Archive for October, 2009

1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin.

2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.

3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.

4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.

5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?

8000 home buyers tax credit?

Time is running out so hurry to make your purchase if you want to take advantage of the 8000 home buyers tax credit.

First-time home buyers purchasing homes between January 1, 2009 and December 1, 2009 are eligible to receive the 8000 dollar home buyers tax credit. To be considered a “first-time” home buyer, you or your spouse may not have owned a home or residence during the prior three years to your new home purchase. Remember the 8000 home buyers tax credit only applies to properties that will be a primary residence such as single family residence,  condos, townhouses and even co-ops.

According to NAR:

The $8000 home buyers credit break down as follows:

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors: The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000. The buyer’s income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum 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 $75,000 and $95,000 for single buyers and between $150,000 and $170,000 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 $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Lastly, the credit does not need to be repaid as long as you or your spouse occupy your home for at least a three year period.  However, if  you do sell the property within the three year period, the credit will be recouped upon the sale.

The September 2009 NH housing market data has been released from NHAR. The real estate data is still relatively grim but with a few silver linings. The grim portion of the data is unemployment and foreclosures continue to increase and remain a drag on the housing market. On the other hand house sales are up month over month, unemployment is 3% lower than national average and New Hampshire’s economic activity index is the 4th highest in the country meaning we are poised for quicker recovery in terms of sales and selling price than most of the country.

NHAR stated:

Residential home sales statewide for June, July and August were 3 percent above last summer and year-to-date home sales were essentially the same as last year (-0.8 percent).  But median home prices kept falling, resulting in $300 million less sales volume.  The median home sale price this August statewide was $213,000, about the same as in August 2002.

Condominium sales were down 14 percent year to date, and the August median sale price of $165,000 was 12 percent below August of last year, and a bit below the 2003 median sale price.  One issue weighing on condominium sales is that their median sale price was very close (74 percent) to the residential home median selling price.  In some rural counties, it was equal to it or higher.

Most data and reports still point to an early next year recovery. So kiss the recession goodbye by the end of 2009 with a slow climb out in Spring 2010.

Welcome to the Corvus Group real estate blog. Our new website has officially launched with powerful new tools to service buyers and sellers looking for real estate in the Dartmouth – Lake Sunapee region of New Hampshire.

We hope you will use this site as well as our staff as a resource for any of your real estate needs.