ERA Knight Realty Mobile Search App for your Cell Phone
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ERA Knight Realty provides customers with a free mobile app to search MLS listings from their cell phones.
TEXT: ERAK to 87778 or add your number at http://mobile.smarteragent.com/era/knightrealty/
ERA Mortgage and ERA Knight Realty
ERA Mortgage provides professional quality mortgage services for ERA Knight Realty’s customers. “It is great having an outstanding partnership with a professional mortgage company with years of experience. It gives us peace of mind that our customers will get up to date mortgage options and great service. Especially in this market” says Rick Knight. Owner Broker of ERA Knight Realty.
Contact Craig Snyder with ERA Mortgage at 704-534-9130
or visit ERAMortgage.com
ERA Knight Realty Video Advertising
ERA Knight Realty has discounted hotel rates for corporate relocation buyers.
Contact Stacy Luze at 704-892-7373
Tax Credit
If you’ve been on the fence about moving into a bigger home, jump off! But make sure you have the right person to help you land softly.
Lower prices, more available homes and the exciting new $6,500 federal tax credit for qualified move up buyers create the perfect storm for those interested in buying a new home. But with the many recent changes in real estate the process has changed since you last bought a home making it more important than ever to have a knowledgeable professional to help guide you. At ERA Knight Realty we’re able to help you through the process from listing your home, to selecting your next home, to inspection and closing.
On November 6, President Obama signed legislation for a one-time $6,500 tax credit for move up homebuyers, offering you money for home repairs and the chance to buy your next home. This tax credit is available for a short time and is not likely to be offered again.
To qualify for the $6,500 tax credit, you must have lived in your current home for five consecutive years out of the last eight. In addition, you must sign a contract on a home before April 30, 2010, and close on that home by June 30, 2010. Income limits to qualify for a tax credit are generous. For single homebuyers, the credits now phase out between $125,000 and $145,000; for married couples, the range is $225,000 to $245,000. Consult your professional tax advisor for more specific tax calculations.
In addition, qualified military service members who are ordered on a period of official extended duty will be able to apply the tax credit to sales with a sales contract in place on or before April 30, 2011 and closed by June 30, 2011.
With interest rates at all-time lows and a $6,500 federal tax credit for move up buyers, there truly isn’t a better time to buy a home. In most areas, housing prices have reached all-time lows, so now is the time to act. Never before has there been so many reasons to say yes to a new home.
Just think—compared to even a year ago, you can get a much bigger home than you expected in a prime area of town. Don’t delay, interest rates will not stay this low forever, and you must sign a contract on a home by April 30, 2010 and close on that home before June 30, 2010, to take advantage of the $6,500 tax credit.
For more information, please contact an ERA Knight Realty agent at the phone number below. If you’re ready to take this important step, we can help make sure it’s on the right foot.
704-892-7373
Rick Knight
Broker in Charge
This is not meant to be tax or legal advice. As with any tax law change, consumers should check with a tax advisor regarding availability, eligibility and possible timing of any tax credit.
Home Buyer Tax Credit
From the National Association of REALTORS
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
•• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
•• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Latest news:
Tax Credit Extension a Positive Step Toward Real Estate Recovery (Nov.5)
President’s Podcast: Tax Credit Extended (Nov. 5)
Who Qualifies for the Extended Credit?
•• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
•• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer’s Credit Amount Determined?
Each home buyer’s tax credit is determined by tow additional factors:
1.The price of the home.
2.The buyer’s income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
