More Homebuyer Tax Credit Q & A

Question:  Regarding the existing homeowner credit, must the new house cost more than the old house?

Answer:  No.  For example, individuals who move from a high cost area to a lower cost area and meet all eligibility requirements will qualify for the $6500 credit.

Homebuyer Tax Credit Questions & Answers

Question: I owned my home for 10 years, but sold it 2 years ago and have been renting since.  If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?

Answer: Yes.  Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit.

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Question: I am an eligible 1st time homebuyer.  I entered into a contract to purchase a home on November 1, 2009.  Do I have to close by December 1?  How does the extension date affect me?

Answer: Once the legislation was signed, it’s as if the old November 30 closing deadline had never existed.  As long as the contract settles before April 30 the purchaser will be eligible for the credit.

Thanksgiving, Food Banks and Giving Back

Regardless of our life situations, we each have much to be thankful for.  Like my coworkers,  Sarah and Lisa, I like to enjoy holidays one at a time!  This is certainly the time of year to reach out to others with love and kindness.   Food Banks provide a wonderful opportunity to express our thankfulness and help others at the same time.

Food Banks are always in need and will pass on many, varied food and toiletries to those needing help and encouragement.  A local Food Bank administrator informed me of the ongoing needs.

Canned goods: meats, chili, pork & beans, stew, tomatoes, fruits, ketchup, peanut butter and jelly.

Dried foods: pancake mix, instant potatoes, rice, powdered milk and cold cereal.

Toiletries: tooth paste & brushes, shampoo, soap, hand lotion, band aids, dish soup, laundry soap, and toilet paper.

The local food bank in Lovell is at United Methodist Church. Johnson Home and Land is also a drop off spot for the food bank. Let’s reach out to others as we count our many blessings this Thanksgiving and Christmas season.

It’s Thanksgiving Time!

I was in Kohls recently.  It is one of my favorite stores.  I had always heard so many good things about this store but seeing is believing.  When Billings finally got a Kohls, I was thrilled.  With the exception of groceries….it is one stop shopping at it’s best.  I know department stores are not that big of a deal for most, but I live in Cowley, population 500.  Therefore, Kohls is a great big treat for me.  Anyway….as soon as I closed my car door in the parking lot I could hear the not so subtle Christmas music pumping from mysterious, invisible mega speakers.  What?  I still had a pumpkin on my porch and I’m personally not dreaming of a white Christmas right now.   The “season” really does get longer every year.  Why?  Consumerism.  At a time when the calendar gently reminds us to be thankful for all of our many blessings we are pounded with desperate retailers who are attempting to make us believe that they don’t see a cent of profit until “Black Friday.”    I had a pretty specific list of things I intended to buy that day.   I may have purchased a couple of early Christmas gifts but I am serious when I say that music put me OUT of the mood to spend.  That’s right.  Their ploy back fired and I left the store empty handed for the first time ever.

I am not a Scrooge and I have never uttered Bah Humbug in my life.  I love Christmas for what it really is.  I also have a ton of fun with the not so serious side of Christmas and I love to give gifts.

I think Thanksgiving is a very significant holiday and I choose to decorate, anticipate, plan and enjoy this holiday all by itself.   I may have a gift or two stuffed under the bed, but I choose to focus my heart and mind on this season of remembering everything I am thankful for.

Veteran’s Day and Our Current Armed Forces

Let’s give credit to our service men and women, past and present. It’s their honor, bravery, and patriotism that keep us free.

One small way to show your appreciation to those currently in service is to donate small food items, toiletries, and gifts from home. Johnson Home and Land is a drop off point for shipment overseas. Call or blog for more detailed information!

Tax Credit Extended AND Expanded!

We just got the word and we are thrilled!  Now first time buyers have  we have until April 30th 2010 to close on thier first house and still recieve the credit.  Remember those who have not owned in the last three years are considered first time buyers.    First time buyers still get $8,000 or 10% of the purchase price.

There is also a provision in the new law that allows current homeowners who have sold or are  in the process of selling thier primary residence.  These folks will recieve a $6,500 credit.  They must have a written binding contract to purchase on or before April 30th 2010.  They have until July 1st to close.

The income limit is $225,000 for married couples and $125,000 for singles.  The maximum purcahse price is $800,000.   Based on these numbers I think it is safe to say that we can put this money to good use here in the Big Horn Basin.

Veterans Day November 11, 2009

Veterans Day is intended to honor and thank all military personnel who served the United States in all wars, particularly living veterans. I think it is a very important day to say Thank You to the many service men and women who have fought for our freedom and safety. We should also give thanks to those who are serving now at war. These people have given the ultimate sacrifice and deserve a place of honor and utmost respect.

 

History

Here is some interesting facts I found online:

On the 11th hour of the 11th day of the 11th month of 1918 an armistice between Germany and the Allied nations came into effect. On November 11, 1919, Armistice Day was commemorated for the first time. In 1919, President Wilson proclaimed the day should be “filled with solemn pride in the heroism of those who died in the country’s service and with gratitude for the victory”.

In 1926, the United States Congress officially recognized the end of World War I and declared that the anniversary of the armistice should be commemorated with prayer and thanksgiving. The Congress also requested that the president should “issue a proclamation calling upon the officials to display the flag of the United States on all Government buildings on November 11 and inviting the people of the United States to observe the day in schools and churches, or other suitable places, with appropriate ceremonies of friendly relations with all other peoples.”

An Act (52 Stat. 351; 5 U. S. Code, Sec. 87a) was approved on May 13, 1938, which made November 11 in each year a legal holiday, known as Armistice Day. This day was originally intended to honor veterans of World War I. A few years later, World War II required the largest mobilization of service men in the history of the United States and the American forces fought in Korea. In 1954, the veteran’s service organizations urged Congress to change the word “Armistice” to “Veterans”. Congress approved this change and on June 1, 1954, November 11 became a day to honor all American veterans, where ever and whenever they had served.

Did You Know???

Did you know that you can search the Northwest Wyoming Board of REALTORS Multiple Listing Service from our website?  That’s right! Many years ago the MLS provided the buyers with the convienence of working with one agent to find the property they were looking for.  Well now it’s happening on line as well. The online version of the MLS is called Internet Data Exchange or IDX.   You don’t have so spend hours hoping around from one website to another.  You can customize your search directly from our site. Then click on the “Area Listings” button.  Or you can go directly here. The best part is that if you choose to, you can save your search and ask to be notified electronically when a listing that meets your criteria comes on the market with any agent who participates with IDX.  This means you’ll be the first to know when a new listing hits the market.

I invite you to stop by and try out this new tool.  Just use it to search around and familiarize yourself with the market or take it to the next step and set up saved searches.  This tool is important for sellers or potential sellers as well.  It is very important for sellers to be familiar with the market so that you can make informed decisions about the sale of your property.

Great News on the Housing Front!

You heard it here first!

Affordable loans will continue to be available to Wyoming’s first time home buyers.  We will continue to keep you updated as further details become available to us.  This short-term initiative may prove to be exactly what we need here in Wyoming to get us through until the housing and bond market have a chance to fully recover

This is the best news I have read all week.  Below is the official statement from the Wyoming Community Development Authority.

Our most recent sucess story!

“Federal Housing Plan Benefits Wyoming Casper – Wyoming’s first-time homebuyers received good news this week. The Administration unveiled the Homeowner Affordability & Stability Plan Monday, Oct. 19. The intent of the new initiative is to stabilize the U.S. housing market by helping to support low mortgage rates for first-time homebuyers and to expand housing resources for low and middle income borrowers that are affordable over the long term. According to David Haney, Executive Director of the Wyoming Community Development Authority (WCDA), Wyoming’s Housing Finance Agency (HFA), this initiative is “great news to anyone in Wyoming who is considering buying their first home.” “We are very encouraged by what we know so far (about the initiative),” Haney said. “Details are still trickling out of Washington D.C., but the bottom line here is that Wyoming’s first-time homebuyers will continue to receive affordable mortgage interest rates. It allows the WCDA to continue to fulfill its mission to provide affordable housing to our fellow citizens.” The Administration’s new plan will allow the WCDA and all other HFAs to re-enter the bond market that was disrupted as a result of the economic collapse of 2008. Administration officials stressed that this initiative is temporary. It is intended to stimulate the housing market as well as the bond market. The philosophy is as private investors re-enter the bond market, the federal government reduces its investment until the market has stabilized to its former level – all at no likely cost tax-payers. For information about the Administration’s Making Home Affordable and the two-pronged Homeowner Affordability & Stability Plan, please log onto http://www.wyomingcda.com and click on the Administration’s “Official Statement” link under the “New HFA Initiative” section. You can also contact the WCDA at (307) 265-0603.”

Nature Makes You Nicer

I knew it!  I feel better when I’m outside.  I’m a nicer, kinder, better person when I’m outdoors.  I thought it was because I was “on vacation” if only for a few minutes or hours.  It turns out we’re all nicer when we are in “natural” surroundings.

Richard Ryan, a professor at the University of Rochester and co-author of the study, published in the journal Personality and Social Psychology Bulletin states,

” we’ve found nature brings out more social feelings, more value for community and close relationships. People are more caring when they’re around nature.”  It’s worth the 2 minutes to read the rest of the story at

click here

I always knew it was great living in Wyoming with nature all around us!