New listing coming up on blackwater road in central, la. Gorgeous piece of land with live oaks and azaleas galore. More details to come soon!
70 acres on blackwater road
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Category Archives: finance
First Time Homebuyers lets get a move on it!
I am just here at the office thinking of how INCREDIBLE the new stimulus tax credit is going to be this year. The new provisions state that you can get up to 8000.00…and here is the kicker. You DO NOT have to pay it back!!!! Last years version, which was 7500, must be paid back over the course of 15 years starting in 2010. So, if you were really were hesitant to purchase a home due to closing costs, down payment, etc. Fear not! Here is a chance to have that money from your savings replenished. FREE!! Here are some other provisions :
- Will help home buyers in high-cost markets by extending the FHA, Fannie Mae and Freddie Mac loan limit of $729,750 through the end of 2009.
- Allows state housing finance agencies to help buyers at closing by advancing the credit as a loan using proceeds from tax-exempt bonds.
- Extends the tax code section 25C credit for energy-efficient home improvements through the end of 2010; increases the credit rate from 10 percent to 30 percent; raises the lifetime cap from $500 to $1,500; expands the list of eligible improvements.
- For 2008 operations, expands the net operating loss carryback period from two years to five years for small businesses (businesses with average gross receipts of no more than $15 million over the previous three years).
- Temporarily allows exchange of Low-Income Housing Tax Credit allocating authority for tax-exempt grants and appropriates $2 billion in HOME funding for affordable housing projects.
- Provides a “patch” for the Alternative Minimum Tax for tax year 2009.
- Increases bonus depreciation and section 179 small business expensing for business investment in 2009.
- Increases New Markets Tax Credit allocating authority for 2008 and 2009.
- Delays for one year—from 2011 to 2012—the start of the three percent government contractor withholding requirement.
New professional networking site for Realtors
I attended a number of technology seminars while at Keller Williams Family Reunion this past week. Many emphasized the growing popularity and necessity of social and professional networking sites. A new one that is gaining some momentum for realtors is www.brokeragentsocial.com. It currently has about 5000 members and is getting a lot of positive response from critics
Tim Houk
Luxury home foreclosure – 35211 Beverly Hills Drive
WONDERFUL luxury home that is about to be bank owned. Home needs to be finished. I would suggest making an offer much lower as it is still the highest priced home that is currently active in Fountain Hill subdivision in Prairieville, La.
Specs:
5 bathroom, 3.5 bath, 4434 sq ft of living! “Wired for speakers in master bedroom, living room, kitchen, & porches; other appointments include cypress cabinets, exposed beams, millwork, lots of natural light, pine floors in office, dining & master bedroom; travertine tile in master bath, with ceramic tile in remainder of downstairs flooring. Upstairs flooring is carpet & ceramic tile. Plumbing for outside gas BBQ, Wired for flat screen TV above fireplaces in master bedroom & living room. Seller will consider lease/purchase.”
Contact me for more details!
FAQ about the new housing stimulus bill
FAQ: Senate Stimulus Bill’s Home Buyer Tax Credit Nick Timiraos reports:
Readers are posing lots of different questions about the proposed $15,000 home buyer tax credit that’s in the Senate version of the economic stimulus bill. It’s important to remember that the proposed credit is far from a done deal. The bill still has a couple of big hurdles, including tomorrow’s scheduled vote in the Senate. (Read the Senate version.)
If it passes, it will have to be reconciled with the House version of the stimulus bill, which modifies an existing $7,500 home buyer credit, repealing a provision that requires buyers to pay it back.
There are some big differences between those two versions. The Senate version is nonrefundable, meaning you can only receive the credit if you owe federal income taxes. The existing credit is refundable, meaning you get a check from the government even if you don’t owe income tax. And the current credit applies to first-time home buyers, defined as anyone who hasn’t bought a house in three years. The Senate version is open to existing homeowners.
Here are some more Frequently Asked Questions. Please note that the answers may change as the Senate bill changes:
If I bought a home and used the $7,500 home buyer tax credit, can I retroactively receive $15,000 credit if it becomes law?
No.
Are there any income restrictions on the tax credit?
The Senate version currently has no income limits. The current $7,500 tax credit phases out on buyers with incomes exceeding $75,000 for individuals and $150,000 for married couples.
When will the new tax credit go into effect?
The Senate version would take effect when the bill is signed by the president into law, and it would last for one year.
Can I take the tax credit this year?
Yes. The Senate proposal would allow buyers — even those who purchase in 2009 — to claim the credit on their 2008 taxes.
The proposed tax credit is nonrefundable. What does that mean?
You can only receive the credit to the extent that you owe federal income taxes. The Senate proposal would give home buyers two years to claim the credit, so buyers could claim a $7,500 credit in 2009 and a $7,500 credit in 2010. A family of four that makes less than $82,000, for example, could have a tax liability of less than $7,500 and they would not receive the full value of the credit.
Are there any repayment requirements on the tax credit?
No. The Senate proposal does not require the credit to be paid back. The House proposal eliminates a 15-year repayment provision on the existing $7,500 tax credit.
If I am eligible for the current $7,500 credit, am I also eligible for the $15,000 credit?
While the $15,000 credit has fewer restrictions than the existing credit, there is one big difference: because the credit is nonrefundable, if you have a low federal income tax liability, you could end up receiving more money with the current credit than the larger, proposed credit.
Are there any increased down payment requirements on the proposed tax credit?
No. A separate measure has been introduced in the House that would expand the tax credit to $15,000 but would require a 5% down payment on mortgages. The Federal Housing Administration currently requires a minimum 3.5% down payment.
Can I use the tax credit to buy a second home?
No.
How long do I have to live in my home after I purchase it with the tax credit?
The Senate version requires buyers to pay back the credit if they sell the house less than two years after they buy it.
Tim Houk
Baton Rouge at the top of the list – AGAIN!
Housing Predictor ranks Baton Rouge in its top 10 markets for people to buy a home. The city ranked number 9 on the annual list of places where buyers are most likely to see an investment from buying a house.
Read the full article at housing predictor
Tim Houk
Foreclosures down 23% in Louisiana
In an interesting piece of news, foreclosures are down 23% statewide. Compared to 28% increase nationwide, we are faring quite well! While I personally don’t think we have seen the worst of it yet, in Baton Rouge and surrounding areas, it is a good sign that our market won’t be overwhelmed – hopefully. I do hear that we will begin to see a lot of incomplete homes coming on the market from builders and contractors who are are behind and carrying too much inventory. I also see a lot of investment property coming available as well. Investors this is the time to move.
Read the article here
Tim Houk
Price changes in Baton Rouge?
In a recent poll in Baton Rouge about pricing:
Forty-one percent of the people who responded to a survey say Baton Rouge home prices are roughly the same as a year ago. Twenty-eight percent say that prices are down from a year ago, while 20% say the sale price of a house is up from 2007. Eleven percent were unsure. Nearly 150 people participated in the survey.
Interesting to see the perception that people have about our market. Prices are down from a year ago. Call or email me for more information about your local neighborhood.
Tim Houk
Will rates drop to ths 4′s this week?
A lot of speculation as to whether or not the rates will plummet. If they do indeed go down that low it will be very interesting to watch the local market. Stay tuned or details!
In the market for a Condo in Baton Rouge?
Well you have a LOT to choose from. There are currently 652 Condo’s on the market in East Baton Rouge Parish. Here’s the bad news: without 10-20% down you may not get one. I was told by 4 lenders in the past few days that the criteria for purchasing a condo has gotten very strict. There are warrantable, which has more owner occupants than investors and leased out units, and warrantable. There are a few complexes in town that are FHA approved which will require less down. I have been also working with the ONLY lender in town who can do 100% financing, but the requirements are STRICT. Call me for details if you are interested in finding out more details!
Tim Houk