For a side by side comparison of the previous Homebuyer Tax Credit and the new version visit:
:: Homebuyer Tax Credit Extension Update October 29, 2009
Key lawmakers in the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.
Home buyers must be under contract by April 30, 2010, and close before July 1. House Democrats have expressed concern about the cost of the tax credit for the government, and allegations of abuse have resulted in an IRS probe of the program.
Source: Wall Street Journal, Corey Boles and John D. McKinnon (10/29/09)
- Top Five Features Renters Want Most August 25, 2009
Are you looking to purchase a property that you can rent now or in the future? Wondering if the property you own would make a good rental?
Along with a desirable location, you’ll want to make sure the property has the features renters want most.
According to a survey from Apartments.com, renters’ five most sought after amenities are:
1. Air Conditioning
2. Balcony, patio, porch, or yard
3. On-site swimming pool
4. In-unit washer and dryer
5. Internet access
Nearly half of the renters surveyed said they decided against renting a particular place because it lacked in-unit laundry and/or air conditioning.
Over a third of renters said location and neighborhood are the most important factors in where to live. The next most important factor is size, with bigger being better.
Source:
Apartments.com (8/24/09)
RESOURCES:
How to make sure your dream home purchase is a great investment… read more
Top cities to raise a happy healthy kid… read more
Dog owner’s dream condo community in Boulder… read more
How to get the $8000 tax credit… read more
Denver’s “Elite Eight Neighborhoods”… read more
Top five criteria for real estate investing… read more
Five key components of green homes… read more
Why purchase in Boulder’s Steel Yards Community… read more
- How to Make Sure Your Dream Home Purchase is a Great Investment August 17, 2009
You are looking to buy a piece of the American Dream… your very own home. Maybe this will be your first home so you can tap into the $8000 tax credit. Maybe your lifestyle has changed and warrants a home style change to match.
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First, location is always the number one factor in real estate investment. Location will then also influence your lifestyle.
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So, the question is… What current and future real estate trends will help ensure that the home I purchase will be a good investment?
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Urban/urban-esque and eco features are the two big trends that are taking hold and becoming increasingly important in determining current and future real estate values. Often these two are very complimentary.
*
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Most homes in Denver's Sloan's Lake Neighborhood meet ALL the location investment requirements!
URBAN/URBAN-ESQUE LOCATIONS
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1. Close to downtown/business district: Within five miles of major downtown or business district (the closer the better)
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2. Walking/biking distance to town center with shops and restaurants.
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3. Walking/biking distance to public transportation: bus, light rail, commuter rail
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4. Easy access to major roads and highways: driving through a neighborhood can really tack on commute time
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5. Walking/biking distance to parks: dog parks, city parks, lakes, trails, etc.
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* Views are a bonus: you’ll pay extra for the views when the market is hot but not when the market is not. So, the best time to buy a home with views is when the market is slower and you can use it to command a higher price when the market returns.
*
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Future commuter rail will connect Denver and Boulder!
GREEN HOME FEATURES:
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1. . Design and size: Good site design (south facing for solar?) and just large enough, as opposed to larger is better.
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2. Community connectivity: Located close to work, school, recreation and other basics (see location criteria above).
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3. Easy access to alternate transportation: public transportation, sidewalks, bike paths
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4. Energy and water efficiency: At least 15 percent or more efficient than others.
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5. Material selections: Use of some recycled and/or reclaimed products.
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6. Indoor air quality: Limiting use of materials with potential toxic effects and increased ventilation.
*
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So, when considering a home purchase think…
1. Does this home meet the location criteria for a good investment?
2. Does the home meet the eco green critera or does it have the potential for eco upgrades?
3. How do I currently live my life and what is my budget?
*
*
RESOURCES:
- Best Real Estate Locations for Investment and Quality of Life
How to get the $8000 First-Time Home Buyer Tax Credit August 6, 2009
You’ve decided to purchase a home and take advantage of the 2009 First-Time Home Buyer Tax Credit. Here’s what you have to do to get your benefit:
- Close on your home purchase by November 30, 2009,
- Ensure that you are a qualified first-time buyer under IRS guidelines,
- Decide which year to file under, 2008 or 2009,
- File an amended 2008 return or choose to apply the credit to your 2009 tax return.
Breaking News: Tax Credit Can Be Used on Closing Costs(REALTOR® Magazine).
Deciding When to Apply the Credit
If you want the benefits of your credit as soon as possible:
You might choose to file under your 2008 tax year. Since April 15 has already passed, you would have to file an amendment to your return. However, if you’ve already filed for an extension of your 2008 return, then you can simply claim the credit when you submit your return.
If you anticipate a drop in income next year:
You can wait to claim the credit as part of your 2009 filing. In some cases the value of the credit might be higher, particularly if in 2008 you qualify for only a partial credit because your income is over $75,000 (single) or $150,000 (joint).
Your Next Steps
Once you have determined which year to apply the tax credit, you will need to do two things to claim the credit:
- Fill out Form 5405 to determine the amount of your available credit, and
- File an amended return for your 2008 taxes, or wait and apply to credit when you file your 2009 tax return.
Determining Your Home Buyer Tax Credit Amount: Form 5405
Applying the Home Buyer Tax Credit to Your 2008 Tax Return
Applying the Home Buyer Tax Credit to Your 2009 Tax Return
Bridge Loans: Using the Home Buyer Tax Credit Up-Front
SOURCE:
Realtor.org
Home Buyer Bike Tours – June 6 Tour Info June 5, 2009
Wish there was a “Parade of Homes” style tour in average price ranges?
Now there is!
Home Buyer Bike Tours is Denver’s most eco and fun way to check out the BEST new listings in hot urban Denver neighborhoods.
EVERY Saturday, 10 am, meet at Peaberry’s in Highland’s Square to take the tour! See details and map below.
This Saturday’s Tour:
* Bridget Slevin, Founder, will be leading the ride .
* Five gorgeous homes priced from $329K-$895K
* East Highland, Sunnyside, and Jefferson Park Neighborhoods
* ONLY people registered and on the Home Buyer Bike Tour can check out these star homes… they are not open to the general public. Register at SoldByBridget@hotmail.com, call 720.232.7448 or show up to Peaberry and hope for an available slot (if no openings enjoy your coffee on the deck).
Who is Welcome on the Tour?
* Buyers who just want to check out the area casually
* Buyers working with a Realtor but want to look on their own too
* Sellers checking out the competition or where to buy next
* Homeowners looking for design and remodeling ideas
* Realtors who want to get to know the neighborhood better
* Anyone with a bike!
Happy Buyers!
Want to come?
* Register at SoldByBridget@hotmail.com, call 720.232.7448, or show up and hope for an opening!
* Meet at Peaberry’s in Highland’s Square on or before 10 am
* Wear casual comfortable clothes (layers are always good!)
* Get a flat fixed, bike tuned, or any accessories from Urbanistic Tea & Bike Shop (see map at bottom of post)
What to Bring:
* Bike of any style
* Helmet (optional but waver required)
* Water / Coffee
My cruiser with coffee cup holder and grocery baskets from Urbanistic
Additional Resources:
* Urbanistic Tea & Bike Shop for water bottles, bike coffee holders, fix a flat, etc.
* Craig’s List Ad: Open Houses – Best New Listings in Highlands
* Craig’s List Ad: Unique Open House
* Click “View Larger Map” link below map for interactive map of homes, photos, and neighborhoods on the tour
Pre-Qualified versus Pre-Approved May 23, 2009
Thinking of purchasing a home but don’t know where to start?
Before finding a Realtor to show you homes of your dream you’ll want to know what price range to look in. Many of my clients have been surprised at how much more they qualify for than they expected or want to spend.
Three Financial Steps to Purchasing a Home:
1. Pre-Qualification: Easy, no cost
* Getting pre-qualified is the initial step in the mortgage process, and it’s generally fairly simple.
* You supply a bank or lender with your overall financial picture, including your debt, income and assets.
* After evaluating this information, a lender can give you an idea of the mortgage amount for which you qualify.
* Pre-qualification can be done over the phone or on the internet, and there is usually no cost involved.
* Loan pre-qualification does not include an analysis of your credit report or an in-depth look at your ability to purchase a home.
* Discuss any goals or needs you may have regarding your mortgage with your lender / Mortgage Broker.
* Review with Lender/ Mortgage Broker mortgage options
* Your pre-qualified amount is not a sure thing; it’s just the amount for which you might expect to be approved. For this reason, a pre-qualified buyer doesn’t carry the same weight as a pre-approved buyer who has been more thoroughly investigated.
2. Pre-Approval: More involved, small cost
* You’ll complete an official mortgage application (and usually pay an application fee)
* Supply the lender / mortgage broker with the necessary documentation to perform an extensive check on your financial background and current.
* Lender / broker can tell you the specific mortgage amount for which you are approved.
* You’ll also have a better idea of the interest rate you will be charged on the loan and, in some cases, you might be able to lock-in a specific rate.
* You will receive a conditional commitment in writing for an exact loan amount, allowing you to look for a home at or below that price level.
* AFTER pre-approval is the time to start working with a Realtor who can help you find your dream home.
* Once you have found the right house for you, you’ll fill in the appropriate details and your pre-approval will become a complete application.
Advantages of Completing BOTH steps before looking at a homes?
* Before you start to look for a home is that you’ll know in advance how much you can afford. This way, you don’t waste time with guessing or looking at properties that are beyond your means. Getting pre-approved for a mortgage also enables you to move quickly when you find the perfect place.
* When you make an offer, it won’t be contingent on obtaining financing, which can save you valuable time. In a competitive market, this lets the seller know that your offer is serious – and could prevent you from losing out to another potential buyer who already has financing arranged.
* Pre-Qualification and Pre-Approval are not the same. Being pre-qualified does not mean that you will be able to secure a loan. Pre-approval is your best bet for ensuring you will get a loan for your dream home.
3. Loan Commitment: Final Approval
* Occurs just days before you close on your home and move in (loan commitment date on the contract will be from 2-7 days before closing date)
* Only issued by a bank when it has approved you, the borrower, and the house in question.
* The home should be appraised at or above the sales price.
* The bank may also require more information if the appraiser brings up anything he or she feels should be investigated (i.e. structural problems, accessibility issues, outstanding liens or litigation in progress).
* Your income and credit report will be checked once again to ensure nothing has changed since the initial approval.
* From Pre-Approval until you have closed on your home do not make any major purchases (like a car) or open any additional credit cards or lines of credit. These will effect your ability to get a loan commitment.
* A loan commitment letter is issued only when the bank is certain it will lend.
Source:
Additional Resources:
* What does a credit report mean?
* The Importance of Your Credit Rating
* Mortgages: How much can you afford?
* Definition of a First-Time Homebuyer
* $8000 First-Time Homebuyer Tax Credit
* $8000 First-Time Homebuyer Tax Credit as a Down Payment
* Top 5 Location Criteria for Purchasing an Investment Property
My Personal Recommendations:
* Eric Peltier: Mortgage Broker
* Mike Delzer: Mortgage Broker
* Bridget Slevin: Colorado Real Estate Agent
If you would like me to personally introduce you to one of these fantastic real estate service providers or have them contact you, please email me Jen [at] eco-modpod [dot com]
First-time Homebuyer $8000 Credit for Down Payment Update May 16, 2009
The ability to use the $8000 tax credit for a down payment was retracted by FHA and has now RETURNED but in a motified version.
You can still receive a big fat check after your purchase (if you are a first-time homebuyer) to use for upgrades, furniture, landscaping, paying off loans, and–best yet–putting more equity into your house (think of it as a retroactive down payment)!
Big Improvement to First-Time Buyer Tax Credit
Good News!
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration (FHA) is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.
Previously, most buyers wouldn’t receive the funds until after they filed their tax return, and that deterred some people from using the credit.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says.
He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
Source:
NAR & Daily Real Estate News | May 12, 2009
eco-modpod says:
FHA requires a minimum of 3.5% down payment. For a home loan of $150,000 that is $4,500 in cash, in addition to closing cost cash, that you would need to bring to the closing table. This is fantastic news for first-time homebuyers who have great credit and want to start building equity but haven’t had time to build their cash reserves to the level typically needed to purchase a home or just want to put the money into their home immediately.
Remember that the credit is good through DECEMBER 1 (not December 31). So, you’ll want to be under contract for a house by November 1 but realistically by October 15 at the latest (loans are taking longer to process right now).
Additional Resources:
Nuts and Bolts of $8000 First-time Homebuyer Tax Credit
FHA talks about the $8000 tax credit
Eco Chic Designer Penthouse Across From Trails! May 9, 2009
Eco Chic Designer Penthouse Condo in Lakewood Vista at Green Mountain Ranch (W Denver area)!
SOLD
mls | 775034
list price | $148,000
sold price | $147,000 ($0 concessions)
list date | May 18, 2009
under contract | June 4, 2009
sold date | July 3, 2009
days on market | 17
Eco chic designer penthouse condo perfect for outdoor enthusiast!
2 bedrooms
2 full bathrooms
garage + storage
(click pictures to enlarge)
Lakewood Vista at the Base of Green Mountain
Summary of Premium Qualities, Designer Upgrades and Eco Features!
Additional Resources at end of post
Does your PERFECT HOME WISH LIST include…
1. Miles of single track trails across the street (eco)!
mountain bike, trail run, walk the dog
2. Great road bike and motorcycle riding!
Scenic rides & view fossils too!
3. Tons of sun & natural light through the windows (eco)
Gorgeous sunsets from living room and deck!
4. Eco features
All CFL bulbs * benjamin moore eco paint * double pane windows * high efficiency water heater/furnace * programable thermostat
5. Moving in without the time and expense of updating, cleaning and painting!
6. Modern Pottery Barn / Pier One Import / West Elm Designer Style Updates
Guest Bedroom / Office * upgraded silk curtains, upgraded lighting, large closet * newer paint * beautiful views from three windows!
7. Open floor plan
8. Vaulted ceilings
Great space for entertaining * New cherry wood style flooring * Art shelves * Upgraded window coverings (silk curtains) * Newer paint * Upgraded lighting
Open floor plan and vaulted ceilings (looks like a home instead of an apartment)!
9. Master bedroom with vaulted ceiling, attached bathroom, private deck, & walk-in closet!
Vaulted ceilings * Upgraded lighting * Newer Paint * TV nook * Walk-in closet * Attached bathroom * Private Patio!
10. Two (2) full bathrooms
Waterpik shower head, shower curtain and lots of storage included!
11. Spectacular views from every window, including views of Red Rocks Amphitheater (click for picture of view)!
Views from guest/office bedroom.
Mountain Views from kitchen windows!
Kitchen views!
Living Room Views!
12. Two west, mountain facing decks
Fantastic sunset views, watch the bikers on Green Mountain!
13. Central AC
14. Programable thermostat to save energy and money (eco)!
15. Restaurants & liquor store in short walking distance (eco)
16. Outstanding neighborhood sushi at Kobe An!
Sit at the bar and ask Head Sushi Chef Rex to make you one of his creative creations ("The Kiss" "The Slap")!
17. Anytime Fitness (similar to 24 Hour Fitness) only a 2 block walk
Walk to a REAL gym and workout on your schedule (sleep in, save time)!
18. Quiet & safe residential neighborhood, 2 churches in walking distance
19. Great neighbors!
20. Pet friendly
21. Very little shared wall space & top floor (quietest condo ever!)
Beautifully maintained landscaping and views all around!
22. Quick & Easy access to C-470, US 285, I-70, 6th Ave, I-25
Across from trails AND close to major highways!
23. Grocery stores, including Vitamin Cottage, close by (eco)
24. New future light rail station & current park-n-ride station near-by (eco)
25. $8000 First-Time Homebuyer Tax Credit
26. Pool and hot tub
27. Garage to fit car, motorcycle, bikes, skis, AND boxes.
28. Tons of storage both in condo and garage!
29. Maintenance free living… more time for you plus a beautifully landscaped community
Enjoy more time relaxing and having fun!
Bike, run, hike, walk your dog at Green Mountain
30. A great investment property!
Live the Healthy Colorado Life in Eco-Chic Style and quite possibly for less than rent!
With the incredibly low interest rates and prize features this eco designer condo also makes a fantastic cash flow rental property (now or in the future, empty or as a corporate rental).
ADDITIONAL INFORMATION:
Summary of Premium Qualities, Designer Upgrades and Eco Features!
First-time Homebuyer Tax Credit for Down Payment!
Do you qualify as a “First-Time Homebuyer?”
Five (5) Components of a Green Home
Top Five (5) Criteria for Best Real Estate Investment Locations
Only 3 Penthouse Units Currently Available in Lakewood Vista at Green Mountain Ranch!
Denver’s Elite Eight Neighborhoods May 8, 2009
Denver Real Estate is HOT!
5280 Magazine Headline
YOUR HOME IS WORTH MORE THAN YOU THINK: 8 Denver Neighborhoods Where Home Values Are Rising!
The Elite Eight, according to 5280 Magazine (May 2009), are the Denver neighborhoods that saw the highest average sale price increases in 2008.
Where are the current Denver Elite Eight Neighborhoods?!
1. BAKER
3. CHERRY CREEK
4. EAST HIGHLAND (HIGHLAND/POTTER HIGHLAND/LOHI)
6. ROSEDALE
Map of the Denver’s Elite Eight Neighborhoods
(click link below map to view interactive google map)
additional resources:
Denver Gov Neighborhood Histories
Denver.com Neighborhood Features
Wikipedia list of Denver Neighborhoods and map
Denver.org Interactive Neighborhood Map
Denver.org Unique Denver Neighborhoods
Trulia’s Denver Neighborhood Stats and Homes for Sale
Example of a Restored Potter Highland’s Bungalow
* Most Walkable Neighborhoods in Denver… eco!
