St. Louis Metro Area Real Estate

Awesome home - totally updated - high-end quality in South St. Louis County

Diane Bicket — Fri, 23 Jul 2010 16:19:00 GMT

• 864 sq. ft., 1 bath, 2 bdrm single story - MLS® $129,900

Mackenzie Park, Affton - Looking for move-in ready & loaded with high-end upgrades? This is it! This 2 bedroom, 1 bath home was nicely renovated in 2007. Since then, the owners have installed new landscaping & finished the walk-out lower level, adding more than 500 additional square feet of living space with a fabulous family room, game/eating area, & den. The family room also boasts surround sound (52-inch HD LCD TV is negotiable). You'll love the beautiful wood floors in the living room, dining room, & bedrooms. The bath has gorgeous marble floors with marble shower surround. In the kitchen you'll enjoy granite counters, marble backsplash, built-in rack for wine glasses, & beautiful maple cabinets. The home has a 1-car attached garage & is low maintenance with vinyl siding, covered soffit/fascia, newer windows, & the yard is fully fenced. Need more? Sellers are leaving the electric fireplace in the living room, the refrigerator, the washer/dryer - & are offering 1-year home warranty. Act FAST! 9422 Mackenzie Road

Property information

Buying a Home? Still time to take advantage of the tax credit (St. Louis County Real Estate)

Diane Bicket — Mon, 12 Apr 2010 16:30:00 GMT

This tax incentive ends April 30, 2010! But there is still time to act.

To qualify, you must be under written contract by April 30, 2010 - and must close on the sale not later than June 30, 2010.

For first-time home buyers, the credit is 10% of purchase price up to $8000. And guess what - you can qualify for a first-time home buyer credit even if you've previously owned a home. But you must NOT have owned for the past 3 years.
For move-up buyers, the credit is 10% of the purchase price up to $6500.
There are income limits for eligibility, but they are generous.

So take action now if you've been hoping to buy a home. Indications are that prices are stabilizing and will now continue to gradually increase. And interest rates are probably on the rise soon as well. Now is the time to buy!

Contact me at 314-406-3200 for questions about buying your home! I'm ready to help.

What Are 10-Year Sales Trends in Oakville School District? (St. Louis County Real Estate - Missouri)

Diane Bicket — Wed, 31 Mar 2010 18:52:00 GMT

Here's more info on sales trends for homes in St. Louis County real estate! These are the 10-year sales stats for OAKVILLE schools in South St. Louis County, Missouri. I've provided you with a clear picture of the sales prices and trends between 2000 and 2009. This data is taken directly from all the sales listed in the MLS (Multi-List System). (Median sales price means, effectively, that half the houses sold for more and half the houses sold for less.)

The Median Sales Price reflects the actual sales trends in this 10-year period. The 4% Increase Per Year indicates what that same sales price would have been with an average 4% increase per year.

It's too early in 2010 to see trends. However, sales prices continue to slowly increase in many areas. For more information about the current market value of a specific property, give me a call at 314-406-3200.

Oakville School District

Year 2002 2003 2004 2005 2006 2007 2008 2009

Median Sale Price 180000 184900 215700 220000 235500 224000 227000 196250

% Change 2.7% 16.7% 2.0% 7.0% -4.9% 1.3% -13.5%

# of Units 372 383 438 405 334 329 235 266

Median Days on Market 56 49 62 72 81 86 94 107

(4% increase per year) 180000 187200 194688 202475 210574 18997 227757 236867

Luxury one-level living in South St. Louis County - Pristine ranch with 3-car garage!

Diane Bicket — Mon, 22 Mar 2010 19:01:00 GMT

Luxury one-level living in this gorgeous home: 4-bedroom plan - 3 bedrooms, 2.5 baths PLUS den/study, 3-car side-entry garage. Popular split bedroom plan loaded with high-end features! Vaulted great room with gas fireplace, spacious kitchen with stunning granite counters, double oven (convection), 42-inch maple cabinets, tile backsplash, & planning desk. Bay windows in great room/breakfast room area. Wood floors in entry foyer, great room, kitchen, breakfast room, & half bath. Ceramic tile baths. Master bedroom suite with coffered ceiling, 5-window bay, & huge walk-in closet. Master bath boasts adult height double bowl vanity, whirlpool tub, & separate shower. Main floor laundry & laundry tub. Walk-in closets in all bedrooms. Lower level has high pour & rough-in plumbing. Almost half acre lot, in-ground sprinklers, security system, & professional landscaping. Cul-de-sac subdivision of 20 executive-style homes. Pristine condition & convenient location near St. Anthony's. Owner/agent. $425,000

For photos and details, go to http://www.dianebicket.com/Featured_Listings/page_1932181.html

Avoid Common Mistakes in Buying Your Home - St. Louis County Real Estate

Diane Bicket — Mon, 22 Mar 2010 16:28:00 GMT

Shopping for a new home is an emotional experience. It is, however, also a business transaction, and must be treated as such. Three of the most devastating things that can go wrong are:

Paying too much
Losing a dream home to another buyer
Buying the wrong home

Avoid costly errors in your home buying experience with these tips on making the most of your home purchase:

Get the information you need
What price do you offer a seller? Is the seller’s asking price too high?

A professional Realtor® can offer an unbiased opinion on the value of a home, based on many factors and a great deal of information. Without knowledge of the market, your offer could be too much. Or worse, you could miss out on a great buying opportunity.

What do you need and want in a home?
Sounds simple, but clearly identifying your needs and bringing an objective view to home shopping leaves you in a much better position. How much space do you really need? Too small and you may feel like you live in constant clutter. Too big and maintenance may become too daunting. Outline all of your priorities, and work on finding not just a great home, but a great home for you.

Get pre-approved for your loan
It only takes a few days to get financing pre-approval. When you are shopping for a home, this gives you more power. A seller is more likely to consider an offer from a serious buyer.

Get a professional building inspection
For $300 - $500, a professional inspector will conduct a thorough inspection of the home. Their expertise can mean the difference between uncovering major flaws before or after you own a home. Make the final contract subject to the report’s findings.

Get a property survey
Before the purchase is completed, an updated survey is essential. This report will indicate boundaries and structural changes (additions to the house, a new swimming pool, neighbor’s new fence which is extending a boundary line, etc.), and will guarantee that you are indeed getting what you pay for. The title company usually will order this survey for you at your cost. However, check with the sellers to see if they have a current survey available that indicates all current improvements to the structure of the house. If they do, that could save you several hundred dollars in your closing costs!

Check the title
Before you sign any document, be sure the property you are considering is free of all encumbrances. As a part of their services, the title company you choose will do a title search to ensure there are no liens, debts, undisclosed owners, leases or easements against the title.

Remember additional costs
Besides the funds for the purchase of a home, you’ll need funds for items such as loan fees, insurance, legal fees, surveys, inspections, etc. When you speak with your lender, ask for a good faith estimate of your closing costs. This will give you a great idea of these types of charges. Your real estate agent can help you estimate the cost of building inspections and title company charges, such as the survey.

Take a deep breath
Before you sign, ensure that all documentation clearly reflects your understanding and conditions of the transaction. Has anything been forgotten? Don’t rush. You could lose money, financing, or even the sale if you attempt to push things through too hastily.

Sales Trends in St. Louis County Real Estate - Mehlville School District (Missouri)

Diane Bicket — Fri, 12 Mar 2010 18:52:00 GMT

In my continuing effort to keep you up-to-date on St. Louis County real estate trends, here are the 10-year sales stats for MEHLVILLE schools in South St. Louis County. I've provided you with a clear picture of the sales prices and trends between 2000 and 2009. This data is taken directly from all the sales listed in the MLS (Multi-List System). (Median sales price means, effectively, that half the houses sold for more and half the houses sold for less.)

The Median Sales Price reflects the actual sales trends in this 10-year period. The 4% Increase Per Year indicates what that same sales price would have been with an average 4% increase per year.

Mehlville School District - St. Louis County Missouri

Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Median Sale Price 123150 129250 143000 156000 160000 172000 175500 170750 156500 150000

% Change 5.0% 10.6% 9.1% 2.6% 7.5% 2.0% -2.7% -8.3% -4.2%

# of Units 524 566 556 612 652 613 528 486 415 489

Median Days on Market 37 38 46 46 49 62 63 73 100 84

(4% increase per year) 123150 128076 133199 138527 144068 149830 155824 162057 168539 175280

Get your house in order before selling! Here are 10 tips. (St. Louis County Real Estate)

Diane Bicket — Fri, 05 Mar 2010 16:00:00 GMT

10 TIPS - Getting Your House Ready to Sell (St. Louis County Real Estate)

In today's market, buyers want value AND great condition. Yes, it's a "beauty contest"! So what can you do to ensure your house shows its best? I know, it's very difficult to keep your house show-ready, especially if you have children. But you really need to make your house look like a display home! Buyers want to visualize themselves in your house - they don't want to see how your family lives in that house.

Here are 10 items to address prior to selling.

First impressions are lasting! The front door greets the prospect. Make sure it appears fresh and clean. Paint the trim, if necessary.
Keep the lawn trimmed and edged, and the yard free of refuse. Reseed and fertilize the lawn, if necessary. Weed the gardens, and add mulch. Deep green grass makes a lasting impression. In winter, be sure snow and ice are removed from walks and steps.
Decorate for a quick sale. Faded walls and worn woodwork reduce appeal.
Let the sun shine in. Open draperies and curtains and let the prospect see how cheerful your home can be. (Dark rooms do not appeal)
Kitchens help sell homes. Are the appliances sparkling clean and operating properly?
Fix the faucet! Dripping water discolors sinks and suggests faulty plumbing.
Loose knobs, sticking doors and windows, warped cabinet drawers and other minor flaws detract from home value. Have them fixed.
Pack excess linens and clothing to make closets look bigger. Neat, well-ordered closets show the space is ample.
Bathrooms help sell homes. Check and repair grout in bathtubs and showers. Make this room sparkle.
Arrange bedrooms neatly. Remove excess furniture. Use attractive bedspreads and fresh looking window coverings.

REMEMBER, you will get the most traffic through your home within the first 30 days after listing. So don't waste that "prime" market time. Address these 10 items before you start showing the house.

And if you have further questions about getting your house ready to sell, give me a call at 314-677-6270.

What Are Homes Selling For in Lindbergh School District? - St. Louis County Real Estate

Diane Bicket — Thu, 25 Feb 2010 19:25:00 GMT

Interested in seeing the data on sales trends in St. Louis County - Lindbergh Schools? I've provided you with a clear picture of the sales prices and trends between 2000 and 2009. This data is taken directly from all the sales listed in the MLS (Multi-List System). (Median sales price means, effectively, that half the houses sold for more and half the houses sold for less.)

The Median Sales Price reflects the actual sales trends in this 10-year period. The 4% Increase Per Year indicates what that same sales price would have been with an average 4% increase per year.

Lindbergh School District - St. Louis, MO

Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Median Sale Price 144450 155000 165500 176250 192250 199250 194450 195000 185050 178450

% Change 7.3% 6.8% 6.5% 9.1% 3.6% -2.4% 0.3% -5.1% -3.6%

# of Units 552 499 494 578 538 544 522 551 551 468

Median Days on Market 20 21 26 29 33 37 43 49 49 83

(4% increase per year) 144450 150228 156237 162487 168986 175746 182775 190086 197690 205597

9920 Hacker Place in Sunset View is Sold!

Diane Bicket — Fri, 25 Sep 2009 14:26:00 GMT

Sunset View, Green Park - The single story at 9920 Hacker Place has been sold. I can help you get your home sold - or find you the home of your dreams!

$144,900 Updated Ranch For Sale in Lindbergh Schools - 3 BR, 2 BA, finished LL, 1-car garage, much more! WOW

Diane Bicket — Sat, 15 Aug 2009 19:21:00 GMT

• 2 bath, 3 bdrm single story "1500+ sq ft finished" - MLS® $144,900

Lindbergh, Green Park - Location, updates, expanded living space, low maintenance exterior - THIS HOME HAS IT ALL! 3 bedrooms on main level with beautifully updated bath. Lower level family room, 2nd bath, & 2 additional bedrooms (with egress windows). All of this equals 1500+ square feet of living area. You'll love the wood floors in the living room & hallway - & the open, light-filled living area. Wood floors under carpets in main floor bedrooms. Kitchen boasts plenty of cabinet storage & counter space, as well as pantry, & newer features: dishwasher, gas stove, flooring, countertops. Refrigerator negotiable - microwave stays. The level, fully fenced yard backs to trees for privacy. Detached 1-car garage & newer systems: roof 8 yrs., furnace & A/C 3 yrs., upgraded electrical panel, lower level drain tile with sump pit/pump. 1-yr. home warranty offered for extra peace of mind. Playset in back yard stays. Extraordinary space, convenient location, & highly-rated Lindbergh schools - wonderful value!

$30,000 Price Reduction - 9 year-old ranch with 3-car garage near St. Anthony's - 1/2 acre - pristine condition.

Diane Bicket — Sat, 08 Aug 2009 14:25:00 GMT

Chatham Manor, Mehlville - Announcing a price reduction on 13520 Chatham Manor Drive, a 2,869 sq. ft., 3 bath, 4 bdrm ranch. Now MLS® $429,900 - NEW PRICE.

Price Reduced! Single Story For Sale in Mehlville Schools - Loaded with Updates

Diane Bicket — Thu, 30 Jul 2009 16:03:00 GMT

PICTURE PERFECT!

• 1,188 sq. ft., 2 bath, 3 bdrm single story - MLS® $146,900 - NEW PRICE

Saxon Manor South, Mehlville - Convenience, value, & updates in this well-maintained 3 bedroom, 2 bath ranch with 1-car garage and main floor laundry. Newer ceramic tile in kitchen, dining room, family room, & foyer. Newer carpeting in all bedrooms & living room. Kitchen is spacious & updated with plenty of counter & cabinet space, built-in microwave, & newer appliances (stove 6 yrs. & dishwasher 4 yrs.) Master bath was gutted/renovated recently - it's gorgeous with adult-height vanity & ceramic tile floor. You'll also appreciate the vinyl windows, attic fan, ceiling fans in all bedrooms, & white 6-panel doors. The covered patio with aggregate concrete & built-in gas grill is a relaxing retreat overlooking the peaceful, fenced backyard. Double driveway offers additional off-street parking. Easy access to highways and shopping. Bonus: 6 yr-old washer & dryer stay! Excellent opportunity for you to own this sparkling home in a great location.

Open Sunday 8/2 - PRICE REDUCED Near South County Shopping Center Mehlville (3 beds 2 baths!)

Diane Bicket — Wed, 29 Jul 2009 14:35:00 GMT

Saxon Manor South, Mehlville - We invite everyone to visit our open house at 3342 Cordes Drive on August 2 from 1:00 PM to 3:00 PM.

Awesome 4 bed, 2.5 bath 9 yr old ranch with 3-car garage! NEW PRICE! Mehlville MO

Diane Bicket — Tue, 14 Jul 2009 21:34:00 GMT

• 2,869 sq. ft., 3 bath, 4 bdrm ranch - MLS® $425,000

Chatham Manor, Mehlville - Fischer & Frichtel built, 9 year-old 4-bedroom plan - 3 bedroom, 2.5 bath PLUS den/study with 3-car side-entry garage & gas fireplace. Popular split bedroom plan loaded with high-end features! Vaulted great room, kitchen, & dining room. Bay windows in great room/breakfast room area. Hardwood floors in entry foyer, great room, kitchen, breakfast room, & half bath. Ceramic tile baths. Luxury kitchen with double oven, expansive counter space, 42-inch maple cabinets, tile backsplash, & planning desk. Master bedroom suite with coffered ceiling, 5-window bay, & huge walk-in closet. Master bath boasts adult height double bowl vanity, whirlpool tub, & separate shower. Main floor laundry with laundry tub. Walk-in closets in all bedrooms. Lower level has high pour & rough-in plumbing. Almost half acre lot, in-ground sprinklers, security system, & professional landscaping. Small cul-de-sac subdivision of 20 executive-style homes - convenient location & pristine condition. Owner/agent.

NEW PRICE - awesome 9-year old ranch near St. Anthony's Hospital - 3 car garage, approx. 1/2 acre lot!

Diane Bicket — Wed, 24 Jun 2009 13:58:00 GMT

Chatham Manor, Mehlville - Announcing a price reduction on 13520 Chatham Manor Drive, a 2,869 sq. ft., 3 bath, 4 bdrm ranch. Now MLS® $442,500 - .

Property information

MHDC Offering up to $14,999 to buyers for housing stabilization!

Diane Bicket — Wed, 17 Jun 2009 20:11:00 GMT

The Missouri Housing Development Commission is offering up to $14,999 for buyers who purchase foreclosed/distressed homes. The monies can be used toward down payment and closing costs. First-time home buyers can still qualify for the $8000 tax credit under this program. But there are income restrictions - and the house must be used as the principal residence, not as investment property. Check out the MHDC website for more details. http://www.mhdc.com - look under the SPECIAL UPDATES section on the home page.

Ranch For Sale in Chatham Manor

Diane Bicket — Wed, 17 Jun 2009 12:51:00 GMT

• 2,869 sq. ft., 3 bath, 4 bdrm ranch - MLS® $449,000

Chatham Manor, Mehlville - Close to St. Anthony's Hospital, I-55, and I-270. Location, location, location. Fischer & Frichtel built, 9 year-old 4-bedroom plan - 3 bedroom, 2.5 bath PLUS den/study with 3-car side-entry garage & gas fireplace. Popular split bedroom plan loaded with high-end features! Vaulted great room, kitchen, & dining room. Bay windows in great room/breakfast room area. Hardwood floors in entry foyer, great room, kitchen, breakfast room, & half bath. Ceramic tile baths. Luxury kitchen with double oven, expansive counter space, 42-inch maple cabinets, tile backsplash, & planning desk. Master bedroom suite with coffered ceiling, 5-window bay, & huge walk-in closet. Master bath boasts adult height double bowl vanity, whirlpool tub, & separate shower. Main floor laundry with laundry tub. Walk-in closets in all bedrooms. Lower level has high pour & rough-in plumbing. Almost half acre lot, in-ground sprinklers, security system, & professional landscaping. Small cul-de-sac subdivision of 20 executive-style homes - convenient location & pristine condition. Owner/agent.

Property information

Awesome 4 br 2.5 ba 9 yr-old ranch near St. Anthony's Hospital - 3-car garage on almost 1/2 acre lot!

Diane Bicket — Wed, 13 May 2009 18:12:00 GMT

Fischer & Frichtel built, 9 year-old 4-bedroom plan - 3 bedroom, 2.5 bath PLUS den/study with 3-car side-entry garage & gas fireplace. Popular split bedroom plan loaded with high-end features! Vaulted great room, kitchen, & dining room. Bay windows in great room/breakfast room area. Hardwood floors in entry foyer, great room, kitchen, breakfast room, & half bath. Ceramic tile baths. Luxury kitchen with double oven, expansive counter space, 42-inch maple cabinets, tile backsplash, & planning desk. Master bedroom suite with coffered ceiling, 5-window bay, & huge walk-in closet. Master bath boasts adult height double bowl vanity, whirlpool tub, & separate shower. Main floor laundry with laundry tub. Walk-in closets in all bedrooms. Lower level has high pour & rough-in plumbing. Almost half acre lot, in-ground sprinklers, security system, & professional landscaping. Small cul-de-sac subdivision of 20 executive-style homes - convenient location & pristine condition. Owner/agent. Call 314-406-3200 for more information or visit DianeBicket.com.

Fabulous 9-year old Ranch For Sale in Chatham Manor

Diane Bicket — Wed, 22 Apr 2009 14:26:00 GMT

• 2,869 sq. ft., 3 bath, 4 bdrm ranch - MLS® $449,000

NEW LISTING on 3933 Burgen Avenue in Holly Hills

Diane Bicket — Sat, 11 Apr 2009 22:13:00 GMT

Holly Hills, St. Louis - Announcing a new listing at 3933 Burgen Avenue, a 1,000 sq. ft., 1 bath, 2 bdrm single story. Now MLS® $115,000 - .

Property information

AMAZING NEW PRICE - $177,500 ($22K+ price reduction) 2737 Bee Tree Lane

Diane Bicket — Mon, 06 Apr 2009 19:02:00 GMT

2737 Bee Tree Lane - Oakville - St. Louis, MO Price just reduced to $177,500. One of the BEST values in the area.

Frequently Asked Questions about the $8000 First-time Home Buyer Credit

Diane Bicket — Fri, 27 Mar 2009 20:04:00 GMT

These questions/answers have been excerpted from http://www.federalhousingtaxcredit.com/2009/faq.php

Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
What is "modified adjusted gross income"?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.

To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.
If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.
Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.

Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.

Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.
How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous "credit" was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.
How do I claim the tax credit? Do I need to complete a form or application?
Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase.
What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
I read that the tax credit is "refundable." What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).
I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.
Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009.

In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.
Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program.
I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?
No. You can claim only one.
I am not a U.S. citizen. Can I claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.
Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.

A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.
I bought a home in 2008. Do I qualify for this credit?
No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit.
Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.

Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.

Further, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. Some state housing finance agencies, such as the Missouri Housing Development Commission, have introduced programs that provide short-term credit acceleration loans that may be used to fund a downpayment. Prospective home buyers should inquire with their state housing finance agency to determine the availability of such a program in their community.
If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.
For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.

$8000 tax credit available!

Diane Bicket — Thu, 05 Mar 2009 23:30:00 GMT

Credit is 10% of purchase price to max of $8000. - Purchase must be made between Jan. 1 and Dec. 1, 2009. - NO repayment of the credit! - If home sold within 3 years, entire credit must be re-paid. - Applicable to all buyers who have not owned a home in the past 3 years.

Single Story CONDO For Sale in Parc Lorraine

Diane Bicket — Sat, 26 Jul 2008 17:09:00 GMT

• 900 sq. ft., 1 bath, 2 bdrm single story "Ground Floor" - MLS® $72,000- REDUCED!

Parc Lorraine, Mehlville - Great opportunity for 2 bedroom, 1 bath MAIN FLOOR condo in this wonderful complex. You'll find the interior freshly painted and carpets professionally cleaned (Mar-Apr '08), kitchen cabinets replaced ('05), some vinyl tilt-in windows, and lots of closet space for plenty of storage. The updated kitchen with breakfast bar opens to the living room/dining room and provides access to the large patio. Or you can walk out to the patio from the sliding doors in the master bedroom. Laundry facility is only a few steps outside your door for great convenience. And there's additional storage space on the second floor. Updated wiring at outlets - pigtailed with copper. Hurry to take advantage of the pool and clubhouse this summer!

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Open House in Westhampton on Sunday

Diane Bicket — Tue, 17 Jun 2008 13:41:00 GMT

Westhampton, Clarkson Valley - We invite everyone to visit our open house at 2342 Richborough Road on June 22 from 1:00 PM to 3:00 PM.

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