Find out how the overall real estate market is doing right now.

Keep in mind that all real estate is “local”, so regional markets conditions can vary.

The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

The much talked about $15,000 home-buyer tax credit died silently behind closed doors, during negotiations between the House and the Senate last week. Apparently no memorial service will be held.

The brand new $787 billion stimulus bill that President Obama just signed into law Tuesday, does include a trimmed down version still aimed at reviving the real estate market.

Although the exact details of the stimulus bill have been few and far between, this is what is believed to be true about the home buyer credit in this new plan:

The new Stimulus bill includes an $8,000 First-Time Home Buyer Tax Credit.

Here are seven things good to know about this newly created provision:

1. Only For New buyers: This credit will be only available to first-time home buyers, who purchase a home between January 1 and November 30, 2009. It will be the lessor of $8,000 or 10% of the value of the home.  Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income. But unlike the earlier $7,500 home buyer tax credit passed last year, this one does not have to be repaid.

2. Eligible Property: Any single family property that will be used as a primary residence. Condos, coops and townhouses qualify, as long as they will be used as the primary residence.

3. First Time Buyers Defined: A “first-time home buyer” is someone who hasn’t owned a principal residence for three years prior to the purchase of this home. (The date of purchase is considered the day that the title is transferred.) That means if you’ve owned a vacation home–but not a principal residence–within the past three years, you would still qualify for the credit.

4. 2009 Buyers Only: Only those who purchase a home between January 1, 2009 and November 30, 2009 are eligible for the credit. Anyone who bought a home last year won’t be able to take advantage of it.

5. Income Limits: The tax credit is subject to income limitations. The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.

6. Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions may be made in certain cases, such as death or divorce.)

7. Refundable: Reduces or can eliminate income tax liability for the year of the purchase. Any unused amount of the tax credit will be refunded to the purchaser when a future tax return is filed.

* This provision is limited to first time home buyers only. While great for first time home buyers, they are only a very small percentage of the home buyers pool. This is a huge negative… the powers that be really missed the boat here.

It will help a little, and every little but helps. However it would have been far more successful had the credit amount been a little larger, and without the first time buyers only provision.  Limiting it to first time buyers only, will severely limit its effectiveness.

Special Event – Triad Job Fair – Tuesday, February 24

The Kernersville Chamber of Commerce will hold the fourth annual Triad
Job Fair Tuesday, Feb. 24 at First Christian Church, located at 1130 N.
Main St., from 1 – 5:30 p.m.

Workshops will be held that will present job seekers with a new understanding of interview skills, resume writing, and other essential techniques that will assist them in finding new
employment. Workshops will include How to Interview For A Job;  Stretching
Your Food Dollar; Changing Careers-Job Coaching; Financial
Education, and Resume Writing.

Some of the employers that will be present at the job fair include: Home Loving
Senior Care, High Point University, The HR Group, Majic 94.1, Mega Force Staffing,
Moses Cone Health System, OMG Job Corps, The Pampered Chef, PART Express,
Professionals in Transition, Truliant Federal Credit Union and the U.S. Army.

For more information about the Triad Job Fair on Tuesday, Feb. 24,
contact the Kernersville Chamber of Commerce at (336) 993-4521.

From Keller Williams Realty

Upcoming Events

Thursday, October 23

Blood Drive – 9:30am-2:30pm – Glenn High School

Friday, October 24

Kernersville YMCA Fall Festival – 5:00-8:00pm – YMCA

Saturday, October 25

Kernersville Parks & Rec. Department Trickfest – 12:00-4:00pm – Forth Of July Park

Strange Tales at Korner’s Folly – 7:00-9:00pm – Korner’s Folly

Cherry Street UMC, 117 N Cherry Street, Yard, Bake and Breakfast sale – 8:00am-11:30am

Sedge Garden UMC Halloween Carnival – 6:00-8:00pm

Sunday, October 26

Birdwatching 101 – 2:00-4:00pm – Triad Park

Monday, October 27

Kernersville YMCA Open House

Wednesday, October 29

Health Screening – Beginning 9:00 by appointment – Senior Enrichment Center/Paddison Memorial Library

Friday, October 31

Halloween Trunk-A-Treat – 6:00-7:30 – Century Park Baptist Church

This 18th annual event is open to the community, there is no admission charge!

Activities will include face painting, bounce houses, hay rides and a cake walk. Game tickets are 25 cents each, and winning tickets can be turned in for a variety of prizes and treats. The theme is “Family Fun“, and there will be different games for everyone.

Proceeds from the festival will go to support the YMCA‘s Partnership With Youth Campaign, which provides financial assistance to residents participating in various YMCA programs. By attending the fall festival, you are helping area families benefit from other YMCA programs, not to mention having a great time!

Come on out to the YMCA Fall Festival and have some fun!

Richard Schardt