Tax Credit EXTENDED and EXPANDED!

The first-time homebuyer credit has been extended!  If you have never owned a home or have not owned a home for the last three years, you could qualify for a tax credit up to $8,000 when you purchase your home.  You must be under contract by April 30th, 2010 but you do not have to close until the end of June!  

There is now a tax credit available for repeat buyers as long as you owned your home, as a primary residence,  for 5 consecutive years out of the last 8 years.  If you purchase a home within the same time frame as above, you could qualify for up to $6,500.  WOW!  This is already in place.  This new tax credit became available the moment President Obama signed the new bill. 

Here are some of the guidelines…

Income: 
You can make up to $125,000 for an individual or $225,000 for a married couple filing jointly.
There is a phase out program for every $20,000 above these limits.  A CPA can best advise you on this piece! 

Price Limit on Home:
Sorry to tell you that you can only purchase a home up to $800,000 to qualify for either of these tax credits.  If you purchase a home for $801,000, you no longer qualify.  There is no phase out over $800,000.

Proof of Purchase:
Unlike the previous tax credit, you must attach proof of the home purchase along with your tax form to qualify for the credit.

Type of Home: 
The tax credit is only available if you are purchasing a primary residence.  If you are a repeat buyer and not selling your first home, you can still qualify as long as your first home will now be used as a 2nd home or an investment property.  

If you have any quesitons at all, please call or email Rosemary or me! 

Betsy: 913.709.4924
Rosemary: 913.515.4222

-Betsy

Help Harvesters @ an Open House!

This weekend Reece & Nichols is partnering with Harvesters to help end hunger in Kansas City. You can drop off donations to Harvesters at any R&N open house this Sunday, November 8th.  If you are going to be tied up on Sunday and can’t attend an open house, you can drop off donations this week at any R&N office.  Rosemary and I are at the 119th and Quivira location so come on our and see us while you are at it!

Here is a list of the most needed food items:
canned vegetables
canned fruit
boxed meals (Hamburger Helper, etc)
canned meats/tuna
canned soup
hot & cold cereal

Here are the most needed household items:
soap
deodorant
shampoo
toilet paper

Keep in mind that donated just $1 to Harvesters can provide 5 meals to needy Kansas Citians!

-Betsy

All New Houlihan’s

I just have to talk about Houihan’s today. Have you been there lately?  I have to admit I had pretty much written Houlihan’s off a while back.  It was feeling too reminiscent of other chain restaurants that will remain nameless.  But they have reworked their menu and it is a whole new Houlihan’s!  If you haven’t been in a while, check it out.  They have a new Small Plates menu that is so tasty.  It is being tested right now in the Kansa City market. Here is my personal recommendation… Try the hummus and pita and then get the 4 oz filet.  It is a steak worthy of a steak house but small enough that you can enjoy the hummus first and then get yourself a piece of banana cream pie.  I dream about that banana cream pie!!!  You might be tempted to split a piece of pie but take my word for it… get your own!

Yum!

-Betsy

Top Producer/Top Rookie

Rosemary and I were so thrilled to be invited to the Sweet Success Celebration for Top Producers and Top Rookies for 2nd and 3rd quarters of 2009.  With over 2,200 Reece & Nichols agents around Kansas City, it was such an honor to be part of a such a small and accomplished group.  There were only about 120 people invited to the function and it was great fun!

Let us know how we can bring our success to you!  We want to help you buy or sell a home too.

Thanks, as always, for your support.

-Betsy

More good news on the housing front

Pending home sales have reached a 3-year high!  What a great sign that the housing industry is truly making the turn back up.  The first-time homebuyer tax credit, which is scheduled to expire at the end of this month, has helped the industry immensely.  Congress is working to try and extend this $8,000 tax credit for first-time homebuyers as well as add a $6,500 tax credit for repeat buyers that have owned their home for at least five years.  More to come on that!

Pending sales are up 8% in the Midwest.  For more information, click here.

-Betsy

Prize Antiques

There is a great new antique store down on the plaza for you to check out!  It just opened up on October 29th.  They have had a 3,000 square foot studio in the West Bottoms but you can now conveniently find them right across from Houston’s on the Country Club Plaza.  You can check out their site here.  Looks like a cool new place to visit!

-Betsy

Happy Halloween!

We want to wish you a safe and happy Halloween!!!  Trick or Treat!

Some Not-Too-Expensive Suggestions for Getting Your Home Ready for Market

These are also great tips  for those just wanting to update their home’s look (like me!).  Select ”now” paint colors, gender-neutralize rooms, modernize that kitchen and those baths, etc!  Click here to see not only 10 great redo/camouflage tips, but links to related articles.  Lots of fun, practical ideas here, whether getting ready to market your home or just give it a facelift!

Rosemary

A Legendary Halloween at The Legends at Village West

The Legends at Village West is hosting a fun, safe, family-oriented Halloween celebration on Saturday, October 31, from 12:30 to 3:30 p.m.  All A Legendary Halloween activities are free and open to children 12 and under.  Join the fun, from a bounce house and obstacle course to trick-or-treating at participating stores and restaurants to a halloweeen costume parade and contest!

Click here (then select “Events” , then “A Legendary Halloweeen”) to get all the details…view the schedule of events and stores and restaurants participating in trick-0r-treating!  Have a spooky good time, folks!!

Rosemary

First-time homebuyer tax credit to continue?

 

 

We sure hope so!  Congress is considering extending the first-time homebuyer (also applies to those who haven’t owned a home in three years!).  One scenario being considered involves extending the tax credit (which now ends on November 30)  through March 31.  2010.  However, the tax credit’s value would drop by $2,000 for each of the subsequent three quarters of 2010.

The more ambitious scenario being considered is a $17 billion bipartisan plan that would extend the $8,000 credit through June 30, 2010, raise the income cap for eligibility, and extend the credit to all buyers, rather than first-timers and those who have not owned a home in three years.

Click here to view an informative article on msnbc.com regarding the proposed tax credit extention scenarios.

Rosemary