home buyers in the stimulus package just passed by Congress and signed by the President.
The credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of withholding they paid during the year- was less than that amount.
To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009.
To qualify buyers may not have owned a home for the past three years. Buyers must also live in the house as their primary residence for at least three years.
Applying for the credit is easy. Just claim it on your tax return. No other forms or papers have to be filed.
To qualify, buyers must make less than $75,000 for singles or $150,000 for couples.
Source: CNN.com
Please email me if you have any questions.
Monday, January 26, 2009
Wow!! Rural Housing Loans - You need this info
There is a loan program that just begs to be looked at, Rural Housing Loans. This may be for you or your children. If you find the right home in more of "rural" Cache Valley, this may be the loan for you.
1. Couple with no children - Salary cap is approximately $53K. It goes up from there.
2. Must live outside of Logan, Providence, North Logan, and the north end of Nibley. If you have questions, email me and I will send you a map.
3. Can qualify with credit in the high 600s.
4. No mortgage insurance.
5. FHA loan, so all you need is 3% down.
Now is so the time to buy. Interest rates are still low. I am working with a lender that I love and he is able to give you the info that you need on these or any other home loans.
Russ Piggott
MetLife Home Loans
45 East 200 North, Suite 102
Logan, UT 84321
435-792-4600
Please email me if you have any questions. Remember, I am always working for you!
1. Couple with no children - Salary cap is approximately $53K. It goes up from there.
2. Must live outside of Logan, Providence, North Logan, and the north end of Nibley. If you have questions, email me and I will send you a map.
3. Can qualify with credit in the high 600s.
4. No mortgage insurance.
5. FHA loan, so all you need is 3% down.
Now is so the time to buy. Interest rates are still low. I am working with a lender that I love and he is able to give you the info that you need on these or any other home loans.
Russ Piggott
MetLife Home Loans
45 East 200 North, Suite 102
Logan, UT 84321
435-792-4600
Please email me if you have any questions. Remember, I am always working for you!
Wednesday, January 7, 2009
Utah is not the norm for the poor economic outlook
Don't get too excited about the poor housing news that is out there. Utah (and especially Cache Valley) is on the cusp (yes cusp!) of turning things around. Prices have not slipped here as they have nationwide. Believe me, I know. I have a rental home in Arizona that is worth $40,000 less than when I bought it a few years ago.
Cache Valley is still seeing sales, more so in the below $200K range. Interest rates are low, and soon to go lower, if the Fed does what is expected today. Great deals are to be had in the above $200K range. It is time to buy. If your credit is decent and you are ready to pack a few boxes, now is your chance to have an interest rate below 5% on a 30-year fixed.
Do not believe that Cache Valley is going to depreciate. The prices here have been lower than the national average for years. We are slow to move up and also slow to move down.
Call me if you have any real estate questions, or just want to chat.
Cache Valley is still seeing sales, more so in the below $200K range. Interest rates are low, and soon to go lower, if the Fed does what is expected today. Great deals are to be had in the above $200K range. It is time to buy. If your credit is decent and you are ready to pack a few boxes, now is your chance to have an interest rate below 5% on a 30-year fixed.
Do not believe that Cache Valley is going to depreciate. The prices here have been lower than the national average for years. We are slow to move up and also slow to move down.
Call me if you have any real estate questions, or just want to chat.
Monday, November 17, 2008
10 Home Upgrades
Previously in order to sell your home it needed to be the cheapest or the best. In this "hard-to-sell" economy your home must be the cheapest and the best. Here are 10 ways to upgrade your home that can pay off for you.
10 Home Upgrades That Pay Off
These around-the-house improvements are well worth the investment
By Allegra Muzzillo, RealSimple.com
No sugar coating here: The housing market is in trouble. But some experts say that it will start turning around as early as 2010. So while you're waiting for it to recover, you might want to reconsider putting off that kitchen redo or landscaping job. "Any changes you make on your house now should increase your home value later," says Kermit Baker, project director for the Remodeling Futures program at Harvard University. But which projects will yield the most bang for your buck? Take a look at this list, starting with the upgrades most likely to recoup your investment, and then enjoy that gleaming new kitchen.
1. Painting, Why It Pays Off: Paint provides dramatic results with little investment. If you decide to hire a professional to do the work, expect to pay $3,600 to $6,000 for the interior of an average American house (about 2,400 square feet). An exterior paint job will run $5,000 or more. Can't decide on a color? Gerri Willis, the anchor of Open House on CNN and the author of "Home Rich," says that pale yellow homes tend to sell faster and for more money. Barbara Richardson, the director of color marketing for Glidden and a noted color-trend forecaster, explains, "Yellow is optimistic and inspirational. It gives people joy and the sense that brighter times are ahead."
3. Building a DeckWhy It Pays Off: A deck will provide you with more than a place to flip burgers and soak up the sun. "Buyers see a deck as offering a seamless transition from inside to out," says Jerry Levine, president of the Levine Group, an architectural and construction firm in Silver Spring, Md. Experts suggest using natural, rustic wood. In 2007 wooden decks (as opposed to concrete or composite ones) reaped an impressive return on investment: Home owners who spent an average of $10,350 on lumber and labor could expect to recoup $8,840, or 85 percent of their costs.
4. Updating the KitchenWhy It Pays Off: You really can't go wrong with remodeling your kitchen, which can net up to 83 percent of the cost. "People know that renovating can be a nightmare, and potential buyers will appreciate that you did the dirty work for them," says Vern Yip, a designer and the host of HGTV's Deserving Design. "But stick with high-quality fixtures, like stainless-steel appliances and granite counters, and don't pair them with a cheaper material, like laminate." A word of caution: If your house is a tiny two-bedroom bungalow, don't bother splurging on, say, a high-end stove. "You'll never get your money back by installing fancy appliances in a smaller home," says Leslie Sellers, vice president of the Appraisal Institute, an association of real estate-appraisal professionals in Chicago. And if an appliance overhaul isn't in the cards, "you can easily make cosmetic updates on a kitchen that's in decent shape," says Steven D. Bullock, a designer in New York City and a certified member of the National Kitchen & Bath Association, in Hackettstown, N.J. For example, if your existing appliances are in good working order, coat them with electrostatic paint to give them a metallic or enamel-type finish. And you don't have to rip out your cabinets, either.
5. Replacing the WindowsWhy It Pays Off: If you're experiencing cool and blustery weather ... in your living room, it's time to buy new panes, pronto. Not only are you losing precious heat but your utility bill could also be skyrocketing. "Energy-efficient windows eliminate drafts, so your home feels warmer," says Sellers. Last year home owners who spent $11,400 on 10 3-by-5-foot insulated vinyl or aluminum-clad windows got an 81 percent ($9,240) return.
6. Modifying a BathroomWhy It Pays Off: Bathroom upgrades, like updated countertops and new fixtures, provide solid returns — anywhere from 68 to 78 percent. But "avoid anything too trendy," says designer Vern Yip. "Choose classic features, like off-white subway tiles, that will appeal to people with both traditional and contemporary tastes." There's no need to splurge on fancy fixtures, either. "A tub is a tub. A Jacuzzi will never make or break a sale," says designer Steven D. Bullock. For quick touch-ups on existing sinks, toilets, and tubs, consider hiring Miracle Method, a surface-restoration company that recoats ceramic, porcelain, and fiberglass fixtures with a chemical bonding agent that looks like shiny new porcelain. (Cost: $465 to $600 for a tub.)
7. LandscapingWhy It Pays Off: The front of your house is the first thing people see, so it makes sense that any improvements — from planting petunias to surrounding your home with a hedge — will be worth your while. "Don't be afraid to spend money on perennials, which come back year after year," says Yip. As for big-ticket investments, like trees, they aren't just nice to look at; they also stave off erosion, block storm-water runoff, reduce carbon dioxide emissions, and filter groundwater pollutants. They might make your home sell for more money, too. The Arbor Day Foundation estimates a 6- to 8-foot Colorado blue spruce or live oak (both are commonly found all around the United States) may grow one to two feet a year. And properties with gorgeous, established trees are even more attractive to potential home buyers down the road. When determining which areas of your yard to attend to first, try approaching the house from the curb to the front door. "Buyers make their decisions in exactly eight seconds," says Barbara Corcoran, founder of the Corcoran Group, a Manhattan real estate firm. "After that, they've either fallen in love or are just honoring an appointment."
8. Installing Central Air-ConditioningWhy It Pays Off: Adding central air to an average 2,400-square-foot house could cost upward of $10,000 and boost your home's value by 10 to 20 percent, says appraiser Leslie Sellers. And central air-conditioning is energy-efficient too. Centralized units have an average energy-efficiency rating (EER) of 11.5, compared with an 8.5 EER in single-window models, making them less expensive to run. What's more, central air won't block the view the way a window unit does.
9. Fixing up the BasementWhy It Pays Off: "There's nothing worse than that unmistakable damp-basement smell," says Corcoran. "A dry basement is far more important than worrying about the right lighting or furnishings." If your basement is prone to flooding, leaks, or excess moisture, call in a pro. If you do want to finish your basement by adding drywall, insulation, laminate flooring, or even a bathroom, "be sure it's proportional in quality to other areas of your home," says Lonny Rutherford, a chairman of the National Association of Home Builders Remodelers, in Washington, D.C. According to Sellers, "basement remodels gain back anywhere from 50 to 100 percent, depending on the quality of the materials."
10. Putting in a Swimming PoolWhy It Pays Off: When you're deciding whether to install a pool, it's important to consider the part of the country where you live. In places where it can get unforgivingly hot, such as Arizona and Florida, an inground pool may boost a home's value by up to 8 percent, according to a 2003 study by the National Association of Realtors. In more temperate areas, however, a pool can be a big turnoff, as prospective buyers imagine all the work they'll have to do to maintain it, not to mention safety issues and higher insurance rates. But if you plan to enjoy a pool for a few years and it improves your quality of life, "then go for it," says Tom Kraeutler, a cohost of The Money Pit, a home-improvement radio show, and a coauthor of "My Home, My Money Pit". "You can't put a number on that."
10 Home Upgrades That Pay Off
These around-the-house improvements are well worth the investment
By Allegra Muzzillo, RealSimple.com
No sugar coating here: The housing market is in trouble. But some experts say that it will start turning around as early as 2010. So while you're waiting for it to recover, you might want to reconsider putting off that kitchen redo or landscaping job. "Any changes you make on your house now should increase your home value later," says Kermit Baker, project director for the Remodeling Futures program at Harvard University. But which projects will yield the most bang for your buck? Take a look at this list, starting with the upgrades most likely to recoup your investment, and then enjoy that gleaming new kitchen.
1. Painting, Why It Pays Off: Paint provides dramatic results with little investment. If you decide to hire a professional to do the work, expect to pay $3,600 to $6,000 for the interior of an average American house (about 2,400 square feet). An exterior paint job will run $5,000 or more. Can't decide on a color? Gerri Willis, the anchor of Open House on CNN and the author of "Home Rich," says that pale yellow homes tend to sell faster and for more money. Barbara Richardson, the director of color marketing for Glidden and a noted color-trend forecaster, explains, "Yellow is optimistic and inspirational. It gives people joy and the sense that brighter times are ahead."
2. Adding SidingWhy It Pays Off: According to the 2007 Cost vs. Value Report, a study conducted by Remodeling magazine, fiber-cement siding (which is made of sand, cement, and cellulose fibers and costs an average of $13,200) is estimated to recoup about 88 percent (or $11,635) of a home owner's initial investment. While vinyl can crack, split, and warp and aluminum tends to dent and fade, easy-care fiber cement holds up well against the elements and is resistant to fire, rotting, and termites.
3. Building a DeckWhy It Pays Off: A deck will provide you with more than a place to flip burgers and soak up the sun. "Buyers see a deck as offering a seamless transition from inside to out," says Jerry Levine, president of the Levine Group, an architectural and construction firm in Silver Spring, Md. Experts suggest using natural, rustic wood. In 2007 wooden decks (as opposed to concrete or composite ones) reaped an impressive return on investment: Home owners who spent an average of $10,350 on lumber and labor could expect to recoup $8,840, or 85 percent of their costs.
4. Updating the KitchenWhy It Pays Off: You really can't go wrong with remodeling your kitchen, which can net up to 83 percent of the cost. "People know that renovating can be a nightmare, and potential buyers will appreciate that you did the dirty work for them," says Vern Yip, a designer and the host of HGTV's Deserving Design. "But stick with high-quality fixtures, like stainless-steel appliances and granite counters, and don't pair them with a cheaper material, like laminate." A word of caution: If your house is a tiny two-bedroom bungalow, don't bother splurging on, say, a high-end stove. "You'll never get your money back by installing fancy appliances in a smaller home," says Leslie Sellers, vice president of the Appraisal Institute, an association of real estate-appraisal professionals in Chicago. And if an appliance overhaul isn't in the cards, "you can easily make cosmetic updates on a kitchen that's in decent shape," says Steven D. Bullock, a designer in New York City and a certified member of the National Kitchen & Bath Association, in Hackettstown, N.J. For example, if your existing appliances are in good working order, coat them with electrostatic paint to give them a metallic or enamel-type finish. And you don't have to rip out your cabinets, either.
5. Replacing the WindowsWhy It Pays Off: If you're experiencing cool and blustery weather ... in your living room, it's time to buy new panes, pronto. Not only are you losing precious heat but your utility bill could also be skyrocketing. "Energy-efficient windows eliminate drafts, so your home feels warmer," says Sellers. Last year home owners who spent $11,400 on 10 3-by-5-foot insulated vinyl or aluminum-clad windows got an 81 percent ($9,240) return.
6. Modifying a BathroomWhy It Pays Off: Bathroom upgrades, like updated countertops and new fixtures, provide solid returns — anywhere from 68 to 78 percent. But "avoid anything too trendy," says designer Vern Yip. "Choose classic features, like off-white subway tiles, that will appeal to people with both traditional and contemporary tastes." There's no need to splurge on fancy fixtures, either. "A tub is a tub. A Jacuzzi will never make or break a sale," says designer Steven D. Bullock. For quick touch-ups on existing sinks, toilets, and tubs, consider hiring Miracle Method, a surface-restoration company that recoats ceramic, porcelain, and fiberglass fixtures with a chemical bonding agent that looks like shiny new porcelain. (Cost: $465 to $600 for a tub.)
7. LandscapingWhy It Pays Off: The front of your house is the first thing people see, so it makes sense that any improvements — from planting petunias to surrounding your home with a hedge — will be worth your while. "Don't be afraid to spend money on perennials, which come back year after year," says Yip. As for big-ticket investments, like trees, they aren't just nice to look at; they also stave off erosion, block storm-water runoff, reduce carbon dioxide emissions, and filter groundwater pollutants. They might make your home sell for more money, too. The Arbor Day Foundation estimates a 6- to 8-foot Colorado blue spruce or live oak (both are commonly found all around the United States) may grow one to two feet a year. And properties with gorgeous, established trees are even more attractive to potential home buyers down the road. When determining which areas of your yard to attend to first, try approaching the house from the curb to the front door. "Buyers make their decisions in exactly eight seconds," says Barbara Corcoran, founder of the Corcoran Group, a Manhattan real estate firm. "After that, they've either fallen in love or are just honoring an appointment."
8. Installing Central Air-ConditioningWhy It Pays Off: Adding central air to an average 2,400-square-foot house could cost upward of $10,000 and boost your home's value by 10 to 20 percent, says appraiser Leslie Sellers. And central air-conditioning is energy-efficient too. Centralized units have an average energy-efficiency rating (EER) of 11.5, compared with an 8.5 EER in single-window models, making them less expensive to run. What's more, central air won't block the view the way a window unit does.
9. Fixing up the BasementWhy It Pays Off: "There's nothing worse than that unmistakable damp-basement smell," says Corcoran. "A dry basement is far more important than worrying about the right lighting or furnishings." If your basement is prone to flooding, leaks, or excess moisture, call in a pro. If you do want to finish your basement by adding drywall, insulation, laminate flooring, or even a bathroom, "be sure it's proportional in quality to other areas of your home," says Lonny Rutherford, a chairman of the National Association of Home Builders Remodelers, in Washington, D.C. According to Sellers, "basement remodels gain back anywhere from 50 to 100 percent, depending on the quality of the materials."
10. Putting in a Swimming PoolWhy It Pays Off: When you're deciding whether to install a pool, it's important to consider the part of the country where you live. In places where it can get unforgivingly hot, such as Arizona and Florida, an inground pool may boost a home's value by up to 8 percent, according to a 2003 study by the National Association of Realtors. In more temperate areas, however, a pool can be a big turnoff, as prospective buyers imagine all the work they'll have to do to maintain it, not to mention safety issues and higher insurance rates. But if you plan to enjoy a pool for a few years and it improves your quality of life, "then go for it," says Tom Kraeutler, a cohost of The Money Pit, a home-improvement radio show, and a coauthor of "My Home, My Money Pit". "You can't put a number on that."
Thursday, November 6, 2008
$7,500 Tax Credit for new home buyers, not a true tax credit.
Did you know that first time home buyers can receive a $7,500 kickback on their taxes if they buy a home before July 2009?
I found this article in Realtor Magazine. It is good news, but with a twist. The $7,500 "Tax Credit" is really a loan to be paid back over several years.
I'll be posting real estate news (local and national) every week. Let me know what you think.
6 Key Facts About the First-Time Buyer Tax Credit
By Robert Freedman
November 2008
The $7,500 home ownership tax credit that the federal government created earlier this year as part of the Housing and Economic Recovery Act (H.R. 3221) is another tool at your disposal to encourage potential buyers to jump off the fence and get into the real estate market.
When you combine the tax credit with today’s low interest rates, wide selection of for-sale inventory, and affordable home prices, many of the pieces are in place for your customers to buy now. But tax credits can be confusing.
1. Buyers have until July 2009 to make a purchase that qualifies.
2. Buyers don't really have to be "first-timers."
The tax credit is actually available to any individual or household that hasn’t owned a home for at least three years.
3. Even if buyers exceed the income limit, they can benefit from the credit.
4. Think of it as an interest-free loan.
The federal government requires the tax credit to be paid back in small, 6.67-percent increments over 15 years, although repayment will be no more than $500 yearly and payments will not start until 2011. For that reason, some analysts have likened the credit to a 15-year, interest-free loan to help make home buying affordable.
5. You don't have to be authorized before making a home purchase.
6. New-home construction qualifies.
I found this article in Realtor Magazine. It is good news, but with a twist. The $7,500 "Tax Credit" is really a loan to be paid back over several years.
I'll be posting real estate news (local and national) every week. Let me know what you think.
6 Key Facts About the First-Time Buyer Tax Credit
By Robert Freedman
November 2008
The $7,500 home ownership tax credit that the federal government created earlier this year as part of the Housing and Economic Recovery Act (H.R. 3221) is another tool at your disposal to encourage potential buyers to jump off the fence and get into the real estate market.
When you combine the tax credit with today’s low interest rates, wide selection of for-sale inventory, and affordable home prices, many of the pieces are in place for your customers to buy now. But tax credits can be confusing.
1. Buyers have until July 2009 to make a purchase that qualifies.
2. Buyers don't really have to be "first-timers."
The tax credit is actually available to any individual or household that hasn’t owned a home for at least three years.
3. Even if buyers exceed the income limit, they can benefit from the credit.
4. Think of it as an interest-free loan.
The federal government requires the tax credit to be paid back in small, 6.67-percent increments over 15 years, although repayment will be no more than $500 yearly and payments will not start until 2011. For that reason, some analysts have likened the credit to a 15-year, interest-free loan to help make home buying affordable.
5. You don't have to be authorized before making a home purchase.
6. New-home construction qualifies.
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