The Burish and Serena Team Blog

We did it! November 6th, 2009, President Obama signed the proposed extension on the First Time Home Buyers Tax Credit. The new Bill extends the $8000 tax credit for First Time Home Buyers AND is extending a $6500 tax credit to buyers who have owned their current home for at least 5 years.

The new bill allows for home buyers to claim the credit on any contracts written before April 30th, 2010 that close before June 30th, 2010.

Income limitations have been increased to $125,000 for single filers and $225,000 for joint filers. The purchase price of the home must be less than $800,000.

While the extension was controversial, and the estmated loss to the government in tax revenue is $10.8 billion, at the end of the day, Washington couldn't deny that the tax benefit was pushing qualified home buyers over the fence, and into a new home.

"The substantial rise in home sales we've seen over the past few months proves that the tax credit is working and is being used by buyers who were waiting for the right opportunity to get into the market," said NARPresident Charles McMillan, a broker with ColdwellBanker Residential Real Estate in Dallas-Fort Worth. "This important incentive is helping to stabilize the housing market, stimulate the economy and create new jobs in communities all across our great nation. Extending and expanding the home buyer tax credit will enable even more families to take advantage of current low interest rates and affordable prices to invest in their future through home ownership."

An estimated 1.4 million people took advantage of the tax credit in 2009, helping absorb tens of thousands of bank owned properties, and keep people working in the real estate industry in business!

For answers to frequently asked questions reguarding the First Time Home Buyers Tax Credit - Click Here

For answer to frequently asked questions reguarding the $6500 Tax Credit for Repeat Home Buyers - Click Here 

Start Looking For Your Dream Home Now!

Posted by:

Jamie Bullock

The Burish and Serena Team

With a large inventory of homes for sale (including foreclosures and short sales), bargain-basement prices on homes, and record low-interest rates, now is the right time to stop renting and start owning.

Waiting to purchase a home could cost you. Many people with the income capability and credit score necessary for mortgage approval are still on the fence about buying their first home. Some are nervous about the investment in general, and others are waiting for prices to go lower. The truth is, waiting could be a bad idea.

Let's assume you are interested in a home, but are waiting for the price to drop by 5 more percent. By the time the home's price decreases (assuming it doesn't rise!), it is very likely that mortgage rates have shifted. If the interest rates rise a single percentage, the mortgage payment on the home would have been cheaper at the slightly higher price.

THE NUMBERS HAVE ALIGNED FOR FIRST TIME HOME BUYERS!

• Lots of selection
• Low interest rates
• down-payment help
• Tax credits
• Low prices

As of October 26, there were 4,951 active properties for sale in Manatee County alone! Todays mortgage rate on a 30 year fixed mortgage is 5.15%, up from last weeks rate of 5.07%.

As of October 26, the average list price of a home in Manatee County is in the mid $300's, and the Median home price is in the low $100's.

At an average of $78/sq ft, the price is right. In most cases, you cannot build or replace for that price including the land!

For more information on purchasing your first home, or moving up, call us and ask about our Free Book & First Time Home Owner seminar!

The Burish & Serena Team

941-704-4223

www.USA-FloridaHomes.net

Click Here to Search For Homes In Florida - No Strings Attached 

Are you intersested in purchasing a home in Manatee County, East Manatee County, Lakewood Ranch or Sarasota? Are you a FIRST TIME HOME BUYER looking for answers to questions about purchasing a home?

Call us for information on the next seminar at the Keller Williams Realty of Manatee office located at:

5260 SR 64 East, Bradenton, FL 34208

Speak directly with representatives from the Housing Association, Title Companies, Lenders and Real Estate agents in a panel format about buying a home in Manatee County, East Manatee County, Sarasota and Lakewood Ranch.

Learn about the home buying process, how to take advantage of the $8000 tax credit, how to quality and what loans are available, how to prepare for home ownership, what you should know about our local housing market, how a real estate agent can assist you with your search for a home, what is the escrow and closing process?...and more. 

Posted by Jamie Bullock

The Burish & Serena Team

www.USA-FloridaHomes.net

Since the onset of the health and structural effects being caused by the suspect Chinese drywall in many US homes, legislators are working hard to organize solutions and find answers.

As of September 11, 2009, the commission has received 1,192 incident reports about drywall from 24 states. Florida holds the highest number of complaints, followed by Louisiana and Virginia.

New Consumer Product Safety Commission Chairman Inez Tenenbaum said her agency hopes to issue a report on indoor air quality and health assessments in homes with Chinese drywall in late October.

Recently an internal commission task force made an investigative trip to China to meet with industry and government officials. Details of their investigation are yet to be reported.

Currently there is no official ban on the product in the US, but the public and industry awareness alone from the publicity Chinese drywall has stirred, has all but stopped it from being ordered, used and imported. Once all agency’s investigations have been conducted, measures may be taken to ban the product entirely.

The investigative task force put together by Tenenbaum has conducted air sampling field work in 50 homes and hopes to release a report by late October with initial air sampling test results and a preliminary health assessment.

Special attention is being given to this issue in the House. “It’s making many families in Florida sick. Families should not have to worry that building materials in their homes emit toxic fumes”, said Rep. Kathy Castor, D-Tampa.

In conclusion, there is no conclusions yet! The legal, legislative and agency processes ARE hard at work to provide the people with answers and solutions. In October we will no more, and which way this issue is headed. Stay tuned to our blog!

To most people...plastic is plastic. Most of us who recycle,  just throw our plastic in our recycle bin and think, "Job well done!"

Many people don't realize that the plastic they are 'recycling' is NOT recyclable in their area recycling center, and it is being discarded when it gets to the plant! A survey conducted by www.Earth911.com showed that 75% of the recycling centers in the US only accept Plastics 1 & 2 (See list), and only 25% of recycling centers process Plastics 3 thru 7.

Are You Rinsing Your Plastic Containers? 
Are You Discarding the Lids Before Recycling?
 YOU SHOULD BE!

The numbers located on all plastic containers tell you what their original use was for, and what recycle possibilities they possess.

Check with your area recycle center to see which plastics they do and do not process - save them some time, and find other uses for the plastics they DON'T recycle.

Decoding the numbers:

#1

Original Uses:  Soft drink bottles, water bottles, plastic food jars

Recycled Uses:  Carpets, fleece jackets, food & drink containers

#2

Original Uses: Detergent & bleach bottles, milk bottles, shampoo bottles, grocery bags, cereal box liners

Recycled Uses:  Nonfood containers (such as household cleaners and motor oil), outdoor decking, recycling bins

#3

Original Uses:  Shrink-wrap, siding, window frames, medical tubing

Recycled Uses:  Pipe, decking, gutters, mud flaps

#4

Original Uses:  Newspaper bags, dry cleaning bags, produce & bread bags, shrink-wrap, toys

Recycled Uses:  Shipping envelopes, furniture, trash cans

#5

Original Uses:  Takeout meals, yogurt, deli foods, medicine bottles, bottle caps & closures

Recycled Uses:  Garden rakes, storage bins, ice scrapers, oil funnels

#6

Original Uses:  Egg cartons, hot beverage cups, packing peanuts, plates, protective packaging for furniture and electronics

Recycled Uses:  Egg cartons, thermal insulation, protective packaging for furniture and electronics

#7

Original Uses:  3 and 5 gallon reusable water bottles, oven baking bags

Recycled Uses:  Bottles, plastic lumber

DID YOU KNOW? YOU CAN RECYCLE YOUR PLASTIC GROCERY BAGS AT ANY PUBLIX?

Posted by Jamie Bullock

The Burish and Serena Team

www.USA-FloridaHomes.net

Search For a Home in Florida!

Take advantage of the $8000 First Time Home Buyers Tax Credit at the closing table! This program is being put in place to ensure maximum economic benefit from the existing Federal program. Down payment and closing cost assistance will be offered beginning August 31st, 2009 in Manatee County until funds are exhausted.

This means buyers do not have to WAIT for their $8000 tax credit. The SHIP/Florida Opportunity Program will credit the buyer at the closing table with expectations that the $8000 tax credit advance be repaid within an 18 month period.

This program is for single taxpayer households or for joint-filing taxpayer households to purchase new or existing single family homes. The income limit is an Adjusted Gross Income of $75,000 for single taxpayer households or $150,000 for joint-filing households. The maximum purchase price for this program cannot exceed $176,000.

The amount available in the fund is $315,025. The program will cease when funds are gone.

For details on this program and how to apply, you can contact Manatee County Neighborhood Services Community Development Division at 941-749-3029 OR contact US! We would love to assist any buyers with applying for this program!

The Burish and Serena Team are experienced with first time home buyers and the SHIP and FHOP processes.

When experience counts, count on Burish and Serena!

www.USA-FloridaHomes.net

Posted by Jamie Bullock

A Follow up on my previous post Cash for Clunkers-A Viable and Promising Solution.

Within weeks of launching what I thought was a fantastic way to encourage fuel efficient transportation and the sale of American Made vehicles, Cash for Clunkers nearly ran out of funds!

Over 185,000 cars have been traded in for more Eco-friendly modes of transportation since the launch of Cash for Clunkers.

While Cash for Clunkers really 'revved' up the auto sales, bringing profits to auto makers and dealers;  $775 Million of the $1 Billion funds were exhausted rapidly, causing speculators to question its real benefit to the US Economy.

The debate? Whether spending another $2 billion on the plan would help the economy, or just increase our overwhelming deficit unnecessarily.

People who could not necessarily afford a new car CAN now because of the generous $3500-$4500 rebate given for their gas guzzlers. Dealerships who had devestating  losses the previous quarter are flourishing with sales and eager people on their lots. And the auto maker companies we have a stake in are SELLING more cars! I guess I don't understand how this plan has NOT been successful or benefited the economy.

The senate has reached a deal on Cash for Clunkers that will go for a vote this week. The bill proposes another $2 billion be added to the fund, and for the program to operate until Labor Day of this year.

SO GET OUT THERE AND TAKE ADVANTAGE OF THIS POPULAR DEAL!

For more information visit www.Cars.gov .

Posted by Jamie Bullock

The Burish and Serena Team

www.USA-FloridaHomes.net