Allen Perry Quoted in Tennessean Article
Extended Tax Credit Benefits Buyers
View the article here or read below: Tax Credit Article 12.7.09
“It’s not just a first-time buyer tax credit anymore,” says Joe Robson, chairman of the National Association of Home Builders, in a recent press release. “Moveup buyers, move-down buyers and others who have previously owned a home can now qualify as well. In fact, close to 70 percent of all potential home buyers should now qualify for some form of the credit.”
According to the NAHB, the new law extends the $8,000 first-time home buyer credit through April 30, 2010, which gives buyers who have signed a sales contract by that deadline until June 30 to close their deal. In addition, a new credit of up to $6,500 was created for repeat home buyers who buy a principle residence if they have lived in the home they currently own (or previously owned) for five consecutive years out of the eight years preceding the urchase of the new home.
“I think there are a lot of people out there who don’t want to sell their homes in the current market because they will not fully realize their equity, but the $6,500 credit will help alleviate that,” says Jeff Jolly, a Realtor with Crye-Leike Realtors in Mt. Juliet.
Most Realtors agree that the new program will continue to stimulate the sluggish industry and that both credits will benefit buyers. “The tax credit extension is a great thing. It is taking what is normally a slower time on the market — the fall and winter months — and making it a very attractive time to buy a house,” says Allen Perry, a Realtor with Keller Williams in Green Hills.
Terry Booth, a Realtor with Keller Williams Realty in Franklin, agrees that the credits will not only enhance the economy but may also influence pricing. “Because we have had so many first-time buyers buying, the supply of homes priced at $250,000 and less dwindled, creating a demand, which in turn stabilized prices,” says Booth. “With the new extension of the tax credit, more buyers will be able to benefit from the historically low interest rates and the current low prices of homes.”
Although there’s a lot of positive buzz about the tax credit, homeowners should have realistic expectations; not everyone will qualify and many stipulations are in place. According to the NAHB, the new credit applies to single-family detached homes, attached homes (like town houses and condominiums), manufactured homes (also known as mobile homes) and houseboats — provided the home is purchased for a price less than or equal to $800,000. And the purchased home does not qualify for credit when purchased from lineal descendants (like children) or ancestors (such as grandparents).
In addition, income limits for eligible buyers have also been increased to allow more consumers to qualify, particularly those in markets with a higher cost of living. Now, single taxpayers with incomes up to $125,000 and married couples earning up to $225,000 may be eligible. Partial credits are available to home buyers who earn up to $20,000 more than the limits.
The tax credit and its restrictions can be complicated, so if consumers have questions they should talk to a tax advisor or Realtor to learn more. More information is also available at www.irs.gov.
SAVE ENERGY, SAVE MONEY
Tax breaks are available to people who are making their homes more energy-efficient.
Federal Tax Credits
Consumers who purchase and install specific products can receive a tax credit for 30% of the cost, up to $1,500, for improvements “placed in service” starting January 1, 2009, through December 31, 2010.
These products include:
-energy-efficient windows
-insulation, doors, roofs
-heating and cooling equipment
Consumers who install solar energy systems (including solar water heating and solar electric systems), small wind systems, geothermal heat pumps, and residential fuel cell and microturbine systems can receive a 30% tax credit for systems placed in service before December 31, 2016; the previous tax credit cap no longer applies.
Filing
To claim the tax credit for energy efficient products “placed in service” in 2009, you will need to file the 2009 IRS Form 5695 and submit it with your 2009 taxes (by April 15, 2010). For products “placed in service” in 2010, you would take the tax credit on your 2010 taxes.
Also save your receipts and the Manufacturer’s Certification Statement for your records. A Manufacturer’s Certification Statement is a signed statement from the manufacturer certifying that the product or component qualifies for the tax credit; these are often available on the manufacturer’s website.
Tennessee’s Financial Incentives
The Tennessee Valley Authority (TVA) and its participating power distributors are now offering a production-based incentive program to Valley homeowners and businesses for the installation of renewable generation systems from the following qualifying resources: solar, wind, low-impact hydropower, and biomass called Generation Partners. The energy generated from these renewable generation systems will count towards TVA’s green power pricing program, Green Power Switch.
All new participants in the Generation Partners program will receive a $1000 incentive to offset the upfront cost of the qualifying system. For more information, visit www.generationpartners.com or call 866-673-4340.
Other Utility Programs
Other utility programs exist and are specific to area electric services. Call your local electric company for more information.
Detailed information about tax credits for energy efficiency can be sought at www.energystar.gov.
Auction at The West End Condos
The West End Condominiums of Nashville
101 31st. Avenue | Nashville, TN | 37203
The West End is a newer luxury high-rise building in N
ashville that features several floor plans, a roof top pool, fitness center, game room, secure underground parking and a concierge. There are fabulous views from the oversized balconies and terraces in each unit.
Introducing a new sophisticated standard of luxury living and timeless traditional architecture positioned in the city’s most enviable location at the corner of 31st and West End in Midtown Nashville. This most prestigious address allows you to experience the best that Nashville has to offer – all right at your doorstep.
The West End redefines condominium living. It is truly a HOME in
the city with expansive floor plans, elegant finishes and surprisingly spacious balconies and terraces designed to create superior views of Nashville’s cityscape to the East, lush landscape to the West and the sprawling hillside vistas to the North and South.
Prices Range From $399,000 to $2,000,000
Auction:
Previews beginning Saturday, November 14th
Call us to see it today! 615-738-1550
What?
45 Luxury condominiums in the city’s most enviable location in Midtown Nashville. (5 1-Bed, 25 2-Bed, 15 3-Bed)
When?
Saturday, December 5, 2009
Where?
The West End
At the Corner of West End
and 31st Avenue North
Nashville, TN 37203
First Time Homebuyer Tax Credit Extended, New Repeat-Buyer Credit Added
Have you heard the good news? The $8000 First-time Home Buyer Tax Credit has been extended through the Spring of 2010. That means you have more time to find your new home and take advantage of this great opportunity.
And that’s not all, now there’s a $6500 tax credit for previous home-owners who are selling their house to move into another!
We’ve laid out all of the important details for you below.
$8,000 First-time Home Buyer Tax Credit Details
Who?
The $8,000 tax credit is for first-time home buyers only.
A first-time home buyer is someone who has not owned a property during the three-year period prior to the purchase.
When?
The tax credit now applies to homes under contract on or before April 30, 2010 that will close on or before June 30, 2010.
Other Details
· The tax credit does not have to be repaid.
· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
· For homes closed between January 1, 2009 and November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
· For homes purchased between November 6, 2009 and April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit as long as it closes before June 30, 2010.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit Details
When?
-The credit is available for homes under contract between November 6, 2009 and April 30, 2010 that will close by June 30, 2010.
Who?
-To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
-Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
Other Details:
· The tax credit does not have to be repaid.
· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
Links:
FAQ’s on the first time homebuyer credit:
http://www.federalhousingtaxcredit.com/faq1.php
FAQ’s on the $6500 credit:
http://www.federalhousingtaxcredit.com/faq2.php
Here is the form used to apply for the credit:
http://www.irs.gov/pub/irs-pdf/f5405.pdf
$8000 Tax Credit…To Be Continued???
There’s less than a month remaining to qualify for the first-time homebuyer $8000 repayment-free tax credit… or is there? If you missed the bandwagon the first time around, you may be in luck! A proposal being reviewed by the Senate could move the current November 30, 2009 closing deadline to as far up as the end of June for homes under contract by April 30, 2010 while also providing incentives for current homeowners to make a move. Under this bill, those who have owned a home for 5 years could be eligible for up to $6500 in tax credits.
A few stipulations would be in place regarding income and sale price. Singles filing taxable incomes over $125,000 and joint-filers with more than $225,000 would be ineligible, as would those purchasing homes over $800,000.
Whether you are searching for your first place or are in need of a change, now might just be the perfect time to buy! People looking to purchase a home and take advantage of either of these credits have a little time to make a decision, but shouldn’t put their purchase off too long, as this would likely be the last extension of the deadline.
A Senate vote is expected to take place this week. Tune in later for more details and the final verdict!
Visit www.nashvilleonthemove.com to search for homes now!
PPG UNVEILS NEW BLOG, IMPROVES WEBSITE
The Perry Property Group is proud to announce our new blog! At www.nashvilleonthemove.wordpress.com, you can find the latest in real estate news, features listings, local events, neighborhood profiles, stories from our agents, and much more!
We have also made improvements to our website! If you need a handyman or a decorator, or practically any other service, you’ll find exactly who you need on our updated vendor list. Our “Homes” page shows our great listings as well as featured foreclosures – great deals in today’s market.
As always, our map search allows you to search Nashville’s full MLS system by the criteria most important to you, including neighborhood. While you’re on the site be sure to check out the “Meet Us” page to learn more about our ever growing team.
Also at nashvilleonthemove.com, you’ll find a list of our favorite charities. The Perry Property Group believes that being “on the move” is about more than buying and selling houses – it’s about community! You’ll find us running Ellie’s Run for Africa, supporting Young Life, sponsoring the I’m Still Beautiful Concert/Fashion Show for young adults with cancer, and much more.
Our web presence doesn’t end there. You can add Allen and Andrew as your Facebook friends, or follow them on Twitter!
Please call us or email us at mailto:info@nashvilleonthemove.com?subject=I want $8000! for more information on the $8000 tax credit, and remember to act now, as this is opportunity is only available through December 1st!
FOLLOW US ON TWITTER:
www.twitter.com/allenperry
www.twitter.com/trammella
BE OUR FRIEND ON FACEBOOK:
www.facebook.com/allen.nashvilleonthemove
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2310 Elliott Ave Apt 703
The coolest development in Melrose! Hardwoods Throughout Living Space & Bedrooms, Upgraded Tile in Baths, Granite Counters, Maple Cabinets, Stainless Appliances, Washer/Dryer, and Fridge Stay, Crown Molding, 9Ft Ceilings, Ground Unit for Easy Access.
For more information, visit our webpage at nashvilleonthemove.com!
Terrazzo in The Gulch to Auction Condos!
See the article from this morning’s Tennessean regarding the upcoming auction of many units in the Terrazzo building located in the Gulch! Call me if you have questions about pricing or would like to see available units!
Andrew Trammell
615.418.0285 cell
615.690.7687 fax
andrew@nashvilleonthemove.com
Allen Perry
615.738.1550 cell
615.690.9646 fax
allen@nashvilleonthemove.com
8306 Oak Knoll Dr
Beautiful Spacious Move-In Ready Townhouse w/ Open Floor Plan, Hardwoods Throughout Living Space, Carpet in Bedrooms, Custom Paints, Stainless Steel Appliances, Huge Master w/ Walk In Closet, Faux Wood Blinds, Private Backyard w/ Back Patio, Covered Front Porch.
For more information, visit our webpage at nashvilleonthemove.com!
In-Law Suites
From the October-November 2009 Tennessee Homes:
In-law suites add value and privacy to a home
By Liz Baker
TENNESSEAN CUSTOM PUBLICATIONS
These days, more and more generations of families are living under one roof. In fact, according to the last U.S. Census, 3.9 million American homes have three or more generations living together in a single home. This is why in-law suites and teen suites are becoming much more popular in new homes. “An in-law suite can be a good investment, as it increases the size of your home and gives more appeal to the average consumer as far as finding a place that could suit not only their immediate needs but also their needs of the future,” says Allen Perry, a Realtor with the Perry Property Group in Nashville.
If you plan on including a teen or in-law suite into your new home, there are many factors that should be taken into account before you make any final decisions.
According to J. George Schneider with TurnberryHomes, home buyers first should determine the suite’s space and how it will be used, which is important since these areas can add anywhere from 400 to 500 square feet to a home. And depending on how much square footage you require, you might rule out certain floorplans due to their layout. Schneider says semi-custom and custom homebuilders will more than likely offer floor plans that can accommodate suites.
Regardless of the floor plan you choose, the suite area will most likely be strategically placed in a secluded area away from main gathering points of the home. Schneider says most suites are made for privacy, which is why they are usually found in basements, bonus rooms or oversized rooms above garages.
In fact, the whole purpose of these areas is to allow maximum freedom with minimum disturbances to the rest of the residents in the home.
“It is always good to make sure that the in-law suite can function independently from the rest of the house,” says Allen Perry with the Perry Property Group in Nashville. In addition to being placed in certain areas of the home, these suites also have common traits and characteristics. Schneider adds that most in-law suites include easy accessibility; an access door to the outside; a kitchen area with appliances and a sink; a full bathroom; a bedroom with a closet; and a living area.
When it comes to teen suites, which are most often built over an oversized garage or in a bonus room, Schneider says they are considered complete when they include a full bathroom and a large bedroom with some extras like a small sitting or study area.
“These days, children spend more time in the home than out, so a teen suite provides a great space just for them,” Schneider says. When built into a new home, the inclusion of one of these suites is cost effective and can be designed to fit your taste and style. Although the room and all of its amenities can serve a purpose now, when considering the function of a room, always look to the future as well as the present in order to stretch your home-buying dollar.
“(Suites) should always be versatile in their purpose so that they could easily be used as a bonus area, an office, a movie room, an optional master suite or a guest quarters for long-term guests,” says Perry.
If you have questions about adding an in-law or teen suite to your new home, consult a local builder about your options.
