Buy a home and you get a tax break! As part of the Housing and Economic Recovery Act of 2008, a First time Homebuyer Tax Credit is now available. But this special tax break ends in mid‐2009. A homebuyer tax credit has been available for first‐time homebuyers in Washington, D.C. for many years, and now first‐time homebuyers nationwide can take advantage of a similar benefit.
Am I Eligible?
First‐time homebuyers who purchase a principle residence on April 9, 2008 and before July 1, 2009 are eligible. If you (and your spouse, if married) have not owned your principle residence for a 3‐year period before your purchase, and you have never taken advantage of the DC first‐time homebuyer credit, you qualify as a first‐time homebuyer.
How does it work?
Like all tax credits, it will directly reduce the total amount of taxes you owe. When you file your taxes, for the year you purchased your home (2008 or 2009), you will be able to subtract the amount of the credit from your Federal income tax liability, increasing the size of your refund or reducing the amount you owe. For example, you file your ‘normal’ tax return and find that you owe $2,000 in taxes. With this credit, your tax liability could be lowered by $7,500—which means, you instead get a $5,500 tax REFUND check from IRS.
How big is the tax credit?
The tax credit is equal to 10% of the purchase price of your home up to $7,500. The full credit is
available for single individuals whose adjusted gross income is less than $75,000. If your adjusted gross income is greater than $75,000 and your home purchase qualifies you for the full credit, the credit phases out according to the dollar amount (or percentage if less than $7,500) in the chart below.
Want to take advantage of this? Let me help you find your first home. Call me today!
Stacie (617) 246-7900 x227
Stacie@BuyandSellBostonHomes.com
Monday, December 8, 2008
Thursday, December 4, 2008
Mortgage Rates Approaching All-time lows
It looks like the banks are finally reducing mortgage interest rates, albeit mainly on fixed rate products.
It seems that all it took was the promise of another $800 billion dollars to be infused into the banking system, and to buy up bad debt.
If you have clients thinking of purchasing or refinancing a property, interest rates on a 30-year fixed (as of the publication of today) are hovering around 5% on a standard 30 year conforming loan amount.
According to many leading economists, there is no telling how long the banks and other lending institutions will keep downward pressure on mortgage interest rates, due to the still pending and current debt losses that they are incurring on a daily basis due to current foreclosure rates.
Many think that it is a ‘temporary good faith gesture" toward the governing bodies and the Treasury to insure that a portion of their non-performing debts will be purchased under the new bail-out program.
It seems that all it took was the promise of another $800 billion dollars to be infused into the banking system, and to buy up bad debt.
If you have clients thinking of purchasing or refinancing a property, interest rates on a 30-year fixed (as of the publication of today) are hovering around 5% on a standard 30 year conforming loan amount.
According to many leading economists, there is no telling how long the banks and other lending institutions will keep downward pressure on mortgage interest rates, due to the still pending and current debt losses that they are incurring on a daily basis due to current foreclosure rates.
Many think that it is a ‘temporary good faith gesture" toward the governing bodies and the Treasury to insure that a portion of their non-performing debts will be purchased under the new bail-out program.
Wednesday, October 15, 2008
Tips on moving with pets
Tips on Moving with Pets
By Stacie Yellin
Prudential Unlimited Realty
When making your moving plans, don’t forget to include your beloved pets. Although they present a new set of challenges, it doesn’t have to add to your stress if you take the following steps before your big move.
Visit the vet
Schedule a pre-move visit with your veterinarian for a checkup and to make sure that all vaccinations are current. Use this time to get copies of your pet’s records, a recommendation for a veterinarian in your new location, and possibly a tranquilizer to give your pet during transportation.
Research laws in new area
Research the requirements regarding animals in your new locality. Nearly every state has laws regarding entry of dogs, cats, horses, birds and other pets. For example, most states require interstate health certificates for dogs and horses coming from another state. If you own an exotic animal such as a ferret or potbellied pig, check to see if it is allowed as a pet in your new city. Some states require an entry permit. You can obtain compliance information from the state veterinarian or other appropriate authority. It’s important to get this information well ahead of your move so that you can get any necessary examinations or documents.
Make sure your pet’s identity and rabies tags are current. You should also have a special travel identification tag just in case they become lost during the move. The tag should include the pet’s name, your name and new address, and an alternate contact.
Decide on transportation mode
Decide how you will be transporting your pet. Animals are not allowed on moving vans, so your choices are by car or air.
By car
If traveling by car, the American Animal Hospital Association suggests that you take your pet on short rides before the trip so that he can get accustomed to the movement. The day of the trip, don’t feed your pet for several hours before departure. It’s also a good idea to take him on a long walk before heading out.
Pack a travel kit to include food, food and water dishes, can opener, scooper, paper towels for clean ups, and plastic bags. You may also want to include a blanket to cover your car seats, plus treats and a favorite toy.
If you are traveling with birds or other small pets, such as a hamster, make sure they are in a stable cage with proper ventilation. A kennel for cat or dog may also be a good idea.
If your trip will require an overnight stay, find out well in advance of your trip whether pets are allowed at the lodging of your choice. The website www.petswelcome.com is a great place to search for lodging that accommodates pets.
By air
Traveling by air definitely requires preplanning. Each airline has its own policy regarding pet transportation. In addition, there are federal requirements you must follow. For example, dogs and cats must be at least eight weeks old and weaned for at least five days. In addition, cages and containers must meet certain standards.
You need to decide if your pet will accompany you in the cabin or be checked as baggage, or shipped separately by air freight.
Check with your airline to make sure that pets are allowed to travel in the cabin and obtain guidelines. The U.S. Federal Animal Welfare Act requires that pets traveling in the passenger cabin be in a carrier that can fit underneath the seat without blocking the main aisle. The container must remain stowed the entire flight.
If your pet will be transported as baggage or by freight, make shipping arrangements as far in advance as possible so that space can be reserved. It is recommended that you schedule a non-stop flight on a weekday. You also need to supply the air carrier written instructions for food and water.
Other precautions to take when transporting your pet by air include:
· Before traveling, get your pet accustomed to the kennel in which it will be shipped.
· Don’t give your pet solid food six hours prior to the flight. Providing water a few hours before the flight is advisable.
· Write your contact information on the container and make sure your pet is wearing a tag with the same information.
The Federal Aviation Administration (www.faa.gov) and Department of Transportation’s (http://airconsumer.ost.dot.gov) websites have valuable information regarding traveling with pets.
Transitioning to new home
Once you are in your new home there are some things you can do to help ease the transition for your pet. If you have a dog, take him for a walk immediately so that he can become familiar with the new area. Cats, on the other hand, have a tendency to run away searching for their old home. They should be kept indoors for several weeks until they become comfortable in the new home and familiar with its scents and noises.
Veterinarians also advise that you bring water from your old home, because a change in water sources can sometimes cause your pet to become sick.
Like humans, pets are can become stressed when change occurs. By planning ahead, you can help to make sure your pet has a smooth transition to its new environment.
Stacie Yellin can be reached at 617.264.7900x227. Prudential Unlimited Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
By Stacie Yellin
Prudential Unlimited Realty
When making your moving plans, don’t forget to include your beloved pets. Although they present a new set of challenges, it doesn’t have to add to your stress if you take the following steps before your big move.
Visit the vet
Schedule a pre-move visit with your veterinarian for a checkup and to make sure that all vaccinations are current. Use this time to get copies of your pet’s records, a recommendation for a veterinarian in your new location, and possibly a tranquilizer to give your pet during transportation.
Research laws in new area
Research the requirements regarding animals in your new locality. Nearly every state has laws regarding entry of dogs, cats, horses, birds and other pets. For example, most states require interstate health certificates for dogs and horses coming from another state. If you own an exotic animal such as a ferret or potbellied pig, check to see if it is allowed as a pet in your new city. Some states require an entry permit. You can obtain compliance information from the state veterinarian or other appropriate authority. It’s important to get this information well ahead of your move so that you can get any necessary examinations or documents.
Make sure your pet’s identity and rabies tags are current. You should also have a special travel identification tag just in case they become lost during the move. The tag should include the pet’s name, your name and new address, and an alternate contact.
Decide on transportation mode
Decide how you will be transporting your pet. Animals are not allowed on moving vans, so your choices are by car or air.
By car
If traveling by car, the American Animal Hospital Association suggests that you take your pet on short rides before the trip so that he can get accustomed to the movement. The day of the trip, don’t feed your pet for several hours before departure. It’s also a good idea to take him on a long walk before heading out.
Pack a travel kit to include food, food and water dishes, can opener, scooper, paper towels for clean ups, and plastic bags. You may also want to include a blanket to cover your car seats, plus treats and a favorite toy.
If you are traveling with birds or other small pets, such as a hamster, make sure they are in a stable cage with proper ventilation. A kennel for cat or dog may also be a good idea.
If your trip will require an overnight stay, find out well in advance of your trip whether pets are allowed at the lodging of your choice. The website www.petswelcome.com is a great place to search for lodging that accommodates pets.
By air
Traveling by air definitely requires preplanning. Each airline has its own policy regarding pet transportation. In addition, there are federal requirements you must follow. For example, dogs and cats must be at least eight weeks old and weaned for at least five days. In addition, cages and containers must meet certain standards.
You need to decide if your pet will accompany you in the cabin or be checked as baggage, or shipped separately by air freight.
Check with your airline to make sure that pets are allowed to travel in the cabin and obtain guidelines. The U.S. Federal Animal Welfare Act requires that pets traveling in the passenger cabin be in a carrier that can fit underneath the seat without blocking the main aisle. The container must remain stowed the entire flight.
If your pet will be transported as baggage or by freight, make shipping arrangements as far in advance as possible so that space can be reserved. It is recommended that you schedule a non-stop flight on a weekday. You also need to supply the air carrier written instructions for food and water.
Other precautions to take when transporting your pet by air include:
· Before traveling, get your pet accustomed to the kennel in which it will be shipped.
· Don’t give your pet solid food six hours prior to the flight. Providing water a few hours before the flight is advisable.
· Write your contact information on the container and make sure your pet is wearing a tag with the same information.
The Federal Aviation Administration (www.faa.gov) and Department of Transportation’s (http://airconsumer.ost.dot.gov) websites have valuable information regarding traveling with pets.
Transitioning to new home
Once you are in your new home there are some things you can do to help ease the transition for your pet. If you have a dog, take him for a walk immediately so that he can become familiar with the new area. Cats, on the other hand, have a tendency to run away searching for their old home. They should be kept indoors for several weeks until they become comfortable in the new home and familiar with its scents and noises.
Veterinarians also advise that you bring water from your old home, because a change in water sources can sometimes cause your pet to become sick.
Like humans, pets are can become stressed when change occurs. By planning ahead, you can help to make sure your pet has a smooth transition to its new environment.
Stacie Yellin can be reached at 617.264.7900x227. Prudential Unlimited Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Thursday, September 18, 2008
Real Estate Tips For Sellers
The Boston Globe had an article on the front page with the headline of “Buyers Market.” It seems that in the past year buyers are reverting to making “low ball” offers way below the market value, since it is a buyers market, hoping that they may get a deal. Sellers need to react to these offers in a calm sensible manner.
Sellers should not feel insulted by these offers. They should be happy to receive an offer on their home because that means that the buyer really likes the home otherwise they would not be making an offer in the first place.
The seller should remain calm and try to work with the buyer to find a price that works for both sides. In today’s market the seller should not simply say “NO” to anything.
The best way to negotiate is to find out more about the buyer. Do they really want the house or are they just trying to see if they can get a deal? Can they afford to pay more or is the offer they presented the best they can do? Are there other ways to close the gap between buyer and seller? The seller should re-examine the price of their home…is it comparable to other homes on the market right now?
The seller should respond with a reasonable counter offer and try to make the deal work. A lower offer can easily turn into an agreeable sale for both the seller and the buyer.
For more information about real estate or to get a free comparative market analysis of your home, please contact Stacie Yellin.
Sellers should not feel insulted by these offers. They should be happy to receive an offer on their home because that means that the buyer really likes the home otherwise they would not be making an offer in the first place.
The seller should remain calm and try to work with the buyer to find a price that works for both sides. In today’s market the seller should not simply say “NO” to anything.
The best way to negotiate is to find out more about the buyer. Do they really want the house or are they just trying to see if they can get a deal? Can they afford to pay more or is the offer they presented the best they can do? Are there other ways to close the gap between buyer and seller? The seller should re-examine the price of their home…is it comparable to other homes on the market right now?
The seller should respond with a reasonable counter offer and try to make the deal work. A lower offer can easily turn into an agreeable sale for both the seller and the buyer.
For more information about real estate or to get a free comparative market analysis of your home, please contact Stacie Yellin.
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