Alison Smith\’s Blog

Houston Realtor, Alison Smith Provides Service Before, During and After the Sale.

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Alison Smith Becomes Houston Association of Realtors First Social Media Pro

Housing Market & How Sellers Can Get The Most Money for  Their Homes

 This Message is sent from WoodlandsAlert, a service of the Community Associations of The Woodlands.

Environmental Services- +West Nile MosquitoTexas Department of Human Health Services has confirmed that mosquitoes in the South Montgomery County/Woodlands area have tested positive for West Nile Virus. Response protocols are being implemented, including additional surveillance, targeted spraying by Montgomery County Pct. 3 and follow-up testing.

The Community Associations of The Woodlands, Environmental Services Department urges residents to take precautions to protect their families from the risk of mosquito-borne disease.

• Wear mosquito repellent, according to product directions. Avoid being out of doors from dusk to dawn when Culex mosquitoes are active. If you must go out, wear long, light, loose clothing.
• Eliminate standing water that creates breeding sites. Check landscape, plant saucers, toys, bird baths, meter boxes and other items that hold water.
• Treat water that can not be eliminated with larvicide, such as mosquito dunks.

For more information on mosquito abatement, please visit www.thewoodlandsassociations.org and click Environmental Services. To schedule a mosquito presentation for your neighborhood, please call 281.210.3900.

Service Announcement compliments of Woodlands Alert and Alison Smith, Your Real Estate Consultant for Life!   Visit: www.alisonsmithrealestate.com or Call 832-244-4308.

2009 Tax Credit  for First Time Home Buyers

View Video Below:

Would you like $8000 back on your taxes this year?We’ve been hearing a lot of questions about the new tax credit. Who qualifies? How does it work? How long will it last? In this special edition video, we™re taking an in-depth look at the $8,000 tax credit for first time home buyers.

 According to the new legislation, a first time home buyer is defined as someone who has not owned a principle residence in the past three years.   Those three years are counted up to the date you take possession of the house you buy in 2009.  This means that even if you™ve owned a home in the past, you can still take advantage of the tax credit as long as you haven™t purchased a primary residence since 2006. The same goes for married tax payers – they must both be first time home buyers.   For non-married joint buyers, only one of them needs to be a first time home buyer, or someone who   hasn™t owned a primary residence in the past three years.Qualifying homes include:

• New homes
• Homes that are being re-sold
• Condos
• Townhomes

The main restriction is that the credit is only for those who buy a home as their primary residence.  So investors looking to buy a rental property would not qualify for the credit.   However  owning a vacation home or a rental property already does not neccessarily disqualify you from taking advantage of the credit (as long as you haven™t owned a primary residence in the past three years). A Look at the NumbersThe tax credit is equal to 10% of the purchase price of the home, up to $8,000.     The amount of the credit you can qualify for is related to how much money you earn.   Here™s how the credit is scaled:

• Single home buyers earning 95K or less qualify. If you make 75K or less, you qualify for 100% of the $8000. If you make halfway, 85K, you qualify for 50% or $4000. The credit phases out gradually between 75K and 95K of income. For example, if you make halfway between the income limits, 85K, you qualify for up to half of the credit.
• The same rate applies for married couples and joint buyers whose incomes limits are doubled to $150,000 to $170,000. Married couples or joint buyers whose incomes are less would receive the full $8000 credit.   At an income level of   $160,000, halfway between 150 and 170, the buyers would receive half the credit “ or $4,000.   And the credit phases out altogether at $170,000.

This credit represent a significant amount of money. One of the biggest points of difference for the new credit from the one congress passed in July of 2008, is that the new credit does not have to be paid back.In addition, it’s refundable, which means that if you™ve paid all your taxes as you go with an automatic payroll deduction, you would receive an $8,000 check from the IRS.If you’re committed to buying a house in 2009 and want to use the $8000 tax credit for a downpayment, consult with your certified public accountant.In SummaryQualifying home buyers will need to make their home purchase between January 1, 2009 and December 1, 2009.   And the home has to remain their principal residence for the following three years.     The new tax credit coupled with historically low mortgage rates and rising affordability, offers buyers a great opportunity if they act fast.If you™re interested in learning more about the new tax credit or about homes in your area, speak with a local real estate agent soon.Compliments of Keller Williams Realty and Alison Smith, Your Real Estate Consultant For Life.  Contact Alison at 832-244-4308.

Welcome to Alison Smith’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in The Woodlands.