Dave Griffith's Blog

Who Qualifies for the Extended Credit?

• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
  
• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer’s tax credit is determined by tow additional factors:

1. The price of the home.
2. The buyer's income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009,  single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Hi wish you were here.  We arrived day before yesterday having left Norfolk Va in the middle of the worst Northeaster the East Coast has seen in many years. The wind was gusting to 60 plus miles per hour and the rain fall had already reached 6 inches.  The tide had flooded many of the streets of Norfolk and the surrounding communities.  We crossed the Chesapeake Bay Bridge and Tunnel which had level 3 restrictions enforce to reach the Norfolk Internation Airport.  American Airlines was our choice and fortunately the plan arrived just 30 minues late.  We took off and landed in Dallas but had missed our plane there.  Grabbed a bite to eat and caught the next flight an hour later to San Diego.  Upon arrival we took a cab to the Naval Station North Island where were we were to spend the next two nights.  Little did I know that this is the largest Naval installation in the world on over 57,000 acres to roam.  We were well taken care of by the folks there and quickly turned in for the night. 

Day two was exciting. After a short (1 mile) walk to MacDonalds for breakfast we caught a cab into the city and checked into the conference at the San Diego Conference Center.  This building is almost a mile long, right on the waterfront and is served by trolley, buses, bikes, runners you name it and its here.  Directly across the street is the stadium the San Diego Padres call home.  So after check in they opened the Expo which is where close to 1000 exhibitors have set up shop to cater to 20,000 or more of my closest friends have come to shop. 

I will tell you about tomorrow in my next blog...All the best, Dave

? In May, 72.5% of residents were able to afford a median priced home across the

? The national economy continued to suffer in the second quarter. Year-to-date

? Like the rest of the country, Virginia lost jobs in the second quarter. Job losses

reached 7.2% in June but, Virginia’s rate was the 11th lowest in the country and

? The existing home industry had a good quarter. Sales increased for three

? Virginia’s second quarter home sales statistics indicated an improvement over

Overall Index 49.3 -10.0% -3.3%

Present Index 24.8 -16.5% -62.1%

Expectations Index 65.5 -8.4% 58.2%

August 2007. The percentage of respondents who plan to purchase a new home decreased by

respondents who plan to purchase an existing home increased in June by 6.7% over May and

Source: Fulton Research Jun 09 vs. May 09 vs. Jun 08

Plan to Purchase a Home within 6 months 2.7 -3.6% 12.5%

Plan to Purchase a New Home 0.3 -25.0% -40.0%

Plan to Purchase an Existing Home 1.6 6.7% 14.3%

Uncertain 0.8 -11.1% 60.0%

and 2007, they should begin to reset this year1.

1 “New Wave of Mortgage Foreclosures may be Coming,” Dailypress.com, July 14, 2009.

unemployment rate ties with Arkansas for the 11th lowest in the nation2.

2 States with the lowest June unemployment rates are North Dakota (4.2%), Nebraska (5.0%), and South Dakota

Having gone through a Colonoscopy recently I just had to post this for your enjoyment.....Dave

THIS OUGHT TO MAKE YOU LAUGH YOUR "BUTT" OFF - NO PUN INTENDED

ABOUT THE WRITER:

Dave Barry is a Pulitzer Prize-winning humor columnist for the Miami Herald.


Colonoscopy Journal:

I called my friend Andy Sable, a gastroenterologist, to make an appointment for a colonoscopy.

A few days later, in his office, Andy showed me a color diagram of the colon, a lengthy organ that appears to go all over the place, at one
point passing briefly through Minneapolis .

Then Andy explained the colonoscopy procedure to me in a thorough, reassuring and patient manner.

I nodded thoughtfully, but I didn't really hear anything he said, because my brain was shrieking, 'HE'S GOING TO STICK A TUBE
17,000 FEET UP YOUR BEHIND!'

I left Andy's office with some written instructions, and a prescription for a product called 'MoviPrep,' which comes in a box large enough to hold a microwave oven. I will discuss MoviPrep in detail later; for now suffice it to say that we must never allow it to fall into the hands of 
America 's enemies.

I spent the next several days productively sitting around being nervous.

Then, on the day before my colonoscopy, I began my preparation.  In accordance with my instructions, I didn't eat any solid food that day; all I had was chicken broth, which is basically water, only with less flavor.

Then, in the evening, I took the MoviPrep. You mix two packets of powder together in a one-liter plastic jug, then you fill it with lukewarm water. (For those unfamiliar with the metric system, a liter is about 32 gallons). Then you have to drink the whole jug. This takes about an hour, because MoviPrep tastes - and here I am being kind - like a mixture of goat spit and urinal cleanser, with just a hint of lemon..

The instructions for MoviPrep, clearly written by somebody with a great sense of humor, state that after you drink it, 'a loose, watery bowel movement may result.'

This is kind of like saying that after you jump off your roof, you may experience contact with the ground.

MoviPrep is a nuclear laxative. I don't want to be too graphic, here, but, have you ever seen a space-shuttle launch? This is pretty
much the MoviPrep experience, with you as the shuttle. There are times when you wish the commode had a seat belt. You spend several hours pretty much confined to the bathroom, spurting violently. You eliminate everything.  And then, when you figure you must be totally empty, you have to drink another liter of MoviPrep, at which point, as far as I can tell, your bowels travel into the future and start eliminating food that you have not even eaten yet.

After an action-packed evening, I finally got to sleep.

The next morning my wife drove me to the clinic. I was very nervous. Not only was I worried about the procedure, but I had been
experiencing occasional return bouts of MoviPrep spurtage.  I was thinking, 'What if I spurt on Andy?'  How do you apologize to a friend for something like that?  Flowers would not be enough.

At the clinic I had to sign many forms acknowledging that I understood and totally agreed with whatever the heck the forms said. Then
they led me to a room full of other colonoscopy people, where I went inside a little curtained space and took off my clothes and put on one of those hospital garments designed by sadist perverts, the kind that, when you put it on, makes you feel
even more naked than when you are actually naked..

Then a nurse named Eddie put a little needle in a vein in my left hand. Ordinarily I would have fainted, but Eddie was very good, and I was already lying down. Eddie also told me that some people put vodka in their MoviPrep.  

At first I was ticked off that I hadn't thought of this, but then I pondered what would happen if you got yourself too tipsy to make it
to the bathroom, so you were staggering around in full Fire Hose Mode. You would have no choice but to burn your house.

When everything was ready, Eddie wheeled me into the procedure room, where Andy was waiting with a nurse and an anesthesiologist.  I did not see the 17,000-foot tube, but I knew Andy had it hidden around there somewhere.  I was seriously nervous at this point.

Andy had me roll over on my left side, and the anesthesiologist began hooking something up to the needle in my hand.

There was music playing in the room, and I realized that the song was 'Dancing Queen' by ABBA. I remarked to Andy that, of all the songs that could be playing during this particular procedure, 'Dancing Queen' had to be the least appropriate.

'You want me to turn it up?' said Andy, from somewhere behind me.

'Ha ha,' I said.  And then it was time, the moment I had been dreading for more than a decade. If you are squeamish, prepare yourself, because I am going to tell you, in explicit detail, exactly what it was like.

I have no idea.  Really..  I slept through it.  One moment, ABBA was yelling 'Dancing Queen, feel the beat of the tambourine,' and the next
moment, I was back in the other room, waking up in a very mellow mood.

Andy was looking down at me and asking me how I felt.  I felt excellent. I felt even more excellent when Andy told me that It was all
over, and that my colon had passed with flying colors. I have never been prouder of an internal organ.

God grant me strength when I am weak, answers when I am confused, and courage when I am afraid.

COLDWELL BANKER REAL ESTATE SURVEYS 1,000 MEN AND WOMEN TO DISCOVER GENDER DIFFERENCES IN THE HOME-BUYING PROCESS

Survey Finds that While Couples Make Real Estate Buying Decisions Together, Women Make Up Their Minds Significantly Faster than Men
           
PARSIPPANY, N.J. (August 17, 2009) –   It often seems as though men and women are from different planets, but every day millions of couples navigate through day-to-day and even life-altering decisions. Because a home is the biggest purchase most people will make in their lifetime, Coldwell Banker Real Estate LLC surveyed 1,000 individuals to discover how much men and women differ in the home-buying process.

The real estate company engaged a third-party research firm, International Communications Research (ICR), to delve into the innerpsyche of men and women, asking questions such as “How long did it take for you to know that the last home you purchased was right for you?” and “If you found the home of your dreams but had concerns about its security, would you still be interested?” Coldwell Banker Real Estate also surveyed couples on additional topics, such as “Who wears the pants in the relationship?” when it comes to making major financial decisions.

“The results were surprising,” said Diann Patton, the Coldwell Banker consumer real estate expert. “Not only did we uncover some of the inherent differences between men and women, but we also pinpointed a number of ways that the two genders are actually the same. For example, both men and women are increasingly concerned with having a space to work in their homes – something we would not have seen 40 years ago.” She continued, “We also found that feeling insecure about a home’s safety is a deal-breaker for most people, regardless of gender.”

Patton noted this topic is particularly timely given that many first-time homebuyers are hoping to take advantage of the $8,000 tax credit before it expires on December 1, 2009.

Below are some key highlights from the Coldwell Banker Real Estate study:

Women may be inclined to make up their mind more quickly than men …

• When asked how long it took before they knew their home was “right” for them, almost 70 percent of women had made up their mind the day they walked into the house, vs. 62 percent of men. Conversely, significantly more men needed two or more visits: (32 percent of men vs. 23 percent of women).

Women would rather live closer to their extended family than to their job …

• 55 percent of women find it more important to be closer to their extended family (those that do not live in their household) than to their job, compared to only 37 percent of men.

A home’s security is a deal-breaker for both men and women …

• 64 percent of women said that if they found the home of their dreams but had concerns about its security, they would no longer be interested. More than half of men agreed (51 percent).

Couples say that no one “wears the pants in the relationship” in terms of major financial decisions …

• When asked who wears the pants in the relationship (when it comes to major financial decisions, such as purchasing a home), almost 70 percent of respondents living with their significant other said it’s actually mutual.
• However, 23 percent think that they, themselves, wear the pants in the relationship, not their partner. More men than women said this (26 percent vs. 20 percent, respectively).

Men and women agree on how they would use a spare room, for the most part …
When the respondents were asked how they would use an extra 12 x 12 room if it could be anything they wanted, men and women agreed on the top three most popular, and very practical, responses:

• Bedroom: 25 percent
• Office/Study: 15 percent
• Family Room / Den: 11 percent

However, men really do want a “Man Cave”…

• Interestingly, out of the 8 percent who indicated they would turn that spare room into an entertainment center, it was a preponderance of men leading the charge.  In fact, four times as many men as women said they would use the extra space for recreation / entertainment.

In addition to providing background on the survey results, Patton is able to offer tips for couples who are currently going through the process of buying a home.  “These results further validate how critical it is for couples to recognize each other’s differences and work together, from deciding a neighborhood to how to use a spare room,” she said. “Online tools and the expertise of a real estate professional can be particularly helpful for couples, especially if they work together step-by-step along the way.”

Methodology: Coldwell Banker Real Estate engaged ICR to conduct an omnibus survey via telephone in May 2009, among more than 1,000 respondents.

About Coldwell Banker Real Estate LLC
Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2008, Franchise Times magazine’s prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the ninth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,200 residential real estate offices and approximately 100,000 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.

Bridge-Tunnel donates items to Cape Charles museum

CAPE CHARLES -- The Chesapeake Bay Bridge-Tunnel recently loaned and donated some historical memorabilia to the Cape Charles Historical Society for display in the Cape Charles Museum and Welcome Center.

Included among the items is a huge early 1960s model of the Chesapeake Bay Bridge-Tunnel. Weighing almost 500 pounds, this large display traveled up and down the East Coast in the early 1960s and was exhibited in banks, city halls and touring centers to explain not only design and construction features, but also the special significance of the "man-made wonder" to travelers on the East Coast as it would cut one and a half hours off the driving time from Philadelphia to the Hampton Roads area.

Also on display is a 14-foot boat hook used to catch the large ropes to land the Chesapeake Bay ferries at the docks in Kiptopeke and Little Creek. Other donated memorabilia include early photographs of the Bridge-Tunnel and the people who made it happen.

A major element of Cape Charles history is the history of crossing the Bay, from log canoes, sailing ships, steamers, ferries, tugs and barges and finally the Bridge-Tunnel. Visitors can explore this history at the museum through large ship and rail models, binders of archival photos and mounted displays. Materials include photographs and engineering data on the tunnel and bridge construction, a variety of postcards and opening day ceremony memorabilia drawn from the Museum archives.

The Cape Charles Museum and Welcome Center is located in the Town of Cape Charles in an old power plant where one of the original engine-generators remains on permanent exhibit and runs in demo mode.

Opened in 1996, it is dedicated to preserving and presenting to the public the history of Cape Charles and its surrounding areas. The museum is open to the public from mid-April through November on weekdays from 10 a.m.- 2 p.m.; Saturdays from 10 a.m.-5 p.m.; and Sundays from 1 p.m.-5 p.m.

This article came from the delmarva.now website

Cape Charles is coming alive with summer weather and folks returning to their homes to enjoy the beach.  There are at least 5 new stores on Mason Avenue to check out.  Everything from a what not store to a new seafood restaurant is available.  Stroll down to the beach and walk out on the free fishing pier and enjoy the bay breezes or stay until sunset (about 8 PM this time of year) and see one of the prettiest sunsets on the East Coast. Don't miss Bay Creek either. This world class resort offers Golf/private beaches/upscale restaurants and more.  Stop in any real estate office and they can arrange a tour for you.  If you have a hankering for going fishing or just want to tour the barrier islands there are plenty of guides available.  Shoot me a quick email and I can point you in the right direction.  The barrier islands belong to the Nature Conservancy and there are some bird nesting restrictions this time of year but there is generally a spot or two that you can visit that puts you as one with nature.  Miles from anything with only the sound of birds and the ocean to enjoy. 

Real Estate has started moving here and has picked up considerably since warm weather moved in.  Recent sales include a 3 BR/3 BA for $199,900.  A 3 BR/1 BA for $100,000.  A 4 BR/2.5 BA for $610,000.  If you would like a complete list of what has sold in 2009 email me. 

Looking for a great deal...How about 3 BR/2 BA 2 blocks from the beach plus you get the vacant lot next door for thrown in for free..Asking price is $229,000.  Call me soon on this one. 

See you around.  Dave