New listings coming up

Gooood afternoon.  Just an update that I will be posting some fantastic new listings tomorrow or later today.  1 Commercial building and 2 homes.

what a great day at Keller Williams Redstick Partners!

Tim Houk

Keller Williams Baton Rouge office number one office in Baton Rouge!

Yaaaaay!  For the second month in a row, Keller Williams Redstick Partners is the number one real estate office in Baton Rouge!  This just goes to show great training, motivation, and hard work pay off when things are slow.  There may be a recession going on, but there is definitely real estate out there to be bought and sold.  Not to mention some great deals are hitting the market every day.  Feel free to use my new search funtion at beautiful baton rouge homes site to do your search!

Tim Houk

Keller Williams Redstick Partners

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

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

Rates are low…closing time longer

Just a short bit of my dealings as of late.  Rates have been fantastic which is increasing the amount of buyers that I have.  However, getting to the closing table takes a little longer.  My average closing time the past few months has been 45 days, with some lasting quite a bit longer!  Don’t get me wrong, I don’t want to discourage anyone.  However if you are in the market to purchase a home, expect the purchase time to be a little longer than usual and plan accordingly.  Don’t let the media fool you, its a GREAT time to get into a home.  Prices are falling and there are deals all over the place.  Call me and lets set up a consultation IMMEDIATELY!

TIM HOUK

KELLER WILLIAMS REDSTICK PARTNERS

WWW.TIMHOUK.COM