Top Texas Team News ----------The North Texas Realtors

It is time to get your property ready to put on the market. Call us and let us help you. What do you need to do to your property to get it SOLD! We can help. 940-365-6300

2010-02-24T11:55:00.001-08:00

Very Hard to find Waterfront Property http://www.judyandes.com/MyHomeDtl.asp?lstPages=1&HomeID=1015540

2010-02-17T11:13:00.001-08:00

Check out price changes and new listings at www.NorthTexasHomesandLand.com

2010-02-09T11:55:00.001-08:00

Rental in Savannah Texas http://www.judyandes.com/MyHomeDtl.asp?lstPages=1&HomeID=1010187

2010-02-05T07:21:00.001-08:00

Get all of your home tax deductions - Topix http://www.topix.net/business/real-estate/2010/02/get-all-of-your-home-tax-deductions

2010-02-02T10:45:00.001-08:00

Top Texas Team Interesting Information http://www.judyandes.com/real_estate_article.asp?gi=1012&ai=263

2010-02-01T08:31:00.001-08:00

The Top Texas Team of RE/MAX First Realty III was awarded the 2009 Business of the Year by the Aubrey 380 Area Chamber of Commerce. Representing the Top Texas Team is Judy Andes and Jim and Pam Bruner.

2010-01-29T06:16:00.001-08:00

Staying out of foreclosure information http://www.clipsyndicate.com/video/playlist/1602/1279213?cpt=8&title=real_estate_mortgages&wpid=2057

2010-01-27T10:19:00.001-08:00

Congrats to Judy Andes for getting her Short Sales and Foreclosure Resource (SFR) Certification.

2010-01-26T10:10:00.001-08:00

Wow we have a new facebook page and lots of good stuff. Check it out and become a friend for all the lastest updates.

2010-01-26T08:10:00.001-08:00

Price Reduction 1112 Golden Court Aubrey Tx http://www.judyandes.com/MyHomeDtl.asp?lstPages=2&HomeID=955365

2010-01-22T11:32:00.001-08:00

A Market Analysis

Setting the right price is an important first step in the process of selling a home. Is it necessary to spend $200 to $400 for a professional appraisal of your property before placing your home on the market?

A professional appraiser's opinion of a property's market value is based on the recent sales of similar homes in the neighborhood, and on the square footage and condition of the property. Different appraisers might come up with different figures. Even if all of them agreed on a value, there is no guarantee that you would receive that amount for your property.

An alternative to a professional appraisal is to ask a professional real estate agent for a written market analysis of your property. This analysis will include information about recent home sales in your neighborhood, as well as how those homes compare to yours. Real estate agents may provide this service with no charge or obligation. If you are still unsure of the value of your home, you may wish to pay for an appraisal.

2010-01-20T18:14:00.001-08:00

Sorting through the home tax credit

By Carole Feldman,
Associated Press

Published: Wednesday, January 20, 2010 at 11:00 a.m.
Last Modified: Wednesday, January 20, 2010 at 11:00 a.m.
WASHINGTON | If you bought a home in 2009, you could be eligible for a tax credit. Figuring out which one can be confusing.

There's one credit for first-time homebuyers and another that primarly benefits homebuyers who owned a home before. But don't mix it up with the first-time homebuyer credit in 2008, which actually was a long-term loan.

There are maximum income levels and maximum sales prices. And vacation homes or rental property don't qualify.

"If you want to spend two hours reading the instructions and translating them and finding out whether you qualify, yes, it's relatively simple," said Jeff Schnepper, an MSN Money tax expert and author of "How to Pay Zero Taxes."

Some questions and answers about the homebuyers tax credit:

Q. What's the purpose of the credit?

A. Congress passed the tax credits in an effort to boost the struggling housing industry and fight recession. Indications are that it's had an impact. The National Association of Realtors reported that November sales of existing homes were up 44 percent from a year earlier. Although new home sales dropped in November, figures from the Commerce Department show that they're up 8 percent from the low in January 2009.

Q. How many people are claiming the credit?

A. "In all, 4.4 million households are expected to claim the tax credit before it expires," Lawrence Yun, the Realtors' chief economist, said in December.

Q. How many versions are there?

A. There are actually three. The first credit, for first-time homebuyers, was really a long-term, interest-free loan that has to be paid back over 15 years. The maximum credit was $7,500 for a principal residence purchased between April 9, 2008, and June 30, 2009.

The second iteration made the first-time homebuyers credit a true credit - it doesn't have to be paid back - and raised the amount to a maximum $8,000. It applied to homes purchased between Jan. 1, 2009, and Nov. 30, 2009.

The third change extended the eligibility dates to homes purchased through April 30, 2010. It also added a credit for long-time homeowners who purchased a new residence between Nov. 7, 2009, and April 30, 2010, but at a reduced value - up to $6,500.

Q. Do I automatically qualify if I purchased a house during those periods?

A. No. To qualify, the house has to be used as a primary residence. If purchased after Nov. 6, 2009, it cannot have cost more than $800,000. If you're a long-time homeowner, you had to have lived in the same house consecutively for five out of the past eight years, though you need not have lived in or owned that house at the time you buy your new home.

For homes purchased after Nov. 6, 2009, the credit also begins phasing out for individuals with modified adjusted gross incomes above $125,000, and for married couples filing jointly with incomes above $225,000.

Q. How does the Internal Revenue Service define a principal residence?

A. "Your main home is the one you live in most of the time," the agency said. "It can be a house, houseboat, mobile home, cooperative apartment or condominium."

Q. What if I'm living overseas and I buy a home there?

A. The home doesn't qualify unless it's in the United States.

Q. How do I claim the credit?

A. There's a form, 5405, to fill out. You'll also have to submit a copy of your settlement statement, usually Form HUD-1, with the names and signatures of all parties, the property address, the sales price and date of purchase.

To avoid refund delays, the IRS recommends that long-time homeowners who purchase a new home also provide documents to show they meet the requirement for consecutive years lived in their old house. These can include mortgage interest statements, or property tax or homeowner's insurance records.

Q. Do I have to wait until I file my 2010 taxes to claim the credit for a home purchased before the deadline in 2010?

A. No. "You can choose to claim the credit on your 2009 return for a home you bought in 2010 that qualifies for the credit," the IRS said.

Q. I purchased my home in 2008 and filed for a credit on my tax returns. Do I still have to pay it back?

A. Yes. When Congress did away with the repayment requirement, it did not do so retroactively.

Q. What if I purchase the property for business?

A. You're not eligible. The house must be used as a primary residence to qualify.

Q. What if I want to keep my original house and use it as a rental property?

A. If you qualify for the credit as a long-time homeowner, nothing in the law requires you to sell the original house. However, you must make the new one your primary residence.

Q. What if I decide to sell the house I got the credit for or convert it to a rental property?

A. You will have to pay back the credit if you don't keep the purchased house as your permanent residence for three years.

2010-01-20T08:28:00.001-08:00

Luxurious Home in Oak Point http://www.judyandes.com/MyHomeDtl.asp?lstPages=1&HomeID=1000006

2010-01-18T13:34:00.001-08:00

New Listing in Collinsville w/ horse barn http://www.judyandes.com/MyHomeDtl.asp?lstPages=1&HomeID=999073

2010-01-15T10:44:00.001-08:00

Tips for when your mortgage is sold - Topix http://www.topix.net/business/real-estate/2010/01/tips-for-when-your-mortgage-is-sold

2010-01-13T11:53:00.001-08:00

Hope everyone has a great Hump day. Getting ready for the weekend. 2 new listings on Monday. So check back with us.

2010-01-12T11:34:00.001-08:00

Wonderful Home with room for the horses http://www.judyandes.com/MyHomeDtl.asp?lstPages=1&HomeID=971217

2010-01-11T07:13:00.001-08:00

New RESPA Regulations Make It Easier to Shop for Closing Services | RISMedia http://rismedia.com/2010-01-10/new-respa-regulations-make-it-easier-to-shop-for-closing-services/

2010-01-09T07:36:00.001-08:00

Lot of new listing are coming in the next few weeks. So be sure to check back in this week.

2010-01-07T20:34:00.001-08:00

It is time to start thinking what needs to be done to get your home sold this spring and summer give us a call if you need any help 940-365-6300

2010-01-07T14:31:00.001-08:00

Its nearly Friday and warmth is coming on Sunday.

2010-01-07T07:32:00.001-08:00

Click here to see why buyers and sellers chose us to help them with real estate.
http://www.judyandes.com/home-seller-aubrey-pilot-point-cross-roads-tioga-texas-real-estate.asp

2010-01-06T17:14:00.001-08:00

REMEMBER -- With the winter weather all most here remember your outside pets, your water pipes inside and out, your elderly neighbors, plants and keep warm.

2010-01-06T07:08:00.001-08:00

Rental in Pilot Point for $1300.00 Custom Home http://ping.fm/IvJ5v

2010-01-05T07:36:00.001-08:00

Help get the local boys in the X Games http://ping.fm/BH72e

2010-01-05T07:07:00.001-08:00

Eagle Cove Estates near Lake Ray Roberts http://ping.fm/bCIhz

2010-01-04T13:02:00.001-08:00

Facebook | Top Texas Team http://ping.fm/sGTZJ?ref=sgm

2010-01-04T11:21:00.001-08:00

New Listing in Paloma Creek. Check it out at
http://ping.fm/oih38

2010-01-04T11:19:00.001-08:00

NUMBER1EXPERT CONTROL CENTER TOOLS http://ping.fm/fYBzb?tools=yes

2010-01-03T11:01:00.001-08:00

If you are thinking of buying or selling this spring and have any questions please give us a call and we can answer all your questions. 940-365-6300

2010-01-01T09:23:00.001-08:00

Wishing all of our friends, family and business associates a wonderful 2010.

2009-12-31T08:36:00.001-08:00

Happy New Years Eve, may everyone have a safe and fun celebration.

2009-12-30T21:55:00.001-08:00

May your troubles be less ~ And your blessings be more ~ And nothing but happiness ~ Come through your door!! Best wishes for a great 2010!!

2009-12-21T10:47:00.001-08:00

Merry Christmas Only 3 more days.

2009-12-21T10:38:00.001-08:00

Merry Christmas only 3 more days.

2009-12-15T07:55:00.001-08:00

NEW LISTING IN PROVIDENCE VILLAGE. UNLIKE ANY OTHERS WITH WATER FRONT.
http://ping.fm/nnm7p

2009-12-14T09:28:00.001-08:00

Great weekend and the market is heating up for the end of the year. We are also doing property management. So if you are tired of screening and caring for the properties give us a call.

New commercial property in Pilot Point

2009-12-08T11:08:00.001-08:00

Check it out at
http://www.judyandes.com/MyHomeDtl.asp?lstPages=1&HomeID=984281

Snow

2009-12-02T07:04:00.001-08:00

We did get a little snow this am and lots of rain here in the North Texas Area. Nothing left by 11:00 per weather person.

1636 Spanish Moss Way in Savannah Texas

2009-11-30T11:57:00.000-08:00

This home is ready for a new owner. Freshly painted, pergo floors, split bedrooms and a open floor plan highlight this home. Comes ready with a refrigerator, washer and dryer. Don't miss this cute home. For more information go to www.NorthTexasHomesandLand.com

Welcome to the Top Texas Team Blog

2009-11-30T11:54:00.000-08:00

Thank you for you interest in the North Texas Real Estate. You will find daily updates with news on the local market and information on local listings.