First Time Homebuyer Credit, Take 2

Uncle Sam is handing out $8000 tax credits to any and all first time home buyers who purchase before December 1 of 2009. Most government handouts come with the catch - like 2008's $7500 tax credit that amounted in nothing more than an interest-free loan from the IRS. This time around the rules are pretty basic - buyer must have income under $75k for singles ($150k for couples) and not owned a primary residence in the past three years and you are golden.

The $8000 is real money. If you normally get a tax return each year, add $8000 to the total. If you're self-employed and have to pay-in like myself, then subtract $8000 from the total. If you purchase in the first quarter of this year (like say right now), you can even apply the credit to your 2008 taxes. Buy today - get a considerable tax return tomorrow.

Here is the official homepage of the FHTC with FAQs.

Please spread the word - anyone considering a purchase this year but is not sure about timing needs to factor this substantial savings into the equation. We will add a piece on this to all of our upcoming home buying seminars.

Like always, we'd be happy to discuss this issue in more detail. Feel free to email or call. Otherwise, your personal accounts or CPA should be up to speed on the new law.

-Michael

2008 4th Quarter Data Now Available

The Minneapolis Area Association of Realtors has compiled the numbers for the end of year. Of key interest in the report is the fact that lender mitigated listings (fancy pants terminology for properties that are either 1. owned by the bank via foreclosure or 2. sold in preforeclosure by the owner while negotiating a loss with the bank) were down 4.3% for the fourth quarter. This is a ray of hope on a cloudy day (literally, a very cloudy day on this Monday in February). Currently, inventory is the enemy. The glut of inventory coupled with decreasing amounts of buyers is responsible for the depreciation experienced in the last 2 years. For things in the market to stabilize, we will continue to need reports similar to this. Those of you looking to take advantage of buying opportunities this is also something to take note of as less bank owned properties = less "steals" in the future.

Here is the report from the Association. If you would like to discuss the numbers in the report, please don't hesitate to email or call. I would be happy to talk about what the numbers mean for your particular area.

The association puts together a very nice Youtube video of information affectionetly referred to as "The Skinny". It is almost always useful information. Feel free to watch the video here.

-Michael

Green Friendly Remodel - Understatement of the Year

This project is truly amazing. It is one of those situations in life where you say to yourself, "I'm proud of the fact that I even know this person."

We have an architect client that bought the cutest little 50s built one-story house in the Hale Neighborhood of Minneapolis. He and his wife have done a ridiculously complex and rad "green friendly" remodel on their home. Check out the project here. The transformation is unreal.

Little White House no more!

If any of you are looking into remodeling projects, I would be happy to put you in touch with the brains behind this cool undertaking. His name is Colin Ogelsbay and he works for Shelter Architecture in Minneapolis. They are leaders in the "green friendly" remodeling world.

-Michael

New Eden Prairie Listing

Jacqueline and I listed a very nice home in Eden Prairie this week that we are excited to market. The house is cute, clean and has some really nice features while being in a fun area close to Staring Lake and the EP trail system.

Here is some more information on the property if you know anyone that is interested.


-Michael

Finally! Here it is...

Welcome to the Official Jam Realty Blog. It is our intention to make this a helpful, useful, and fun platform for us to share some interesting real life real estate stories, discuss relevant updates taking place in the business, and to fill you in as to what is going on in our lives. In short, we want to stay in better contact with you while continuing to be your primary source for for all things housing related. . We will do our best to keep the information coming.

-Michael

Home Buying Seminars

As many of you know, Jacqueline and I hold Home Buying Seminars throughout the year as an opportunity for prospective buyers to get information about the process in a relaxed atmosphere without having to committ to a face-to-face meeting. We have heard over the years that the information is well received and appreciated. We are happy to continue this process as part of our planned fall and winter activities. Below you will find the dates. Please pass this information along to any friends, family members, or co-workers who are thinking about purchasing real estate in the next year. Even if they are merely in the infant stages of the process, this is a great chance for them to get some great info and position themselves as experts if and when they decide the time is right to buy. Jacqueline and I very much appreciate you sharing this information with anyone you see fit.

November 15 - 10am (Saturday)
December 2 - 7pm (Tuesday)
December 13 - 10am (Saturday)
January 17 - 10am (Saturday)

Location - 5201 Eden Avenue Suite 100 Edina, MN
RSVP - jamrealty@jamrealty.com

- Michael