FUN PICTURES FROM YESTERDAY’S SNOW IN THE HILL COUNTRY
February 24th, 2010 categories: Comfort Community News, Views & Faces
Here are a few pictures from yesterday’s snow:
Tailgate Party in the Hill Country with Frosty
Snow Chilled Longhorn
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COMFORT, TEXAS – 2009 REAL ESTATE FIGURES SOUND GOOD???
January 5th, 2010 categories: Assessing the Local Market
Believe it or not … Real estates sales in Comfort, Texas were actually up for the year! Two categories – Residential and Farm/Ranch were up. Two categories – Acreage/Lots and Commercial were down.
In a small market, a few sales can make a real difference. In the residential market, the average price per item sold increased 42% from $247,833 to $352,887. What that means is that not only were there 2 more sales in 2009 (20 vs. 18) but the properties that sold were considerably more expensive. That is not due to price increases but instead, the properties that sold were higher end. That continues the trend in this area during the economic downturn. It is the higher priced properties that have continued to sell. 7 of the 20 residential properties that sold were $500,000 and up. In the Farm/Ranch category, one ranch sale (at $1,530,329) accounted for the lion’s share of the increase.
What does this mean about the market? An improving market is at work. Our observations are:
- Sellers have realized that they need to be more realistic in their pricing.
- People’s perception about the economy is improving.
- Expectations of inflation makes real estate a “safe” investment.
We do our best to provide you with the best information available so that you can make an informed decision whether you are a buyer or seller.
We strive to help our sellers price their properties competitively so that they get SOLD. In the current market, that is especially important so we can really HELP you!
If you are a buyer, we are currently aware of several “real buys.” Call for more information.
Each person’s scenario is unique. We’d love to help you with yours.
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Home Buyer Tax Credit Extended – NAR Article
November 18th, 2009 categories: Real Estate Resourcing
Here’s an article from the National Association of Realtors:
The Basics: Extended Home Buyer Tax Credit 2009/2010
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
- Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
- Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
Latest news:
Home Buyer Tax Credit Has Added Benefits for Armed Services Members, Others (Nov.11)
Tax Credit Extension a Positive Step Toward Real Estate Recovery (Nov.5)
President’s Podcast: Tax Credit Extended (Nov. 5)
Who Qualifies for the Extended Credit?
- First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
- Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer’s Credit Amount Determined?
Each home buyer’s tax credit is determined by tow additional factors:
- The price of the home.
- The buyer’s income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
For more information and to see the full article, click Here
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REAL ESTATES SALES IN COMFORT, TX STILL LAGGING IN JUNE & JULY
August 3rd, 2009 categories: Assessing the Local Market
There were 4 residential sales in the Comfort ISD totaling just under $1.2 Million during the month of July selling at 94% of List Price. Inventory has been surprisingly low this Summer … so sales are down.
However, during the last several weeks we’ve seen a number of new properties come on the market. Be sure and check our MLS Search engine to find out about those properties.
One recent buyer client told us that we provided them with the BEST experience that they EVER had with a real estate agent! Our goal is to EXCEED YOUR EXPECTATIONS WITH ABOVE & BEYOND SERVICE!
Our offices are located in Comfort but we sell from San Antonio to Kerrville, from Bandera to Fredericksburg. Give us a call. We’d love to help! 830-995-2511.
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KERR COUNTY REAL ESTATES SALES – SUMMER SO FAR ABOUT EQUAL TO LAST
August 3rd, 2009 categories: Assessing the Local Market
Real Estate Sales in Kerr County during the month of July slowed a bit. Sales amounted to $11.1 Million as compared with $13.5 Million a year earlier, down from June’s increase.
It would seem that the Kerr County market is continuing to adapt to the changing, slower market as we take a closer look at other available data. List/Sales Price decreased from 95% in July, 2008 to 93% in July, 2009 meaning that buyers are still getting better deals, overall. Inventory, which as been very high (there were 1121 Active listings as of July 31, 2009 as compared with 923 a year earlier) is finally seeing some improvement. Days on market, a number that tells us how long it takes an average property to sell, decreased from 168 in July, 2008 to 152 in July, 2009.
Our Motto is “Connecting Buyers & Sellers for a Win/Win Result”. We work hard to bring YOU the results you want! Ask us , we’ll tell you how! We can be reached at 830-995-2511.
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OUR REAL ESTATE STRATEGY: CONNECTING BUYERS & SELLERS FOR A WIN/WIN RESULT
July 20th, 2009 categories: Real Estate Resourcing
What separates a good real estate agent from a really GREAT one? I am an observer by nature and I am always observing agents to determine who the good ones are and who are not. Quite honestly, there are times when I look at listings that I am about to show to a client and I cringe after I notice who the listing agent is. I do that because, as in all businesses, there are real estate agents who are not pleasant to deal with, who aren’t very efficient at doing their job (my #1 pet peeve), and, in terms of their negotiating techniques on behalf of their clients, they are operating at a 2 or 3 year old level. “This is MINE and you can’t have it!”
Our tag line for our business is: “Connecting Buyers & Sellers for a Win/Win Result.” It pretty much sums up who we are and how we do business. First, our belief is that the real estate business is about matching willing buyers and willing sellers. We’re not trying to convince anyone to do anything they don’t want to do. Secondly, we believe that we can do that that in a win/win way for all.
There are some in the real estate business who would take exception to our strategy about the win/win aspect and say that representation is exclusively about getting your client the very best deal (e.g., it’s not a win/win, but a win/lose, with the “win” in favor of MY client and the lose in favor of YOUR client). Another way of saying it is, “We absolutely won’t leave anything on the table.”
While it certainly IS our goal to get our client the very best deal possible (and we really are quite good at it), the problem with the Win/Lose approach is that it creates an adversarial relationship between the parties. Win/Lose negotiators often have strong egos and they have an extremely limited view of what the client’s REAL interests are. To say it a different way, they are negotiating based from their own ego, not in the true interest of the client. Even though the strategy sounds like a good idea for the client, quite often the results are less than what you might expect. The problem is that adversarial negotiating quite often ends up in compromise in order to get the deal done and so … sometimes they win, sometimes they lose. And sometimes the adversarial relationship continues … even into the courts.
The alternative way of negotiating is based on interests. It’s a bigger picture view and it provides for many more possible solutions. The truth is that people and situations are complex and every transaction has multiple factors that influence whether a person is getting a good deal or not. For example, who wants a great price on something that doesn’t interest them? or work for their family?
What we are trying to do is match interests and so we we feel like it is our job (and we spend most of our time observing and anticipating) what the changing interests of both parties are so that we can create a contractual agreement that both parties want to live up to. Sometimes, the hardest task is getting people to “see outside the box” … that their interests truly are being served with the creative solution that we are offering. See future articles with the keyword, “Interest Based Negotiations” for further elaboration the subject.
Connecting Buyers & Sellers for a Win/Win Result: It’s what we do. It’s who we are. And, it takes advantage of what people truthfully want to do. It is our feeling that if we are creative in putting deals together, we will get much better results than the next guy … and those results will be win/win for all!
If you are looking for win/win results, give us a call at 830-995-2511. We’d love to visit with you.
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Numbers Aren’t Yet Reflecting Increased Market Activity in Comfort, Texas
June 2nd, 2009 categories: Assessing the Local Market
I was surprised to discover that the increased market activity that we have been seeing in the area has not yet turned into actual sales (at least for Comfort). For the months of April and May, there were NO sales (as compared to 2 the preceding year totalling $962,264). Here’s where we are for the year:
I guess the surprise is due to the increased number of properties under contract (5 currently). It is likely that next month’s figures will be much better. Also, there are several Comfort properties listed only in the Kerrville MLS. None have sold to my knowledge; however, at least one is under contract.
The other interesting piece of data that I found for Comfort:
There are 202 Units of Real Estate currently on the market with a total market value (e.g., list price) of $73 Million.
Pretty significant for a little community of just over 5,000, huh?
If you’d like to add to or substract from that number, we’d love to help you! We’re your source for real estate & community information for Comfort and the surrounding area! Give us a call 830-995-2511.
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How the $8000 First Time-Homebuyer Tax Credit Works
May 25th, 2009 categories: Real Estate Resourcing
For 2009 Home Purchases: Information on $8,000 First-Time Homebuyer Tax Credit
Frequently Asked Questions
Information written by Linda Goold, Tax Counsel for the National Association of Realtors (NAR)
What’s this new homebuyer tax incentive for 2009?
The 2008 $7500, repayable credit is increased to $8000 and the repayment feature is eliminated for 2009 purchasers. Any home that is purchased for $80,000 or more qualifies for the full $8000 amount. If the house costs less than $80,000, the credit will be 10% of the cost. Thus, if an individual purchased a home for $75,000, the credit would be $7500. It is available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.
Who is eligible?
Only first-time homebuyers are eligible. A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase.
How does a tax credit work?
Every dollar of a tax credit reduces income taxes by a dollar. Credits are claimed on an individual’s income tax return. Thus, a qualified purchaser would figure out all the income items and exemptions and make all the calculations required to figure out his/her total tax due. Then, once the total tax owed has been computed, tax credits are applied to reduce the total tax bill. So, if before taking any credits on a tax return a person has total tax liability of $9500, an $8000 credit would wipe out all but $1500 of the tax due. ($9,500 – $8000 = $1500)
So what happens if the purchaser is eligible for an $8000 credit but their entire income tax liability for the year is only $6000?
This tax credit is what’s called “refundable” credit. Thus, if the eligible purchaser’s total tax liability was $6000, the IRS would send the purchaser a check for $2000. The refundable amount is the difference between $8000 credit amount and the amount of tax liability. ($8000 – $6000 = $2000) Most taxpayers determine their tax liability by referring to tables that the IRS prepares each year.
How does withholding affect my tax credit and my refund?
A few examples are provided at the end of this document. There are several steps in this calculation, but most income tax software programs are equipped to make that determination.
What are the filing options to consider?
The filing options to consider are:
File an extension. Taxpayers who haven’t yet filed their 2008 returns but are buying a home soon can request a six-month extension to October 15. This step would be faster than waiting until next year to claim it on the 2009 tax return. Even with an extension, taxpayers could still file electronically, receiving their refund in as few as 10 days with direct deposit.
File now, amend later. Taxpayers due a sizable refund for their 2008 tax return but who also are considering buying a house in the next few months can file their return now and claim the credit later. Taxpayers would file their 2008 tax forms as usual, then follow up with an amended return later this year to claim the homebuyer credit.
Amend the 2008 tax return. Taxpayers buying a home in the near future who have already filed their 2008 tax return can consider filing an amended tax return. The amended tax return will allow them to claim the homebuyer credit on the 2008 return without waiting until next year to claim it on the 2009 return.
Claim the credit in 2009 rather than 2008. For some taxpayers, it may make more financial sense to wait and claim the homebuyer credit next year when they file the 2009 tax return rather than claiming it now on the 2008 tax return. This could benefit taxpayers who might qualify for a higher credit on the 2009 tax return. This could include people who have less income in 2009 than 2008 because of factors such as a job loss or drop in investment income.
The IRS reminds taxpayers the amount of the credit begins to phase out for taxpayers whose modified adjusted gross income is more than $75,000, or $150,000 for joint filers. Taxpayers can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.
Is there an income restriction?
Yes. The income restriction is based on the tax filing status the purchaser claims when filing his/her income tax return. Individuals filing Form 1040 as Single (or Head of Household) are eligible for the credit if their income is no more than $75,000. Married couples who file a Joint return may have income of no more than $150,000.
How is my “income” determined?
For most individuals, income is defined and calculated in the same manner as their Adjusted Gross Income (AGI) on their 1040 income tax return. AGI includes items like wages, salaries, interest and dividends, pension and retirement earnings, rental income and a host of other elements. AGI is the final number that appears on the bottom line of the front page of an IRS Form 1040.
What if I worked abroad for part of the year?
Some individuals have earned income and/or receive housing allowances while working outside the US. Their income will be adjusted to reflect those items to measure Modified Adjusted Gross Income (MAGI). Their eligibility for the credit will be based on their MAGI.
Do individuals with incomes higher than the $75,000 or $150,000 limits lose all the benefit of the credit?
Not always. The credit phases-out between $75,000 – $95,000 for singles and $150,000 – $170,000 for married filing joint. The closer a buyer comes to the maximum phase-out amount, the smaller the credit will be. The law provides a formula to gradually withdraw the credit. Thus, the credit will disappear after an individual’s income reaches $95,000 (single return) or $170,000 (joint return). For example, if a married couple had income of $165,000, their credit would be reduced by 75% as shown: Couples income $165,000 Income limit 150,000 Excess income $15,000 The excess income amount ($15,000 in this example) is used to form a fraction. The numerator of the fraction is the excess income amount ($15,000). The denominator is $20,000 (specified by the statute). In this example, the disallowed portion of the credit is 75% of $8000, or $6000 ($15,000/$20,000 = 75% x $8000 = $6000). Stated another way, only 25% of the credit amount would be allowed. In this example, the allowable credit would be $2000 (25% x $8000 = $2000)
What’s the definition of “principal residence?”
Generally, a principal residence is the home where an individual spends most of his/her time (generally defined as more than 50%). It is also defined as “owner-occupied” housing. The term includes single-family detached housing, condos or co-ops, townhouses or any similar type of new or existing dwelling. Even some houseboats or manufactured homes count as principal residences.
Are there restrictions on the location of the property?
Yes. The home must be located in the United States. Property located outside the US is not eligible for the credit.
Are there restrictions related to the financing for the mortgage on the property?
In 2009, most financing arrangements are acceptable and will not affect eligibility for the credit. Congress eliminated the financing restriction that applied in 2008. (In 2008, purchasers were ineligible for the $7500 credit if the financing was obtained by means of mortgage revenue bonds.) Now, mortgage-revenue bond financing will not disqualify an otherwise-eligible purchaser. (Mortgage revenue bonds are tax-exempt bonds issued by a state housing agency. Proceeds from the bonds must be used for below market loans to qualified buyers.)
Do I have to repay the 2009 tax credit?
NO. There is no repayment for 2009 tax credits. Unless they sell within 3 years of closing using this credit.
Do 2008 purchasers still have to repay their tax credit?
YES. The $7500 credit in 2008 was more like an interest-free loan. All eligible purchasers who claimed the 2008 credit will still be required to repay it over 15 years, starting with their 2010 tax return.
How do I apply for the credit? ?
There is no pre-purchase authorization, application or similar approval process. All eligible purchasers simply claim the credit on their IRS Form 1040 tax return. The credit will be reflected on a new Form 5405 that will be attached to the 1040. Form 5405 can be found at www.irs.gov.
So I can’t use the credit amount as part of my down payment?
No. Congress tried hard to devise a mechanism that would make the funds available for closing costs, but found that pre-funding would require cumbersome processes that would, in effect, bring the IRS into the purchase and settlement phase of the transaction.
So there’s no way to get any cash flow benefits before I file my tax return?
Yes, there is. Any first-time homebuyers who believe they are eligible for all or part of the credit can modify their income tax withholding (through their employers) or adjust their quarterly estimated tax payments. Individuals subject to income tax withholding would get an IRS Form W-4 from their employer, follow the instructions on the schedules provided and give the completed Form W-4 back to the employer. In many cases their withholding would decrease and their take-home pay would increase. Those who make estimated tax payments would make similar adjustments.
What if I purchase later this year but can’t get to settlement before December 1?
The credit is available for purchases before December 1, 2009. A home is considered as “purchased” when all events have occurred that transfer the title from the seller to the new purchaser. Thus, closings must occur before December 1, 2009 for purchases to be eligible for the credit.
I haven’t even filed my 2008 tax return yet. If I buy in 2009, do I have to wait until next year to get the benefit of the credit?
You’ll have a helpful choice that might speed up the process. Eligible homebuyers who make their purchase between January 1, 2009 and December 1, 2009 can treat the purchase as if it had occurred on December 31, 2008. Thus, they can claim the credit on their 2008 tax return that is due on April 15, 2009. They actually have three filing options.
- If they purchase between January 1, 2009 and April 15, 2009, they can claim the $8000 credit on the 2008 return due on April 15.
- They can extend their 2008 income-tax filing until as late as October 15, 2009. (The IRS grants automatic extensions, but the taxpayer must file for the extension. See www.irs.gov for instructions on how to obtain an extension.)
- If they have filed their 2008 return before they purchase the home, they may file an amended 2008 tax return on Form 1040X. (Form 1040X is available at www.irs.gov)
Of course, 2009 purchasers will always have the option of claiming the credit for the 2009 purchase on their 2009 return. Their 2009 tax return is due on April 15, 2010.
I purchased my home in early 2009 before the stimulus bill was enacted. I claimed a $7500 tax credit on my 2008 return as prior law had permitted. Am I restricted to just a $7500 credit?
No, you would qualify for the $8000 credit. Eligible purchasers who have already claimed the $7500 credit on a 2008 return for a 2009 purchase may file an amended return (IRS Form 1040X) for the 2008 tax year. This amended return will enable them to obtain the additional $500 credit amount.
If I claim my 2009 $8000 credit on my 2008 tax return, will I have to repay the credit just as the 2008 credits are repaid?
No. Congress anticipated this confusion and has made specific provision so that there would be no repayment of 2009 credits that are claimed on 2008 returns.
I made an eligible purchase of a principal residence in May 2008 and claimed the $7500 credit on my 2008 tax return. My brother, who has never owned a home, wishes to purchase a partial interest in the home this spring and move in. Will he qualify for the $8000 credit, as well?
No. Any purchase of a principal residence (or interest in a principal residence) from a related party such as a sibling, parent, grandparent, aunt or uncle is ineligible for the tax credit. Since you and your brother are related in this way, he cannot qualify for the credit on any portion of the home that he purchases from you, even if he is a first-time homebuyer.
I live in the District of Columbia. If I qualify as a first-time homebuyer, can I use both the $5000 DC credit and the $8000 credit?
No; double dipping is not allowed. You would be eligible for only the $8000 credit. This will be an advantage because of the higher credit amount, plus the eligibility requirements for the $8000 credit are somewhat more easily satisfied than the DC credit.
I know there is no repayment requirement for the $8000 credit. Will I ever have to repay any of the credit back to the government?
One situation does require a recapture payment back to the government. If you claim the credit but then sell the property within 3 years of the date of purchase, you are required to pay back the full amount of any credit, including any refund you received from it. A few exceptions apply. (See below, #24). Note that this same 3-year recapture rule applies, as well, to the $7500 credit available for 2008. This provision is designed as an anti-flipping rule.
What if I die or get divorced or my property is ruined in a natural disaster within the 3 years?
The repayment rules are eased for many circumstances. If the homeowner who used the credit dies within the first three years of ownership, there is no recapture. Special rules make adjustments for people who sell homes as part of a divorce settlement, as well. Similarly, adjustments are made in the case of a home that is part of an involuntary conversion (property is destroyed in a natural disaster or subject to condemnation by eminent domain by an authorized agency) within the first three years.
I have a home under construction. Am I eligible for the credit?
Yes, so long as you actually occupy the home before December 1, 2009.
WITHHOLDING EXAMPLES: Note: The impact of estimated tax payments would be the same.
Situation 1: Sally plans her withholding so that her withholding is as close as possible to what she anticipates as her income tax liability for the year. When she fills out her 1040, her liability is $6000. She has had $6000 withheld from her paycheck. She also qualifies for the $8000 homebuyer credit.
Result: Sally’s withholding satisfies her tax liability and reduces it to zero. She will receive a refund of the full $8000.
Situation 2: Nick and Nora file a joint return. Nick is self- employed and makes estimated payments; Nora has taxes withheld from her salary. When they compute their taxes, their combined withholding and estimated tax payments are $11,000. Their income tax liability is $9800. They also qualified as first-time homebuyers and are eligible for the $8000 refundable tax credit.
Result: Ordinarily, their combined estimated tax payments and withholding would make them eligible for a refund of $1200 ($11,000 – $9800 = $1200). Because they are eligible for the refundable tax credit as well, they will receive a refund of $9200 ($1200 income tax refund + $8000 refundable tax redit = $9200)
Situation 3: Cesar and LuzMaria both have income taxes withheld from their salaries and file a joint return. When they file their income tax return, their combined withholding is $5000. However, their total tax liability is $7200, generating an additional income tax liability of $2200 ($7200 – $5000). They also qualify for the $8000 first-time homebuyer tax credit.
Result: Cesar and LuzMaria have been under-withheld by $2200. Ordinarily, they would be required to pay the additional $2200 they owe (plus any applicable interest and penalties). Because they are eligible for the refundable homebuyer tax credit, the credit will cover the $2200 additional liability. In addition, they will receive an income tax refund of $5800 ($8000 – $2200 = $5800). If they owed penalties and/or interest, that amount would reduce the refund.
Information written by Linda Goold, Tax Counsel for the National Association of Realtors (NAR)
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Who Wins with Obama’s New Homeowner Plan?
February 24th, 2009 categories: Real Estate Resourcing
1. Those who want to refinance their home to take advantage of lower interest rates but have been refused because their home value has declined and does not meet the lender’s required Loan to Value Ratio.
2. Those who have a reduced income flow and are “at risk of imminent default” (e.g., either they are already delinquent or can show that they can not pay their current mortgage) may qualify for a loan modification (reduction in interest rate and/or principal).
3. New Homebuyers (e.g., first time homebuyers or those who have not purchased a home in the last 3 years) may qualify for a $8,000 Homebuyer Tax Credit.
For more details, check out the following articles:
First Time Homebuyer Frequently Asked Questions
We specialize in helping both new homebuyers and those who are in trouble. Give us a call at 830-995-2511 and we’ll see what we can do for you.
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