If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit.  Congress recently passed The Worker, Homeownership and Business Assistance Act Of 2009, extending the First-Time Homebuyer Credit and expanding who qualifies.

Here are the top 10 things the IRS wants you to know about the expanded credit and the qualifications you must meet in order to qualify for it:

1. You must buy – or enter into a binding contract to buy a principal residence – on or before April 30, 2010.
2. If you enter into a binding contract by April 30, 2010 you must close on the home on or before June 30, 2010.
3. For qualifying purchases in 2010, you will have the option of claiming the credit on either your 2009 or 2010 return.
4. A long-time resident of the same home can now qualify for a reduced credit. You can qualify for the credit if you’ve lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the new home is purchased and the settlement date is after November 6, 2009.
5. The maximum credit for long-time residents is $6,500. However, married individuals filing separately are limited to $3,250.
6. People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after November 6, 2009. The full credit is available to taxpayers with modified adjusted gross incomes up to $125,000, or $225,000 for joint filers.
7. The IRS will issue a December 2009 revision of Form 5405 to claim this credit. The December 2009 form must be used for homes purchased after November 6, 2009 – whether the credit is claimed for 2008 or for 2009 – and for all home purchases that are claimed on 2009 returns.
8. No credit is available if the purchase price of the home exceeds $800,000.
9. The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
10. A dependent is not eligible to claim the credit.  

For more information about the expanded First-Time Home Buyer Credit, visit www.IRS.gov/recovery.

According to a study done by CQ Press and their annual publication “City Crime Rankings 2009-2010”, Cary was ranked among one of the safest U.S. cities to live.   This year, Cary’s overall safety ranking was 19th safest when compared with every community of any size in the report.

To learn, please visit CQ Press at www.CQPress.com or read more statistics at the Town of Cary’s website www.TownOfCary.org

The Milken Institute has released its list of the 2009 Best Performing Cities and both Durham and Raleigh-Cary made the Top 10! Durham is up from number 21 in 2008 to number 6 in 2009 while Raleigh-Cary dropped from number 2 in 2008 to number 10 in 2009.

For a complete list, be sure to visit: 

http://bestcities.milkeninstitute.org/bestcities2009.taf?rankyear=2009&type=rank200

(Source: Milken Institute)

If you thought your time was running out to use the homebuyer tax credit, your luck just changed!  Today, President Obama signed the bill into law extending the $8000 first-time homebuyer tax credit.  In addition, this new law now includes a $6500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.

The National Association of REALTORS® has created a simple and helpful CHART that showcases the modifications – for more information, click here

The First-time Homebuyer Tax Credit is the news of the day and as the deadline to use this approaches, consumers want to know their options.  News14 Carolina approached Linda Trevor to find out her opinion.  “Buyers should definitely be active right now, looking around, searching on the Internet, getting out, looking at homes a little bit closer so they have plenty of time and not feel the pressure.”   Click here to view more of Linda’s interview

NC Home Prices Remain Stable

Here is some more encouraging news for North Carolina homeowners! Just recently featured in NC Magazine, by Nick Zulovich, is a fascinating article about North Carolina’s home price stability and future real estate market. Read the snippet below and click here for the full story.

 “According to the Bureau of Business Research at East Carolina University, North Carolina is one of only 12 states where the average price of a home remains unchanged from the maximum value tabulated since 1995. Joining North Carolina on that list were Arkansas, Colorado, Iowa, Kansas, Kentucky, Louisiana, Oklahoma, South Carolina, South Dakota, Tennessee and Texas. North Carolina’s average home price also was higher than more than half of those select states.”

Kiplinger.com voted Raleigh #10 in July’s 2009 list of Best Places to Live and Work!  Read the full story on Raleigh and the other top metros in America.

 No. 1: Huntsville, Alabama

 No. 2: Albuquerque, New Mexico

 No. 3: Washington D.C.

 No. 4: Charlottesville, Virginia

 No. 5: Athens, Georgia

 No. 6: Olympia, Washington

 No. 7: Madison, Wisconsin

 No. 8: Austin, Texas

 No. 9: Flagstaff, Arizona

 No. 10: Raleigh, North Carolina

Raleigh Accolades

Getting three listings under contract over the weekend was a real boost for my business and a sign of resurgence in the real estate market in the Triangle Area.  With recent Raleigh accolades of Forbes giving the #8 spot to this area for “Best Big Cities for Jobs” and some additional praises like #1 City with Best Economic Potential and #1 City Where Americans Are Relocating, you can just feel with anticipation the crack in the dam that is about to burst again.

Raleigh, Cary, Morrisville, Apex, Wake Forest, Holly Springs are all fabulous cities with so much to offer it’s residents.  The Wake County Schools are acclaimed, Research Triangle Park is filled with top-of-the-league corporations, the southern towns are filled with charm and historical sites, the colleges (and teams!) are phenomenal, and the downtown area is teeming with life.

Relocating to the Raleigh Area? Let me show you around….you’ll grow to love this area as I have and call it home!

Linda Trevor was highlighted this month in the News and Observer article, Make the Most of the Market, by Christa Gala. Read expert advice on how to demolish showing obstacles, determine the right price and why it is a good time to buy!  Click here for the full article.

Linda Trevor was recently featured in the News and Observer’s Real Estate section for a buy-to-sell deal.  In the article, Raleigh NC Homes for Sale, the author references a transaction where Linda represented the Seller and helped facilitate a successful outcome for her client.  Read the full story here.