The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit.

While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where…

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Last week’s video blog was in my office in Edmond, OK about keeping it in perspective when making an offer on a home. You can see the statistics I referenced here, and feel free to voice your opinion on this topic in the comments below. Have a great day!!

Earlier this week, I did my video blog from a great new house for sale in the Brenton Hills addition of Southwest Edmond, about not acting quickly enough when buying a home. Feel free to agree or disagree in the comments below, and you can find out more about this and other beautiful homes for sale at our website.

Yesterday, I did my video blog from a very unique house for sale in the Fenwick addition of West Edmond, about whether or not you should hire a home inspector when buying a new home. Feel free to agree or disagree in the comments below, and you can find out more about this and other beautiful homes for sale at our website.

Apparently, the government hasn’t been as quick about getting the home buyer tax credit refunds out as most of us have been expecting, so I’m posting this here to make everyone aware.

When you file for your refunds, hoping for a quick turnaround is OK, but don’t make any major plans with that money until you actually have it in hand. Good luck!

So as a first time homeowner, I have been learning how much things really cost. When I bought my home just a couple of months ago, I had this grandiose plan to gut the kitchen and put in granite countertops and all new appliances. I also planned to eventually put in new windows throughout the house. I had a lot of great plans, until I started to really put pen to paper and realize the real cost of my plans. When buying your first home it’s important to understand what the real, long term cost of your project is. For me, living in the house for a period of time, I’ve really begun to understand the nature of my neighborhood. Most of the homes in my neighborhood are not owner occupied, so to sink thousands into my kitchen would be a moot point. It’s always possible to overdo it with the renovations. Realistically, I should stick to mostly minor cosmetic changes in order to make the maximum profit when I sell later on.

So now my plans have changed to simply refacing the kitchen cabinets and installing new countertops and tile. It’s about 25% of the price of installing completely new cabinets: a price that’s appropriate for my neighborhood, and my house. So, in keeping with my newly laid out plan I’ve stuck to minor changes. For example,

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In yesterday’s video blog from Bricktown, I discussed a Business Week article I read about the timing of buying a home in this market, and the old mantra of ‘Now’s a great time to buy or sell a home.’ To voice your opinion on this topic, leave us a comment below.

Well, the news broke almost a week ago and in the spirit of good faith, I wanted to be sure we have REAL details about this extension/expansion before spewing a bunch of mis-truths and rumors, but apparently, I may be one of the few who put the brakes on

Truth is, you’ll find plenty of guessing out there, so PLEASE don’t buy into it all and take is as gospel. If you have specific questions about your situation, please wait until we have the real info before making any major decisions. If you’re not sure what you’re reading out there is correct, call your tax attorney or CPA for clarification, but I can tell you that right now what they’ll tell you is “the IRS hasn’t released a formal set of guidelines for this bill yet, so sit back and wait… we should know more in a few days.”

That’s where I am with it. When a formal release hits us, I’ll make sure you get all the best information right here on this blog, so stay tuned and in the meantime, let us know if we need to start sending you listings. Have a great day!

Ryan Hukill
Hukill Group – Paradigm AdvantEdge
405.802.4663

www.RyanHukill.com

Posted via email from Take Advantage of the ‘Move-Up’ Tax Credit Now

I told you the other day that the Tax Credit extension and modification had passed Congress and was headed to President Obama’s desk for signature. Now I’m excited to post that IT’S OFFICIAL… Obama has signed the bill into law and it’s time to get moving if you plan to take advantage! Call or email me immediately if you need details.

It’s a much-anticipated move that, for some reason, has taken a lot longer than most expected it would, but it’s being reported that the Senate has approved an extension (and modification) of the Home Buyer Tax Credit, which many believe will continue to drive the housing market upward, aiding in an overall economic recovery. Now, it’s up to President Obama to sign it into law.

The $8,000 maximum first-timer credit will continue and will now available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.  A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years.

The modification most likely to make an impact, in my opinion, is that a credit will now be offered to move-up buyers as well; not just the first-time buyers. Expanding the income limits will also open up the opportunities to a broader group of home buyers.