AUSTIN, TEXAS (December 21, 2009) — Keller Williams Realty joined the ranks of the top franchises in the world last week, when the company was ranked as the No. 1 real estate franchise on the 31st Annual Franchise 500 list by Entrepreneur magazine. During the same week, the company was also voted the Most Recognizable Brand of Real Estate Franchises for 2009 in an industry-wide survey for the Swanepoel TRENDS Report.
“The Swanepoel TRENDS Report is a respected source for the real estate industry and beyond, as is Entrepreneur magazine, and we are excited to see our agents honored in this way for all of their hard work,” said Mark Willis, CEO, Keller Williams Realty. “We certainly wouldn’t have been included on either list without the dedication and resolve of our agents.”
According to the ranking in Entrepreneur magazine, the most important criteria to determine the top franchises included financial strength and stability, as well as growth rate and size of the franchise system. The magazine also looked at the number of years the company has been in business and the length of time it’s been franchising, in addition to start-up costs and financial data. Additionally, Keller Williams Realty made an impressive showing on the overall list, placing higher than any other real estate franchise.
The Swanepoel TRENDS Report is published by Stefan Swanepoel, a real estate industry speaker and insider. The survey was crafted to determine the Most Recognizable Brand for Real Estate Franchises for his report out in February 2010. The survey included votes cast by 11,000 plus real estate agents, who cast 390,000 votes to select the top 10.
Earlier in the year,Keller Williams Realty also received the highest overall satisfaction ratings from home buyers among the largest full-service real estate firms from J.D. Power and Associates for the second year in a row.
“We are extremely proud that our associates and company are being recognized for our strength and stability during this time in our industry,” said Mary Tennant, president and COO, Keller Williams Realty. “We attribute our success to being in business with phenomenal people and to our core business models, which have allowed our franchises to thrive during any market.”
TO SEARCH HOMES GO TO WWW.ALISHACROWDER.COM
Tuesday, December 29, 2009
Friday, December 18, 2009
Christmas came early in Brevard!
IT'S SNOWING IN BREVARD!
TO SEARCH HOMES GO TO WWW.ALISHACROWDER.COM
Wednesday, December 2, 2009
Twilight Tour - Downtown Brevard - December 5th
Festival Schedule
9:00 am Brevard Reindeer 5k Run
3:00 pm Christmas Parade
5:00 – 7:00 pm Music at the Gazebo
4:00 – 8:00 pm Heart of Brevard Open House – in-store specials and refreshments
5:00 – 8:00 pm Santa Claus
4:00 – 8:00 pm Bi-Lo Cookie Decorating
4:00 – 8:00 pm Ice Slide
Also Enjoy
10:00 – 9:00 pm Festival of Trees at the Silvermont
10:00 – 6:00 pm Area 5 WNC Quilter’s Guild Annual Quilt Show
10:00 – 8:00 pm Aluminum Christmas Tree Museum
2:00 pm Tree Trimming
7:30 pm Festival of Nine Lessons and Carols at the Porter Center
Music at the Gazebo
5:00 – 5:30 pm Pisgah Forest Elementary School Chorus
5:30 – 6:00 pm Brevard High School Concert Chorus
6:00 – 6:30 pm Brevard Elementary School Chorus
6:30 – 7:00 pm Turning Pointe School of Dance
Strolling Musicians - Trio Con Brio
See you there!
TO SEARCH HOMES GO TO WWW.ALISHACROWDER.COM
9:00 am Brevard Reindeer 5k Run
3:00 pm Christmas Parade
5:00 – 7:00 pm Music at the Gazebo
4:00 – 8:00 pm Heart of Brevard Open House – in-store specials and refreshments
5:00 – 8:00 pm Santa Claus
4:00 – 8:00 pm Bi-Lo Cookie Decorating
4:00 – 8:00 pm Ice Slide
Also Enjoy
10:00 – 9:00 pm Festival of Trees at the Silvermont
10:00 – 6:00 pm Area 5 WNC Quilter’s Guild Annual Quilt Show
10:00 – 8:00 pm Aluminum Christmas Tree Museum
2:00 pm Tree Trimming
7:30 pm Festival of Nine Lessons and Carols at the Porter Center
Music at the Gazebo
5:00 – 5:30 pm Pisgah Forest Elementary School Chorus
5:30 – 6:00 pm Brevard High School Concert Chorus
6:00 – 6:30 pm Brevard Elementary School Chorus
6:30 – 7:00 pm Turning Pointe School of Dance
Strolling Musicians - Trio Con Brio
See you there!
TO SEARCH HOMES GO TO WWW.ALISHACROWDER.COM
Monday, November 23, 2009
Real Trends Report - Steve Murray
Markets roared in October with best year over year showing in 4 years. All regions up in unit sales and slower price declines
November 13, 2009 Denver, CO – October 2009 housing sales exploded to new levels with all four regions showing strong increases in unit sales and slowing price declines. Unit sales for the nation in October 2009 were up 14.0 percent over October 2008 results. The strongest region for unit sales growth was the South with October 2009 unit sales up 18.5 percent over October 2008; the Northeast showed an increase of 16.3 percent and the Midwest was up 13.6 percent. The Western region that had showed the strongest year over year comparisons for the last year showed unit increase of 7.7 percent.
Price declines slowed as well. The national average price for homes sold in October 2009 was down 8.1 percent, a measurable improvement over the September 2009 results when prices were down 9.8 percent from a year ago. The best region as the Northeast where prices were down only 4.2 percent comparing October 2009 to October 2008; the Midwest showed price declines of only 6.5 percent while the South showed price declines of 6.8 percent. The Western region showed the largest average price decline at 10.4 percent but still a huge improvement over the previous month’s report.
"October 2009 results were the best that have been recorded in nearly four years topping even the improved results in the September 2009 report. Unit sales strength was across the board with every region showing improvement in October 2009 sales over the September 2009 results”, said Steve Murray, editor of REAL Trends. “Unit sales have firmed up five months in row with October showing positive improvements in every region. Price declines are measurably less than they were than in the first 9 months of the year with every region showing improvement.”
"Near record low interest rates and the federal and state first time homebuyer tax credit are for the time being doing the job of assisting the housing economy. The pending expiration of the tax credit had a significant impact on these results. The extension through next spring should have a positive impact on housing sales through the 4th quarter of 2009 and the first quarter of 2010. The expansion to move up buyers should provide additional stimulus to keep the housing market on the road to improving results.
Housing Market Report October 2009 September 2009 (Versus same month a year ago) Closed Sales AVG Price Closed Sales AVG
Price National +14.0% -8.1% +4.9% -9.8%
Regional Report
Northeast +16.3% -4.2% +9.4% -10.9%
South +18.5% -6.8% +6.1% -8.9%
Midwest +13.6% -6.5% -3.3% -6.8%
West +7.7% -10.4% +7.2% -13.2%
TO SEARCH HOMES GO TO WWW.ALISHACROWDER.COM
November 13, 2009 Denver, CO – October 2009 housing sales exploded to new levels with all four regions showing strong increases in unit sales and slowing price declines. Unit sales for the nation in October 2009 were up 14.0 percent over October 2008 results. The strongest region for unit sales growth was the South with October 2009 unit sales up 18.5 percent over October 2008; the Northeast showed an increase of 16.3 percent and the Midwest was up 13.6 percent. The Western region that had showed the strongest year over year comparisons for the last year showed unit increase of 7.7 percent.
Price declines slowed as well. The national average price for homes sold in October 2009 was down 8.1 percent, a measurable improvement over the September 2009 results when prices were down 9.8 percent from a year ago. The best region as the Northeast where prices were down only 4.2 percent comparing October 2009 to October 2008; the Midwest showed price declines of only 6.5 percent while the South showed price declines of 6.8 percent. The Western region showed the largest average price decline at 10.4 percent but still a huge improvement over the previous month’s report.
"October 2009 results were the best that have been recorded in nearly four years topping even the improved results in the September 2009 report. Unit sales strength was across the board with every region showing improvement in October 2009 sales over the September 2009 results”, said Steve Murray, editor of REAL Trends. “Unit sales have firmed up five months in row with October showing positive improvements in every region. Price declines are measurably less than they were than in the first 9 months of the year with every region showing improvement.”
"Near record low interest rates and the federal and state first time homebuyer tax credit are for the time being doing the job of assisting the housing economy. The pending expiration of the tax credit had a significant impact on these results. The extension through next spring should have a positive impact on housing sales through the 4th quarter of 2009 and the first quarter of 2010. The expansion to move up buyers should provide additional stimulus to keep the housing market on the road to improving results.
Housing Market Report October 2009 September 2009 (Versus same month a year ago) Closed Sales AVG Price Closed Sales AVG
Price National +14.0% -8.1% +4.9% -9.8%
Regional Report
Northeast +16.3% -4.2% +9.4% -10.9%
South +18.5% -6.8% +6.1% -8.9%
Midwest +13.6% -6.5% -3.3% -6.8%
West +7.7% -10.4% +7.2% -13.2%
TO SEARCH HOMES GO TO WWW.ALISHACROWDER.COM
Friday, October 23, 2009
27th Annual Halloween Fest Schedule
Make sure you spend Halloween downtown on October 31st. Look at all of the great stuff.
9:00 a.m. – 11:00 a.m. – Proper Pot Apple/Pumpkin Bake Off
Proper Pot – Judging at 11:00 a.m.
10:00 a.m. – 6:00 p.m. – Street Festival. Food and Crafts
Downtown Brevard
10:00 a.m. – 6:00 p.m. – Family Activities – Tiny Tot Pumpkin Bowl,
Hay Maze, Bi-Lo Cookie Decorating, Ghoulish Golf
11:00 a.m. – 6:00 p.m. – STJ Pay-to-Play Inflatables
10:00 a.m. – 4:30 p.m. – Juried Craft Show
(Scared Heat Catholic Church)
10:30 a.m. - Junior Fiddle Music Competition
(Courthouse Gazebo)
11:00 a.m. – 6:00 p.m. - Old Time Music Competition
(Courthouse Gazebo)
1:15 - Costume Parade Judging – TYC
(Downtown – Johnson/Jordan St)
2:00 p.m. – 4:00 p.m. – Fall Festival (First Baptist Church Fellowship Hall)
2:00 p.m. - Costume Parade (Downtown Brevard)
2:30 p.m. – 3:30 p.m. - Trick or Treat
(Downtown Merchants/Vendors)
3:00 p.m. – 3:30 p.m. - Pumpkin Carving Contest
(Transylvania Times – Judging 3:30 p.m.)
5:00 p.m. - Flight of the Vampire 5K Race
(Brevard Rotary S. Gaston near TC Library)
8:00 p.m. – 10:00 p.m. – Old time String Band Competition
(Courthouse – Large Courtroom)
OLD TIME MUSIC COMPETITION (Downtown Gazebo)
10:30 a.m. – Junior Fiddle
11:00 a.m. - Folk Song
12:00 p.m. - Lap Dulcimer
12:45 p.m. - Old Time Banjo
2:30 p.m. - Old Time Fiddle
3:30 p.m. - Mandolin
4:00 p.m. - Guitar
4:30 p.m. - Banjo Finals
5:00 p.m. - Fiddle Finals
8:00 p.m. - Old Time String Band competition
OTHER HALLOWEEN ACTIVITIES:
Graveyard Tours – (Trans. Heritage Museum, 5:00 pomp & 6:30 p.m.)
“Bell, Book, and Candle” (BLT Theatre – American Legion Hall, 8:00 p.m.)
“Little Shop of Horrors” – (Brevard College – 8:00 p.m.)
“Shock in the Corn” – Haunted Maze – (Blue Ridge Corn Maze, Dusk – 10:00 p.m.)
Trunk or Treat – FBC Parking Lot across from Big Mike’s – 6:00 p.m. – 8 p.m.)
TO SEARCH HOMES GO TO WWW.ALISHACROWDER.COM
9:00 a.m. – 11:00 a.m. – Proper Pot Apple/Pumpkin Bake Off
Proper Pot – Judging at 11:00 a.m.
10:00 a.m. – 6:00 p.m. – Street Festival. Food and Crafts
Downtown Brevard
10:00 a.m. – 6:00 p.m. – Family Activities – Tiny Tot Pumpkin Bowl,
Hay Maze, Bi-Lo Cookie Decorating, Ghoulish Golf
11:00 a.m. – 6:00 p.m. – STJ Pay-to-Play Inflatables
10:00 a.m. – 4:30 p.m. – Juried Craft Show
(Scared Heat Catholic Church)
10:30 a.m. - Junior Fiddle Music Competition
(Courthouse Gazebo)
11:00 a.m. – 6:00 p.m. - Old Time Music Competition
(Courthouse Gazebo)
1:15 - Costume Parade Judging – TYC
(Downtown – Johnson/Jordan St)
2:00 p.m. – 4:00 p.m. – Fall Festival (First Baptist Church Fellowship Hall)
2:00 p.m. - Costume Parade (Downtown Brevard)
2:30 p.m. – 3:30 p.m. - Trick or Treat
(Downtown Merchants/Vendors)
3:00 p.m. – 3:30 p.m. - Pumpkin Carving Contest
(Transylvania Times – Judging 3:30 p.m.)
5:00 p.m. - Flight of the Vampire 5K Race
(Brevard Rotary S. Gaston near TC Library)
8:00 p.m. – 10:00 p.m. – Old time String Band Competition
(Courthouse – Large Courtroom)
OLD TIME MUSIC COMPETITION (Downtown Gazebo)
10:30 a.m. – Junior Fiddle
11:00 a.m. - Folk Song
12:00 p.m. - Lap Dulcimer
12:45 p.m. - Old Time Banjo
2:30 p.m. - Old Time Fiddle
3:30 p.m. - Mandolin
4:00 p.m. - Guitar
4:30 p.m. - Banjo Finals
5:00 p.m. - Fiddle Finals
8:00 p.m. - Old Time String Band competition
OTHER HALLOWEEN ACTIVITIES:
Graveyard Tours – (Trans. Heritage Museum, 5:00 pomp & 6:30 p.m.)
“Bell, Book, and Candle” (BLT Theatre – American Legion Hall, 8:00 p.m.)
“Little Shop of Horrors” – (Brevard College – 8:00 p.m.)
“Shock in the Corn” – Haunted Maze – (Blue Ridge Corn Maze, Dusk – 10:00 p.m.)
Trunk or Treat – FBC Parking Lot across from Big Mike’s – 6:00 p.m. – 8 p.m.)
TO SEARCH HOMES GO TO WWW.ALISHACROWDER.COM
Monday, October 19, 2009
Brevard College cycling team wins D-II national title
Published: Sunday, October 18, 2009 at 12:53 p.m.
Last Modified: Sunday, October 18, 2009 at 12:53 p.m.
TRUCKEE, Calif. - Led by Jo Tuttle's national title in the four-cross event on Saturday and her runner-up spot in the downhill on Sunday, the Brevard College Tornado cycling team won the Division II national title at the USA Cycling Collegiate Mountain Bike National Championships in California.
Other podium finishes for the Tornados were Tristan Cowie with a second place finish in the short track event and Julia Tellman with a third place result in the short track and a fifth-place result in the four-cross.
Previous podium finishes for the Tornados in the event include Cowie's fifth-place finish in the cross country event on Friday and Tellman (third) and Tuttle's (fifth) in the women's cross country event.
The Brevard men's team started off the cross country event on Friday, led by Cowie's finish in 2:37:31, five minutes back of National Champion Stephen Ettinger of Montana State University-Bozeman.
Cory Rimmer, Matt St. Marie and Matt Wells also were in the race, finishing in the top 35 of the event.
On the women's side, Tellman finished six minutes back from Lydia Tanner, also from Montana State University-Bozeman, with a time of 2:24:38 and Tuttle finished five minutes behind her to round out the top five.
Caroline Decosimo recorded a top-10 finish in her first national championship event with a time of 2:48:54, and Sarah Duncan came in 12th to round of the group of Tornado riders on Friday.
Results
Division II Team Omnium
1. Brevard College – 663 points
2. Union College of Kentucky – 533
3. Warren Wilson college – 501
4. Colorado School of Mines – 401
Montana State University - 284
Division II Men’s Omnium
1. Zach Winn (Union College of Kentucky)
2. Greg Gibson (Union College of Kentucky)
3. Tristan Cowie (Brevard College)
4. Joe Schneider (Colorado School of Mines)
5. Linden Blaisus (Warren Wilson College)
Division II Women’s Omnium
1. Johanne Tuttle (Brevard College)
2. Julia Tellman (Brevard College)
3. Rachel Millsop (Union College of Kentucky)
4. Courtney Steen (Colorado School of Mines)
5. Christen Boyer (Colorado School of Mines)
All rights reserved. This copyrighted material may not be re-published without permission. Links are encouraged. Go to www.BlueRidgeNow.com for more information.
TO SEARCH HOMES GO TO WWW.ALISHACROWDER.COM
Friday, September 25, 2009
Friday, September 11, 2009
Friday, September 4, 2009
Monday, August 17, 2009
New Listing with a Stream
Call me for plot of the property.
TO SEARCH HOMES GO TO WWW.ALISHACROWDER.COM
Thursday, July 30, 2009
Top 10 Signs That It's Time to Sell Your Home
1.When you bought your house, you lived in the country. Now you're surrounded by high rises.
2.You can't get any appliances repaired because "they stopped making those parts years ago."
3.The swing set in the backyard has sprouted roots.
4.The plumber's phone number is on your speed dial.
5.Your phone number is on your plumber's speed dial.
6.All the children's rooms are now guest bedrooms.
7.You haven't visited the other half of the house in six months.
8.You have to move the furniture to see the carpet's original color.
9.Your bathroom is a lovely shade of avocado green -- from the first time it was in style.
10.You can't make any improvements to the exterior of your home without getting approval from the Board of Historic Monuments.
Call me if you know anyone interested in selling their home or just trying to see what their home is worth.
TO SEARCH HOMES GO TO WWW.ALISHACROWDER.COM
2.You can't get any appliances repaired because "they stopped making those parts years ago."
3.The swing set in the backyard has sprouted roots.
4.The plumber's phone number is on your speed dial.
5.Your phone number is on your plumber's speed dial.
6.All the children's rooms are now guest bedrooms.
7.You haven't visited the other half of the house in six months.
8.You have to move the furniture to see the carpet's original color.
9.Your bathroom is a lovely shade of avocado green -- from the first time it was in style.
10.You can't make any improvements to the exterior of your home without getting approval from the Board of Historic Monuments.
Call me if you know anyone interested in selling their home or just trying to see what their home is worth.
TO SEARCH HOMES GO TO WWW.ALISHACROWDER.COM
Thursday, July 23, 2009
Data show housing market starting to recover
By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer
Thu Jul 23, 12:19 pm ET
WASHINGTON – The U.S. housing market has started to recover from the most far-reaching crisis since the Great Depression, data released Thursday show.
Sales of previously occupied homes rose for the third month in a row in June, the National Association of Realtors reported. That hasn't happened since early 2004, during the boom.
"The turnaround in the housing market appears finally to be here and indeed may be gaining some speed," wrote Joel Naroff, president of Naroff Economic Advisors Inc.
Stocks jumped on the news, with the Dow Jones industrial average rising above 9,000 for the first time since early January.
Home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month, from a downwardly revised pace of 4.72 million in May. Sales were up in all four regions of the country.
It was the highest level of sales since last October and beat economists' expectations. Sales had been expected to rise to an annual pace of 4.84 million units, according to Thomson Reuters.
In another encouraging sign, the share of foreclosures on the market is shrinking. About one out of three homes sold in June was foreclosure-related, down from nearly half earlier this year.
And the glut of homes up for sale dwindled to 3.8 million. That's a 9.4-month supply at the current sales pace and another important sign of a recovery. When the market balances at a 7-month supply prices should begin to stabilize, the Realtors's group said.
That probably won't happen until next year because of a backlog of foreclosures that have yet to come on to the market. The median sales price was $181,800 in June, down 15 percent from year-ago levels but up slightly from $174,700 in May.
Nevertheless, prices have risen for three straight months in about half of the 55 major metropolitan areas tracked by the Associated Press-Re/Max Housing Report, also released Thursday.
TO SEARCH HOMES GO TO WWW.ALISHACROWDER.COM
Thu Jul 23, 12:19 pm ET
WASHINGTON – The U.S. housing market has started to recover from the most far-reaching crisis since the Great Depression, data released Thursday show.
Sales of previously occupied homes rose for the third month in a row in June, the National Association of Realtors reported. That hasn't happened since early 2004, during the boom.
"The turnaround in the housing market appears finally to be here and indeed may be gaining some speed," wrote Joel Naroff, president of Naroff Economic Advisors Inc.
Stocks jumped on the news, with the Dow Jones industrial average rising above 9,000 for the first time since early January.
Home sales rose 3.6 percent to a seasonally adjusted annual rate of 4.89 million last month, from a downwardly revised pace of 4.72 million in May. Sales were up in all four regions of the country.
It was the highest level of sales since last October and beat economists' expectations. Sales had been expected to rise to an annual pace of 4.84 million units, according to Thomson Reuters.
In another encouraging sign, the share of foreclosures on the market is shrinking. About one out of three homes sold in June was foreclosure-related, down from nearly half earlier this year.
And the glut of homes up for sale dwindled to 3.8 million. That's a 9.4-month supply at the current sales pace and another important sign of a recovery. When the market balances at a 7-month supply prices should begin to stabilize, the Realtors's group said.
That probably won't happen until next year because of a backlog of foreclosures that have yet to come on to the market. The median sales price was $181,800 in June, down 15 percent from year-ago levels but up slightly from $174,700 in May.
Nevertheless, prices have risen for three straight months in about half of the 55 major metropolitan areas tracked by the Associated Press-Re/Max Housing Report, also released Thursday.
TO SEARCH HOMES GO TO WWW.ALISHACROWDER.COM
Tuesday, June 16, 2009
Thursday, June 11, 2009
Tuesday, June 9, 2009
Wednesday, May 27, 2009
White Squirrel Box Festival
What a fun race it was this year. This is the 3rd year the White Squirrel Box Derby has been run at the White Squirrel Festival in Brevard, NC. Team LAGATI builds beautiful cars but just fell short to Comporium this year.
TO SEARCH HOMES GO TO WWW.ALISHACROWDER.COM
Friday, May 22, 2009
White Squirrel Festival Schedule
Click the schedule to see a larger version. What a great weekend ahead! Especially the Soap Box Derby down Jailhouse Hill!TO SEARCH HOMES GO TO WWW.ALISHACROWDER.COM
Sunday, May 17, 2009
Wednesday, May 13, 2009
Thursday, May 7, 2009
Wednesday, April 29, 2009
Tuesday, April 28, 2009
Monday, April 27, 2009
Friday, April 24, 2009
Nine Frequently Asked Questions About the Home Buyer Tax Credit
The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.
The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.
1. Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
2. What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
For example, if you have not owned a home in the past three years but your spouse has owned a
principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter.
Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
3. How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
4. Are there any income limits for claiming the tax credit?
The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
5. What is "modified adjusted gross income"?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.
To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.
6. How do I claim the tax credit? Do I need to complete a form or application?
Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests.
7. What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
8. I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.
9. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.
Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding.
Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.
Further, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. Some state housing finance agencies, such as the Missouri Housing Development Commission, have introduced programs that provide short-term credit acceleration loans that may be used to fund a downpayment. Prospective home buyers should inquire with their state housing finance agency to determine the availability of such a program in their community.
NAHB is providing the information on this web site for general guidance only. The
information on this site does not constitute the provision of legal advice, tax advice,
accounting services, investment advice, or professional consulting of any kind nor
should it be construed as such. The information provided herein should not be used as
a substitute for consultation with professional tax, accounting, legal, or other competent
advisers. Before making any decision or taking any action on this information, you
should consult a qualified professional adviser to whom you have provided all of the
facts applicable to your particular situation or question. None of the tax information on
this web site is intended to be used nor can it be used by any taxpayer, for the purpose
of avoiding penalties that may be imposed on the taxpayer. The information is provided
"as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the
information, and without warranty of any kind, express or implied, including but not
limited to warranties of performance, merchantability, and fitness for a particular
purpose.
1201 15th Street, NW
Washington, DC 20005
202-266-8200
800-368-5242
Copyright © 2009 National Association of Home Builders. All rights reserved.
The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.
1. Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
2. What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
For example, if you have not owned a home in the past three years but your spouse has owned a
principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter.
Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
3. How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
4. Are there any income limits for claiming the tax credit?
The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
5. What is "modified adjusted gross income"?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.
To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.
6. How do I claim the tax credit? Do I need to complete a form or application?
Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests.
7. What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
8. I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.
9. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.
Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding.
Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.
Further, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. Some state housing finance agencies, such as the Missouri Housing Development Commission, have introduced programs that provide short-term credit acceleration loans that may be used to fund a downpayment. Prospective home buyers should inquire with their state housing finance agency to determine the availability of such a program in their community.
NAHB is providing the information on this web site for general guidance only. The
information on this site does not constitute the provision of legal advice, tax advice,
accounting services, investment advice, or professional consulting of any kind nor
should it be construed as such. The information provided herein should not be used as
a substitute for consultation with professional tax, accounting, legal, or other competent
advisers. Before making any decision or taking any action on this information, you
should consult a qualified professional adviser to whom you have provided all of the
facts applicable to your particular situation or question. None of the tax information on
this web site is intended to be used nor can it be used by any taxpayer, for the purpose
of avoiding penalties that may be imposed on the taxpayer. The information is provided
"as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the
information, and without warranty of any kind, express or implied, including but not
limited to warranties of performance, merchantability, and fitness for a particular
purpose.
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Copyright © 2009 National Association of Home Builders. All rights reserved.
Thursday, April 23, 2009
Buyer Mastery with Rick Geha
As a real estate professional in Brevard, NC, I am always looking to make Team Crowder the best it can be. I attended Buyer Mastery with Rick Geha in Columbia, SC. It was totally focused on how to serve Buyers and make transactions go as smooth as possible. The class had great information and Rick is a great presenter. So, if you are looking for an agent who continues to educate herself and be on top of the industry, make sure you give me a call.
Friday, April 17, 2009
RED Day on May 14th
Keller Williams Realty Brevard will host RED Day on May 14th with every other Keller Williams Market Center in the US and Canada. This day is to Renew, Energize, and Donate activities for the local community. KW is planting a garden for Bread of Life and other organizations in Transylvania County. This day is in honor of Mo Anderson of Keller Williams Realty International and the great community work she does throughout the world. If you would like to help or support RED Day, email us at AlishaCrowder@kw.com.
Thursday, April 16, 2009
Welcome to Team Crowder's new blog. This will be updated on a regular basis with Brevard real estate news and information. Don't forget about www.AlishaCrowder.com. You can search homes, foreclosures, Best Buy Lists, get your home's value, and much more. We hope you enjoy it and do not hesitate to call us if you have questions at (828)577-1508 or email me at AlishaCrowder@kw.com.
P.S. If you know anyone who wants to buy, sell or invest in real estate, please give me a call. I love referrals!
P.S. If you know anyone who wants to buy, sell or invest in real estate, please give me a call. I love referrals!
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