Home Buying Archives - Page 29 of 29 -

New Federal Tax Credit for “First-Time Homebuyers”

Prospective first-time home buyers now have an additional financial incentive to buy. Here’s a Legal Bulletin with details by Service Andy Levy, Esq., of Capital Title in Crofton, Maryland:

On July 30, 2008 President Bush signed into law the Housing Assistance Act of 2008 which includes a tax credit for eligible, “first-time homebuyers” of property which is to be used as a principal residence. For purposes of this legislation, a “first-time homebuyer” is an individual who had no present ownership interest in a principal residence during the three-year period ending on the date of the purchase of the Estate principal residence to which the credit applies. The tax credit is phased out for taxpayers with adjusted gross incomes which exceed $75,000 ($150,000 for joint filers). The tax credit is equal to the lesser of $7500 or 10% About of the home’s purchase price and applies to properties on which closing occurs after April 8, 2008 and before June 1, 2009. Eligible taxpayers get the full benefit of the credit, even if their tax liability is less than the credit amount. By way of example, if an eligible taxpayer clams the full $7500 credit in 2008 and owes the IRS only $5000 in taxes, the taxpayer will get a $2500 refund from the IRS. Taxpayers who claim the credit are subject to repayment (“recapture”) of the credit over a 15 year period (6&2/3 % Finding of the credit received per year) commencing with the second year of ownership, but the recapture amount cannot exceed the amount of the taxpayer’s gain (if any) on the sale of the Nfl residence. The credit, therefore, functions like an interest free loan for up to $7500 because only the principal must be repaid. You cannot use the credit if you are a nonresident alien, finance ?????? the property using a state or local housing agency’s tax exempt bond mortgage or do not plan on using the property as your principal residence. Homebuyers in the District of Columbia who use the District’s first-time- buyer credit program can not also use the new federal credit.

P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

Why Maryland Single People Miss the Boat on Housing (And What To Do About It)

Annapolis Singles and Maryland Singles Thinking of Homebuying: Do you remember when you bought your first couch? Or are you still waiting? For many, buying a couch is such a sign of being an adult, it’s a big deal. When you did buy one, odds are it provided a nice place to relax in your first home away from home. The place where you could do what you wanted, when you wanted, unsupervised!

What about owning the home?

The Contractors way things used to be, or at least the way Hollywood tells us, you would finish school, get married, buy a house, buy a car, buy life insurance, have kids, live happily ever after. That’s not the way it is any more! Collect (And maybe it never really was!) Lots of people are single and living on their own – in fact, in America today, there are now more households consisting of single people living solo than of households comprised of mom, dad, and kids.

Yet many single folks are waiting before investing in real estate – waiting to see how life will shape up – waiting to see how finances will turn out – waiting to see how their current job will work out – waiting for “the one” to show up – putting off lots of things until that day arrives when everything will be clear.

Did you wait to buy a car? Did you wait to set up an IRA or 401k? Are you waiting to invest in real estate? Or is a For single friend of yours waiting?

Putting things off means missing the boat on the real estate investment opportunity now – the opportunity to build equity and establish financial security, the opportunity to control your home environment and design it exactly the way you want it, the opportunity to entertain your friends and family in your dream home, the opportunity to buy in a buyers’ market and choose from lots of inventory and make a great deal. Do you really need to wait?

These days, not so many people are Market missing the boat – we’re seeing a lot more singles buying homes – they are getting roommates, or mothers and daughters or single parents are buying together. They are buying rental properties, and learning to manage them well.

Many renters, who are now living in expensive Annapolis apartments such as those at 1901 West and Spa Cove, could easily become homeowners. One of my single clients recently invested in a condo in Riva Trace, and his new payments are barely more than his rent had been – plus he was able to move out of his apartment at Archstone Annapolis Bay off Forest Drive, and leave his landlord behind. I just love helping Bowl people discover how easy and fun it is to own their own homes.

For those who are ready to take the next step, attend our free Homebuying Workshop for Singles on Tuesday, August 12th. Please join me then, or get in touch today.

P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

How to Find The Best Contractors and Service Providers in and Around Annapolis Maryland

Because we receive such a large number of requests, and because we operate our own business by referral, we have decided to commit some of our time and resources to compiling a Referral Directory that lists the finest individuals and companies serving our community.

With this in mind, we want your input! Chances are you know contractors, home repair persons, CPAs, doctors, attorneys, window cleaners, auto mechanics, etc. whose services have been exceptional and extremely valuable to you and your family. Speaking of people who do an excellent job, perhaps you provide a service you would like us to include in this Directory, which will be distributed to all our clients, friends and associates.

In any case, we will be mailing a questionnaire to the people who are in our Client Appreciation Program. When it arrives, please complete it and return it to us. Or, if you prefer, email us with your recommendations, as well as the referrals you will be needing in the next twelve months. If you are not in our Client Appreciation Program, and would like to be, please let us know! This is a great program where we keep in touch about real estate, send out regular mailings, and have fun events.

This Directory will list the most reliable and professional people we can find. We look forward to your input and plan to publish the Referral Directory within the next three or four months. We know it will be of great value to you and all our friends and clients.

Once again, we thank you for your business in the past, present, and future, and we look forward to providing you and the people you refer to us with the highest quality of service in the purchase, rental, or sale of real estate.

P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

Anne Arundel County Maryland Real Estate Market Statistics – July 2008

Average (Mean) Sales Price of Existing Homes by Region

Date	U.S.	Northeast	Midwest	South	West
2006	268,200	299,700	205,300	230,000	371,300
2007	266,000	307,100	200,500	225,600	365,900

01/08	245,500	298,400	178,800	206,500	335,600
02/08	242,000	292,700	175,100	204,600	333,100
03/08	247,100	310,800	183,200	209,600	325,200
04/08	247,200	294,400	188,500	212,900	327,000
05/08	253,100	309,300	192,900	219,000	327,200

Statistics from the National Association of REALTORS®

Freddie Mac reported the national average 30-year, conventional, fixed-rate mortgage rose to 6.04 percent in May, up from 5.92 percent in April. Despite the recent increase, overall mortgage rates are down from 6.27 percent, available May 2007.

Existing home inventory is reported at 4.49 million units. According to Lawrence Yun, chief NAR economist, “The large supply of homes on the market clearly favors buyers, and it should take several months to draw the inventory down. Stabilization in home prices can only occur with buyers returning to the market, so we are encouraged by rising home sales, particularly in distressed markets.”

A number of areas nationally are experiencing increased activity over May 2007, including Sacramento, the San Fernando Valley and Monterey County in California; Sarasota, Florida, and Battle Creek, Michigan.

Anne Arundel County figures for June 2008 are shown below.

	2008	2007	% Change
Total Sold Dollar Volume:	$ 203,991,516	$ 299,060,159	– 31.79 %
Average Sold Price:	$ 427,655	$ 442,397	– 3.33 %
Median Sold Price:	$ 339,000	$ 359,900	– 5.81 %
Total Units Sold:	477	676	– 29.44 %
Average Days on Market:	125	97	28.87 %
Average List Price for Solds:	$ 472,746	$ 468,347	0.94 %
Avg Sale Price as a percentage of Avg List Price:	90.46 %	94.46 %

Total Number of NEW listings
taken for the month:	993
Total Number of Properties
marked Contract for the month:	310
Total Number of Properties
marked Contingent for the month:	142
Total Number of NEW pendings
(CONTRACTS + CONTINGENTS):	452

Source: Metropolitan Regional Information Systems, Inc. – MLS Resale Data
Copyright 2008 – Information deemed reliable, but is not guaranteed.

P.S. Call me today for all your Annapolis real estate needs.
Carlyn Lowery, Associate Broker, Keller Williams Annapolis : Real Estate Brokerage in Annapolis, Anne Arundel County, Maryland

New Federal Tax Credit for “First-Time Homebuyers”

Why Maryland Single People Miss the Boat on Housing (And What To Do About It)

How to Find The Best Contractors and Service Providers in and Around Annapolis Maryland

Anne Arundel County Maryland Real Estate Market Statistics – July 2008

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