To show appreciation for their community, agents in our Barrington office have planned a full year of giving to charitable causes, “Open to Giving.” Each month a charity is selected and the participating agents make a donation for each guest who visits their open houses for the month. We are very happy to be able to make a solid contribution to the American Heart Association on behalf of our open guests in February.
Starting Sunday, March 1, donations on behalf of the participating agents’ open house guests will go to the March of Dimes, a charity that strives to improve the health of babies by preventing birth defects, premature birth & infant mortality. The participating agents are so pleased to be involved in giving back at a time when charitable causes require our full support.
Some of the regulations and filing requirements haven’t been released, but the latest stimulus bill has eliminated the $7,500 tax credit and turned it into an $8,000 credit. Unlike the 7500 credit, the $8000 credit doesn’t need to be repaid. To qualify for the $8,000 credit, you must earn less than $150,000 in adjusted gross income for couples filing jointly. Also, you must stay in the house for three years or there may be some payback penalties involved.
The $8,000 credit is good for homes purchased by first-time buyers, defined as anyone who hasn’t owned a home in the last three years and purchased between January 1st and November 30, 2009. You can even take the credit on your 2008 taxes if you have not already filed.
This Week’s Real Estate Insight
A tax credit is a dollar-for-dollar reduction in your actual taxes due. An $8000 tax credit reduces your $9000 tax bill to $1000. The National Association of Realtors estimates the tax credit will result in over 250,000 houses sold.
We have renamed and rebranded “MY Residential” to “Property Alerts”. Our ultimate goal is to improve the user experience. We hope Property Alerts conveys a greater Call to Action for our website users.
Property Alerts is a FREE and easy to use tool on our site that provides not only Property Alerts but Saved Searches and Favorites as well. A user can:
- Customize searches for properties.
- Know when new properties that fit your search criteria come on the market or when prices change.
- Share properties with your Realtor, family and friends!
Also, new listings appear in our search engine within 24 hours of being entered into the MLS system. Click here to join now.