So Much For So Little! Condo in Pebble Creek!
81 Pebble Creek Dr.
Asheville, NC 28803
Offered at $149,900
3 Bedroom / 2.5 Bath
2,070 sq. ft.
MLS # 510638
Click HERE for more information about this great condo!
Dream. Discover. Learn. Live Well.
Showing posts with label first time home buyer. Show all posts
Showing posts with label first time home buyer. Show all posts
Monday, December 19, 2011
Monday, October 17, 2011
It's Time To Buy A Home!
Taken from The KCM Blog...
Wall Street Journal & Forbes: It’s Time to Buy A Home
We
believe very strongly that now is the time to buy a home. Some will say
we are just saying this to create real estate transactions and
commissions. Because of that, today we will quote what those outside the
real estate profession are saying to the people who look to them for
financial advice.
The Wall Street Journal
Last week, in an article entitled It’s Time to Buy That House, the WSJ told their subscribers:
“It’s an excellent time to buy a house, either to live in for the long term or for investment income…Houses aren’t the magic wealth creators they were made out to be during the bubble. But when prices are low, loans are cheap and plump investment yields are scarce, buyers should jump.”
In an article two weeks ago, MarketWatch.com (the on-line blog for WSJ) told their readers:
“Now could be the best time in history to buy a home.”
Forbes.com
In a report to their subscribers, Capital Economics reported that:
“The previous declines in house prices and the more recent drop in mortgage rates to record lows have created an unusual situation in which the median monthly mortgage payment is more or less the same as the median rental payment.”
Why is this important? Last week, Forbes explained to their readers:
“If rents simply kept up with inflation at a 3.2% annual increase, a $1,500 rent payment would cost that renter nearly $900,000 over the next 30 years. The same $1,500 payment made to their mortgage would be only $540,000 (because the payments don’t increase with inflation).”
They went on to explain the advantages of homeownership during retirement:
“Even with a dismal 1% growth rate over 30 years, a $300,000 property would appreciate well over $100,000 giving the homeowner an additional nest egg for retirement…
At a time when retirement is becoming much more challenging, an extra $400,000 (or likely more) can make a major difference not to mention the impact of NOT having to pay a mortgage. How much less would you have to save for retirement if you didn’t pay the mortgage?”
Bottom Line
When the iconic financial newspaper and the iconic financial magazine
say that it now makes financial sense to purchase a house, perhaps it’s
time to buy a home.
Friday, October 7, 2011
Cozy, Custom-Built Mountain Home - Only $299K!
471 Blue Mist Way
Arden, NC 28704
Listing Price US$299,900
MLS # 505587
Highlights :Arden, NC 28704
Listing Price US$299,900
MLS # 505587
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Description :
$70k Price Reduction! Cozy custom-built mountain
home with lots of light! Home sits on a peaceful lot that touches
Pisgah National Forest in a gated subdivision with hiking trails, pool,
clubhouse, and trail to Blue Ridge Parkway. Wood burning fireplace.
Hardwood & tile floors, carpet in bedrooms, tile in bathrooms.
Composition/Masonite board exterior. Only 10 minutes from Biltmore Park
shopping, restaurants, etc.
Mukunda Pacifici
mukunda@carolinamountainsales.com
Office: 828-277-5551
Direct: 828-551-3365
Fax: 828-277-5295
Monday, June 22, 2009
First Time Home Buyer Credit - More Details
The primary reasons first-time homebuyers have been driven to considering a home purchase during the past few months are the attractive loan programs targeting first-timers and the generous $8,000 tax credit offered by the federal government.
Recently, the tax credit has been loaded with new angles allowing first-time buyers to add it to their down payment after the required 3.5 percent of the purchase price has come from their own funds. As of May 29, 2009, the $8,000 federal tax credit can be used as "an additional down payment or closing costs" for buyers who apply for mortgages insured by the Federal Housing Administration before Dec. 1, 2009.
A first-time buyer, as defined by the Internal Revenue Service, is anyone who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time homebuyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time homebuyer.
In addition, first-time homebuyers must purchase the property from a source unrelated to them. For example, they cannot purchase the house from a spouse, parent, grandparent, child, or acquire the property by gift or inheritance and obtain the tax credit.
Lenders are sorting out how all the details will work but hope that the impact of the news and the implementation of the program will be a huge boost to the regional housing picture.
According to Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, the idea to "monetize" the tax credits allows them to be immediately turned into cash, rather than waiting several months after the closing date of the transaction for the credits to be processed. The credit amount from the IRS is the lesser of 10 percent of the purchase price of the dwelling or $8,000.
There are income limits attached to the $8,000 first-time credit. A phase-out of the credit begins when the taxpayer's modified adjusted gross income exceeds $75,000 or $150,000 if married filing jointly. The credit is eliminated completely when the taxpayer's income reaches $95,000 or $170,000 if married filing jointly. Taxes owed by or refunds due to the taxpayer are factored into the calculation.
Modified adjusted gross income, or MAGI, is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"). AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.
Donovan said that some mortgage companies that do not have banking deposits to tap will need a few weeks to prepare documentation for what will essentially be secured personal loans. Plus they'll need to locate a source of funds for their advances. Donovan advised that first-timers need not curtail their shopping because by the time they're ready to get a mortgage and go to closing, more local FHA-approved lenders will be actively in the market.
"The biggest obstacle for first-time buyers is coming up with a down payment," said Joe Robson, chairman of the National Association of Home Builders. "Enabling buyers to access the tax credit at the time of closing will help to stimulate home sales, stabilize housing and get the economy back on track."
-Tom Kelly, Inman News
Recently, the tax credit has been loaded with new angles allowing first-time buyers to add it to their down payment after the required 3.5 percent of the purchase price has come from their own funds. As of May 29, 2009, the $8,000 federal tax credit can be used as "an additional down payment or closing costs" for buyers who apply for mortgages insured by the Federal Housing Administration before Dec. 1, 2009.
A first-time buyer, as defined by the Internal Revenue Service, is anyone who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time homebuyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time homebuyer.
In addition, first-time homebuyers must purchase the property from a source unrelated to them. For example, they cannot purchase the house from a spouse, parent, grandparent, child, or acquire the property by gift or inheritance and obtain the tax credit.
Lenders are sorting out how all the details will work but hope that the impact of the news and the implementation of the program will be a huge boost to the regional housing picture.
According to Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, the idea to "monetize" the tax credits allows them to be immediately turned into cash, rather than waiting several months after the closing date of the transaction for the credits to be processed. The credit amount from the IRS is the lesser of 10 percent of the purchase price of the dwelling or $8,000.
There are income limits attached to the $8,000 first-time credit. A phase-out of the credit begins when the taxpayer's modified adjusted gross income exceeds $75,000 or $150,000 if married filing jointly. The credit is eliminated completely when the taxpayer's income reaches $95,000 or $170,000 if married filing jointly. Taxes owed by or refunds due to the taxpayer are factored into the calculation.
Modified adjusted gross income, or MAGI, is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"). AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.
Donovan said that some mortgage companies that do not have banking deposits to tap will need a few weeks to prepare documentation for what will essentially be secured personal loans. Plus they'll need to locate a source of funds for their advances. Donovan advised that first-timers need not curtail their shopping because by the time they're ready to get a mortgage and go to closing, more local FHA-approved lenders will be actively in the market.
"The biggest obstacle for first-time buyers is coming up with a down payment," said Joe Robson, chairman of the National Association of Home Builders. "Enabling buyers to access the tax credit at the time of closing will help to stimulate home sales, stabilize housing and get the economy back on track."
-Tom Kelly, Inman News
Wednesday, March 18, 2009
Hey, first-time homebuyer: How does $8,000 from your Uncle Sam sound?
Want an extra $8,000? If you’re a first-time homebuyer then we have a nice surprise for you.Last fall, the Federal Government introduced a financial incentive to prospective first-time homebuyers — an income tax credit of up to $7,500. The rules were simple: you must have been a first-time homebuyer (as defined by not owning a home in the previous three years) and you met certain income restrictions.
The new $8,000 tax credit is available to those who buy between January 1, 2009 and December 1, 2009. It’s not a deduction, it’s an actual credit. Unlike the $7,500 first-time homebuyer tax credit introduced last summer; this does not need to be repaid.
First timers who qualify can make no more than $75,000 in adjusted gross income if they’re single or $150,000 if filing jointly. The maximum tax credit is $8,000 or 10 percent of the sales price of the home, whichever is less. Three years residence in the property are required. As always, check with your accountant for details and be sure to submit IRS form 5405 when you file your taxes.
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