Posts Tagged ‘First Time Home Buyers’

Monday, October 25th, 2010

Ann Arbor Real Estate Series-Water Conservation at Home pt.2

Ann Arbor Home Water Conservation Globe

Ann Arbor Real Estate Series-Water Conservation at Home pt.2

Last week we talked about daily steps a homeowner could take to reduce their water usage and in turn their municipal water bill. This week we’re going to touch on a few things a homeowner can change or install in their home to aid their conversation efforts.

Low-flow toilets are specifically designed to use less water during each flush. This is an important feature in an increasing number of areas throughout the country where water is limited. In all parts of the country, low-flow toilets make simple sense by conserving a natural resource used for routine and mundane tasks.

Water is still an under-valued resource but general understanding of its importance is growing. A state-of-the-art low-flow toilet may consume less than two gallons of water per flush compared to five or more gallons with “old” technology toilets. The new toilets can cut your expenditure for flushing in half, or more. Yet flushing is only part of your annual water budget and you should pay some attention to the performance of your clothes washer and dishwasher as well.

For new homes, getting a low-flow toilet may not be an option – it may be required by local building codes. Like most consumer items, retrofit models can vary in their design and effectiveness. Toilet options may depend on local building codes and sources of supply.

Showers account for 16-25% of the total water use in a typical home.  One easy way to reduce this number and minimize your home’s total water usage is to install a low-flow showerhead on each of your showers.  The current standard for low-flow models is 2.5 gpm (compared to the 5.5 gpm of standard models, especially those manufactured before 1992).  Some models are available with flow-rates as low as 1.6 gpm, using about 1/4 the amount of water of standard models.  This means that low-flow showerheads can save you 20 to 30 gallons of water for every ten minute shower you take. Low-flow models are inexpensive, easy to install and can have substantial ramifications for your home’s annual water use.

Typically, low-flow showerheads cost between $10 and $20 and can be purchased from your local hardware store.  Despite this initial expense, low-flow models can reduce the amount of water used in the shower by 25-50%, saving families hundreds of dollars every year.  EPA’s WaterSense program reports installing a low-flow showerhead can save families more than 2300 gallons of water a year.

Many consumers are concerned with their showers becoming “weak” after installing a low-flow showerhead.  However, there are many different models available with various settings that can allow control over the strength of the water flow, whether it is strong and pulsing or soft and misty.  If you prefer stronger water flow, opt for a laminar-flow showerhead as it creates individual streams instead the mist that aerating models produce.

Low-flow showerheads can easily be replaced yourself or with the a little help from your local plumber.  When purchasing a new showerhead, make sure its specifications (threaded or non-threaded, size, etc.) match your current one. Consider removing the old one and taking it with you to your local hardware store to ensure you get a proper match.  Look for models that have earned the EPA’s Water Sense label to ensure the highest quality and greatest efficiency.  Once you purchase the showerhead, simply take it back home and follow the manufacturer’s instructions for install.  Usually this just requires removing the old head and screwing in the new one.  Make sure there is a tight seal to prevent leakage.

As always, we here at Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area home buying, home selling, rental or other Ann Arbor real estate needs.

Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!

 
Thursday, March 25th, 2010

Free Home Seller Consultation!

Ann Arbor Real Estate Free Home Seller Consultation!

We are offering a FREE Seller Consultation to anyone interested in learning about the selling process, area market values, how to select a qualified Realtor, how to prepare your home for market and more.

Ann Arbor House For Sale SignIf you are located in the Greater Ann Arbor Area and want to sell ANYWHERE in the United States, we have a wonderful network of Prudential agents to help! Whether it is your primary residence, vacant vacation home, rental property, vacant land, or commercial property, we can assist you with finding the right agent to get your property sold in the shortest amount of time for the highest value.

Our consultations can take place in the office or in your home and there is no cost or obligation. If you’re interested in doing further research on your own, please feel free to reference our website at www.prusnyder.com. There is a section heading titled “Sell a Home” that will offer you a plethora of information and ideas. While on our site, check out our Online Seller Advantage technology, our dynamic mapping search engines, and our other services.

We look forward to answering your questions! Please feel free to contact us for any of your real estate needs. Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!

 
Thursday, March 18th, 2010

Common First-Time Home Buyer Mistakes

Ann Arbor Real Estate Tip: First-Time Home Buyer Mistakes

 

Ann Arbor Realtor at Desk with computerAs both the weather and the market continue to heat up, we’re finding that here in the Greater Ann Arbor Area, more and more first-time home buyers are beginning their home searches. Although the internet is a great place to do research on area properties, it is always a good idea to solicit the advice of a Real Estate Professional. The folks at Real Estate Checklists and Systems (www.realestatechecklists.com) put together the following list of common mistakes… we are here to help you avoid making them!

 

 

1. They don’t ask enough questions of their lender and end up missing out on the best deal.

2. They don’t act quickly enough to make a decision and someone else buys the house.

3. They don’t find the right agent who’s willing to help them through the homebuying process.

4. They don’t do enough to make their offer look appealing to a seller.

5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.

 

 

We offer FREE no obligation HomeBuyer Seminars and workshops to help you learn about the purchasing process. If you’re interested in learning more, please contact us. Prudential Snyder & Company Realtors are here to assist you with any of your Ann Arbor Area real estate needs. Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends.

 

Our website offers a plethora of information on Buying, Selling, Area Open Houses, and more. Visit us at www.prusnyder.com or email info@prusnyder.com for more details. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!

 
Thursday, March 11th, 2010

New IRS Homebuyer Credit Form

Ann Arbor Real Estate Office computer desk

Ann Arbor Real Estate Information: New IRS HomeBuyer Credit Form

As of January 15th, the IRS released the new form 5045 which taxpayers will use to claim the homebuyer credit. It is available at http://www.irs.gov/newsroom/article/0,,id=218336,00.html. There are full instructions available on the website explaining what documentation must be returned with the form.

The IRS is advising individuals that because of the additional documentation required, the forms cannot be submitted electronically so it will take several weeks for refunds to be processed.

The IRS also has released a Fact Sheet on the eligibility criteria for the credit. See FS-2010-6 (January 4, 2010). http://www.irs.gov/newsroom/article/0,,id=217784,00.html

These HomeBuyer Tax Credits continue to remain available for home sales which are under contract by April 30th, 2010 and closing by June 30th, 2010!

If you have questions about eligibility for the HomeBuyer Tax Credit or any other Ann Arbor real estate needs, please call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends.

 

We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!  Please peruse our site at your leisure.  We welcome your comments and the opportunity to answer your questions about Ann Arbor and the Greater Washtenaw County, MI area.

 
Monday, March 1st, 2010

The HomeBuyer Tax Credit

Ann Arbor Michigan TheatreAnn Arbor Real Estate Information: HomeBuyer Tax Cradit

The Homebuyer Credit (available to both first time & some repeat purchasers) is available for homes which go under contract BEFORE April 30th, so don’t miss out on this phenomenal opportunity. For more information on the program details and eligibility, call or email us!

We are here to assist you with any of your Ann Arbor area real estate needs. Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!

 
Thursday, February 11th, 2010

Helping Your Kids Buy A Home

Ann Arbor House Miniature Handoff

Ann Arbor Real Estate Tip: Helping Your Kids Buy A Home

Today’s turmoil in the housing market has made it more appealing than ever for many renters to consider purchasing their first home.

 

Whatever your situation, the housing market is ripe for first time home buyers. The Federal HomeBuyer Credit is available for homes put under contract by April 30th, 2010 and closed by June 30, 2010.

 

Interest rates remain low. The market is full of homes that are aggressively priced. If your children approach you for assistance, perhaps it is a valid consideration. Take some time and determine the housing goals, what are the various financing possibilities and the possible tax implications of any assistance you may give your children. Make a non-emotional decision, if possible.

 

As always, we are here to assist you during the whole house-hunting process and all of your real estate needs. Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime.

 

 

 
Monday, November 9th, 2009

Homebuyer Tax Credit Overview!

Capital Building Giving Ann Arbor Home Tax Credit

Ann Arbor Real Estate Tips

We recieved the following information from our collegues at Huron  Valley Financial this morning!  It helps to answer some of the questions regarding the new expanded Homebuyer Tax Credit bill.

On November 6, 2009, President Obama signed a bill to extend the tax credit for first-time homebuyers (FTHBs) through June 30, 2010. The bill also opens up opportunities for others who are not buying a home for the first time.

To learn what the new tax credit means to you and your clients, take a look at the concise overview below.

In addition, we’ve put together a script featuring wording you can cut and paste as needed to beat out your competition by connecting with clients who may be able to benefit from the new plan details!

TAX CREDIT OVERVIEW

Who Gets What?

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

What are the Income Caps?

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

What is the Maximum Purchase Price?

Qualifying buyers may purchase a property with a maximum sale price of $800,000.

What is a Tax Credit?

A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.

How Much are First-Time Homebuyers (FTHB) Eligible to Receive?

An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is Eligible fort FTHB Tax Credit?

Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.

This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How Much are Current Home Owners Eligible to Receive?

The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?

No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?

Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.

According to the IRS, factors that would demonstrate the ownership of the property would include:

1. Right of possession,
2. Right to obtain legal title upon full payment of the purchase price,
3. Right to construct improvements,
4. Obligation to pay property taxes,
5. Risk of loss,
6. Responsibility to insure the property, and
7. Duty to maintain the property.

Are There Other Restrictions to Taking the FTHB Credit?

Yes. According to the IRS, if any of the following describe a homebuyer’s situation, a credit would not be due:

  • They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from “step-relatives.”)
  • They do not use the home as your principal residence.
  • They sell their home before the end of the year.
  • They are a nonresident alien.
  • They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
  • Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
  • They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?

Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.

If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?

Yes, provided that the child meets the other requirements for the tax credit.

As always, Prudential Snyder & Company Realtors are here to assist you with any real estate related needs.  Please don’t hesitate to contact us at 734-747-7500 or 734-747-7700 weekdays  or 734-660-0105 nights and weekends.  We’re also available via email at info@prusnyder.com or you can visit our website at www.prusnyder.com anytime! Choose Prudential Snyder and Company for the best Ann Arbor Realtors!

 
Thursday, June 25th, 2009

Ann Arbor Welcomes Top of the Park!

Ann Arbor Real Estate – Top of the Park

 

 

 

Ann Arbor Top of the Park

 

 

 

 

 

 

It’s that time of the year again! After a long cold winter, Ann Arbor welcomes the highly anticipated Summer Event known as Top of the Park! This FREE event features everything from major feature films, live concerts, food, drinks and more.  TOP OF THE PARK SCHEDULE.

 

CLICK HERE for a detailed map of parking and venues.

This evening Top of the Park features:

Ann Arbor Harp Performer7:00 p.m. – Musician Harper Part harmonica wizard and part rhythmic explorer, Harper is a fiery artist who blurs the lines between rock, blues, soul and world music.

 

 

 

 

 

 

Ann Arbor Singer Brett Mitchell8:30 p.m. – Brett Mitchell & the giant Ghost is a Michigan singer/songwriter rock band with a hint of alt-country.

 

 

 

 

 

 

 

 

 

Ann Arbor's Top of the Park will feature Jaws

10:00 p.m. – The classic feature film JAWS!

 

 

 

 

 

 

 

 

 

SEARCH FOR ANN ARBOR AREA HOMES

 

In our commitment to being the Local Innovation Leader, we at Prudential Snyder & Company would like to invite you to CLICK TO THE FUTURE of Real Estate!

We welcome any feedback and suggestions: info@prusnyderrealtors.com. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!

 

 

 

 
Monday, June 15th, 2009

Ann Arbor Real Estate – This may be the BEST time to buy a home!

Ann Arbor Realtors Prudential Snyder and Company

Ann Arbor Realtors Prudential Snyder and Company Billboard

Now is the time for you to be looking for your first home, because:
- You could receive a $8000 tax credit as a first-time home buyer
- Interest rates are at historic lows
- There are a number of houses on the market
- Housing prices are still very low

This offer expires on December 1, 2009

Search for homes in the Ann Arbor Area

 

In our commitment to being the Local Innovation Leader, we at Prudential Snyder & Company would like to invite you to CLICK TO THE FUTURE of Real Estate!

 

We welcome any feedback and suggestions: info@prusnyderrealtors.com. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!