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The clock is ticking down for first time home buyers. You need to act NOW to make sure that you don’t miss out on the $8,000 from Uncle Sam.
Here is the fast, quick information you will need to see if you qualify for the $8,000 tax credit for first-time home buyers from The American Recovery and Reinvestment Act of 2009.
- You must be a first time home buyer, defined as not owning a home in the past 3 tax years.
- Tax credit amount is 10% of the sales price of the home up to a maximum of $8,000.
- There is NO price limit on the sales price of home.
- Maximum income to receive FULL tax credit is $75,000 for a single person, the limit for married couples is $150,000.
- You can receive a PARTIAL tax credit for income levels up to $95,000 for a single person and $170,000 for married couples.
- There is no payback or penalty as long as you stay in home as your principal residence for 3 years.
- You must CLOSE on your new home on or after January 1, 2009 or before December 1, 2009.
***IMPORTANT: Congress passes tax credit extension. Must have binding sales contract dated on or before April 30, 2010 and close on or before June 30th, 2010.
This is the quick & dirty information that you need right now for the $8,000 Tax credit. For more detailed information you can go HERE.
It is a great time to be a home buyer. This is the perfect time to by a home, especially 1st time home buyers, as long as your job is secure. If you feel safe in your current employment/job, then there are just so many positive reasons to now buy a home. Don’t miss the “gravy train!”
Really low mortgage interest rates
High inventory levels. Plenty of home options
Depressed, low prices (buy low, sell high)
Please contact me if you have more questions or need help.
IMPORTANT: I’m just trying to help the “average Joe home owner” to understand the new $8,000 tax credit. I have to put this” CYA” disclaimer in my post. Please consult a tax professional or accountant for more details and eligibility questions regarding the $8,000 1st time home owner tax credit. I’m not an accountant or tax professional.
Good luck out there!
Another new home builder in the Central Ohio area has called it quits. On Tuesday, Joshua Homes unexpectedly shut down its web site and disconnected their phones. Joshua Homes appears to be the latest, in a long list, of new home builder casualties in our market. In the past few years Central Ohio area has lost many new home builders:
- Toll Brothers
- Joshua Homes
- Centex Homes
- CV Perry
Many current Joshua home owners are very concerned about their new home warranties. This latest new build casualty really magnifies the potential problem of new home warranties. Joshua Homes had one of the longest home warranties (40 year) in our area. But, a warranty is only as good as the builder or warranty company. Does it really matter if you have a 40, 45 or even 50 year new home warranty if your builder is out of business in a few years?
The home buying consumer needs to realize that new home builder warranties are NOT regulated by any State agencies or the Department of Insurance. It is buyer beware! So, make sure you use an Exclusive (true) Buyer Broker when purchasing your next new home. An Exclusive Buyer Broker will protect you during your transaction and act as your advocate.
Good luck out there.
Representing People, NOT Property!
This is a follow up to my blog post on March 25th, “Toxic Drywall Could Be Largest Lawsuit In US History!” This blog post produced record high amount of views and comments. We really tapped into a very important topic for the consumer.
The good news is that the Columbus Dispatch is reporting that it appears there is NO Chinese drywall in the Columbus, Ohio area. The Columbus Dispatch did a thorough job of interviewing new home builders, home contractors, drywall suppliers and it appears that no toxic Chinese drywall made it to the Central Ohio area.
The Bad news is that the toxic Chinese drywall is definitely in the United States. In 2005, Chinese manufacturers shipped 500 million pounds of drywall mainly to southern gulf coast states of Florida, Louisiana & Texas. Chinese drywall smells like “rotten eggs” and is being blamed for damaging furnaces and electrical wiring, tarnishing jewelry and possibly sickening families. So the potential is still there for toxic Chinese drywall to be the largest lawsuit in US history. Just be happy that it is not in our area.
A good story on WSYX-ABC 6 – “Six On Your Side” about toxic drywall from China. M/I homes faces a lawsuit for possible toxic drywall. This has the potential to be a HUGE local and nationwide story.
It seems like the story is really flying under the radar. I wonder why this isn’t getting more media/press coverage?
M/I Homes is the largest new home-builder in Central Ohio.
(Watch Consumer Alert Story)
This lawsuit has the potential to be the largest class action home defect lawsuit in US History!
Stay tuned for future updates and opinions in blog. A story this big could be a “game changer”!
Be careful out there.
Last week, Andy Show, owner of Buyer’s Resource was a guest on the top rated AM radio station in Central Ohio. WTVN Radio (610) interviewed Andy on two good topics:
1. How does Federal Fund rate adjustments affect local mortgage rates.
2. Builder incentives on new build home artificially inflate prices of homes.
This is my first attempt at posting sound to my blog. AKA, podcast.
You can listen to the short interview here:
On Tuesday, February 19, 2008, a couple in Franklin County Court won a jury verdict against Maronda Homes for nearly 3.2 million dollars. The couple, Roman and Jennifer Cosner alleged that Maronda Homes knowingly sold them a defective home. The jury verdict in favor of the homeowners stated that Maronda Homes did sell a defective home and that Maronda was aware of that fact. Maronda acted in an “unfair, deceptive or unconscionable” manner.
Maronda has always had a reputation for building the biggest square footage home possible at the lowest price. No other local production home builder can even come close to the price and square footage of Maronda Homes. There is usually a reason why this happens. It is not really complicated. Home owners should stop being so naive. You buy the lowest priced “anything” and you are going to have problems. I don’t care if you buying a new home, a toilet seat or a widget. You get what you pay for!!!! Like many home builders, Maronda has had it’s fair share of unresolved consumer complaints.
In my opinion, this could be landmark case for new home builders. The jury ruling in this case has now set a precedent for all future, similar cases. I would be really curious to see how this affects the policies and procedures of other builders in our area. I bet many builders are now “scrambling” to figure out how to adjust their business practices to deal with this jury verdict.
I’m glad the home owner had won their court case. But, I guarantee you, that they probably didn’t use an Exclusive Buyer Agent to help them purchase their new built home. If they had the proper Buyer Broker representation looking out for their best interest then this problem probably would not have happened. As consumers we have to be accountable for our bad decisions or lack of…..
Stay tuned for future posts on this topic.
HomeBuyer Advocate Mike
Representing People, NOT Property!
Fischer Homes appears to be a fairly strong builder with a good reputation. As an Exclusive Buyer Agent I looking forward to working with my new home build clients to compare Fischer Homes to the other good home builders that are already established in our market. The increased competition with new home builders will be GREAT for my buyer clients. In my opinion, the competition between builders will increase QUALITY and LOWER PRICES in the long run. For more information on buying a new build home or condo check out this section in our main company web site. Good luck to Fischer Homes!
Yikes, times continue to be rough in the real estate market, especially for new home builders & lenders. Yesterday another good builder in central Ohio closed its doors for good. C.V. Perry & Co. has gone out of business due to serious financial troubles.
C.V. Perry & Co. was a good, solid builder that had been around for 60 years. C.V. Perry “folding up” was not as unexpected as Centex Homes leaving the central Ohio market last year. Centex Homes leaving our market was a total surprise to many people. I’m pretty confident that C.V. Perry probably won’t be the last builder in central Ohio to call it quits or to be bought out by a competitor.
Hmmm, let me guess, maybe Dominion Homes might be the next fatality. It seems like Dominion Homes has been hemorrhaging cash forever and has had a “ton” of lending problems (see additional links below). If you are new home buyer in this market please make sure you are protected. You need to make sure you fully understand your builders deposit policy. Don’t risk losing your deposit money. Contact a real estate attorney ASAP if you have any questions. Good Luck!
The home sales still continue to be slow across the country and in the Columbus Metro area. Slow home sales impact Sellers and make it more a “Buyer’s Market”.
This is a very good time for a Buyer in Central Ohio to be purchasing a new home. Especially a first time home buyer that does not have a home to sell. Mortgage interest rates are still at low rates. The State of Ohio has the highest foreclosure rate in the country.
The high inventory of foreclosed homes is a big plus for potential homebuyers.