Important Real Estate Advice for Both Buyers and Sellers

Helpful Advice for Buyers & Sellers in a Down Market

Below are some links to articles which provide helpful information for homeowners and anyone looking to buy or sell a home.  With the economy and the real estate market in such disarray, we need as much advice as possible to make the right decisions when it comes to protecting our most important asset, our home.  Please feel free to contact me to discuss how you can meet all your real estate goals during these difficult times.

Lowering Your Property Taxes

In Texas, we have no state income tax.  Therefore, much of the funding for public services must come from other sources.  One of the main sources in our state is property taxes.  Therefore property taxes may tend to be higher here than in other states, but there are tools homeowners can use to lower this expense.  There are numerous exemptions homeowners may use to limit the taxable value of their homes.  In addition, there are also procedures you can take to  challenge the amount of your property appraisal if you think it is too high or you were denied an exemption.  Know your rights!  Click here for the article.

Be Ready to Buy

The most important advice I can give a potential buyer is be ready!  If you find the home you want, then be ready to make a serious offer.  Even in a down market, you don’t want to behave foolishly and perhaps loose the home of your dreams.  Get pre-approved before you begin your property search and please be honest with yourself about how much you can actually afford.  Click here for the article.

Twelve Tips to Sell Your Home

I found a good guideline for sellers who don’t want their homes to idly sit on the market.  While there are forces beyond a seller’s control which can affect how long your home stays on the market, there are things sellers can do to increase their chances of getting their home sold as quickly as possible.  If you are having difficulties selling your home, give me a call and we can devise a marketing plan to get it sold!  Click here for the article.

Another Tip For Sellers: Any Time Is a Good Time

I understand when you’re selling your home that you may be concerned with strangers coming in and out of your home at all hours of the day.  While protecting your privacy is an important concern, it can become very difficult to sell your home if you limit its ability to be seen by potential customers.  The more exposure your home gets, the better.  If it is not selling, the more traffic you get means the more feedback you receive on potential issues preventing it from selling quicker.  Click here for the article.

Texas Is the Top Growing State in the Country!

Texas is the fastest growing state in the country according to a new study. Texas has 10 of the top 25 fastest growing counties in the entire country. California came in second place with 6 counties in the top 25. North Carolina and Arizona both had 2 counties in the top 25. The Texas counties in the top 25:

Harris (#2)
Tarrant (#5)
Bexar (#10)
Collin (#12)
Dallas (#13)
Travis (#14)
Fort Bend (#18)
Denton (#21)
Williamson (#23)
Hidalgo (#24)

Source: Real Estate Center at Texas A&M

Buying A Foreclosure Is Not Always A Good Deal

Here are a couple of interesting articles that you might want to check out:

Star-Telegram article about foreclosures.  Just because it’s a foreclosure does not necessarily mean it’s a good deal:

www.star-telegram.com/business/story/1282276.html

Updated Fort Worth Down Payment Assistance Program.  The City of Fort Worth has partnered with HUD to provide financial assistance to qualified homebuyers purchasing lender-foreclosed homes:

www.fortworthgov.org/hed/housing/?id=61060

First-Time Home Buyer Tax Credit

If you have not owned a principal residence during the three-year period prior to the purchase (for married taxpayers it is the homeownership history of both home buyer and his/her spouse).  Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer. 

The tax credit is equal to 10% of the home’s purchase price, up to a maximum of $8,000.   The tax credit amount is reduced for buyers with a modified adjusted gross income of more than $75,000 for single tax-payers and $150,000 for married taxpayers filing a joint return.  The tax credit amount is reduced to $0 (zero) for taxpayers with an adjusted gross income of more than $95,000 (single) or $170,000 (married), and is reduced proportionally for taxpayers with adjusted gross incomes between these amounts.  The tax credit does not have to be repaid, however, home buyers must use the residence as a principal residence for at least three years, or face recapture of the tax credit amount (certain exceptions apply). 

You claim the tax credit on your federal income tax return.  Home buyers should complete IRS Form 5405 to determine their tax credit amount, and claim this amount on Line 69 of their 1040 Income Tax Return.  The home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset.  Typically, this involves the government sending the taxpayer a check for a portion, or even all of the amount of the refundable tax credit.   Home buyers can file an amended 2008 Tax Return with a 1040X  Form and should consult with a tax advisor.  

This information is being supplied through the National Association of Homebuilders.  For more information, visit www.nahb.org