everyone knows that Las Vegas is a fantastic place to live, vacation and experience.  That is why I’m offering Penny bucks to anyone that buys a home from me…

I believe in the spirit of Las Vegas and the direction it is going.  I know that for sure.. The economy is going to bounce back soon and we can feel free to spend our money and time more freely. 

Right now there are great deals on homes.  of course a majority of them are short sales and foreclosures but once they are sold then it wll be back to normal.

anyone who is interested in selling their property after the market comes around keep me in mind. You can use your Penny bucks for great deals

Humor in buying a home in Las Vegas:

• I can borrow how much? the amount is usually more than you think it will be, it will shock you .  
• I can buy where? you really have no idea where you’re going to buy until you find out how much you can borrow.
• My payments are what? the number will be a surprise to you and you think you are the superman/superwomen home buyer.
• I have to spend how much to fix up the place? Ok, it’s just going to be a few bucks.  .
• My friends and family think I’m rich. they will all be amazed at your new place.

Horror of buying in Las Vegas:

• I can borrow how much? if I only knew i would have never gone along with spending so much on this place.
• I can buy where? your property taxes are so much higher than you could have imagined.
• My payments are what? sure at the time you thought it would be a piece of cake making the payments.  wrong
• I have to spend how much to fix this place up? so much more than you could ever have thought you could possibly invest into a house.
• My friends and family think I’m rich. until they see the horror of all the money that is necessary to maintain the property properly.

The differnce between humor and horror, I guess it’s just a few different letters between the two words and a lot of bucks.  

 

One of the most exciting new provisions of the Housing and Economic Recovery Act of 2008 is the First-Time

Homebuyer Tax Credit. The credit is designed to encourage first-time homebuyers to go ahead and make the leap to

purchase their first homes. Combine this tax credit with the fact that home prices are at historical lows, and indeed it is

an ideal time for many first-time homebuyers to purchase homes.

The credit is available for homes purchased between April 9, 2008 and July 1, 2009

The credit amounts to 10% of the purchase price of the home not to exceed $7,500

A first-time homebuyer is defined as someone who has not owned a home in the last three years

Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the

full tax credit

The tax credit works like an interest free loan and must be repaid over a 15 year period

A tax credit is a special provision that reduces income tax liability on a dollar for dollar basis. When filing a tax return, you must include income

items, deduction items and the number of exemptions, among other things, to figure your total tax liability. If your total tax liability ends up being

$7,500, and you qualify for the full $7,500 tax credit, this credit would be applied and would wipe out all of the tax due. If your employer had

already deducted the $7,500 from your pay checks throughout the year, you would receive a tax refund of $7,500.

Yes, the credit does have to be repaid, so it is really more like an interest free loan. Homebuyers will be required to repay the credit to the

government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. For example, a

homebuyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the

credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax

return is filed. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was

insufficient profit, then the remaining credit payback would be forgiven.

Standardizing the

Your elected officials continue to work on additional economic stimulus measures to reinvigorate our nation’s economy. Housing has always lifted our economy out of past economic downturns, so it is imperative that housing-related provisions be included in any further efforts to foster an economic recovery.

Time is of the essence. This week and next, NAR is mobilizing hundreds of REALTORS® from all over the country to hold face-to-face meeting with elected officials to urge them to support NAR’s Four-Point Plan to  calm jittery real estate markets and boost the economy. 

 

 

Dear Harry Reid,

As a constituent and a Realtor, I ask that Congress focus any future stimulus package on reinvigorating housing markets. The current crisis is the result of problems in the nation’s housing markets. Efforts to boost the economy must calm jittery real estate markets.

Earlier, the National Association of Realtors (NAR) proposed a 4-Point Housing Stimulus Plan that should be part of any new stimulus package. NAR’s plan would:

*Make the $7500 first-time homebuyer tax credit available to all buyers and eliminate repayment requirements. The credit’s limited availability and repayment requirement severely limit the credit’s use and effectiveness.

*Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 will reduce them. Now is not the time to limit mortgage affordability.

*Get the Treasury relief program back on track and target more funds to mortgage relief. Create a federal mortgage interest buy-down program to make below-market rates available and stabilize home prices.

*Permanently bar banks from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply manage the loan process. Banks should not manage home sales and purchases.

Housing has always lifted our economy out of past economic downturns. It’s imperative now to foster a housing recovery, so that the economy can recover. Thank you for your hard work.