It seems that the IRS has pulled together all the important information on the First Time Home Buyer Credit and put it in Publication 17.

http://www.irs.gov/pub/irs-pdf/p17.pdf.

Take a look at the publication, it lengthy, chapter 37 has the most pertinent information.  Reminder: Pay particular attention to important “under contract” and “closing dates”.

EPA Recommends:

• If you are buying a home or selling your home, have it tested for radon.
• For a new home, ask if radon-resistant construction features were used and if the home has been tested.
• Fix the home if the radon level is 4 picocuries per liter (pCi/L) or higher.
• Radon levels less than 4 pCi/L still pose a risk, and in many cases, may be reduced.
• Take steps to prevent device interference when conducting a radon test.

Nearly 1 out of every 15 homes in the United States is estimated to have an elevated radon level (4 pCi/L or more). Elevated levels of radon gas have been found in homes in your state. Contact your state radon office for information about radon in your area.

 b. EPA and the Surgeon General Recommend That You Test Your HomeTesting is the only way to know if you and your family are at risk from radon. EPA and the Surgeon General recommend testing all homes below the third floor for radon.You cannot predict radon levels based on state, local, and neighborhood radon measurements. Do not rely on radon test results taken in other homes in the neighborhood to estimate the radon level in your home. Homes which are next to each other can have different radon levels. Testing is the only way to find out what your home’s radon level is.In some areas, companies may offer different types of radon service agreements. Some agreements let you pay a one-time fee that covers both testing and radon mitigation, if needed. Contact your state radon office to find out if these are available in your state. 

If you would like more information regarding RADON, go to www.epa.gov/radon/, or if you need help contact The Mathews Team Real Estate, Bob and Carolyn, at 866-634-3773 or bobandcarolyn@MathewsTeamRealEstate.com.

Are Lower Rates on the Horizon?
The Federal Reserve is likely to keep interest rates low to help consumers and companies eliminate debt, Goldman Sachs economists wrote in a report released Wednesday.

Some forecasters have said they expect the Fed to raise rates next year, but Goldman economists say they believe the Fed will keep its key rate near zero at least through 2010 and probably longer.

Source: Bloomberg, Simon Kennedy (09/10/2009)

How would this help us in Southern Ohio…log on and give us your comments.

Many Experts Support Extending Tax Credit
Real estate professionals and home builders are pushing for an extension and an increase in tax incentives to encourage homebuying. Otherwise, they argue, that it is very likely that the current housing uptick will end on Dec. 1, when the tax credit does.

“The giddiness we see out there [about a recovery] is without merit,” says Richard A. Smith, CEO of Realogy, which is the parent company of Century 21, ERA, Coldwell Banker, and Sotheby’s International Realty.

Not everybody sees things Smith’s way. Michelle Meyer, an economist with Barclays Capital in New York, says that while the tax credit did contribute to an increase in sales, some of the improvement reflects an improving economy.

“Even if you say some of the gain is artificial, it’s still true that we’re seeing an increase in housing demand, and that shows fundamental strength,” she says.

Mark M. Zandi, chief economist at Moody’s Economy.com, ignores this chicken-or-egg argument and points to an analysis he did that suggests increasing the tax credit to $15,000 for all home owners through the end of next year would result in 675,000 additional home sales.

Source: BusinessWeek, Prashant Gopal (09/11/2009)

Welcome to Bob Mathews’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Bainbridge. Visit my website at http://bcmathews.featuredwebsite.com.