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!

There’s some craziness going on in our market that I’ve found myself explaining to several of our clients this week, so I thought it’d be a good idea to share it here.

If you’re thinking about putting your house on the market, I know you don’t want to be rushed, but right now, you can’t afford not to be rushed. Here’s why:

• Any buyer who wants to take advantage of the tax credits currently in place has to have a house under contract by April 30th, less than 30 days away, and close on that house by June 30th, which has created a massive rush of buyers into the market. These are the buyers we’ve

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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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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!

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.

Thanks to the first-time home buyer tax credit, first-timers everywhere are clamoring to get their closing date set before the November 30th deadline. As a first-time home buyer, the buying process was a big enough stressor for me, but actually filing for the credit can seem almost as confusing as understanding all those closing documents. Have no fear, It’s actually a pretty simple process and should only require about an hour of your time. You can choose to file for the tax credit on your 2009 taxes, or you can amend your 2008 taxes and get your refund a little faster, here’s how:

First, fill out form 5405.

Don’t let all the tax jargon and instructions fool you, read the instructions carefully. There’s not much clarity on what to send in with the 5405 Form, so I’ll break it down for you.

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Several of our buyer clients who’ve purchased a home the past few months qualify for the Home Buyer Tax Credit, so it just seems natural to make the 5405 form readily available for you all.

Please be sure you consult your tax adviser if you’re not completely sure about your qualifications or how to file for this credit.

Yes, it’s true… the clock is ticking for first-time home buyers who want to take advantage of the federal home buyer tax credit, but buyers aren’t the only ones who need to kick it into high gear!

If you’re thinking about selling your home, NOW is the time to get it on the market with an outstanding Realtor who understands how to market, market, market your home; here’s why… those home buyers who’re feeling the pressure of finding a home and getting it closed before November 30th are getting tunnel vision.

A month ago, when a buyer called on one of our listings, they asked questions like, “how many bedrooms, what’s the price, how old is the AC unit?” Now they’re asking one question before they ever get to those other questions; “can this house close by November 30th?” If the answer’s “yes,” they then go on to ask more, but if the answer’s “no,” they’re moving on. NEXT!

It’s very likely that we’ll see a dramatic drop in activity after the expiration of the federal home buyer tax credit, so your chances of selling are FAR better today than they will be 60 days from now.

Home Builders, Realtors and Bankers continue to urge Congress to extend the home buyer tax credit, and from what I see day-to-day, there’s no shortage of would-be buyers who’d like to see it happen, but will it?

Isakson’s legislation would extend the program through the end of 2010, almost double the credit to $15,000 and remove restrictions that prohibit individuals who already own homes or earn $75,000 — $150,000 for couples — from getting the tax break.

While I see where our economy would benefit from such legislation, I can also see an immediate pitfall to the above proposal. What happens to all those buyers who already bought under the current plan and only got an $8K credit? Will they be allowed to file for an additional $7K credit, or will they be locked out of the party, like the buyers who took advantage of the first program, which was only $7,500 and had to be repaid?

Furthermore, where’s the money for this program going to come from?