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Investor & Buyer Seminar Monday March 9th!

by Nancy Jenkins, CRB, CRS

$8000 Tax Credit for Vermont Homebuyers

by Nancy Jenkins, CRB, CRS

Yesterday President Obama signed into law the Stimulus Package which gives buyers who have not owned a home in three years an $8000 tax credit for homes closed before December 1, 2009. There are income limits for both single and dual income buyers, read the article below. Now is a great time to buy a home with interest rates near all time lows. 

-Nancy Jenkins

Stimulus Plan First-Time Homebuyer Tax Credit

The Stimulus Plan was signed into law by President Obama today. It contains a new tax credit for first-time homebuyers. Essentially, first-time homebuyers within certain income limits who purchase a home in 2009 before December 1, 2009 will receive a tax credit of up to $8,000. The program is similar to the $7,500 tax credit which applied to home purchases made in 2008 after April 9. A comparison of the two credit programs is outlined below.

While the Stimulus Plan was still being debated, the Senate version originally included a $15,000 tax credit for all homebuyers. To lower the cost of the Stimulus Plan, the final version of the Plan contained this smaller tax credit, and this tax credit is applicable only to first-time homebuyers.

To qualify as a first-time home buyer as defined in the programs, the purchaser (and the purchaser's spouse) may not have owned a home in the three years prior to the purchase date of the home. Single family homes qualify for the program. The home must be the primary residence.

Both tax credits are subject to the same adjusted gross income limitations (full credit for AGI less than $75,000 single/$150,000 joint, phased out for AGI up to $95,000 single/ $170,000 joint).

The amount for either credit is the lesser of 10% of the home purchase price or $7,500 or $8,000, as applicable.

While a purchaser still owns the home, the $7,500 credit must be repaid in equal payments over a period of 15 years, starting with the 2010 tax filing. The $8,000 credit will not need to be repaid. Again, the $7,500 credit needs to be repaid, while the $8,000 credit does not!

Upon sale of the home, any portion of the $7,500 credit not yet repaid is due in full. A portion of the $8,000 credit is due upon sale of the home, if the home is owned for more than three years. If the home is sold within the first three years, the full amount of the credit is due upon sale.

The $7,500 credit was not available to any purchaser utilizing state/local revenue bond money to help finance the home purchase. There is no such restriction on the $8,000 credit.

Under both the $7,500 and the $8,000 programs, the credit will be claimed on the purchaser's income taxes. Any amount in excess of taxes owed will be refunded to the purchaser.

Additional information about the tax credit can be found on the websites of the National Association of Realtors (

 

www.realtor.org) and the National Association of Home Builders (www.nahb.org).

Home Buyer Seminar Tonight!

by Nancy Jenkins, CRB, CRS

2009 Homeowner Seminars

StarTribune.com: Staying Safe On the Ice - Ice Thickness Chart

by Nancy Jenkins, CRB, CRS

Our friends at the Larson Team in Minnesota shared this ice thickness chart with us. It's a good gauge for staying safe on Lake Champlain or any ice covered surface here in Vermont. For other helpful tips and information, visit the full article here.

-Nancy

Ice Thickness Chart



27 August 2008
Prudential Real Estate Ranked Highest for Seller Satisfaction in J.D. Power and Associates' 2008 Home Buyer/Seller Study

IRVINE, Calif., August 27, 2008 - Prudential Real Estate Affiliates, Inc., a Prudential Financial, Inc. (NYSE: PRU) company, today announced that Prudential Real Estate ranks Highest Satisfaction for Home Sellers Among National Full Service Real Estate Firms in J.D. Power and Associates 2008 Home Buyer/Seller StudySM.

The inaugural study measures customer satisfaction of home sellers and buyers with major national real estate companies. Overall satisfaction is determined by examining four factors for the home-selling experience: agent (43%); marketing (38%); office (12%); and services (7%).

Among home sellers, Prudential Real Estate achieved a score of 793 on a 1,000-point scale and Prudential Real Estate received particularly high ratings from customers in the marketing and office factors.

We are very proud of this distinction, as it underscores the quality of our affiliates and their hard-working sales professionals, said Laurie Keenan, president of Prudential Real Estate Affiliates. Our sales professionals are local experts, and sellers appreciate their ability to market and price homes right along with providing exceptional, attentive service.

The study finds that despite the popularity of home selling and buying resources on the Internet, the real estate sales professional remains key to customer satisfaction with real estate companies. A large proportion of both home sellers and buyers rely on the Internet to facilitate the real estate process, with 61 percent of sellers saying that they used Internet tools to help them in the purchase process, and 68 percent of buyers reporting that they used a website listing to market their home. In addition, among home sellers, online methods are the most important aspect of marketing.

However, the sales professional carries the greatest importance among the factors that comprise overall satisfaction among both home sellers and buyers.

According to J.D. Power and Associates, although the Internet provides real estate consumers with the ability to perform some essential tasks such as listing a home for sale or researching a neighborhood in which to purchase a home it still does not replace the importance of a good sales professional. The knowledge and expertise provided by experienced sales professionals are important benefits of using a full-service real estate company.

The study also finds that the average time a respondents home remained on the market was slightly more than six months; although home sellers represented by the top-ranking real estate companies report that their homes were on the market for slightly less time approximately five and a half months, on average.

Satisfaction averages 794 among those customers whose homes sold within five months or less, but declines considerably to an average of 730 among customers whose homes took seven months or longer to sell, the study showed. A real estate company that provides sales professionals who are skilled at determining the appropriate market value and listing price for homes, and who can effectively market properties, can help minimize the time that clients homes remain on the market which can save the seller money, inconvenience and anxiety.

Nearly one-half of respondents in the study (46%) reported using recommendations from family or friends to find their real estate sales professional. Approximately 28 percent used the Internet, 23 percent used a sales professional they had used previously and 11 percent used a printed real estate guide.

The study reports that home buyers were shown an average of 13 homes before they made a purchase. Home sellers reported that, on average, their home was shown 11 times, and about five open houses were conducted before a sale occurred.

The 2008 Home Buyer/Seller Study includes 3,670 evaluations from 3,205 respondents who bought or sold a home between April 2007 and June 2008.

Based in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company operating in key business sectors including market research, forecasting, performance improvement, training and customer satisfaction. The companys quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on cell phone ratings, car reviews and ratings, car insurance, health insurance and more, visit JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.

Prudential Real Estate and Relocation Services, Inc. is Prudentials integrated real estate brokerage franchise and relocation services business. Prudential Real Estate franchises are independently owned and operated. Companies are selected based upon outstanding performance records, high levels of customer service and shared business values with those of Prudential. Prudential Real Estate provides franchises with business strategies using Operation Reviews as well as numerous benefits, including access to Prudential Real Estates Online Seller AdvantageSM program designed to provide real-time information to sellers with the touch of a keystroke. Prudential Real Estate is one of the largest real estate brokerage franchise networks in North America, with nearly 2,100 franchise offices and approximately 64,000 sales professionals in the franchise Network as of June 30, 2008.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $638 billion of assets under management as of June 30, 2008, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The companys well-known Rock® symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com/.

Vermont DPS Updates Smoke Detector Laws January 1, 2009

by Nancy Jenkins, CRB, CRS

As of January 1, 2009 Vermont’s smoke detector laws have changed. All homes sold after January 1st are required to have Photoelectric Alarms. The State of Vermont Division of Public Safely has put together this handy fact sheet outlining the new requirements. For additional information, visit their website, here.

 

-Nancy

Money.CNN.com; Mortgage rates dip to new all-time low

by Nancy Jenkins, CRB, CRS
Thirty year fixed rates are at historic lows, the lowest since Freddie Mac started its survey in 1971. Fifteen year fixed rates are the lowest we have seen since June 2003.  What does that mean to the local market? Since our market has fallen to prices we have not seen in several years, the affordability of homes and condos has improved dramatically in the past few weeks. When rates start to fall, mortgage payments decline and buyers can afford a larger mortgage for the same monthly payment. Usually when mortgage payments fall to these low levels, it can signal the bottom of a real estate market. With a great selection of homes available now, we are here to help you with your home purchase. Call Nancy Jenkins Team at 802-846-4888. 
-Nancy

Mortgage rates dip to new all-time low

The 30 year fixed rate fell to 5.01%, its lowest level since Freddie Mac started conducting its survey in 1971.

By Larissa Padden, CNNMoney contributor
Last Updated: January 8, 2009: 11:32 AM ETNEW YORK  (CNNMoney.com) -- Mortgage rates fell to another all-time low, declining for the tenth consecutive week.

Government sponsored mortgage lender Freddie Mac said Thursday that fixed rates on 30-year mortgages averaged 5.01% for the week ending Jan. 8th. That's down from 5.10% last week and well below 5.87%, which is where the rate stood at this time last year.

The 30-year fixed rate mortgage has not been lower since Freddie Mac started conducting the survey in 1971. (read more)

Prudential Realty Mart earns $1,000 for the Boys and Girls Club of Burlington

by Nancy Jenkins, CRB, CRS

We are pleased to report that through our volunteer efforts we have earned a $1,000 challenge grant from The Prudential Foundation for the Boys and Girls Club of Burlington.

-Nancy


December 22, 2008

Ms. Mary Alice McKenzie
Boys and Girls Club of Burlington Inc.
62 Oak Street
Burlington, VT 05401

Dear Ms. McKenzie:

On behalf of Nancy Jenkins and the Prudential volunteer team, The Prudential Foundation is pleased to present a $1,000 grant to the Boys and Girls Club of Burlington Inc.

This year, 30,000 volunteers worked on 800 projects in 12 countries. To date, 2,310 projects have earned Challenge Grants totaling more than $2.3 million to partner organizations.

The dedication, creativity and leadership of our volunteers have made Prudential's Global Volunteer Day program an extraordinarily impactful community service initiative. For the past fourteen years, our volunteers have worked with organizations like yours to help address the most pressing needs in our communities.

We are proud of our partnership with the Boys and Girls Club of Burlington Inc. and wish you continued success. Congratulations on being a recipient of a 2008 challenge grant.

Sincerely,

Gabriella E. Morris
President, The Prudential Foundation

HUD.gov, New Website Launched to Promote Healthy Homeownership

by Nancy Jenkins, CRB, CRS

This week The Department of Housing and Urban Development (HUD) launched a new website called My Money, My Home, My Future. This site is designed to help American's achieve financial security. It aims to do this by raising financial literacy awareness and by promoting healthy homeownership. I found the website to be very helpful and informative.

-Nancy

HUD LAUNCHES COMPREHENSIVE WEBSITE TO INCREASE FINANCIAL LITERACY, PROMOTE HEALTHY HOMEOWNERSHIP
My Money, My Home, My Future

WASHINGTON - The U.S. Department of Housing and Urban Development today launched a new, comprehensive website to assist Americans with improving financial literacy, sustaining healthy homeownership and achieving financial security.  The My Money, My Home, My Future website provides a range of interactive resources to inform users about the importance of financial literacy, including a Self-Assessment Tool, online games and informative classes.

"It is imperative that Americans are better educated about their finances and understand what it takes to be a responsible homeowner," said HUD Secretary Steve Preston.  "The resources on the website allow families to plan ahead to make smart choices about their finances and homebuying decisions." (more)

NYTimes.com; It May Be Time to Think About Buying a House

by Nancy Jenkins, CRB, CRS

I thought some of our visitors would be interested in this article.
-Nancy

It May Be Time to Think About Buying a House
By Ron Lieber
Published: December 5, 2008

Five or 10 years from now, when the financial crisis has ended and housing prices are up smartly once more, we will look in the rearview mirror and realize that we missed a golden age for first-time home buyers.

Then, everyone who sat on their down payment savings accounts for a few years too long will kick themselves for not taking advantage of what may turn out to be the buying opportunity of a lifetime for those who can qualify for a mortgage.

Unfortunately, we do not know when this golden age will begin, because we will be able to identify a bottom to the housing market only with the benefit of hindsight. But as it does with the stock market, the moment will probably arrive when everyone is feeling the most pessimistic. (more)

Displaying blog entries 121-130 of 156

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Nancy Jenkins
Nancy Jenkins Real Estate
140 Kennedy Drive, Suite 102
South Burlington VT 05403
802-846-4888
Fax: 802-846-4899