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Tax Credit for Military Families Extended

by Team Cook

The first-time home-buyer tax credit is still available for military families.  Eligible military personnel are those who were overseas for at least 90 days between Jan 1, 2009 and May of 2010. Families must qualify for a  loan and close on or before April 30, 2011.

CLICK HERE TO READ A FULL ARTICLE ON THE TAX CREDIT FOR MILITARY FAMILIES!

 

 

For missing the $8,000, you gained $54,612 in interest charged for your loan. On a $200,000 mortgage at 5.5% interest over 30 years versus the current 4.25% you will have saved $54,612*.

Buy now and gain so much more than the $8,000. You really don't want to miss out on this benefit. Its loss will be more painful than the $8,000.

Call us today to start finding your new home!

* Interest rates change daily so savings can change based on your interest rate lock.

CALL Team Cook at The Cottage Realty
970-532-5900 (Office)
970-532-2695 * 970-667-1100

www.teamcook.biz
e-mail: kevinandconnie@realtor.com

Did You Know???

by Team Cook

Whether you are a first-time home buyer or a longtime homeowner, you may be eligible for a tax credit on a house purchase if you meet IRS guidelines.


You may be able to deduct Private Mortgage Insurance, tax deductions for vacation homes, interest on home equity loans, tax deductions when you work from home, tax breaks on capital improvements to your home, and tax deductions for disaster-related losses.

You can earn a federal tax credit and lower your utility bills at the same time when you improve your home's energy efficiency.

 

Vital Information for First-Time Buyers!

by Team Cook

Vital Information for First-Time Buyers!


 The first-time homebuyer Federal tax credit for $8000, record-low interest rates, and nationwide median home prices dropping to the lowest point in five years, makes this an enticing time to consider buying a home. By the way, that tax incentive isn't truly just for first-time buyers -- it's defined as those not having owned a home in the last three years. Research and knowing your options are critical. Check with your tax accountant for more details. It’s increasingly likely that Congress will extend and expand the popular home buyer tax credit, which will expire at the end of this month.

According to an article in August in the Raleigh News & Observer, 10.8 percent of buyers are motivated to buy due to Federal and state tax incentives. So far only 1.14 million buyers have filed for the credit but many more are expected to file for it on their 2010 returns. However, the National Association of Realtors reports that the first-time homebuyer figure in July was still about 10 percent below the average for the past six years.

There are many aspects to consider when buying your first home. Your price point, location, lifestyle, expert help, mortgage programs, inspections, how quickly you want/need to move, the list goes on. It can seem like an overwhelming process for first-time buyers. In fact, some shy away and continue to rent simply because they don't know who to turn to or where to begin. Today there are more resources than ever available with just the click of a mouse; however, that can create information overload! But if you take a breath and relax, I'll sort through some important factors for home buying. And even if you're a seller, it's good to review this material because it helps to remind you where first-time buyers' mindsets are when they make an offer on your home.

Give yourself more time than you think you need. Due to the housing crisis and credit crunch, the mortgage process can take even longer than it did previously. Searching for a home is averaging about 12 weeks while getting the mortgage process wrapped up can take up to 60 days, according to information released by National Association of REALTORS 2008 Profile of Buyers and Sellers.

Give yourself plenty of time to understand how much home you can afford, what kind of loan is most suitable for your needs, and, of course, plenty of time to select the home that fits your lifestyle. First-time homebuyers often don't have a lot of comparison shopping experience. Frequently they're just getting started. What is acceptable for a rental is likely different from what first-time buyers expect and accept when purchasing their first home. However, first-time buyers must understand that shopping for a home is akin to shopping for a mate... there are always some compromises that are necessary. If you don't allow enough time, you'll find that it will lead to headaches, rushed decisions, and, in the end, you may feel pressured to buy something that you have not had enough time to completely consider—maybe because you have to relocate and start your job.

Never skip an inspection. You simply can't spot everything that could be wrong with the home. While not all sellers do it, some hire an inspector to inspect the home when they list it on the market. However, the burden of the inspection typically falls on the buyer to pay for it. And the information you receive is invaluable. Hiring a certified inspector to give the home a once-over will help you discover problem areas that your agent can then negotiate for repair work or price adjustment. Also, note that the home inspections (yours and the sellers) may differ; examine both, this way you'll learn more about your potential home.

Frank Schulte-Ladbeck, a licensed home inspector says that when you get your home inspection be certain to have everything turned on. In one case, "The water valve to the house was turned to almost off. When you turned it on to regular pressure... the seller had water spurting out of almost all of the faucets because all of the O-rings, the seals, had all dried so much that they were just allowing water to spill right out of them," said Schulte-Ladbeck.

Use experts to help prepare. Having a team of experts who can expedite your search by finding the most suitable properties for you will save you endless hours of looking. Also, the right mortgage expert simplifies the loan process. You'll be guided through the home-buying process instead of becoming overwhelmed by the options, paperwork, and tasks. Using the best specialists can truly make buying your first home a wonderful experience.

Written by Phoebe Chongchua

If you are a first-time home buyer, call Team Cook today!

September Market Update

by Team Cook

For the first time in five years, existing home sales have increased for four months in a row, according to an August report by the The National Association of Realtors® (NAR). Existing home sales - including single-family, townhomes, condominiums, and co-ops - increased 7.2 percent in July, which is the largest monthly sales gain recorded since 1999. Analysts are projecting an increase in 2009 of existing home sales to a seasonally adjusted annual rate of 5.24 million units, which is 5 percent above the 4.99 million-unit pace set in July 2008.

"The housing market has decisively turned for the better," said Lawrence Yun, chief NAR economist. "A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales."

Possible Homebuyer Tax Credit Extension!

by Team Cook

The current deadline for first-time homebuyers to take advantage of the $8000. tax credit is November 30th of 2009.

Team Cook has had several happy customers who have taken advantage of the tax credit and purchased their first home in the Loveland, Berthoud, Ft. Collins, Johnstown, Greeley and Longmont areas.

A group of home builders has gone to Congress and asked that the tax credit be extended for another year, as well as asking the credit to include those who also may be buying their second or third home.

Should this extension pass they are predicting this would help the economic recovery by creating an additional 350,000 jobs with new & existing homes.

"Housing historically has been a key factor in helping the economy pull out of a recession," says Bernard Markstein, senior economist for the NAHB. "Extending the credit will help reduce the supply of houses for sale, stabilize prices and return housing to its rightful place in the economy."

As of today the tax credit has not been extended which means we still have to work under the November 30th deadline.  If you are a first-time homebuyer or have not purchased a home in the last 3 years, you still have time to take advantage of receiving $8,000! 

Call Team Cook so we can help you purchase today...before it's gone tomorrow! 970-532-2695!

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Team Cook Real Estate Services
The Cottage Realty Ltd.
908 Mountain Avenue
Berthoud CO 80513
970-532-2695
Fax: 970-532-2699

"I have truly heard and seen first-hand that Cottage Realty is wonderful, exemplary, and a real asset to the economy of Northern Colorado. I will definitely keep Cottage Realty in mind as my first choice if and when I have real estate needs in the future. Again, thank you so much. I will also refer you to friends and family who need your services. Sincerely...Stacy"