Lake of the Ozarks Real Estate Blog

Written by Ruth Anderson, Broker/Sales

November 19,2009

 

On October 28, 2009, the U.S. Senate approved extending the $8,000 tax credit for first-time home buyers.  A first-time home buyer is defined as someone who has not owned a principal residence for the 3 year period prior to the purchase.  If you qualify, the tax credit applies to sales occurring on or after January 1, 2010 through on or before April 30, 2010.  You qualify if the sales contract is signed by April 30^th and closes by June 30, 2010.  There are also provisions for homes purchased between November 6, 2009 and January 1, 2010. This tax credit does not have to be repaid, and applies to homes priced less than $800,000.  Talk to your realtor or tax accountant if you have questions specific to your situation.

 

Or, you could be eligible for a $6,500 “Move-Up/Repeat Home Buyer” tax credit.  To qualify, a home buyer must have owned and lived in their previous home for 5 consecutive years out of the last 8 years.  Other requirements are similar to the first-time home buyer credit, which qualifies single taxpayer incomes up to $125,000 and married couples at maximum annual income of $225,000.

 

This extension of taxpayer credit should stimulate a continued increase in home sales, benefit taxpayers who qualify for this credit, and in turn, boost our economy.   This might be just the incentive you need to buy instead of rent, or move up to a bigger or nicer home.

 

Source:  Nat’l Assn. of Home Builders

 

With the downturn of the current real estate market a new sales trend has risen; home auctions.  Today you cannot go one week without seeing an advertisement for a Real Estate Auction.  Real Estate Auctions have risen in popularity all around the country and the Lake of the Ozarks is no different. 

 

One question that I have received from several of my prospects is can they be represented at an auction by a Buyer’s Agent and the answer is typically, yes.  As of today I have yet to find an Auction company that does not have some sort of Cooperation policy with Licensed Buyers Agents.

 

If you are considering purchasing a home at an auction and would like representation there is a process that must be followed.  According to my research every Auction company requires that prospective bidders who will have a Buyer’s Agent must be registered for the Auction by the Agent prior to the scheduled auction.  Each of the Auction companies that I have researched requires that your Buyers Agent attend the auction with you and be a part of the entire process if you are the winning bidder for a home.

 

As a prospective buyer all auction companies will allow you and your buyer’s agent an opportunity to tour each of the homes that are scheduled during a prescheduled open house.  This is your opportunity to view the residence and perform any inspections that concern you.

 

Your Buyers Agent will be able to assist with scheduling inspections, reviewing title work, setting up the closing, scheduling the final walk through and any other services that are necessary to facilitate the closing. 

 

If you are considering purchasing a home at an auction and would like one of John Farrell Real Estates Realtors to assist you please call us immediately.

You’re wanting to buy property at the Lake of the Ozarks, but you just can’t quite make the decision. 

Q:  What are you waiting for?

A:  I’ve never purchased a house before.  It’s a big step.

Fact:  Yes, purchasing your first home is a big step.  But, you may be able to qualify and take advantage of the $8,000 tax credit as a part of the federal government stimulus program.  This program has helped thousands of first-time home buyers in the last several months.  Ask your Realtor about it, but don’t wait too long.  The program expires on December 1.

Q:  What are you waiting for? 

A:  I’m waiting for interest rates to go lower.

Fact:  Interest rates have been fluctuating up and down a quarter of a percent for months now.  At some point in time, as the economy starts to level out, the fluctuation will be over, and the rates will start moving back up.  Some say that will start to happen after the first of the year.

Q:  What are you waiting for?

A:  I’m waiting for prices to drop further.

Fact:  The practical sellers have already had their “reality check” and have adjusted their prices accordingly.  There will always be those who won’t drop their prices because they don’t need to sell, or for a variety of other reasons.  But, there has never been a better inventory of reasonably priced homes on the market at the Lake of the Ozarks than Right Now!

Q:  What are you waiting for?

A:  I’m still afraid of the economy.

Fact:  Anyone who has lived for fifty years, or more has seen dramatic shifts in the economy, but one thing has remained constant:  Real estate is one of the best and surest investment you can make – hands down!  As one of my friends has said, “They’re not making any more land.  What there is is what there is.”  So, if you’re in a position to buy, and have been considering the Lake of the Ozarks, my recommendation is to call John Farrell Real Estate Company.  We will be glad to help you find your own “Piece of Paradise.”  What are you waiting for?