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Christie Cannon
Keller Williams
4783 Preston Rd. Ste 100
Frisco TX 75034
469-951-9588
972-963-2022
Fax: 214-853-4774
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Displaying blog entries 1-10 of 21

Home Buyer Tax Credit Extension for Military

Tuesday, June 01, 2010
by Christie Cannon

Congress gets this one right!

Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.  Qualified service members who are ordered on a period of official extended duty, these dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.

Men & women who serve our country deserve more than our thanks; they deserve our support!

Have questions - please give me a call - 469.951.9588

Greater Dallas Housing Report!

Wednesday, May 19, 2010
by Christie Cannon

Apr-10 Quick Facts:

  • MLS reports median single-family home price up 6.2% in Apr-10 over Mar-10, sales continue to climb to 5,833.
  • The median price of existing single-family homes increased to $145,000 up 6.2% vs Mar-10
  • Existing single-family home sales increased 7.9% from Mar-10 for a Apr-10 total of 5,833
  • Condos decreased in price to $122,000 down -0.8% vs Mar-10
  • Existing condo sales increased 11.0% in Apr-10 over Mar-10 for a total of 323

Specific Sales & Housing Stats with City breakdowns available here:

www.DFWHomeTrends.com

Collin County Cities among Wealthiest

Friday, February 26, 2010
by Christie Cannon

Collin County cities among wealthiest

By Kim Nguyen, knguyen@acnpapers.com

Published: Thursday, February 25, 2010 12:13 PM CST
A new report puts Frisco, Allen, Plano and McKinney among the top 100 wealthiest cities in the country.


Using census data from 2008 Portfolio.com and Bizjournals, compared cities, incorporated towns and unincorporated urban areas with populations of more than 75,000.

A six-part formula was used to determine the relative affluence – or wealth score – of each city. The factors include per-capita income, median household income, percentage of households with annual incomes of $200,000 or more, the upper 20 percent threshold for household income, median home value and the upper-25 percent threshold for home value.

Adjustments were made for the median home value and upper-25 percent threshold for home value to dampen the impact of any housing bubbles that might have overinflated property values in upper-income communities.

Places with high income levels and large inventories of expensive homes, including the four cornerstone cities in Collin County, scored higher.

Frisco scored a wealth score of 17.379 and earned the 27th spot on the list of most affluent American cities. With a median household income of nearly $104,000, Frisco was the first Texas city ranked.

Plano was 42nd overall with a wealth score of 10.492 and a median household income of $85,003. Allen ranked 75th with a wealth score of 5.579 and a median household income of $88,199 and McKinney came in at 85th with a wealth score of 4.796 and a median household income of $82,403.

Richardson and Carrollton were the only other North Texas cities on the list with positive wealth scores at 110th and 134th, respectively.

Plano Mayor Phil Dyer said the survey results not only highlight Plano, but the entire Collin County area as one that attracts well-educated and successful people.

“It’s amazing for one area to have so many cities rank highly on this survey,” he said. “It goes to show that the whole area is committed to providing its residents with the opportunity to live the American Dream.”

Dallas, Irving, Arlington, Lewisville, Fort Worth, Denton, Garland and Grand Prairie were all also ranked, but scored negative wealth scores.

New Changes to the Expanded First Time Homebuyer Tax Credit

Friday, November 06, 2009
by Christie Cannon

Nov 2009 - First Time Homebuyer Tax Credit Expansion!

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 a $6,500 credit to current home owners purchasing a new or existing home between the date the bill is signed by President Obama 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. 

Who Qualifies for the Extended Credit?

  • First-time home buyers who purchase homes between the date the bill is signed by President Obama and April 30, 2010.
  • Current home owners purchasing a home between the date the bill is signed by President Obama 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.

Which Properties Are Ellgibile?

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 credit allowed 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 the date the bill is signed by President Obama 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 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.

Stimulus Bill Affects Tax Credits for Energy Efficient Improvements

Friday, February 20, 2009
by Christie Cannon
 

How has the new Stimulus bill affected the tax credits for energy efficient home improvements?

On February 17, 2009, President Obama signed a stimulus bill (The American Recovery and Reinvestment Act of 2009) that made some significant changes to the energy efficiency tax credits. The highlights are:

  • The tax credits that were previously effective for 2009, have been extended to 2010 as well.
  • The tax credit has been raised from 10% to 30%.
  • The tax credits that were for a specific dollar amount (ex $300 for a CAC), have been converted to 30% of the cost.
  • The maximum credit has been raised from $500 to $1500 for the two years (2009–2010). However, some improvements such as geothermal heat pumps, solar water heaters, and solar panels are not subject to the $1,500 maximum.
  • The $200 cap on windows has been removed

Additional Information & Specifcs can be found here.

First-Time Home Buyer Tax Credits UPDATED - February 2009

Friday, February 20, 2009
by Christie Cannon
First-Time Home Buyer Tax Credits

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 tax credit is for first-time home buyers only.
  • The tax credit does not have to be repaid.
  • The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
  • The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
  • Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit

First Time Home Buyer Tax Credit Frequently Asked Questions can be found here.

 

$7500 First Time Home Buyer Credit

Thursday, February 05, 2009
by Christie Cannon

Some of the details include:

Homebuyer Tax Credit

Buy a home and you get a tax break! As part of the Housing and Economic Recovery Act of 2008, a First time Homebuyer Tax Credit is now available. But this special tax break ends in mid

-2009. A homebuyer tax credit has been available for first-time homebuyers in Washington, D.C. for many years, and now first-time homebuyers nationwide can take advantage of a similar benefit. In this brochure we’ll discuss some of the provisions of the credit and explain how to use it.

Am I Eligible?

First

How does it work?

-time homebuyers who purchase a principle residence on April 9, 2008 and before July 1, 2009 are eligible. If you (and your spouse, if married) have not owned your principle residence for a 3-year period before your purchase, and you have never taken advantage of the DC first-time homebuyer credit, you qualify as a first-time homebuyer.

Like all tax credits, it will directly reduce the total amount of taxes you owe. When you file your taxes,for the year you purchased your home (2008 or 2009), you will be able to subtract the amount of thecredit from your Federal income tax liability, increasing the size of your refund or reducing the amount you owe. For example, you file your ‘normal’ tax return and find that you owe $2,000 in taxes. With this credit, your tax liability could be lowered by $7,500—which means, you instead get a $5,500 tax REFUND check from IRS.

Detailed information from Realtor.com

Addtional Information from the National Association of Home Builders

Dallas-Fort Worth has lowest risk for home-price declines

Tuesday, July 08, 2008
by Christie Cannon

By STEVE BROWN / The Dallas Morning News

The latest home price risk forecast shows that Dallas-Fort Worth is overall the safest place in the country for stable home values.

The latest report by mortgage insurance company PMI Group ranked the D-FW area dead last among the 50 cities it rates for possible declines in home prices.

That means PMI is betting there is less than a 1 percent chance that average home prices here will be lower two years from now.

PMI's summer 2008 risk ranking for D-FW is similar to the insurance company's previous studies.

As in other PMI reports, the U.S. cities with the biggest run-up in home prices in recent years are at the greatest risk for losses.

During the last year, some markets have seen a significant increase in the number of existing single-family homes for sale, PMI chief economist David Berson said in the report.

"Given the magnitude of the inventory overhang, we expect national home price declines to continue into at least 2009," Mr. Berson said.

In North Texas, however, the number of pre-owned homes listed for sale has declined during the last year.

Although PMI Group's report about D-FW home prices should be encouraging, Mr. Berson said that doesn't mean there won't be short-term declines in values.

"It is also an average for a metropolitan area, so individual neighborhoods and houses could behave differently," he said, perhaps considerably so.

Likelihood of lower home prices in each market in two years.
GREATEST RISK
Riverside-San Bernardino-Ontario, Calif. 95.5%
Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla. 92.2%
West Palm Beach-Boca Raton-Boynton Beach, Fla. 91.9%
Orlando-Kissimmee, Fla. 91.1%
Las Vegas-Paradise, Nev. 88.1%
LOWEST RISK
Fort Worth <1%
Dallas <1%
Pittsburgh <1%
Houston <1%
San Antonio <1%
SOURCE: PMI Group.

View all available Prosper Luxury Homes!

Thursday, June 19, 2008
by Christie Cannon

In response to recent requests, I have attached a link to www.prosperluxuryhomes.com.

This website offers all available luxury homes in Prosper, Texas that are priced over $500,000 and built after 2000. 

Please enjoy.

As always, feel free to call the Christie Cannon Team with all your real estate questions!

- Christie - 469.951.9588

Report: Dallas-Fort Worth is a good place to build home equity

Friday, May 09, 2008
by Christie Cannon

09:24 AM CDT on Friday, May 9, 2008

By STEVE BROWN / The Dallas Morning News

Potential Dallas-Fort Worth homebuyers who are nervous about whether it's a good time to purchase a house might find some comfort in a new report.

But analysts caution not to get carried away with the data.

The study by the Center for Economic and Policy Research and National Low Income Housing Coalition projects that DFW homebuyers could see one of the best increases in equity in the country during the next few years. 

The comprehensive report looked at home ownership and rental costs and the prospects for building home equity in 100 metropolitan areas.

In terms of building equity, the D-FW area is among the top five markets expected to do well between now and 2012. A homeowner who buys a house priced at 75 percent of the median for the area could gain more than $80,000 in equity four years from now, the study finds.

"I wouldn't want people to run out and make investment decisions based on this," Dean Baker, one of the authors of the report, said Thursday.

But he said the Texas market is probably in the best shape in the country.

"The fact that Texas didn't take part in the housing bubble is good news," he said. "You are not going to feel the pain other cities are."

Indeed, while home equity is likely to grow during the next few years in Texas cities, homeowners could lose equity in their houses in about a third of the cities in the report.

The biggest declines are forecast in markets that have seen big price increases in recent years, including many California cities.

"People in Texas have benefited from not having that temporary run-up in prices," Mr. Baker said. "That wasn't healthy, and now people are really getting hurt [there]."

Median home sales prices in North Texas have dropped only slightly during recent months, while residential values in many coastal cities have decreased dramatically and are still falling.

Mark Dotzour, chief economist with Texas A&M University's Real Estate Center, said the study's findings confirm the relative strength of the state's housing market.

"There is a lot less downside risk to buying a home in any of these Texas cities and a lot more upside potential," he said.

- For the full article click here -

Christie Cannon
Keller Williams
4783 Preston Rd. Ste 100
Frisco TX 75034
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Last modified 7/30/2010