According to the National Association of Realtors, existing home sales in the US spiked 10.1% in October, 2009 over September, 2009 sales. The October home sales Homes sales are at their highest levels since February, 2007.
The National Association of Realtors is attributing the large gain in home sales to the First Time Home Buyer Tax Credit which was originally set to expire on November 30. With the tax credit extension and expansion in place, homebuyers have until April 20, 2010 to write a contract on a new home. Historically low mortgage rates are also partly responsible for the gain in home sales across the country.
To look at homes for sale in Conway, Arkansas or in Faulkner County, Conway County or Perry County, contact a Real Estate Agent at Century 21 Dunaway & Hart, Inc today. To look at homes for sale in central Arkansas, check out all the property listings in central Arkansas, watch our television show, or read our Central Arkansas Homes Magazine. You may also call our office at 501-327-2121 or 800-490-0021 to set up a private home or land showing with one of our award winning Real Estate agents today.
Tuesday, November 24, 2009
Monday, November 9, 2009
Homebuyer Tax Credit Passed by Congress
According to the National Association of Realtors, the Homebuyer tax credit has not only been renewed, but extended as well. As of last Thursday, November 5, Congress has passed the legislation and it is expected to be signed into law by President Obama.
The current Homebuyer Tax Credit enacted in February 2009 and set to expire on November 30, 2009, allowed a tax credit of $8,000 for married couples ($4,000 for married filing separate) making less than $150,000 with a phase out plan for those making above the income limits. The limit for a single person is $75,000. The new legislation extends the credit through April 30, 2010 and also increases the income limits to $225,000 for married couples and $125,000 for single people with a phase out above those limits. Under the legislation, a first time homebuyer "may not have had an interest in a principal residence for three years prior to purchase." A principal interest can extend beyond a home to include condos, manufactured homes and even an RV if it was a principal residence.
There is also great news in this legislation for existing home owners! There is a $6,500 tax credit available for married couples ($3,250 for married filing separate) making less than $225,000. The limit for a single person is $125,000 with a phase out above those limits. In order to qualify for the current homeowner tax credit, the homeowner "Must have used the home sold as a principal residence consecutively for five of the previous eight years." A binding contract must be written on a property before April 30, 2010 and the homebuyer will have until July 1, 2010 to close the transaction. The tax credit will be claimed on tax return and will not be a part of the closing process.
To look at homes in Conway, Arkansas or in Faulkner County, Conway County or Perry County, contact a Real Estate Agent at Century 21 Dunaway & Hart, Inc today. To look at homes, check out home listings in central Arkansas, watch our television show, or read our Central Arkansas Homes Magazine. You may also call our office at 501-327-2121 or 800-490-0021 to set up a private showing today.
The current Homebuyer Tax Credit enacted in February 2009 and set to expire on November 30, 2009, allowed a tax credit of $8,000 for married couples ($4,000 for married filing separate) making less than $150,000 with a phase out plan for those making above the income limits. The limit for a single person is $75,000. The new legislation extends the credit through April 30, 2010 and also increases the income limits to $225,000 for married couples and $125,000 for single people with a phase out above those limits. Under the legislation, a first time homebuyer "may not have had an interest in a principal residence for three years prior to purchase." A principal interest can extend beyond a home to include condos, manufactured homes and even an RV if it was a principal residence.
There is also great news in this legislation for existing home owners! There is a $6,500 tax credit available for married couples ($3,250 for married filing separate) making less than $225,000. The limit for a single person is $125,000 with a phase out above those limits. In order to qualify for the current homeowner tax credit, the homeowner "Must have used the home sold as a principal residence consecutively for five of the previous eight years." A binding contract must be written on a property before April 30, 2010 and the homebuyer will have until July 1, 2010 to close the transaction. The tax credit will be claimed on tax return and will not be a part of the closing process.
To look at homes in Conway, Arkansas or in Faulkner County, Conway County or Perry County, contact a Real Estate Agent at Century 21 Dunaway & Hart, Inc today. To look at homes, check out home listings in central Arkansas, watch our television show, or read our Central Arkansas Homes Magazine. You may also call our office at 501-327-2121 or 800-490-0021 to set up a private showing today.
Tuesday, November 3, 2009
Factors That May Affect Your Property Values
1. Location, Location, Location - Location is perhaps the single biggest indicator of worth of property, whether it is land or a home.
2. Availability and Current Location of Utilities - Utilities including water, sewer, electric, telephone and natural gas all help determine the value of land. This is only a determining if you have land. However, in a house the type of utilities available can affect you home value. For example, Conway Corp, offered within the City of Conway has traditionally offered competitive utility rates when compared to surrounding areas.
3. Zoning - Zoning is an important indicator of value assuming the property is within the city limits.
4. Floodplain/Floodway Issues - If the property is in the floodplain or floodway your property value may decrease dramatically.
5. Neighborhood - The area surrounding the property is an important factor when determining property worth.
6. Topography - Flat land is usually more valuable than rocky or hilly terrain. Lowland wetlands are less valuable.
7. Waterfront - Being waterfront can add significant value to property whether it is a home or land.
8. Access - Accessing the property is vital in determining property worth, as well as the quality, type, and traffic count of roadway.
9. View - A scenic view makes property more valuable.
10. Mineral Rights - Mineral rights have the potential to provide long term income to the property owner. Whether or not you own the mineral rights to your property can significantly affect your land value.
These are all general guidelines and not intended to replace a comparative market analysis or appraisal of property.
If you would like a Comparative Market Analysis on your house or land, call one of our award winning real estate agents at CENTURY 21 Dunaway & Hart, Inc. at 501-327-2121 or 800-490-0021.
2. Availability and Current Location of Utilities - Utilities including water, sewer, electric, telephone and natural gas all help determine the value of land. This is only a determining if you have land. However, in a house the type of utilities available can affect you home value. For example, Conway Corp, offered within the City of Conway has traditionally offered competitive utility rates when compared to surrounding areas.
3. Zoning - Zoning is an important indicator of value assuming the property is within the city limits.
4. Floodplain/Floodway Issues - If the property is in the floodplain or floodway your property value may decrease dramatically.
5. Neighborhood - The area surrounding the property is an important factor when determining property worth.
6. Topography - Flat land is usually more valuable than rocky or hilly terrain. Lowland wetlands are less valuable.
7. Waterfront - Being waterfront can add significant value to property whether it is a home or land.
8. Access - Accessing the property is vital in determining property worth, as well as the quality, type, and traffic count of roadway.
9. View - A scenic view makes property more valuable.
10. Mineral Rights - Mineral rights have the potential to provide long term income to the property owner. Whether or not you own the mineral rights to your property can significantly affect your land value.
These are all general guidelines and not intended to replace a comparative market analysis or appraisal of property.
If you would like a Comparative Market Analysis on your house or land, call one of our award winning real estate agents at CENTURY 21 Dunaway & Hart, Inc. at 501-327-2121 or 800-490-0021.
Subscribe to:
Posts (Atom)
