The most asked question from buyers is what are the steps to buying a home.
As professional in the industry Realtors are more than just an order taker. People buying a home are expecting us to give sound council. We need to be a resource to information. I have listed what I feel are the 9 steps to buying a home. As I work with a buyer through this process, being a resource to the information they need, not the source, allows the buyer to have an experience without regret of receiving false information and finding out later in the process. Helping to educate the buyer at each step with with professional council and putting them in contact with other professionals as needed is really all the buyer is asking for. Sometimes I feel like agents get so wrapped up in needing to be in control, that they forget they don’t know it all.
Here is the first of my North Ogden market updates. Over the last 30 days North Ogden has had 15 homes go under contract and 17 homes that have closed. If these numbers were to continue without any new listings, and looking at the chart below, North Ogden still has almost a 6 1/2 month supply of inventory.
With this in mind we continue to hear that it is a buyers market. But what exactly does that mean? In a recent conversation with one of my clients I discovered their interpredation is a seller should accept any ‘low ball’ price offered and agree to all concessions. I was very amused at this. As much as buyers would like to believe this is what defines a buyers market the reality is quite different. A buyer’s market simply means there is more available real estate inventory than there is demand.
As a professioanl Realtor, we should make sure to be giving the client not just information on where the pricing should be, but why. After all, this is what we do for a living. Even if it is a buyers market, it does not mean any price goes.
Here is the North Ogden Market current conditions for the last 30 days.
You’ve decided to purchase a home and take advantage of the 2009 First-Time Home Buyer Tax Credit. Here’s what you have to do to get your benefit:
Close on your home purchase by November 30, 2009,
Ensure that you are a qualified first-time buyer under IRS guidelines,
Decide which year to file under, 2008 or 2009,
File an amended 2008 return or choose to apply the credit to your 2009 tax return.
Deciding When to Apply the Credit
If you want the benefits of your credit as soon as possible:
You might choose to file under your 2008 tax year. Since April 15 has already passed, you would have to file an amendment to your return. However, if you’ve already filed for an extension of your 2008 return, then you can simply claim the credit when you submit your return.
If you anticipate a drop in income next year:
You can wait to claim the credit as part of your 2009 filing. In some cases the value of the credit might be higher, particularly if in 2008 you qualify for only a partial credit because your income is over $75,000 (single) or $150,000 (joint).
Your Next Steps
Once you have determined which year to apply the tax credit, you will need to do two things to claim the credit:
Fill out Form 5405 to determine the amount of your available credit, and
File an amended return for your 2008 taxes, or wait and apply to credit when you file your 2009 tax return.
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