The D. SCOTT WAGLEY Team - "Where Experience Matters"

This Just In! The U.S. Senate unanimously approved an amendment to the Fiscal Year 2010 Budget Resolution by U.S. Senator Johnny Isakson, R-Ga., that seeks to stimulate the nation’s declining housing market by providing for a $15,000 Tax Credit to individuals who purchase a home in 2009

Home Inventory is at all time High! $ave Thou$and$

Breaking News! Georgia's Governor signs House Bill 261 - Georgia State Income Tax Credit (up to $1800) for All New Home Buyers who Purchase a Home in 2009! - More Details Below.

GOOD NEWS! is All Around Us Relating to the Housing Market in the Atlanta Area.

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May 2009 - Interest Rate Hits New Lows - Check them Daily! From 4.500% to 5.850% Conventional 30 Year Fixed - To See the latest Rates Click-On the SunTrust Mortgage logo below.

www.FederalHousingTaxCredit.com

We're still trying to find all of the goodies in the $787 billion dollar stimulus bill that President Obama recently signed but the details of the New Home Buyer Tax Credit appear to be the shot in the arm this real estate market needs.

UPDATE: Below is the current Tax Credit that was signed into Law and how it works however it may be revised and INCREASED to $15,000 and apply to EVERYONE wanting to Buy (without any resrtictions) a Home in 2009. Check back here for Updates.

The new law refers to the tax credit as a first-time home buyer tax credit, but the law defines a first-time home buyer as someone who has not owned a primary residence for three years prior to the date of purchase of the new home. That's not what most people thought first-time home buyer meant, but this new definition opens up the tax credit to many more buyers.

So here is what you need to know in a nutshell:

1. The home must be purchased in 2009.

2. The home must be your primary residence.

3. The person buying the home must not have owned another primary residence for at least 3 years prior.

4. The $8,000 is subtracted from the money you owe the federal government when you file your personal tax return in April of 2010. (It's a refundable tax credit so you would even get a refund check if your total federal tax is less than $8,000)

5. You must live in the home as your primary residence for at least 3 years or you'll have to pay the credit back to the federal government (exceptions might be made for death or divorce). Single filers are limited to income of $75,000 and $150,000 for joint filers.

6. Interest rates for 30-year fixed mortgages have been hovering in the high 4's in Atlanta for the past couple of weeks.

NOW is the Time to Buy!

The IRS Web site also offers tax-credit guidance in an article that provides answers to many frequently asked questions.

Breaking News!
Georgia Governor Signs Tax Credit Bill For Home Buyers
Following the lead of the Federal Government's recent $8,000 tax credit for first time home buyers, Georgia's Governor Sonny Perdue signed a bill that would help entice homebuyers by offering a tax credit of $1,800. House Bill (HB) 261 was signed May 11th creating a Georgia income tax credit for the purchase of an eligible single-family residence. Although the bill was signed, the credit is limited to eligible purchases made between June 1, 2009 and November 30, 2009. The credit created by HB 261 can be claimed one time per taxpayer and is completely independent of the federal first time homebuyer tax credit.
Some of the qualifications of the bill include:

The credits only apply to single family houses, townhomes, and condominiums.
The purchaser may use the home as a primary or secondary residence
The credit will only be in effect for homes purchased during a six month period following the Governors signature.
The credit may be applied to new,previously occupied, or foreclosed homes.
The tax credit is applied in three equal annual installments

With the signing of the Bill both the Senate and the Governor feel this may provide a major incentive to get Buyers off the sidelines and create a rebound in the market.
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Did You Know.................
Interest rates remain at historic lows; today's consumers are not battling the interest (or inflation) rates of the 1970s and 1980s.
Conventional financing remains available to many, and FHA loans are on the rise.
The value of a home typically doubles every 10 years, on average. How’s that for a return on investment?
Over the past 30 years, homes have appreciated an average of 6.6% per year, more than any savings account interest rate, and more than most CDs or other investment vehicles. And the return on the actual initial investment is even more significant when you consider that most homeowners invest only a small fraction of their home’s total value in their down payment. That’s the power of leverage.
The average homeowner today holds 36 times the wealth of the average renter. Why? Keep reading below…
60% of the average homeowner’s wealth rests in their home's equity. Homeowners who look at home ownership as a long-term proposition are the homeowners who most reliably build equity. So putting down roots with home ownership can be the most important step in building your financial foundation.
Home equity is the largest single source of wealth for most Americans.
A house becomes a home… and that’s more than an investment: it’s a way to enjoy your life, and provide a stable environment for your loved ones.
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