First Weber certainly cannot give you tax advice. However, we can share links to information which may help our customers and clients. If you will be claiming the tax credit because of a home purchase, see this article from realtrends.com
Good luck. There are less than 70 days to get an Accepted offer and take advantage of the tax credit.
First Weber can help you buy or sell Wisconsin real estate and we're ready when you are.
Travis, a reader of the First Weber blog, asked us a question on December 2, 2009:
"I closed on a home in May of 2008. I received a 10% first time homebuyers tax credit. Since this they have released a tax credit that states it does not have to be payed back in any way. I have not found any information on mine to see if they had different terms applied. Do you know anything about this?"
Thank you for this excellent question. An article updated on November 24, 2009 on irs.gov states:
"For 2008 Home Purchases
The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year."
Huge news on the Wisconsin real estate front about how the new extended and expanded home buyer tax credit can help out homebuyers and sellers!
One of the most important inclusions in the new tax credit is that it also includes existing homeowners. Up to $6500 is available. As usual, "certain restrictions apply". See more at firstweber.com and nar.com This credit is good on contracts written up to April 30, 2010. There is then additional time to close. See details in the link above.
The $8000 credit for first time home buyers is being extended until April 30, 2009. Thank goodness, because the previous deadline to close was November 30, 2009. The new credit is good on contracts written up until April 30, 2010. Again, restrictions apply so read the facts at firstweber.com and other links you'll find there.
In my opinion, this is fantastic news for Wisconsin home sellers and home buyers, and certainly Wisconsin Realtors as well. If you have questions, please contact us, send a comment or ask a question.
If you just can't wait to start searching for a home, here's a link to our search page!. There are almost 80,000 searchable at firstweber.com - five Multiple Listing Services across the state. If you want Wisconsin real estate, firstweber.com is an excellent place to get it. Contact us when you feel you are ready to proceed and we'll walk you through the whole process.
Will the Home Buyer tax credit be expanded into 2010 and possibly changed to include more than first time buyers? Will letters to the Obama Administration from the Mortgage Bankers Association (MBA), National Association of Homebuilders (NAHB) and the National Association of REALTORS (NAR) requesting a one year extension of the existing credit have an impact? You can read the letter here compliments of RISMedia.
The national organizations make their case for the extension well, noting that approximatley 355,000 homes sales occurred because of the credit. The letter goes on in detail about the economic benefits of a strong housing market. Regardless of if you are "for" or "against" and extension of the credit, this is a interesting read.
While the possibility of the credit extension is a national issue, it would certainly have effects here in the Wisconsin real estate market and beyond. There's an interesting discussion going on about the subject at the northwestern.com And a quote from an article on stevenspointjournal.com states "It has to be looked at as a starting point," said Steve Lane, co-owner of First Weber Group in Stevens Point and a board member of the Wisconsin REALTORS Association. “That first-time buyer enables the house to get sold, and then for the seller to make a purchase, then another seller, and up the line.”
The Metro Milwaukee MLS stats reports included some good news and some bad news. The number of homes sold is up more than 7% over last September. That's the good news. The bad news is the average sales price has dropped to 2002 or 2003 levels. The good news about the bad news is that local REALTORS say the average sales price decrease is a result of more sales in the $200,000 and under starter home price range. Sellers of those homes are now free to buy-up. So that is more good news.
JSOnline did an article on the statistics and you may read it in its entirety here.
Some commentary from the article is as follows:
"In the first-time buyer market there is price competition. Sellers are getting 98%, 100% of the asking price - multiple offers in some cases," said Mike Ruzicka, president of the Greater Milwaukee Association of Realtors. "But if you go up the ladder a little bit - over $300,000 - it's really slow."
Also, REALTORS are hoping that Congress will extend or open up the first time home buyer tax credit. Doing so would continue to spur sales.
"It absolutely needs to be extended and opened up," said Tammy Maddente, executive vice president of First Weber Group.
The uncertainty of an extension may have some buyers still waiting. Bob Larson of First Weber's Waukesha office is quoted as saying:
"They are trying to wait it out to see what will happen, so it's causing a little bit of a pause," Larson said.
As of now, the tax credit does expire and homebuyers must close by December 1. Better get on it if you are serious about buying.
Good luck from First Weber Group. We are here to help!
Spread the word to those who can benefit from the first time home buyer tax credit! Thanks to the Wisconsin REALTORS Association for creating the videos!
The first time home buyer tax credit has done well in many markets in Wisconsin. There is talk of an extension, however, the WRA is not anticipating any announcement until later in the year.
You've heard it many times before. It is a great time to get into a home with the low prices, low interest rates and the tax credit. For those buyers who may be willing and able but perhaps skittish about the economy and their job, First Weber also offers a Job Loss Protection program. Write an offer to purchase with First Weber and we can request in the offer that coverage be provided for you, by the the home seller. The home seller then decides to accept the offer, counter, negotiate etc.
A detailed article on the timeline remaining to get in on the first time home buyer tax credit was written by First Weber's Scott Swick and featured in the Fond du Lac reporter. A definite must-read.
Are you in the process of buying now? How is it going for you?
First Time Buyers must close on the qualifying property before December 1, 2009. If you or someone you know is thinking about taking advantage of the first time home buyer tax credit, now is the time to get serious. Find all kinds of Wisconsin property at firstweber.com and learn more about the tax credit here.
First time buyers can really make a difference in the market and get some incredible buys. Housing affordability is nearly at an 18 year high, according to RIS Media. We hope that you will contact First Weber when you are ready to move. We have offices and property for sale all across Wisconsin and are ready and willing to offer our services!
Start NOW if you are a first time buyer to take advantage of the tax credit. It takes time to find a home you want to buy and when you do, there's paperwork, inspections, financing.... Find your perfect property at firstweber.com and let us know when you are ready to take the step - just don't wait too long!
People in Wisconsin like their coupons. If you had one good for $8,000, you wouldn't want to let it expire, would you?
While you really do not need the "coupon" to take advantage of the first time buyer tax credit, you do need to close on your Wisconsin property before December 1, 2009.
Please contact First Weber if you are ready to get started or have any questions about the home buying process - of if you have a story to share.
Great news, long article here. HUD issued a release yesterday that the $8,000 first time home buyer tax credit can be used for downpayments and closing costs on FHA mortgages. That is another new door opened to first time home buyers. Talk with First Weber Group REALTOR today to get started.
Buying a home is an interesting process and it can be intimidating for first timers. First Weber agents do this everyday and would be happy to guide you, answer your questions, help you get more information on what you can afford. Here is some information for first time home buyers in Wisconsin: a synopsis of the credit, information on financing and a home buying flow chart.
Let one of our agents know when you are ready to start the process. Credit expires December 1 2009. If you search firstweber.com, you'll be searching thousands of properties across the state - and not just First Weber listings either - ALL participating brokers. Did you know that?
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The Metro Milwaukee MLS stats reports included some good news and some bad news. The number of homes sold is up more than 7% over last September. That's the good news. The bad news is the average sales price has dropped to 2002 or 2003 levels. The good news about the bad news is that local REALTORS say the average sales price decrease is a result of more sales in the $200,000 and under starter home price range. Sellers of those homes are now free to buy-up. So that is more good news.
While you really do not need the "coupon" to take advantage of the first time buyer tax credit, you do need to close on your Wisconsin property before December 1, 2009.