Dave Graham\’s Blog

Some more positive news about our great state!  
 
 
Thursday, July 8, 2010, 12:10pm CDT
Texas popular among relocating Americans
Austin Business Journal
Read more: Texas popular among relocating Americans – Austin Business Journal
 
An increasing amount of Americans want to move to Texas, according to a recent survey by a homeowner relocation website.
Attracted by stable real estate prices and a relatively low unemployment rate of 8.5 percent, 6.9 percent in Austin, Relocation.com found that in June, 50 percent more people said they wanted to move to the Lone Star State than in its previous survey in February.

Texas knocked California out of the top spot, with the Golden State moving to third. Florida came in second and North Carolina and Georgia rounded out fourth and fifth.
The survey tallied the responses of 1,000 participants who completed the questions in June. The study is a continuation of customer surveys started in March 2009 to gauge relocation behaviors.
The survey also said fewer American were moving due to foreclosure on their homes and that 4 percent of participants said they were able to purchase a home for the first time due to the drop in real estate prices. Another 10 percent said they were moving into bigger homes or a more desirable neighborhood.
New York-based Relocation.com is a website that connects moving homeowners with professionals offering relocation services.

Read more: Texas popular among relocating Americans – Austin Business Journal

You hear about FHA a lot on the news. You may even have a FHA backed Mortgage, but what is the FHA and will you qualify? Read this information guide, then let me guide you through the process. Click HERE

The Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:

• Extends deadlines for purchasing and closing on a home.
• Authorizes the credit for long-time homeowners buying a replacement principal residence.
• Raises the income limitations for homeowners claiming the credit.  

Under the  new law,  an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.    

For the first time, long-time homeowners who buy a replacement principal residence may also claim  a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately).  They must have lived   in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the  replacement home is purchased.

People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before  Nov. 6, 2009.

Several new restrictions apply to homes purchased after Nov. 6, 2009.

• Purchasers must attach a properly executed settlement statement to their return.
• No credit is available if the purchase price of the home exceeds $800,000.
• The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
• A dependent is not eligible for the credit.
• The new law gives the IRS broader authority to deny first-time homebuyer credit claims, without having to first audit a taxpayer™s return. Known as math error authority, this authority applies, retroactively, to credits claimed on original and amended 2008 returns, as well as to claims yet to be filed.

Additionally, there are new benefits for members of the military and certain other federal employees:

• Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S.  and qualify for the credit. Thus, an eligible taxpayer must buy, or  enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual™s spouse) who serves on qualified official extended duty service outside of the United States  for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

• In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. This relief applies where a home is sold or stops being the taxpayer™s principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual™s spouse) for qualified official extended duty service. The credit is still allowable even if this happens during the year of purchase. Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer™s principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.

Question and Answer

Q. Are both spouses required to be overseas for the requisite time period in order to qualify for the 2011 extension to claim the credit?    

A.  Only one spouse must be overseas on official extended duty for the requisite amount of time for either spouse to be eligible for the 2011 extension of time to purchase a principal residence and claim the credit.  

This is great news. The Government program for offering a huge tax credit for 1st time home buyers has been extended  and now they have added an incentive for homeowners who buy another home. Here are more of the details of the newests Stimulas program.

Extended Tax Credit for HomeBuyers and Homeowners

By Phoebe Chongchua

November 13, 2009

The popular first-time homebuyer tax credit that was scheduled to end this month is being extended. President Obama signed a bill that extends the up to $8,000 tax credit for first-time homebuyers for seven months. An additional incentive for the housing industry is for homeowners. The $6,500 tax credit will benefit some existing homeowners who are also buyers and whose primary residence has been owned, used, sold, or being sold within at least five consecutive years of the previous eight years. The legislation is part of a bill that also extends unemployment benefits.

Bruce Walker, Director of Marketing, RealEstate.com Reportedly, the credit would be available for people earning up to $125,000 a year and couples making up to $225,000 per year. This is an increase from the current income limits of $75,000 and $150,000, respectively. The extension of the first-time homebuyer credit lasts through June of next year. Buyers must sign a contract by the end of April 2010.

The incentives come at a good time for the housing industry. “We’re getting into a historically slow time of year. You have the holidays and folks just aren’t in the market to buy a home. I think now, you’re going see a little bit more interest and we may see some upticks through the end of the year that could carry some momentum into the first part of the year which is traditionally the heaviest homebuying season,” says Walker.

He believes these incentives will not only cause more homes to sell but will also have an impact on related industries. “I think one of the areas that will get a secondary benefit is going to be the home improvement industry. When someone buys a home they will often put additional work into it to make it their own. They’ll paint, put up wallpaper, and hang current rods. They may clean floors — so that home improvement sector is going to see, I believe, a secondary lift as well,” explains Walker. What this means to consumers? “When they see that home prices have dropped, there’s going to be fear in the market and people are going to wait to see other people get involved — get back into the market. So, as consumers are pushed off the fence with these incentives I think we will see a strengthening of the housing market as a direct result and people are going to get re-engaged,” says Walker.

But some wonder are the incentives a risk that will cause homeowners to later default? “People have been skeptical of the economy for the last year or longer,” says Walker.

Economists with the National Association of Realtors estimate that approximately 2 million people will take advantage of the tax credit this year.

Copyright © 2009 Realty Times. All Rights Reserved.

        Here is this weeks report of what’s happening in the real estate market in Georgetown, Sun City Texas and Round Rock. You might want to compare this weeks report with the last one posted prior to get an idea of what is happening week by week, as well as for the last 30 days. Just some of my rambling thoughts, the number of active available listings went down this week and for the month in all areas, and the number of Sold listings went up this week from the last report. They report on the national scene that sales have increased, I guess it’s time for us to see the same improvement.

        With interest rates still hovering around 5%, and with the Government still passing out checks for $8,000 to buyers who haven’t owned a home in the past three years, maybe it’s a good time to be a buyer. I see some real good deals on homes in our area. Prices today that are thousands less than the prices of 6 months ago should give any buyer the go ahead to get ready to buy. Will we see prices go up any time soon? No one knows for sure, but with 1,000 people moving to Texas EVERY DAY, they have to live somewhere, and if the number of Active Listings start to DROP, and the number of Sales slowly increase, well, don’t be left out of this Buyers Market. Here is this weeks report.

30 day report gtn and rr report.pdf

        I just received this list from a dear friend, Jacque Smith from Independence Title, Maybe a day trip to one of these towns would be interesting. How would you like to live in one of these towns? Let’s have a poll as to where everyone would rather live. Go ahead and post a comment to this blog with your pick as the best town on this list to live.

Relocating to Texas? Thought you would enjoy this. Here™s a list of actual places to travel to in Texas.Need to be cheered up?
Happy, Texas 79042
Pep, Texas 79353
Smiley, Texas 78159
Paradise, Texas 76073
Rainbow, Texas 76077
Sweet Home , Texas 77987
Comfort, Texas 78013
Friendship, Texas 76530

           I would like you to watch my video showing 4 examples of homes for sale under $150,000 in Sun City Texas. There are currently 30 homes for sale under $150,000, and 18 of those are under $140,000. I will take you on a narrated video tour of these 4 homes, but if you would like to learn more or see pictures of different floor plans or models, just send me a quick note

      This weeks video we will see two Angelina models, one Maverick and one Bluebonnet. Next week I plan to feature four homes that are larger homes, over 2,200 square feet. So sit back, put your feet up, and enjoy the show.

Sun City Texas Homes For Sale Under $150,000

      I just read a great article written by Chad Thomas, the City Beat writer for the Williamson County Sun, that  gives one more reason why Williamson County, and Georgetown in particular are great places to live and work. I have asked Chad to send me a PDF copy of the article and I will post it in it’s entirety when I get it, but here are some of the points he wrote about.

        “Several signs seem to indicate Georgetown may be coming out of an economic slump that slowed spending and development for months starting last fall.”

      “For the third month in a row Georgetown has seen sales tax revenues almost identical to those seen a year ago and even saw revenues increase by 1.44 percent to the city’s general fund in the most recent allocation from the state.”

        Chad goes on to explain how Georgetown success is from a draw to shoppers and visitors from out of town (and state) spending money in our town. He also talks about an increase in building permits and how that effects our tax income. He quotes Georgetown’s Finance Director Micki Rundell who says “I think we’ve got more stability – and having a large retirement population helps that,” she said, “I think I’d rather be in Georgetown than anywhere else.”

        Anyone who lives in Georgetown already knows it’s the best place to live, and it looks like  allot of ‘out of  towner’s’ are learning about us, as there has been a huge increase in my out of town requests for Georgetown Real Estate info to be sent out. I also think that our City leaders have done a fantastic job of keeping Georgetown the way we want it, a small town feel but with  managed growth.

        If you know someone who is considering a move to Texas, pass my name and blog info on to them so they can find out what we already know, “Georgetown is our home and we love living here.”

Here are the numbers from our MLS here in the Georgetown, Round Rock and Sun City Texas areas.

Notes:   Georgetown figures do not include Sun City

                          Report information from 6/20/2009 to 7/20/2009

                            DOM equals Days on the Market

 If you would like to see the same information for your paticular neighborhood, please respond with a comment and I will send it along to you.  Have a great week.  Dave