Louisville Properties Blog
Louisville Properties Blog

Louisville Properties Blog

Time Running Out on First-Time Homebuyers Tax Credit

Time is running out on folks who want to take advantage of the government's first-time homebuyer tax credit program. First-time homebuyers can qualify for up to $8,000 in tax credits while current homeowners who wish to purchase a larger home can qualify for up to $6,500. In order to qualify, homebuyers have to sign a sales contract by the end of April 2010 and close on the home before the first of July. After great success last summer and early fall, lawmakers extended the tax credit program late last fall, but there is no indication that they will extend the program again. Lawmakers have shown disappointment that the extension did not produce the same boost in home sales that the initial phase of the program created. There are different theories about why the extension has resulted in lackluster response, but at least one analyst has an opinion about it. Nicolas Retsinas, director of Harvard's Joint Center for Housing Study, believes that people assumed that Congress would continue extending the program, causing prospective home hunters to wait for warmer weather to look for their next home. "The credit's influence and impact has waned considerably," he said. Because time is running out on this program, a refresher on who can qualify for the tax     credit is helpful:
  • Buyers who have not owned their own homes in the last three years may earn up to $8,000 in tax credits
  • Buyers who have owned their homes for five consecutive years in the past 8 years may earn up to $6,500
  • Buyers who earn less than $125,000 annually or $225,000 or less for couples
  • Homes priced at $800,000 or more do not qualify for the tax credit
If you're looking for Louisville real estate and you wish to take advantage of the tax credit, time is running out! Since time is short, you may want to contact an experienced Louisville realtor like Louisville Properties who can save time by only showing you homes in your price range...

Tips for Staging Homes in Louisville

Staging your home for sale is an art form. There are several reasons why people should consider staging their homes when they are going on the market to be sold. A staged home looks bigger. It looks cleaner. In addition, you're providing a neutral, cheerful feel to the home that suits all potential buyers. If you're looking to sell, learn more about how staging homes in Louisville can help sell your home more quickly and possibly closer to asking price. You can stage your home in one of two ways. You can always do it yourself to cut costs, or you can hire a professional stager to come into your home and tell you the best ways to make your home more appealing during open house time. Empty homes for sale are great, but oftentimes, people like to see how furniture looks in specific rooms. It provides a visual; buyers can envision living there. Moreover, if you're still occupying the house, having it empty isn't an option. This way, you can live in the home comfortably during the sale. The best tip for staging each room in your home is this: Remember that less is more. Get the clutter out of the house. Remove personal items from view. Pack up pictures off the mantle and replace with a decorative vase or scented candle arrangement. Take away small, unnecessary pieces of furniture and leave the essentials. The kitchen shouldn't boast tons of appliances lining the countertop. Put the coffee maker in the cupboard and consider having a decorative bowl of fruit as the focal point of the counter space. These small details make the difference when it comes time to accept the offer. Staging homes in Louisville is a smart and effective decision. If you're ready to put your home on the market, call Louisville Properties at 502.744.9504....

Successful Home Sales in a Slow Louisville Real Estate Market

Even though home sales are on the rise after an economic downfall, the market is slower than it has been in past years. The values of homes overall remain less than what they were before the economy took a dive. However, note that just because home sales are slow in the Louisville real estate market, selling isn't impossible. There are several ways you can better prepare your home to weather a tough market. For starters, make all the necessary repairs. The majority of buyers that would have been satisfied with a fixer-upper are now looking for a move-in ready home. This includes roof repairs, plumbing issues and simple paint jobs. Secondly, you need to be realistic in how you price your home. Agree to list your home in the price range of other homes in the area. Sometimes it's difficult to take less than what you feel your home is worth, especially now in a slower Louisville real estate market. It may also be less than what you paid when you originally purchased it, and that can be a low blow if you've made many improvements. Finally, retain an agent who has a good record. This is more important now than ever. If your agent is averaging six months to sell a home, that's a long time. You're going to want to find someone known to sell fast. Not all Realtors™ are created equally. You need to make sure your house is listed with an agency that knows how to get homes sold. Contact Louisville Properties at 502.744.9504....

Avoid Louisville Homeowner Tax Errors: Maximize Your Refund

It's tax time again! Preparing your federal and state income taxes is stressful enough. If you now own a home, there can be a whole new level of questions to which you might not have the answers. Making mistakes on your taxes can mean many things. You can end up owing more than you need to if you don't maximize your deductions. You deserve the refund you're entitled to get, and avoiding these Louisville homeowner tax errors will help you get your check and reduce your chance of an audit. The keyword we want to remember here is "points," a simple term used to describe charges from a borrower to obtain the mortgage. It also describes mortgage fees, lender fees and other costs incurred. It's only when they're interest paid in advance that you can claim them as tax deductable and only when your loan applies towards improvements of your home. You must have paid the same amount of cash (if not more) into your home mortgage as the amount of points that are paid. The amount paid out cannot surpass the price normally charged in your area. You must also use the cash method when it comes to accounting for your expenses. State your income the year you obtain it and deduct the expenses in the tax year in which you paid the points. As far as property tax is concerned, if you paid the taxes owed by the seller at closing, you can't deduct that amount. You have to consider it as part of your costs in the property. Hopefully you'll have a pleasant tax season in 2010, and remember if you're interested in commercial property or home ownership in Louisville, contact Louisville Properties at 502.744.9505.

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New IRS Tax Credit Guidelines for the Louisville Real Estate Market

February 12, 2010, marked the date for information provided by the International Revenue Service that will affect homebuyers in the Louisville real estate market. There are new guidelines for the two tax credit programs that have been created to assist in the country's failing home owning circumstance. The credit is $6,500 for previous homeowners buying new (or resale) homes, and first-time buyers are receiving an $8,000 credit. Of course, there are qualifications that the buyer(s) must meet before they are deemed eligible for the tax credit. The new guidelines are clearing up discrepancies in the paperwork. Specifically, the documentation that buyers need to provide to receive their credits was altered to help prevent fraudulent credit claims. The abuse of the program was discovered in early 2009, and federal monitoring is now in place to stop fraudulent transactions before they are processed. All information about the tax credit, as well as the proper documentation process to receive your tax credit refund, can be located on the IRS website at www.IRS.gov. It should be noted that because of the tightened program, the process of receiving the credit would be considerably longer due to the monitoring. The IRS is estimating that checks will be sent to buyers between four and eight weeks after the paperwork has been given the "all clear." Despite the added paperwork and time required to receive this credit, the program is still a great opportunity for first time and repeat homebuyers. If you're looking for a home, the Louisville real estate market has something to offer everyone. Call Louisville Properties today at 502.744.9505 and get more details on property listings in the area....

Preparing Yourself and Family for Louisville Homeownership

You may be in the market to purchase your first home. By now, perhaps you've sat down and thought about the positives of Louisville homeownership. You're aware that a home means equity, a line of credit for expenses and home improvement, the tax credits available, and even the dignity that comes with owning your residence. You may be concerned about being able to make a monthly mortgage payment while dealing with the upkeep of a home and other life expenses. You don't have to feel trapped in your residence; get your questions answered well ahead of time by reputable realtors, lenders and mortgage counselors. One of the best things you can do before you decide to buy a home is get your debt under control. The amount of debt in your name will have an effect on the amount of money you'll be qualified for towards a mortgage. If you have a large amount of debt, the best advice is to work hard towards paying it down. Don't think of it like you're putting owning a home on hold; think of it as working towards the goal of buying one! You should be aware of your credit situation before you start the process of buying a home. Your bank can assist you with credit checking and, of course, this goes hand in hand with the pre-qualification process. Knowing what you can afford before you begin home shopping and sticking to what your cost limit is will help you live comfortably in the long run. Many renters worry about the term "house poor." Preparation helps to avoid this being an issue. If you're ready to take the plunge and get the house you've been waiting for, Louisville Properties is ready to help you get started. Call today at 502.744.9505.

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Possible Rise in Louisville Homeowner Equity

Recent statistics are showing that Louisville homeowner equity could be on the rise. In general, homes in the United States are showing rising equity levels, which is great news for people interested in buying or selling their homes. Improvement across the board is showing slight increases in numbers, but increases nonetheless. This information hasn't been widely publicized as of yet, but the government is running extensive surveys about homeowner equity. It's been several long years of watching equity and value levels slide in homes all over the United States, and Louisville properties went right along with the slide. However, the new studies slowly being released show that the pattern of low levels is gradually starting to rise. Hopefully, these "bits" of reported improvement will start to balloon into larger numbers within the next few years. Major cities all over the United States felt the economic hardships and housing downfall the hardest. These are cities like San Francisco, Los Angeles, Detroit, Miami and Tampa. Reports are proving now that negative equity is getting pushed to the wayside, even in these areas. Louisville homeowner equity is expected to rise right along with the rest of America. Even the cities that were the hardest hit in the recession—like Phoenix—are reporting brighter futures for owning a home. The market is improving; the numbers are finally starting to show results. If you're interested in buying a home in the Louisville area, contact Louisville Properties today by calling 502.744.9505....

This is the Season for Slow Home Sales in Louisville

In general, all over the United States, the winter months (especially January) slow everything down. Retail profits decline all across the board. This also includes home sales in Louisville. Less favorable weather can be partially to blame, but also because these past few months came right after a major set of holidays (Thanksgiving, Christmas, New Year's). Finances are generally lower this time of year as many people are playing catch up from holiday spending. One realtor in the Louisville area reports that as of January 2010, "homes in the 80,000-150,000" ranges are selling well. It's the "high priced homes that are moving slowly." These winter-month home sales can mean great deals for buyers. If a seller is putting their home on the market for reasons other than just wanting a new residence,—relocation, financial problems, etc.—you have yourself a motivated seller. They have reasons that branch out beyond the personal desire to acquire a new home. The buyer has a better chance of being able to put in an offer under the asking price and having it accepted. In reality, if you can wait until spring to list your home, it's the best option for getting it sold quickly and possibly closer to the listing price. However, not everyone can wait for home sales in Louisville until after the colder, holiday months have passed. If you want to buy a home, you might have fewer options on the market in the winter months, but you could very well get more for your money. If you need a flat rate realtor in Louisville, contact Louisville Properties today by calling the office at 502.744.9504....

This is the Season for Slow Home Sales in Louisville

In general, all over the United States, the winter months (especially January) slow everything down. Retail profits decline all across the board. This also includes home sales in Louisville. Less favorable weather can be partially to blame, but also because these past few months came right after a major set of holidays (Thanksgiving, Christmas, New Year's). Finances are generally lower this time of year as many people are playing catch up from holiday spending. One realtor in the Louisville area reports that as of January 2010, "homes in the 80,000-150,000" ranges are selling well. It's the "high priced homes that are moving slowly."

These winter-month home sales can mean great deals for buyers. If a seller is putting their home on the market for reasons other than just wanting a new residence,relocation, financial problems, etc.—you have yourself a motivated seller. They have reasons that branch out beyond the personal desire to acquire a new home. The buyer has a better chance of being able to put in an offer under the asking price and having it accepted.

In reality, if you can wait until spring to list your home, it's the best option for getting it sold quickly and possibly closer to the listing...

This is the Season for Slow Home Sales in Louisville

In general, all over the United States, the winter months (especially January) slow everything down. Retail profits decline all across the board. This also includes home sales in Louisville. Less favorable weather can be partially to blame, but also because these past few months came right after a major set of holidays (Thanksgiving, Christmas, New Year's). Finances are generally lower this time of year as many people are playing catch up from holiday spending. One realtor in the Louisville area reports that as of January 2010, "homes in the 80,000-150,000" ranges are selling well. It's the "high priced homes that are moving slowly." These winter-month home sales can mean great deals for buyers. If a seller is putting their home on the market for reasons other than just wanting a new residence,—relocation, financial problems, etc.—you have yourself a motivated seller. They have reasons that branch out beyond the personal desire to acquire a new home. The buyer has a better chance of being able to put in an offer under the asking price and having it accepted. In reality, if you can wait until spring to list your home, it's the best option for getting it sold quickly and possibly closer to the listing price. However, not everyone can wait for home sales in Louisville until after the colder, holiday months have passed. If you want to buy a home, you might have fewer options on the market in the winter months, but you could very well get more for your money. If you need a flat rate realtor in Louisville, contact Louisville Properties today by calling the office at 502.744.9504....

This is the Season for Slow Home Sales in Louisville

In general, all over the United States, the winter months (especially January) slow everything down. Retail profits decline all across the board. This also includes home sales in Louisville. Less favorable weather can be partially to blame, but also because these past few months came right after a major set of holidays (Thanksgiving, Christmas, New Year's). Finances are generally lower this time of year as many people are playing catch up from holiday spending. One realtor in the Louisville area reports that as of January 2010, "homes in the 80,000-150,000" ranges are selling well. It's the "high priced homes that are moving slowly."

 

These winter-month home sales can mean great deals for buyers. If a seller is putting their home on the market for reasons other than just wanting a new residence,relocation, financial problems, etc.—you have yourself a motivated seller. They have reasons that branch out beyond the personal desire to acquire a new home. The buyer has a better chance of being able to put in an offer under the asking price and having it accepted.

 

In reality, if you can wait until spring to list your home, it's the best option for getting it sold quickly and possibly closer to the listing price. However, not everyone can wait for home sales in Louisville...

Affordable Louisville Housing

When the opportunity arises to purchase a home, the options can be endless and overwhelming. After several years of economic hardship greatly affecting the homeowner's market, the tides are turning and homes are starting to gain back value in significant numbers. As of now, affordable Louisville housing is possible and available. Currently in 2010, there is a wealth of options for homebuyers looking for safe and affordable housing in the Louisville area. The Housing Tax Credit is still current, meaning that first time homebuyers can receive $8,000 if they meet all of the criteria. There are also several other companies in Kentucky that provide financial support when buyers are in need of a little assistance. There are down payment assistant programs that help buyers secure a home up to $258,000. These homeowner options are made to be forgiving for buyers. Interest rates for borrowed money are low, and often people are given a substantial amount of time to repay the money borrowed for down payments. It's important to note, as with any assistance program, you need to meet certain criteria before you qualify for financial aid. There are also programs through the Kentucky Housing Corporation that if you qualify, you will receive aid that is instantly forgiven. This means no payment is required ever as long as candidates meet the standards for that specific aid. There are options for those who feel they cannot obtain safe and affordable Louisville housing. You'll never know until you actually start the process of shopping for the perfect home. To make it easy, contact Louisville Properties at 502.744.9504 and work with a flat rate realtor in the Louisville area. ...
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