INFO THAT HITS US WHERE WE LIVE  The Case-Shiller home price index came in last week with nine out of the 20 cities in the survey posting year-over-year gains. On a seasonally adjusted basis, the 20-city composite index rose from December to January by 0.3%. The chairman of the index committee noted, “…we continue to see improvements in the year-over-year data for all 20 cities.” The report also stated, “annual rates for the two composites have not been this close to a positive (point) since January 2007.”

Another report showed that the price per square foot for homes in eight out of 25 U.S. markets rose in January compared to a year ago. Continuing the theme, a third survey revealed that 23% of real estate agents and brokers are expecting price hikes in the next six months.

Buyers who want to take advantage of the homebuyer tax credit (along with today’s low mortgage rates and great prices) only have til the end of this month to sign a contract –  April 30 — and need to close by June 30. Finally, last Wednesday the Fed ended its $1.25 trillion buying program of mortgage backed securities, which helped keep mortgage rates down. Buyers should note that most industry observers expect those rates to creep back up.

Tips In Buying A Green Home

By: Tara Millar

Home buying could typically be demanding and confusing. Even more so if you’re attempting to search for a green home. Undoubtedly, there’s a nice marketplace for green homes with considerable designs you’ll opt from. Here could be a checklist for the green home of your dreams.

1. The primary step is getting a sensible help. With the increase in eco-awareness and the energy prices soaring high, more and more people are concerned with things such as the standard of indoor air and energy efficiency in homes. Once you screen prospective realtors, make certain to search out out how much data they have about home energy performance and alternative problems on environment that matters to you. If you need help in finding eco-friendly realtors, there are many sites that supply such services like the Modern Green Living and other green residential sites.
2. You can do your own hunt for a green home. You can tell just by looking around. You’ll be able to check out the cooling and heating systems thoroughly and guarantee that they are in smart working condition and appropriately sized. Examine the windows and check if they are single or double paned and check if the doors if you are feeling a draft coming round the edges. Be alert on missing or inadequate insulation or signs of mold. You’ll hire a professional to try and do an energy audit to get sensible information. They use tools such as special fans to pressurize a house and infrared cameras for heat loss and verify if the home is energy efficient. This might help you discover out if your potential house needs any pricey efficiency upgrades.
3. Select your location with utmost care. Whether or not the countryside is a lot more appealing to you, think about the commuting distances, nearby local facilities and your means of getting around. Explore for a location where everything of your daily needs is at intervals a half-mile radius. You’ll be able to do an online search through Walk Score to find parks, groceries, restaurants and different amenities and business within walking distance from your prospective home.
4. Another environmental issue to contemplate is the space. The smaller your living space, the lesser energy you have to light and heat it. The less spent on utilities additionally means that a lot of cash to pay on things that you would enjoy. With careful and thoughtful interior style, you’ll be able to build a beautiful living setting from surprisingly small spaces.
5. You’ll conjointly make a do it yourself home enhancements like brushing a fresh coat of paints with low VOC paint. It is reasonable and helps improve the standard of air. Look over paints, pipes and a lot of so you’ll have a better idea of the changes you wish to create a healthier greener home.

The foremost vital thing is to make an inquiry before buying a home. While not all homes have all of the sustainable features listed, at the very least you have a clearer picture of what the potential home has to supply to you and your family. Therefore, go ahead in your exploration for a green home, these homes are positively healthy to the environment as well as to homeowners.

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As I said, this is a start. Or is it wishful thinking. I will  keep you posted on this.

Details of the tax credit include:

• The temporary credit is only available for home purchases made from Jan. 1, 2009, through Nov. 30, 2009, and is equal to 10 percent of the cost of the home, up to a maximum credit of $8,000. (For example, a home purchased for $80,000 or more would qualify for the full $8,000 credit while a $70,000 home would only qualify for 10 percent, or $7,000.)
• Buyers claim the credit on their federal tax return to reduce their tax liability. If the credit is more than the taxes owed, the buyer will get a refund check for the taxes owed plus the difference.
• Only first-time homebuyers can take advantage of the tax credit. A first-time buyer is defined under the tax credit as an individual who has not owned a home in the past three years. Eligible properties include anything that will be used as a principal single-family residence – including condos and townhouses.
• There are income guidelines on the credit. Individuals with an adjusted gross income up to $75,000 (or $150,000 if filing jointly) are eligible for the full tax credit. The credit is phased down for those earning more and is not available for those with an income above $95,000 ($170,000 if filing jointly).
• The new tax credit does not have to be repaid if the buyer stays in the home at least three years. If the home is sold before that, the entire amount of the credit is recaptured on the sale.

THE BASICS:
Q. What is the new tax incentive?
A. The 2008 $7,500, repayable credit increased to $8,000 and the repayment feature was eliminated for 2009
purchasers. Any home purchased for $80,000 or more qualifies for the full $8,000 amount. If the house
costs less than $80,000, the credit is 10% of the cost. It is available for the purchase of a principal residence
on or after Jan. 1, 2009, and before Dec. 1, 2009.
Q. Who is eligible?
A. Only first-time homebuyers are eligible – those who have not had any ownership interest in a home in the
three years previous to the day of the 2009 purchase.
Q. How does a tax credit work?
A. Every dollar of a tax credit reduces income taxes by a dollar. Credits are claimed on an individual’s income tax return. A qualified purchaser figures out their total tax owed and then the tax credits are applied to reduce the total tax bill, i.e. if a person has a total tax liability of $9,500, an $8,000 credit would wipe out all but $1,500 of the tax due.
Q. So what happens if the purchaser is eligible for an $8,000 credit but their entire income tax liability for the year is only $6,000?
A. If the total tax liability before calculating the credit was $6,000, the IRS would send the purchaser a check for $2,000. The refundable amount is the difference between the $8,000 credit amount and the amount of tax liability, determined by tables the IRS prepares each year.
Q. Is there an income restriction?
A. Yes. The income restriction is based on the tax filing status the purchaser claims when filing his/her income tax return. Individuals filing as Single (or Head of Household) are eligible for the credit if their income is no more than $75,000. Married couples who file a joint return may have income of no more than $150,000.
Q. Do individuals with higher incomes lose all the benefit of the credit?
A. Not always. The credit phases out between $75,000 – $95,000 for singles and $150,000 – $170,000 for married filing jointly. The closer a buyer comes to the maximum phase-out amount, the smaller the credit will be. The law provides a formula to gradually withdraw the credit.
Q. How is “principal residence” defined?
A. A principal residence is where an individual spends most of his/her time (generally defined as more than 50%). Also defined as “owner-occupied” housing, it includes single-family detached housing, condos or coops,
townhouses or any similar type of new or existing dwelling.
Q. Do I have to repay the 2009 tax credit?
A. There is no repayment.

THE PROCESS:
Q. How do I apply for the credit?
A. All eligible purchasers simply claim the credit on their IRS Form 1040 tax return. The credit will be reflected on a new Form 5405 that will be attached to the 1040. Form 5405 can be found at www.irs.gov.
Q. Can I use it as part of my downpayment?
A. No. Congress tried hard to devise a mechanism that would make the funds available for closing costs, but found that pre-funding would require cumbersome processes that would, in effect, bring the IRS into the purchase and settlement phase of the transaction. However, Florida recently adopted a $30.1 million budget for its Florida Homebuyer Opportunity Program, which will help with downpayment assistance for those who qualify for the federal $8,000 first-time homebuyer tax credit.
MAKING IT WORK
Q. What if I can’t settle before Dec. 1?
A. The credit is available for purchases before Dec. 1, 2009. A home is considered as “purchased” when all events have occurred that transfer the title from the seller to the new purchaser. Closings must occur before
Dec. 1, 2009 for purchases to be eligible.
Q. Do I have to wait until next year to get the credit?
A. Eligible homebuyers who make their purchase between Jan. 1, 2009 and Dec. 1, 2009 can treat the purchase as if it had occurred on Dec. 31, 2008. Thus, they can claim the credit on their 2008 tax return that was due on
April 15, 2009.

Filing options include:
1. If you received an extension on your 2008 income tax return, you can still claim the credit as late as Oct. 15, 2009.
2. If you have already filed your 2008 return before the purchase of a home, file an amended 2008 tax return on Form 1040X. (Available at www.irs.gov).
3. If you plan to claim the credit on your 2009 tax return, you can modify your income tax withholding (through employers) or adjust your quarterly estimated tax payments. Individuals subject to income tax withholding would get an IRS Form W-4 from their employer. In many cases their withholding would decrease and their take-home pay would increase. Those who make estimated tax payments would make similar adjustments.
Q. Will I ever have to repay the credit?
A. If you claim the credit but then sell the property within three years of the date of purchase, you are required to pay back the full amount of any credit, including any refund you received from it. A few exceptions apply.

Source: National Association of Realtors®; Massachusetts Association of Realtors®

NOTE: This document is for informational purposes and should not be construed as tax or legal advice.

For specific advice, consumers should always consult a qualified tax professional.