In its continuing efforts to salvage and re-start the American Economy Congress passed new legislation in November.
Congress passed an extension to the first time home buyer tax credit. The first time home buyer tax credit has been extended to new contracts signed by April 30, 2010 that close no later than June 30 2010 to qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase. The amount of this credit is $8,000 or 10% of the home purchase whichever is less. To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Congress expanded the home buyer credit to included current home owners purchasing a home with new contracts signed by April 30, 2010 that close no later than June 30 2010 who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight. The amount of this credit is $6,500 or 10% of the price of the home purchased whichever is less.
Individuals contemplating using the tax credits – why wouldn’t you – should check with your tax adviser or call the Internal Revenue Service at (800) 829-1040.
Two special provisions were built into the bill’s extension for Armed services members, as well as intelligence service and Foreign Service: Personnel, who are on active duty and out of the U.S. for 90 days during any part of 2009, get an additional year to buy their homes, to May 1, 20ll and the other benefit is a waiver on the time of occupancy of the home purchased with the tax credit. Non-Military Homebuyers who purchase their home using the tax credit must use that home as a principal residence for a period of no fewer than three years, or must forfeit the entire credit. Military, intelligence and Foreign Service members do not have to repay the credit if they have to sell their home after fewer than three years occupancy due to official business.
There is an income limit to the program single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
If you or anyone you know is thinking of buying or selling a home now is a great time to call the REALTORS at R. H. Thackston & Company at 603.357.2121 or visit us on the web at www.Thackston.com
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Keene – R. H. Thackston & Company REALTORS has opened a new office in Keene, New Hampshire located at 149 Emerald Street in the Center at Keene Plaza.
The real estate company employs twenty-six agents in the new location. The agents employed in the new Keene location include agents that are licensed in New Hampshire, Vermont and Massachusetts. Many have broker’s licenses and include individuals who have obtained special recognition from the National Association of REALTORS including CRB, Certified Residential Broker, ABR, Accredited Buyer’s Representative, ABRM, Accredited Buyer’s Representative Manger and GRI, Graduate of the REALTOR Institute.
The company also operates offices in Winchester, New Hampshire and Bellows Falls, Vermont.
All the agents in Thackston new office are members of the National Association of REALTORS, New Hampshire Association of REALTORS and Monadnock Region Board of REALTORS.
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Sadly the question “What do you mean I don’t own my house anymore?” is being heard more and more by real estate agents and property managers around the country and through-out our region as well.
Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 937,840 properties in the third quarter, a 5 percent increase from the previous quarter and an increase of nearly 23 percent from Q3 2008, according to the RealtyTrac U.S. Foreclosure Market Report. One in every 136 U.S. housing units received a foreclosure filing during the quarter — the highest quarterly foreclosure rate since RealtyTrac began issuing its report in the first quarter of 2005. Foreclosure filings were reported on 343,638 properties in September, a 4 percent decrease from the previous month but a 29 percent increase from September 2008.
Often homeowners are shocked to find that they have become part of the statistics above and the home has been taken and they no-longer own the property. Realistically no one has a greater interest in working out a short sale than the homeowner. Just because a house has an offer on it does not mean that the lender will stop the foreclosure. Helping you in negotiations for a short sale is just one of the critical ways Dick Thackston and his team can help you.
The opportunity exists for homeowners to move on with their lives a maintain and strengthen their credit ratings if a short sale is handled correctly putting them in a far better position than they will be if they allow their home to go to foreclosure and become a statistic.
Defaulted properties, REO’s, have been a big part of Dick Thackston’s business since the S&L Crisis of the early 1990′s. Short Sales are already having a major impact on real sales in the region. Dick works with the other 34 New Hampshire, Vermont & Massachusetts agents in his 3 offices helping property owners complete short sales and buyers find Short Sales and REO properties.
Helping you in negotiations for a Short Sale is just one of the ways Dick Thackston and his team can help you when they help you buy a Lender owned – REO property. To see all the homes on the market today in New Hampshire, Vermont & Massachusetts visit www.dickthackston.com or give him a call today at 603.283.0622.
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Dick Thackston, Managing Broker of R. H. Thackston & Company REALTORS with offices in Keene, Winchester & Bellows Falls, attended the Five Star Default Servicing Conference in Fort Worth, Texas.
Thackston is one of a limited number agents invited to the exclusive conference sponsored by nationwide lenders with foreclosed properties and seriously delinquent mortgages. Thackston has been recognized within the real estate and lending industry as a local expert on default resolution in both residential and commercial loans. Thackston has participated in programs conducted by both Fannie Mae & Freddie Mac as well as various individual lenders.
Thackston is a licensed real estate broker in New Hampshire, Vermont and Massachusetts and is a member of the National Association of Realtors and well as residential and commercial MLS in all three states.
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So, Fall of 2009 is soon upon us and many of us wake up in the morning wondering “were are we now; are we there yet?” Well, we’re there. Where there is, is the question.
The stock market is either up @50% or down @30% depending upon when the money went into your IRA or 401K.
Housing affordability is at its highest since the early 1970’s. Things don’t seem to be getting worse which is the beginning of recovery. The big challenge in residential housing today is getting through the backlog of foreclosures. The impact of so many people loosing their homes is that there is a huge supply of inventory coming on the market which is likely to hold prices down for sometime to come which makes it difficult to impossible for people to make a “move-up” purchase.
Homeowners who purchased their homes in 2004 and before that did not re-mortgage during the re-finance boom of the 2005-2008 time frame are as a rule OK and will probably make money when they sell their homes but there is still often time a sense of loss resulting from the much higher prices their neighbors probably got a short time ago.
First-time buyers are walking into what will probably be the deals of a life time if they buy a lender owned home in the next several months. The government stimulus seems to be doing its job in making housing more affordable and there remains tremendous pent-up equity in these homes that will probably full a new housing boom sometime in the future but we aren’t even close to know when or how that part of the American housing saga will unfold. We do know that housing stock remains flat and that people do need a place to live so over the course of the next few years once the excess inventory is off the market house prices will rise but for the foreseeable future people should and most probably will only be buying residential real estate for one of two reasons: they need a place they can afford to live or they have financial reserves and they want to invest and hold properties as rentals over a multi-year period.
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R. H. Thackston & Company – REALTOR, the Monadnock Region’s leading independent real estate company with offices in Keene, Winchester and Bellows Falls made the following announcement. William “Bill” Maxwell has joined the company’s Winchester Office.
Maxwell is a lifelong resident of the Monadnock region and a seasoned real estate professional with over 26 years experience. He spent many years as a contractor restoring older homes and barns and is passionate about the preservation of historic buildings. In addition, he specialized in designing and installing kitchens, baths, and commercial bars and building custom cabinetry. Maxwell is a successful real estate investor with 10 years experience.
Maxwell has been a top producing Realtor in the Monadnock Region both for independent offices and various CENTURY 21 offices over the years. He holds both New Hampshire and Florida real estate licenses.
Maxwell belongs to the Monadnock Region Board of REALTORS®, the New Hampshire Association of REALTORS®, and the National Association of REALTORS® as well as the Northern New England Real Estate Network.
R. H. Thackston & Company – REALTORS is affiliated with Leading Real Estate Companies of the World – RELO with affiliated companies through-out North America and the world.
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There’s plenty of real estate news happening this week and in the immediate future that will be impacting who buys houses and what they cost as well as real estate general in the Monadnock Region, New Hampshire, Vermont and Massachusetts.
The real estate industry as well as most Americans looking to buy a home now anticipate the President signing the $8000.00 tax credit for home buyers into law ASAP. The tax credit will be passed out for couples with incomes over $150,000.00 and single tax filers with incomes over $75,000.00. It’s important to remember that real estate purchased using this tax credit that is sold in three years or less will be penalized and the credit will have to be re-paid. Sounds to me like lots of people will be in a good position to take advantage of and up market in three years if they buy now!
There were other little blips of unexpected good economic news last week when it was revealed that Retail Sales spiked up, not down as widely anticipated; home sales rose dramatically in the sates of California, Nevada and Arizona in the fourth quarter. (These states are the states that lead us into the downturn wouldn’t it be interesting if the real estate markets in California, Nevada and Arizona lead us out – all pre-stimulus package.)
Despite that small bit of good news financial markets and demand for new homes and real estate are likely to remain highly volatile in the coming weeks and months.
This week in economic and real estate related news. We will get reports on Home Sales and Housing Stats on Wednesday, inflation/deflation with Thursday’s Producer Price Index and Friday with the release of the Consumer Price Index.
This is one of those big weeks for economic and real estate related news. Remember anything included in these numbers happened before any economic stimulus package – good or bad.
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Keene - R. H. Thackston & Company – REALTORS, the Monadnock Region’s #1 independent real estate office, announced that it was recognized for its work with first time home buyers in 2008 by the New Hampshire Housing Finance Authority, NHHFA. R. H. Thackston & Company – REALTORS, was recognized by the NHHFA as one of the top ten real estate companies helping people buy homes in 2008 using NHHFA funds.
R. H. Thackston & Company – REALTORS are licensed in New Hampshire, Vermont and Massachusetts and are members of the National Association of Realtors, the New Hampshire Association of Realtors, the Vermont Association of REALTORS as well as the Northern New England Real Estate Network, Vermont Real Estate Information Network and Massachusetts based MLS P.I.N
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NH Real Estate Agent Pre Licensing Course
Class 8: 40 Hour Pre Licensing Course at the Keene office
40 Hour Pre Licensing Course at the Keene office
Date & Time : TBA* 6:00:00 PM – 9:30:00 PM
Many available class dates, please call (Phone (603) 357-2121) for a complete schedule
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