1517 56th Street, Des Moines, Iowa   $110,000

Cute two bedroom bungalow in great area. Updates include fresh interior paint, new carpeting (hardwood floors under carpet), furnace and central air replaced in 2005 (yearly inspections), approximately one-third of driveway replaced and some sidewalk replaced in 2008, new garage roof in 2008, and new living room windows in 2009 (lifetime warranty). All appliances stay with the homes as do the existing window coverings. The yard is fenced and there is a nice storage shed. Located in the Merle Hay Neighborhood Association and close to Northwest Community (Senior) Center and St. Theresa’s Catholic Church.

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I got a phone call yesterday from a client that started like this: “So what’s up with the $15,000?”. Nice. Let’s see if I can help…

First, it’s important to note that this is a PROPOSED tax credit. Many of us are following the new stimulus package carefully as we strain to learn the details about what this REALLY means for homebuyers.   Here’s what I’ve gotten so far (with some help from my friend Tyler Osby with Four Legacies Mortgage.)

Big takeaways from the bill:

1 ) It’s effective WHEN the bill passes. Not before.
2 ) If you bought a home last year on the $7,500 tax credit, you won’t qualify for this. Sorry, I know it sucks.
3 ) All home buyers qualify on the new bill.
4 ) There are NO income limitations.
5 ) The credit is 10% of the purchase price up to $15,000.
6 ) The credit will last for one year after the bill is signed into law.
7 ) You must occupy the home being purchased (no investors).
8 ) You must occupy the home for two years, or the tax credit is recaptured (ouch).

Again, it’s all speculation until a bill is passed. So, until things are final, things can change (and likely will). As a reminder, here’s the process of a bill becoming a law.

If you’re a home buyer that doesn’t own a home yet — the decision just got a lot easier.

Want to see the actual bill for yourself?  Here you go: http://isakson.senate.gov/Amdt_106.pdf

Photo credit: Steve Wampler

Have more questions? There are definitely more answers. Feel free to connect with me via Facebook, Twitter, Text, Email, or by cell. I’m happy to help.

asalmon@firstrealtyhomes.com

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So I get a little excited when I see the sunshine and the temperature is above 50 degrees in February.  No, my tulips aren’t coming up yet…but I’m ready!

Once that sun shines on Des Moines, you can’t help but see the charm of living in Iowa. Neighbors are outside, friends are walking by, children are running around while laughing.  You don’t want to be anywhere but here. I promise.

Signs of spring mean that the Real Estate market is about to pick up.  Trouble here is that it’s been busy since the beginning of the new year. Once holidays are behind us, buyers and sellers become more focused on what their goals are for the spring. BUYING & SELLING!

If you’re in the market for a new home, Jan and I would love to work with you. If you’re thinking of selling (or if you’re not sure if selling is a good idea or not) let us sit down with you and show you the numbers.  We’re glad to help you put a sold sign out front!

asalmon@firstrealtyhomes.com

As always, my blog is filled with my own opinions and are in no way the opinions of  Prudential First Realty.

Photo credit: Cybertoad 

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