For the past week, I have been trying to find her a home in Frisco for under $150K. Each time we found one she liked, by the time we got back home, it was under contract. Now of course, there are still a few homes with mold damage or foundation issues, but I don’t want her to be in a home like that.

This $8000 first time home buyers tax credit ends April 30th, and I think a lot of home buyers are rushing to find something. This is making it a great time to sell, but not so fun on the buying end. Are buyers overpaying for these homes because of the high demand right now? When the tax credit is over, will anyone still need a home?

Smaller homes have been a trend for many years (fewer bedrooms and bathrooms) but the recession has accelerated that trend. And with rising energy costs, many prospective home buyers will be looking for smaller homes with greener alternatives such as energy efficient windows and appliances and programmable thermostats. Builders are likely to include those as standard features in their new homes.

Adding to the smaller home size trend are the new home buyers taking advantage of the $8,000 tax credit and those over 55 who will be looking to compromise size for a lower mortgage. The tax credit has been extended until April 30th and was expanded to include a tax credit for existing home owners.

There are stipulations to these credits though. Your contract to purchase must be written by April 30, 2010 and the deal must close by July 1, 2010 in order to claim the credit and the credit is less for those in the higher income brackets. This credit does not have to be repaid.

Additionally, if you are a first time home buyer or you have not owned a home in the last three years, you may qualify for up to $8,000 in tax credits! These tax credits are available for homes purchased until 12/31/09 and can even be taken off your 2008 income tax (see your tax professional for details on how to file extensions or amended returns).

To fulfill your American dream of being a homeowner, contact Julie at 214-686-0685.

North Texas home values are fairing far better than the vast majority of the rest of the country. Between December 2007 and December 2008, home values in North Texas dropped by only 4.3 percent. North Texas ranks 2nd best in the areas surveyed.

The exports coming from the Lone Star State, which include chemicals, electronics, oil and transportation equipment, totaled more than $192 billion which represents a 14% increase over 2007. The largest export recipients include Mexico, Canada, China, Holland and Brazil.

According to Texas Governor Rick Perry, there’s a reason for this success. “Maintaining our rank as the nation’s top exporting state is proof positive that Texas has sound policies in place to cushion it from the effects of an economic downturn,” he said.
To hear more about the great state of Texas visit www.texaplex.com

According to Business Week, in December there was an increase in sales of existing homes. The inventory of unsold existing homes has dropped indicating that existing home sales may be stabilizing. Although, inventory may increase when home owners realize there are buyers out there.

The new stimulus package is offering an $8,000 tax credit to first time home buyers including home buyers who have not owned a home in more than three years. This tax credit and the historically low interest rates should help to keep boosting sales.

Source: Businessweek.com

Homeowners who purchase homes between January 1, 2009 and December 1, 2009 will qualify as long as they haven’t owned a home in the last three years. Additionally, to keep out speculators, you will be required to live in your home, as your primary residence, for three years or the tax credit will have to be repaid.

Individuals who make less than $75,000 or couples making less than $150,000 will qualify for the full $8,000 tax credit amount. Those with higher incomes may still qualify for a partial credit.

Source: CNN.com

According to NAR President Charles McMillan, who is also a Dallas based broker, jobs and tax cuts are going “to help families recover and prosper, and these initiatives will help more people keep their homes and help others become homeowners.” Additionally, the final bill raises the tax credit to $8,000 for first time home buyers plus it no longer requires repayment as stipulated in earlier legislation. NAR estimates more than a quarter of a million additional home sales could be realized , helping to stabilize the value of existing homes.

Also included in the bill are monies slated for neighborhood stabilization efforts to help communities purchase foreclosed properties to be rehabilitated to keep home values up.

Source: msnbc.com