Lee's Summit Homes Blog: Roxanne Van Buskirk

Single level living will be the preference of aging Baby Boomers. If you have a ranch plan to sell, the demand (read: asking price) for it could rise in the next few years. If you are looking to buy one, expect supply to drop and prices to rise.

Full article here.

If you bought a house after Nov 6 2009 and qualify for a Tex Credit, the process has become more complicated:

1. If you filed for 2008 after Nov 6. The IRS isn’t accepting requests until they change the form due to the tax credit extension. No word on when that new form will be available
2. Due to fraud, the IRS is requiring proof of purchase. For 2009 the documentation requirement mean you cannot file for the credit electronically. You will need to file a paper return.

Where’s everyone going? I guess, it’s Texas.

Don’t wait around for prices to drop more. Prices have risen for 5 straight months.

Here are the stats for December for Lee’s Summit. The key stat here is that Pending sales went up by almost a third from 2008.  This indicates that the Lee’s Summit market is on the rebound.

If you have been on the fence about buying your first home or moving up to a better home in Lee’s Summit, now is the time to make the move. The tax credit makes it the best time to buy.

We used to only worry about if a house had lead based paint. Now when you are buying a house, you need to make sure it wasn’t used to make Meth. Don’t assume that just run down houses in low income areas are potential “Meth Houses”. They can be found anywhere.

This article from MSN is certainly an eye opener.

Merry Christmas! Here is a sampling of real estate news that you should be aware of. If you have any questions about any of this, please feel free to email or call me. I will be happy to help.

The first of the year brings new disclosure rules for lending designed to help protect consumers.

You don’t have to be moving up to a more expensive home to get the new Tax Credit. Move down buyers can take advantage as well!

Existing home sales continue to improve.

Mortage rates are rising. Get your loan locked NOW.

I am adding a new feature to this Blog. Starting today, I will post a collection of links to articles that affect your home buying experience. It could be anything from mortgage rate trends, to market trends, to tips for selling or buying your home in this uncertain market. Enjoy the first edition of the Real Estate News Roundup!

Foreclosures and Short Sales may look like a sweet deal, but the process of buying one could turn your dream into a nightmare!

Is now the best time to buy a home?

Is the market recovering? Foreclosure rates fall again, yet…………………………….

There are still an awful lot of Option ARMs still out there.

Citibank is halting foreclosures for 30 days.

Reece and Nichols Realtors has teamed with David Knox to provide a complete explanation of the Home Buyer Tax Credit Extension and Expansion.

The Home Buyer Tax Credit Expansion and Extension details can be tricky to navigate.  Nationally recognized real estate expert David Knox has produced a great video for Reece and Nichols explaining the changes and features of the Home Buyer Tax Credit Expansion and Extension.

View the video that explains the Home Buyer Tax Credit Extension and Expansion in detail.

When you are ready to start looking for your next home, contact me to get the process started.

GREAT NEWS!  The Home Buyer Tax Credit has been extended and expanded!  Now, eligible existing home owners may also qualify for a tax credit of up to $6,500!  It’s the right time, right now, to sell your current home and to buy a new home.

NEW $6,500 Tax Credit for Current Home Owners*

• Eligible home buyers must have lived in their current home for 5 consecutive years of the past 8 years.
• The new home does not have to cost more than the old home.
• Eligible for homes with purchase agreements written by April 30, 2010, and that close before June 30, 2010.
• Annual income caps to qualify for the full tax credit apply: $125K for single filers and $225 for joint filers.  Partial tax credit can be granted for incomes up to $145K for single filers and $245K for joint filers.

The $8,000 First-Time Homebuyer Tax Credit is Extended!

• Now, qualified first-time home buyers will qualify to receive their $8,000 tax credit if they sign a purchase contract by April 30, 2010, and close by June 30, 2010.
• The home purchased must be their primary residence.
• Qualified buyers cannot have owned a home during the past three years.
• Tax credit is up to 10% of the home value (not to exceed $8,000).
• Annual income caps to qualify for the tax credit have increased:  $125K for single filers and $225K for joint filers.  Partial tax credit can be granted for incomes up to $145K for single filers and $245K for joint filers.

For more information on these tax credit opportunities and to view our exclusive Tax Credit Informational video, visit the Home Buyer Tax Credit section of Roxanne.ReeceandNichols.com.

*If you have doubts as to your eligibility for either of these tax credits, please consult a certified public accountant.