If I had a dime for every time I’ve been asked this question over the past 2 weeks, I could take that much-needed vacation and not skip a beat, but unfortunately, I don’t have those dimes any more than I have a definitive answer. I do have my opinions, but they’re just that… opinions.
HOWEVER, here’s what I do know; Members of the U.S. military, foreign service and intelligence communities have another year to purchase a home and claim the home buyer tax credit! Here are the nuts & bolts:
You must be a service member who is or has been on extended duty for 90 days or more between Jan. 1, 2009 to April 30, 2010
You must sign a sales contract before April 30, 2011
You must close on the home by June 30, 2011
Both the $8,000 first-time and the $6,500 repeat home buyer tax credits are included
It’s but a small token of what our military and their families deserve for what they give us!
Last week’s video blog, from the Twin Bridges addition of East Edmond, is for the home buyers out there, about the reality of what’s going on in our market and how much time you really have to kick tires. Please feel free to voice your opinion on this topic in the comments below, and if you’d like to see more about the house I filmed this video in, you can do so here.
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…
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!!
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,
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
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Apr 28, 2010 
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Housing Tax Credit, Military Home Buyers
