The Well-Versed Buyer

Quick and informative video on the $8000 tax credit... check it out!

As always, please let me know if I can assist you with your real estate needs in 2009 and beyond! THINK SOLD! Teresa Keenan

Hot off the press from Illinois Association of Realtors.... TAX CREDIT info!

What You Should Know

The American Recovery and Reinvestment Act of 2009 features $8,000 first-time buyer tax credit for first-time buyers who purchase a home on or after Jan. 1, 2009 and before Dec. 1, 2009. 

• NEW! The Illinois Housing Development Authority Home Start Loan Program offers first-time homebuyers a 30-year FHA insured mortgage and an advance loan in anticipation of their first-time buyer federal tax credit. Read IHDA's news release announcing the program. Learn more about Home Start and download this flyer to share with your clients.

  View the informative Home Start Loan Program podcast and presentation by Keith Pryor, Supervisor, Loan Originations for the Illinois Housing Development Authority. (Requires QuickTime free player.)

• FHA’s rules allow state housing finance agencies and certain nonprofits to ‘monetize’ the tax credit (depending on the amount of the mortgage). The tax credit applies to qualifying home purchases made on or after Jan. 1, 2009 and before Dec. 1, 2009. For more details on the tax credit see www.realtor.org. Read the Mortgagee Letter 2009-15 regarding the monetization program released by HUD last week.

• The temporary credit is only available for home purchases made on or after Jan. 1, 2009 and before Dec. 1, 2009 and is equal to 10 percent of the cost of the home, up to a maximum credit of $8,000. (For example, a home purchased for $80,000 or more would qualify for the full $8,000 credit while a $70,000 home would only qualify for 10 percent, or $7,000).

• Buyers claim the credit on their federal tax return to reduce their tax liability. If the credit is more than the taxes owed, the buyer will get a refund check for the difference.

• Only first-time homebuyers can take advantage of the tax credit. A first-time buyer is defined under the tax credit as an individual who has not owned a home in the last three years. Eligible properties include anything that will be used as a principal single-family residence – including condos and townhouses.

• There are income guidelines on the credit. Individuals with an adjusted gross income up to $75,000 (or $150,000 if filing jointly) are eligible for the full tax credit. The credit is phased down for those earning more and is not available for those with an income above $95,000 (or $170,000 if filing jointly).

• The new tax credit does not have to be repaid if the buyer stays in the home at least three years. But if the home is sold before that, the entire amount of the credit is recaptured on the sale.

• People who purchased homes under last year’s $7,500 tax credit will still be required to repay that credit to the government over a 15-year period.

• The latest economic stimulus package also reinstates higher loan limits on the popular Federal Housing Administration (FHA) loans as well as conforming mortgage loans through Fannie Mae or Freddie Mac until the end of 2009. Loan limits had dropped in some markets at the beginning of 2009, but the economic stimulus plan temporarily raises them, giving people more buying power when looking for a home

As always.... please let me know if I can assist you in any way with the purchase of a home for your family!!

THINK SOLD!

Teresa Keenan

Got inventory?

After a quick trip through the MLS statistics today, I quickly determined that in Geneva alone, there were 63 properties under $300,000... single family. If I threw in the number of townhomes that are available, that number would skyrocket!!

If you are in the market for a home right now, you are in a "perfect storm" of opportunity.... GREAT interest rates, GREAT selection of homes, and GREAT opportunity to get an $8000 tax credit at the end of your house-hunting journey!!

Here's a great listing that I have, for $319,900... there are more where this came from!! Feel free to call anytime for consulting about the market or about the home-buying process... I think you will find the service friendly, informative, and non-threatening!!

Teresa Keenan, Stone Tower Properties. 630-917-2717

 

$319,900 will buy you this VINTAGE farmhouse...

what an amazing listing this is! I LOVE old homes.... this one is NO EXCEPTION... 10-foot ceilings, hardwood floors everywhere, 40 foot wide front porch, 3 stories (full walk-up attic with 2 finished rooms!!) original stone fireplace, all on 5 acres of ancient trees and beautiful meadow... It needs a thorough cleaning and new paint!! It's structurally sound and it needs a loving owner to restore it to it's former beauty!

 

Rent vs. Buy... which way do I go??

Teresa's Top Ten list for reasons to buy vs. rent....

1. TAX deductions anyone?? You can deduct your closing costs, real estate taxes,

mortgage interest and more... who doesn't love TAX DEDUCTIONS??

2. You will control your own living arrangements... no need to worry about the rent going up!
3. Interest rates are at an all-time low.... bragging rights abound! Would you love to pay under %5.5 for a 30 year loan? Or maybe less, if you would like to own your home outright in 15 years??
4. Property values, like interest rates, are also remarkably low.... the home you could have purchased in 2008 is undoubtedly a better value today! Take advantage!
5. Future appreciation on your property... what a great investment you are making!
6. Ability to make improvements that YOU want to make.... don't try this move in an apartment!
7. You can't live in a stock or put holiday decorations on a bond.
8. Diversifying is GOOD.... a little real estate, a little stock-market, and a lot of savings make for a great wealth-building plan!!
9. FREE MONEY from the tax credit.... try to find someone else who is going to give you $8000 this year (LEGALLY!!)
10. You will be stimulating the economy... for every sale to a buyer in Kane County, there are countless economic benefits to home inspectors, title companies, attorneys, home improvement stores, schools and communities, pest inspectors, radon inspectors and REALTORS!!!

Please do not hesitate to call me for a consultation on whether home-buying is right for you! I have a network of incredibly good lenders, attorneys and inspectors, and we would love to help you find a home in 2009!

THINK SOLD!

Teresa Keenan, Broker/Owner of Stone Tower Properties

 

 

 

 

8,000 reasons to buy a home in 2009!!

Free Money. The $8,000 tax credit for first time home buyers is valid before December 1, 2009. This is a special tax credit from the government that you don't have to pay back, as long as you stay in the home for at least 36 months.

More millionaires were born out of the Great Depression than at any other time in American history.... take advantage of today's market!!

Buying a home in Kane County, in September and beyond.....

In the desirable Fox Valley area, specifically Batavia, Elburn, Geneva and St. Charles, there are nuances and statistics that every single buyer should be privy to! Market changes vary from week to week, as do interest rates and inventory!

When you are making the decision to adopt the new status of "homeowner," you owe it to yourself to be armed and dangerous with information. I'm not out in the local market-place "making friends for life" or  offering to "serve the Dupage, Kane and Dekalb county areas".... I am selling homes, here in the Fox Valley! PERIOD!It's what I have done for 21 years and will probably continue to do for a few more, or at least until the kids get through college!

That's what this blog is about....I can inform and educate every single one of you so that you can go confidently in the direction of homeownership! I am hoping that this site will be the only resource that you will need in order to find a home that you will value as an investment, use as a landing pad, and live in as a castle! Search the MLS through the site, email me your questions and comments, schedule a consultation to see if now is the right time for you to buy.... all that and more!Check back frequently as I will be identifying opportunities each week that I think are really good values around the Tri-City area... please comment and question at any time... I welcome your responses!

THINK SOLD!

Teresa Keenan