Tax Credit extension is finally helping move up buyers!

As you may already know, the "first time homebuyer tax credit" was extended through the end of April, 2010. The part of the credit that was added and has me even more excited is the portion that finally includes current homeowners that want to sell...and buy another home. As much as I love a 1st time buyer, I haven't seen the fairness in not letting move up buyers have a "piece of the pie" as well. Now they can...hooray!!

Here's the scoop:

1st time buyers
-Still receive $8,000 (or 10% of purchase price, whichever is less)

Move up buyers
-Now get $6500 (or 10% of purchase price, whichever is less)
-Downsizing is A-ok (ie. new purchase needn't exceed the price of the house you're selling)
-You must have lived in the home you'll be selling for 5 of the past 8 years

Both Groups:
-Must be in contract on new home by April 30, 2010
-Closing needs to occur by June 30, 2010
-Income for single buyers to be below $125,000
-Income for couples to be under $225,000

-Purchased home can't exceed $800,000

This is not a tax deduction...it's cash in your pockets!

I do realize that buying and/or selling a home is no small feat and would never try to talk someone into doing so. Buuuut, if you are already thinking about moving and your current home is in the first time buyers price range (under $225Kish), I truly don't think there will be a better time to sell...at least for quite awhile. Especially considering how low rates have been.

Whether you've got questions, want to discuss options, or just want to get on the road to your next humble abode, get in touch with me. You'll be glad you did!

E-mail: haley.weaver@kingthompson.com

Cell: 614-530-0005

Office: 614-523-0808

Fax: 614-474-8427

Mythbusting: Real Estate as a Career

As a realtor, of course I understand a lot more about the business and take for granted that the general population doesn’t understand what we do for a living…or how we function and operate as business owners. I’m on a quest to myth bust today. If not for the general population, maybe this will set just one person straight that is thinking about getting into the business and making some “easy money”. If you have any perceptions about real estate or realtors, feel free to comment.

Myth: Realtors work for their respective brokers.
Fact: Realtors are independent business owners. We file a 1099 with the IRS, pay self employment taxes, pay our respective brokers a hefty percentage of each commission, marketing, board dues, etc. individually.

Myth: HER is an all women’s real estate brokerage.
Fact: HER is a company that was founded in 1956 by a man named Harley E. Rouda.

Myth: Realtors get a small salary + commission.
Fact: Realtors receive no compensation until a home is sold. The gas money, time, and research done prior to the home sale is all compensated for at the closing. Further, realtors actually pay the companies that they work for a hefty fee in order to advertise under the brokerage umbrella. Any health insurance, personal marketing, etc. are paid for by each independent agent.

Myth: Realtors do open houses to sell the house that is being held open.
Fact: While every once in awhile this does happen, an open house is typically done in order for the agent to procure buyers that will end up buying another home.

Myth: A realtor with the Million Dollar Award has made a million dollars.
Fact: In order to receive the Million Dollar Award, a realtor must have sold 2 million dollars worth of real estate…5 Million dollar award = 10 million in real estate…and so on.

Myth: Realtors get paid a lot of money to show houses.
Fact: While some bad apples tend to spoil the bunch, most agents help people make good decisions. Buying a home is usually the largest investment a person makes in a lifetime and they don’t do it every day. We do.

Myth: Having a friend represent me as their Realtor is a conflict of interest.
Fact: I have represented many friends in buying/selling and have never let it come between a relationship. In fact, many of the testimonials that I’ve received have come from friends.

Myth: Realtors get a kickback for sending referrals to mortgage lenders, inspectors, etc.
Fact: RESPA (Real Estate Settlement and Procedures Act) actually prohibits realtors from receiving an incentive to send their business to certain vendors. If a realtor refers you to a company, they actually believe in the person/service that the company/person provides.

Westerville, Ohio: Top 10 Affordable activities list

Congratulations, Westerville, Ohio on making CNNMoney.com's list of America's best small towns! Money Mag
In honor of this accomplishment, I am dedicating my first blog article to the city I work in...and enjoy immensely. Here's my list of the top 10 things to do in Westerville. The best part?! These can all be done for under $10:
1-Shop the farmer's market on the corner of State/Home. (Weds 3-6pm/Sat 9-12pm, from June 6-Sep 26th)
2-Check out the Westerville library. Calendar of events page: Westerville library
3-Take a dip in one of Highlands Park's 7 pools: Highlands Park. Speaking of pools, the Rec center has a pretty cool setup too (not to mention plenty of other activities)!: Westerville rec center
4-Head out for a day of fishing (or boating) at Hoover reservoir: Hoover fishing map . Just be sure to get your fishing license first!
5-4th Friday's in Uptown (6-9pm)...or enjoy Uptown's retailers any day of the week!
6-Pack a picnic and head to one of Westerville's many parks: http://www.metroparks.net/
7-Enjoy beautiful views of Hoover and fantastic food at Bel-Lago (previously Hoover Grill). http://www.bellagobistro.com/
8-Take your pooch to the dog park/barkpark: http://www.dogparkusa.com/ohio/columbus/brooksedge-bark-park
9-Get some exercise! Walk, bike, roller-blade one of Westerville's many trails: Trails
10-Enjoy the "Sounds of Summer" concert series (on Wednesday's & Sunday's @ 6:30 pm.): Summer concerts
Oh, and for you singers out there, I hear that Java Central's got open mic nights on Friday's from 7-10 pm too.

ps. forgive me but I'm just figuring out how to change URL's. I couldn't get them all but if you've got any tips, I'd love to hear them.