Kaye Cash\’s Blog

I™ve just sold a New – single family property at 5103 Red Oak Dr in Oxford. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I™ve just sold a Resale – single family property at 2101 Oakmont Ave in Anniston. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I™ve just sold a Resale – single family property at 50 Ambleside Dr in Lincoln. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I™ve just sold a Resale – single family property at 3635 Hwy 9 in Anniston. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

The Tax Credit for First Time Home Buyers and for existing Home owners is quickly coming to an end. To qualify a contract must be in place by the end of April, and must close by the end of June. If you know anyone interested they should take advantage of this opportunity. Below I have information that should cover the most Frequently asked Questions.

Following are key points that prospective home buyers should be aware of when considering a home purchase under the tax credit program.

• A tax credit of up to $8,000 is available for first-time home buyers purchasing on or after January 1, 2009 and on or before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• A tax credit of up to $6,500 is available for repeat home buyers who have owned a home for five consecutive years out of the prior eight years. The repeat home buyer tax credit applies to houses sold after November 6, 2009 and on or before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• Income limits of $125,000 for individuals and $225,000 for married couples filing jointly apply to all sales occurring after Nov. 6, 2009.
• The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009 are $75,000 for individual taxpayers and $150,000 for married couples filing jointly.
• Homes priced above $800,000 are not eligible for either the first-time home buyer tax credit or the repeat home buyer tax credit.
• Expanded tax credit benefits apply to members of the military, the foreign service and the intelligence community.
• Home purchases in 2010 may be claimed on an amended 2009 income tax return.
• Persons who are claimed as dependents by a taxpayer or who are under age 18 do not qualify for a tax credit.
• Home purchases from relatives of the taxpayer or the taxpayer™s spouse do not qualify for the tax credit. The IRS defines relatives as ancestors (parent, grandparent, etc.), lineal descendants (child, grandchildren, etc.) and spouses.
• Married couples are not eligible to claim the first-time home buyer tax credit if either spouse has previously owned a home. They may, however, qualify for the repeat home buyer tax credit.
• Neither the first-time home buyer tax credit nor the repeat home buyer tax credit have to be repaid unless the home is sold or ceases to be used as the buyer™s principal residence within three years after the initial purchase.
• Taxpayers must submit a copy of the HUD-1 settlement statement and IRS Form 5405 to claim either the first-time home buyer tax credit or the repeat home buyer tax credit.

I™ve just sold a REO property at 1050 Aderholt Rd in Piedmont. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I™ve just sold a Resale – single family property at 201 W 9th St in Oxford. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I™ve just sold a Resale – single family property at 111 Mitchell Rd in Oxford. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

December gave us several indications that a Real Estate recovery is under way. I would like to share several of them with you over the next few days.

Existing Home Sales – Up 44% from last year

• Existing home sales surged a record-breaking 44 percent from a year ago, the highest annual gain since NAR started tracking the data in 1999. The strong gain can be attributed to first-time buyers who accounted for 51 percent of all home sales, the highest on record dating back to 1981, as they rushed to beat the deadline for the first-time buyer tax credit that was due to expire November 30. The previous high was 44 percent in 1991. Sales activity is at the highest level since February 2007 when it reached 6.55 million.

Median Home Price – Very favorable

• Low home prices continue to add the extra boost to home sales. Existing-home price was $172,600 in November, 5 percent higher from its low in January. While still 4.3 percent down from a year ago, it is the smallest decline in two years. Distressed properties, which accounted for 33 percent of all transactions in November, continue to hold down the median home price, as they typically sell for 15 to 20 percent less than traditional homes.

We are quickly approaching the end of another year, and I thought it would be good to ponder the lessons I learned in 2009. Some of these lessons apply primarily to the Real Estate business while some apply to life in general. Without further adieu here’s my list….

1) Service means success! In most industries bad economies weed out the companies and people who don’t provide good service to their clients. When the economy is good and business is abundant many people and companies are able to glean a share of the market just by being there. The shear volume of demand allows them a certain amount of success regardless of their failure in customer service. The truth is people have an innate desire to be taken seriously, and have their needs met by someone who is out for more than just a paycheck. Good service is just good business! It’s always right to do the right thing is a good way to live, and do business.

2) Follow-up, Follow-up, Follow-up! One thing I’ve learned in sales is that you have to follow-up leads to make a sale. There have been times that I’ve left repeated messages for people who I knew could benefit from a product or service I could provide. Soon you begin to imagine your messages sitting in a pile on their desk, and you feel it’s an imposition to keep trying to make contact. Some of the best sales I’ve ever made came when I pushed through this feeling and finally made contact. Don’t give up on leads, they are the life blood of your business.

3) Attitude Matters! Many people have grown their business in 2009 in a down economy. My wife Kaye is one of them. Her business is up 27% from 2008 when the Real Estate market at large was down around 22%. How do you do that? You keep your attitude positive and keep doing the best practices that lead to success. Many people failed this year because they thought that was all the economy would allow. Don’t let the economic forecast dictate your attitude.

written by Dale Cash