Sun City Grand Real Estate & Arizona Retirement Communities

At 2:30pm CST on Friday February 13 2009, the US House of Representatives approved the following Economic Stimulus package that affects housing in the real estate industry. So how does this affect your plans to homeownership?

This is a trimmed version of $787 Billion from an earlier version just a week ago of over $900 Billion. This new bill is also expected to create 3.5 million jobs. At the time when this post was published, the Senate are discussing passing this bill and President Obama is expected to sign this bill into action.

Just 10 days ago, the proposal was $15,000 of home tax credit with no income restrictions while the original proposal was $7,500 repaid over a period of $500 for the next 15 years with income qualifications.

Today, the House passed an amount almost cut in half. $8,000 but this never needed to be re-paid. A true tax credit. If you don’t owe as much taxes, the IRS will refund with a check. When you sell the house less than 3 years of ownership, you will have to repay the credit.

Qualifying home purchase from January 1 2009 through December 31 2009. Income limits for singles up to $75,000 and $150,000 for married couples filed jointly.

What happens to the original enactment for first-time home buyers that qualify?

The proposal to this is to stay true for those who qualifies. First-time home buyers that purchase between April 9 2008 through December 31 2008 will still be covered under the original bill for $7,500. Finalization is still decided upon whether the tax credit needs to be re-paid.

Read more on whether you qualify for the First-time Home Buyer credit under the original bill in my post, What Every First-time HomeBuyer Needs To Know About The $7,500 Tax Credit.
 

 

 

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I proudly serve and sell real estate in the northern suburb cities of the Dallas metroplex. If you are thinking about purchasing or selling your home in neighborhoods of Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area and other surrounding areas and more importantly, want to work with a local area expert, contact me at your earliest convenience.

I employ a systematic market approach in selling your home - an intentionally unique proposal that most real estate agents do not use. Find out how past clients are on their way to the closing table with this different proposition to home selling.

Contact:
Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

 

 

Copyright © 2009 by Loreena Yeo (3:16 team REALTY).  How Will the Economic Stimulus Plan Affect Your Housing Plans?

Do Not Copy. Serious actions will be taken. Re-blog is allowed for Active Rain members on the Active Rain platform when the content is taken in its entirety and credit be given to Loreena Yeo and 3:16 team REALTY.

This happened last night on my way home from work, and the business application to the story hit me like a ton of bricks.  I've got to pay attention if I'm to navigate this real estate market and survive.  We're talking survival here.  Staying alive.  Reaching our objectives.  Paying the bills and keeping the doors to our businesses open.

See if this resonates with you.

The story:
5:40 p.m.  Rush hour traffic on a main east west artery through town.  4 lanes.

I saw the approaching minivan in my mirror.  It passed me on the right, doing about 40.  Traffic was doing about 35.

As I glanced over, I was more than mildly surprised to see the driver reading a paperback novel that she was holding against the steering wheel.

My point & shoot Lumix rides shotgun with me on the passenger seat, and it's set to take a 3-photo sequence.  I rolled down the passenger side window and waited for an opportunity.

Half a block down the road, I captured this photo.  Notice three things:  (1) the minivan's front wheel is a blur at the speed we're travelling, (2) the level of traffic in my passenger side mirror, and (3) the drivers' focus--look at her eyes.

 

 

 

 

 

 

 

 

 

 

The allegory:

I'm doing this with my business some days.  Why, you ask?  I do it because I can.  I'm good at what I do.
(I know how to drive.  I drive this road every day.)  I do it because my business, like yours, is repetitious and sometimes boring.  It's fallen into a pattern. 

We've been working long enough that we can do parts of our business without thinking about actually doing it.  Without concentrating.  Without focusing on the task at hand.

I can't say what it might be for you.  For me, the allegory is is to my marketing.  It's on autopilot.  I'm on autopilot.  I know how to do this stuff.

If you think for a minute, you'll see an allegory in your business.  Let's all focus today, and "arrive alive."

I'm Mike in Tucson, your preferred Tucson, AZ Mortgage lender.

Think of me as your Tucson mortgage expert.
Call me if I can help you with a purchase or refi mortgage: 
(520) 349-9090

A lot of time, people outside of Washington read media coverage about stuff that goes on here, and it's confusing.

This week, there seems to be some confusion about the President's economic plan that is currently crawling through the legislative process in Congress. 

Right now, as I write this, the $15,000 tax credit for home buyers is a mere proposal. If enacted, this would mean that buyers would basically get to deduct $15,000 from their federal income tax bill.

There are two versions of this bill and two versions of the tax credit. 

The House of Representatives, where the legislation originated, had a $7,500 tax credit for first time buyers only (defined as people who haven't owned a house for the last few years), and there were income caps, so many first time buyers would get zilch.  Nada. 

The Senate version is far more generous, doubling the amount, losing the income caps, and giving it to all buyers - not just first timers.  It will also cost a whole lot more than the House version.

After the Senate passes its plan, representatives of each house of Congress get together to reconcile the differences.  Then the final version goes back for another vote, and assuming the compromise bill passes, it will go to the White House for President Obama's signature.

Then, if the tax credit makes it through, we unpop the champagne and really, really celebrate!

Oh, and this might be a great time to contact your favorite Senators and Congressman (or woman).