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 | Real Estate Blog - Bastrop Farm and Home |
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Monday, 22 February 2010
As we all search for the best market price for a medium to large tract of land, the Texas Real Estate Center has this to say........
"Size matters when determining price trends in Texas land markets. In general, large tracts sell for less per acre thansmall tracts, but premiums and discounts vary from one area of Texas to another. Size-adjusted prices indicatethat land markets are weakening."
Visit http://recenter.tamu.edu/pdf/1923.pdf to download the complete report!
Thursday, 11 February 2010
As the deadline for the First-Time Homebuyer Tax Credit crept closer, it became a clear priority on the Hill. An extended and expanded home buyer tax credit is a part of a larger bill that also extends unemployment benefits. This bill was signed by President Obama on Friday, November 6.
The bill essentially remains intact but has a handful of important changes:
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Previous Provisions
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New Provisions |
| Effective Date |
January 1, 2009 |
November 7, 2009 |
| Deadline |
Close before December 1, 2009 |
- Contract signed before May 1, 2010, must close before July 1, 2010
- Members of the uniformed services, foreign services, and intelligence employees who served an extended service of 90 days will have until April 30, 2011 and June 30, 2011.
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| Amount |
- First-Timers: maximum of $8,000 or 10% of sales price
- Prior Owners: $0
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- First-Timers: Unchanged
- Prior Owners: $6,500 if lived in prior home for at least 5 consecutive years of past 8 years
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| Income Limit |
- Individual: $75,000
- Couple: $150,000
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- Individual: $125,000
- Couple: $225,000
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| Other Restrictions |
Home must be primary residence for at least 3 years. If home is sold or buyer moves before 3 years, must re-pay full $8,000. |
- Buyer must be at least 18 years old and not classified as a dependent for tax purposes
- Home must cost less than $800,000
- Home must be primary residence for at least 3 years. If home is sold or buyer moves, before 3 years, must re-pay full amount of credit. Exception for military, foreign services, or intelligence with extended 90 days service overseas.
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| How to claim |
If purchased in 2009, by amending 2009 tax return or claiming on 2010 tax return |
If purchased in 2010, by amending 2010 tax return or claiming on 2011 tax return |
Earlier this year, KW Research conducted a study of first time-buyers and here’s a few of the findings:
- The median age was 28, significantly down from where it was four years ago at 32.
- Location or Neighborhood was the No. 1 “must-have” for 36% of buyers.
- 25% saw 5 or less homes before writing an offer, the average buyer saw 10 homes.
- 2 out of 5 first-time buyers purchased a distressed property.
- 2 out of 3 sellers paid at least part of the buyer’s closing costs.
- 1 in 4 had help from their family for the down payment.
Tuesday, 16 June 2009
Well - just wanted to welcome you to Bastrop, Texas! If you want to work with someone that his literally lived here forever....I am your realtor!
Today was interesting! I had a closing on a duplex in Tahitian VIllage and I spend a good number of hours working on this website! WHEW!!
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