1st Time Home Buyers Tax Credit
Do you know how to use the 1st time home buyers tax credit for yourself or your clients? Originally (2008) the tax credit had a snake in it. It had to be repaid over time. That has been fixed. It does not have to be repaid now if the people do not sell the home for 3 years. The credit amount was $7500 Not everyone is eligible; but for those who are the tax credit can be quite helpful.
A single person who makes less than $75,000 or a married couple who makes up to $150,000 and who have not owned a home during the last 3 years will qualify. The deduction is 10% of the purchase price of the home up to $8000. This will not work as down payment assistance because the money comes when the 2009 tax refund is received. The credit is only good for homes purchased during 2009. It is possible that it will be extended.
Not many buyers are using the credit. That is probably because of the old restriction of having to pay the money back. The need to have a down payment could also be a problem. For people who plan ahead this could be a nice bonus. For REALTORS it could be a minor stimulus. For more information go to: http://www.federalhousingtaxcredit.com/2009/glance.php
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Wednesday, May 27, 2009
Tuesday, May 26, 2009
Memorial Day
Memorial Day
This is a hard holiday to understand. I think it means it celebrates all the people who have died in wars. We celebrate the ones who survived on Veteran’s Day. We celebrate the one’s who authorized the wars on President’s day. We celebrate our “war of independence” on “Independence day”. Columbus Day celebrates the invasion of America by Europeans. Easter and Christmas are now respectively Spring and Winter holidays because we can’t have religious holidays. Martin Luther King Day and Thanksgiving are the only holidays where we celebrate peace. If we have 6 holidays for war and only 2 for peace, what does this say about our priorities?
Maybe we should formalize (ie: have a day off) some of our “Hallmark holidays”. How about Valentines, St. Patties and Halloween? There is controversy about what day to celebrate Sadie Hawkin’s Day; but that could balance things. Adding Arbor Day would tip the scales in favor of peace. Would this change hearts and minds? Who knows?
All of the extra holidays would give people extra opportunities to enjoy their second homes and resorts. I say make real estate not war.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
This is a hard holiday to understand. I think it means it celebrates all the people who have died in wars. We celebrate the ones who survived on Veteran’s Day. We celebrate the one’s who authorized the wars on President’s day. We celebrate our “war of independence” on “Independence day”. Columbus Day celebrates the invasion of America by Europeans. Easter and Christmas are now respectively Spring and Winter holidays because we can’t have religious holidays. Martin Luther King Day and Thanksgiving are the only holidays where we celebrate peace. If we have 6 holidays for war and only 2 for peace, what does this say about our priorities?
Maybe we should formalize (ie: have a day off) some of our “Hallmark holidays”. How about Valentines, St. Patties and Halloween? There is controversy about what day to celebrate Sadie Hawkin’s Day; but that could balance things. Adding Arbor Day would tip the scales in favor of peace. Would this change hearts and minds? Who knows?
All of the extra holidays would give people extra opportunities to enjoy their second homes and resorts. I say make real estate not war.
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Thursday, May 21, 2009
Downshift
Downshift
Is the economy seeking a new low or its true level? A tenant came in late with his rent yesterday. He has been laid off from his white collar job. He is “reinventing” himself. He is cutting grass. A Mexican tenant came late with his rent for the 1st time ever. He cuts grass for a living. I know a few people who are doing better than before. Most of the people I see are doing worse.
It is inconceivable that closing auto dealerships that cost the manufacturer nothing will help the automobile industry. It will probably help the remaining dealers. Too many cars are made and sold anyway. Think of the squandering of raw materials and labor involved in making a car that winds up at the crusher’s lot in 6 or 7 years. Think of the environmental impact of the wasteful consumption demanded for the survival of our current economic system.
Suppose everyone who wanted a job had one; but only worked 4 or 5 hours 4 days per week. I would guess they could produce more of everything than the world really needs. The real problem is our economy is like a drug addiction problem. Everyone needs more and more just to maintain the current level. Is our current situation an opportunity to correct this situation? Will we just try to fix things and go back to what we were doing until there are no resources left?
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Is the economy seeking a new low or its true level? A tenant came in late with his rent yesterday. He has been laid off from his white collar job. He is “reinventing” himself. He is cutting grass. A Mexican tenant came late with his rent for the 1st time ever. He cuts grass for a living. I know a few people who are doing better than before. Most of the people I see are doing worse.
It is inconceivable that closing auto dealerships that cost the manufacturer nothing will help the automobile industry. It will probably help the remaining dealers. Too many cars are made and sold anyway. Think of the squandering of raw materials and labor involved in making a car that winds up at the crusher’s lot in 6 or 7 years. Think of the environmental impact of the wasteful consumption demanded for the survival of our current economic system.
Suppose everyone who wanted a job had one; but only worked 4 or 5 hours 4 days per week. I would guess they could produce more of everything than the world really needs. The real problem is our economy is like a drug addiction problem. Everyone needs more and more just to maintain the current level. Is our current situation an opportunity to correct this situation? Will we just try to fix things and go back to what we were doing until there are no resources left?
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Monday, May 4, 2009
(Un)Calculated Risk
(Un)Calculated Risk
Yesterday’s blog mentioned risk and suggested putting line items in for several types of risk. In speaking to Mitch Creekmore, The Latin American supervisor for Stewart Title, yesterday the thought of “catastrophe risk” came to mind. Mexico of course is bearing the brunt of the swine flu disaster so far. Many companies have eliminated all international travel. How many other markets will suffer from the swine flu?
Will this flue pandemic be a short lived and limited economic problem; or will it linger and poison an already slow recovery? How far from the tree will the fruits of this situation fall? Mexico is already suffering from low oil prices and reduced remittances. The 3rd leg of the 3 legged stool, tourism, seems to be cut off as well. What kind of factor would one put in investment projections to anticipate an event like this?
As the world becomes smaller and more integrated the possibilities for this type of event are increasing. Not just developing countries are affected. SARS hit several highly developed Asian Countries. Think what mad-cow disease did to the beef industry in Britain and the USA. Should we start another line-item in the risk portion of our cash flow models?
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Yesterday’s blog mentioned risk and suggested putting line items in for several types of risk. In speaking to Mitch Creekmore, The Latin American supervisor for Stewart Title, yesterday the thought of “catastrophe risk” came to mind. Mexico of course is bearing the brunt of the swine flu disaster so far. Many companies have eliminated all international travel. How many other markets will suffer from the swine flu?
Will this flue pandemic be a short lived and limited economic problem; or will it linger and poison an already slow recovery? How far from the tree will the fruits of this situation fall? Mexico is already suffering from low oil prices and reduced remittances. The 3rd leg of the 3 legged stool, tourism, seems to be cut off as well. What kind of factor would one put in investment projections to anticipate an event like this?
As the world becomes smaller and more integrated the possibilities for this type of event are increasing. Not just developing countries are affected. SARS hit several highly developed Asian Countries. Think what mad-cow disease did to the beef industry in Britain and the USA. Should we start another line-item in the risk portion of our cash flow models?
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
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