Selling Your Home
Selling your home can be a very frustrating and emotionally draining process. There are many factors involved but 2 of the key factors are price and exposure. Your home needs to be exposed to the maximum number of people possible in the minimum amount of time, to find those that are qualified and willing to purchase.
If your exposure is limited, your home may require more time to sell. This is self defeating to a degree because the more time your home is on the market, it gradually may become less likely to sell at the best price. A home on the market for long periods of time sometimes creates the impression with potential buyers that there is something wrong with this house and they may avoid it unless the price falls well below the market value. In fact, they may expect a much lower price because of this impression that a lengthy time on the market creates.
Therefore it is essential that your home is priced as near to fair market value as possible and receives the maximum amount of exposure. Selling your home can be very complicated and we have barely touched on only two of the factors involved.
You need a Realtor to find your fair market value and give your home the exposure it deserves. Call or e-mail Larry E. Thomas, and with my wife Jo Ann, we can help you in evaluating your home and selling at the best price in the least amount of time. 628-2903 or 545-9249 e-mail larrythomasbrep@msn.com
Tuesday, February 24, 2009
Wednesday, February 11, 2009
First Time Home Home Buyer want tax credit from IRS?
Who is eligible to claim a $7500 tax credit?
Check this out:
1. What's the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to this purchase.
2. How do you claim the tax credit?
You claim the tax credit on your Federal income tax return.
3. What type of home will qualify?
Any home purchased as a principle residence by an eligible first-time home buyer. (See Limits for MAGI)partial credits are available for individual taxpayers with a modified adjusted gross income of more than $95,000 and for married taxpayers filing joint returns with MAGI of more than $170,000)
4. What is a tax credit?
A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $7500 in income taxes and who receives a $7500 tax credit would owe nothing to the IRS, in this year.
5. Does the tax credit have to be paid back to the government? If so, what are the payback provisions?
Yes, at this time the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit would be due from the profit on the home sale. If there was insufficient profit, the the remaining credit payback would be forgiven.
6. The first -time home buyer program should really be called a ZERO INTEREST Loan! Assuming an interest rate of 7%, that means the home owner saves up to $4200 in interest payments over a 15-year period.
Call me, Anita Wallace 671-4540, to find your dream home and claim your Zero Interest Loan
Who is eligible to claim a $7500 tax credit?
Check this out:
1. What's the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to this purchase.
2. How do you claim the tax credit?
You claim the tax credit on your Federal income tax return.
3. What type of home will qualify?
Any home purchased as a principle residence by an eligible first-time home buyer. (See Limits for MAGI)partial credits are available for individual taxpayers with a modified adjusted gross income of more than $95,000 and for married taxpayers filing joint returns with MAGI of more than $170,000)
4. What is a tax credit?
A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $7500 in income taxes and who receives a $7500 tax credit would owe nothing to the IRS, in this year.
5. Does the tax credit have to be paid back to the government? If so, what are the payback provisions?
Yes, at this time the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit would be due from the profit on the home sale. If there was insufficient profit, the the remaining credit payback would be forgiven.
6. The first -time home buyer program should really be called a ZERO INTEREST Loan! Assuming an interest rate of 7%, that means the home owner saves up to $4200 in interest payments over a 15-year period.
Call me, Anita Wallace 671-4540, to find your dream home and claim your Zero Interest Loan
Monday, February 2, 2009
Billings No. 3 In The Nation!!!
by Larry Thomas
With all the bad real estate news we have all heard lately, it makes one wonder, how bad is it here ? Well, not so bad according to a national online real estate search firm, Housing Predictor. Housing Predictor predicts that 5 montana cities will be among the top 25 cites in the USA in appreciation values percentages. Billings at No. 3 in the nation leads the Montana pack with a forecast of 3.1 % appreciation in home values for 2009, folowed by Bozeman at No. 9 , Great Falls No. 13, Livingston No. 14 and Missoula No. 16. So the forecast for Montana in general and Billings in particular looks pretty good. Just think of the top 25 in the nation, Montana has 5 which is 1/5 of the total in the whole USA !!!
Referring back to an earlier blog " Why Buy Now" that all real estate is local and the national market has very little relation to the local market, it looks like Billings is a good place to sell as well as buy.
Call me for your help in finding your new home or listing or present home.
Larry Thomas 628-2903
by Larry Thomas
With all the bad real estate news we have all heard lately, it makes one wonder, how bad is it here ? Well, not so bad according to a national online real estate search firm, Housing Predictor. Housing Predictor predicts that 5 montana cities will be among the top 25 cites in the USA in appreciation values percentages. Billings at No. 3 in the nation leads the Montana pack with a forecast of 3.1 % appreciation in home values for 2009, folowed by Bozeman at No. 9 , Great Falls No. 13, Livingston No. 14 and Missoula No. 16. So the forecast for Montana in general and Billings in particular looks pretty good. Just think of the top 25 in the nation, Montana has 5 which is 1/5 of the total in the whole USA !!!
Referring back to an earlier blog " Why Buy Now" that all real estate is local and the national market has very little relation to the local market, it looks like Billings is a good place to sell as well as buy.
Call me for your help in finding your new home or listing or present home.
Larry Thomas 628-2903
Monday, January 26, 2009
10 Tips for First-Time Homebuyers
By Jacque Lorang
1. Be picky, but do not be unrealistic. There is no perfect home.
2. Do your homework before you start looking.
3. Get your finances in order.
4. Do not wait to get a loan.
5. Do not ask too many people for opinions.
6. Decide when you could move.
7. Think long-term.
8. Do not let your mortgage ruin you.
9. Do not be naive. Insist on a home inspection.
10. Get help. Consider hiring a REALTOR as a buyer's representative.
For more details on each of these topics check out the next post in our archives section. Thanks
For more information on buying your 1st home or for a free 1st time home buyers packet to help you get started call or email Jacque Lorang at 690-5277 or ablahoo@yahoo.com
By Jacque Lorang
1. Be picky, but do not be unrealistic. There is no perfect home.
2. Do your homework before you start looking.
3. Get your finances in order.
4. Do not wait to get a loan.
5. Do not ask too many people for opinions.
6. Decide when you could move.
7. Think long-term.
8. Do not let your mortgage ruin you.
9. Do not be naive. Insist on a home inspection.
10. Get help. Consider hiring a REALTOR as a buyer's representative.
For more details on each of these topics check out the next post in our archives section. Thanks
For more information on buying your 1st home or for a free 1st time home buyers packet to help you get started call or email Jacque Lorang at 690-5277 or ablahoo@yahoo.com
10 Tips for First-Time Homebuyers
By Jacque Lorang
1. Be picky, but don’t be unrealistic. There is no perfect home.
2. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.
3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and your closing costs
4. Don’t wait to get a loan. Talk to a lender and get prequalified for a mortgage before you start looking.
5. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.
6. Decide when you could move. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area?
7. Think long-term. Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you’ll buy as well as type of mortgage terms that suit you best.
8. Don’t let yourself be house poor. If you max yourself out to buy the biggest home you can afford, you’ll have no money left for maintenance or decoration or to save money for other financial goals.
9. Don’t be naïve. Insist on a home inspection and if possible get a warranty from the seller to cover defects within one year.
10. Get help. Consider hiring a REALTOR® as a buyer’s representative. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. And often, buyer’s reps are paid out of the seller’s commission payment.
For more information on buying your 1st home or for a free 1st time home buyers packet to help you get started call or email Jacque Lorang at 690-5277 or ablahoo@yahoo.com
By Jacque Lorang
1. Be picky, but don’t be unrealistic. There is no perfect home.
2. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.
3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and your closing costs
4. Don’t wait to get a loan. Talk to a lender and get prequalified for a mortgage before you start looking.
5. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.
6. Decide when you could move. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area?
7. Think long-term. Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you’ll buy as well as type of mortgage terms that suit you best.
8. Don’t let yourself be house poor. If you max yourself out to buy the biggest home you can afford, you’ll have no money left for maintenance or decoration or to save money for other financial goals.
9. Don’t be naïve. Insist on a home inspection and if possible get a warranty from the seller to cover defects within one year.
10. Get help. Consider hiring a REALTOR® as a buyer’s representative. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. And often, buyer’s reps are paid out of the seller’s commission payment.
For more information on buying your 1st home or for a free 1st time home buyers packet to help you get started call or email Jacque Lorang at 690-5277 or ablahoo@yahoo.com
Saturday, January 17, 2009
What are subprime mortgages ?
by Larry Thomas
Most all of us have heard the term subprime mortgages in print media and television. What is it and what effect has it had on our current financial crisis ? The term itself is misleading because sub meaning below would lead one to believe that this type of mortgage is actually below the prime rate. In fact it means just the opposite, above the prime rate. It is a type of loan granted to individuals with poor credit histories( often below 600 ), who as a result of their deficient credit ratings, would not be able to qualify for conventional mortgages. Because subprime borrowers present a higher risk for lenders, subprime mortgages charge interest rates above the prime lending rate.
Many lenders were more liberal in granting these loans from 2004 to 2006 as a result of lower interest rates and high capital liquidity. Lenders sought additional profits through these higher risk loans and they charged interest rates above prime in order to compensate for the additional risk they assumed. Naturally with higher interest rates, one has larger monthly mortgage payments which increased the chances of default and eventual foreclosure, especially with borrowers that have a history of shaky money management. Consequently, once the rate of subprime mortgage foreclosures skyrocketed, many lenders experienced extreme financial difficulties, and even bankruptcy.
Larry Thomas 628-2903
by Larry Thomas
Most all of us have heard the term subprime mortgages in print media and television. What is it and what effect has it had on our current financial crisis ? The term itself is misleading because sub meaning below would lead one to believe that this type of mortgage is actually below the prime rate. In fact it means just the opposite, above the prime rate. It is a type of loan granted to individuals with poor credit histories( often below 600 ), who as a result of their deficient credit ratings, would not be able to qualify for conventional mortgages. Because subprime borrowers present a higher risk for lenders, subprime mortgages charge interest rates above the prime lending rate.
Many lenders were more liberal in granting these loans from 2004 to 2006 as a result of lower interest rates and high capital liquidity. Lenders sought additional profits through these higher risk loans and they charged interest rates above prime in order to compensate for the additional risk they assumed. Naturally with higher interest rates, one has larger monthly mortgage payments which increased the chances of default and eventual foreclosure, especially with borrowers that have a history of shaky money management. Consequently, once the rate of subprime mortgage foreclosures skyrocketed, many lenders experienced extreme financial difficulties, and even bankruptcy.
Larry Thomas 628-2903
Sunday, January 4, 2009
Make Your 2009 New Years Resolution--Own a Home!!
By Jacque Lorang
7 Reasons to Own Your Own Home
1. Tax breaks. Deduct mortgage interest, property taxes and other costs from your 2008 taxes.
2. Gains. Over last five years national home prices have increased at an average of 5.4 percent annually.
3. Equity. Mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan.
5. Predictability. Unlike rent, your mortgage payments don’t go up over the years.
6. Freedom. The home is yours.
7. Stability. Remaining in one neighborhood for several years lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
Call 690-5277 or email (ablahoo@yahoo.com) for a 1st Time Home Buyers Packet and to make your first move toward home ownership.
7 Reasons to Own Your Own Home
1. Tax breaks. Deduct mortgage interest, property taxes and other costs from your 2008 taxes.
2. Gains. Over last five years national home prices have increased at an average of 5.4 percent annually.
3. Equity. Mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan.
5. Predictability. Unlike rent, your mortgage payments don’t go up over the years.
6. Freedom. The home is yours.
7. Stability. Remaining in one neighborhood for several years lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
Call 690-5277 or email (ablahoo@yahoo.com) for a 1st Time Home Buyers Packet and to make your first move toward home ownership.
Subscribe to:
Posts (Atom)