First Time Homebuyers Credit

According to the IRS, there are several scenarios in which the recently approved $8,000 first-time home buyer tax credit can be utilized that you may not be aware of.  For instance, a parent with a child 18 years or older can help them purchase their first home and receive the tax credit by acting as a cosigner through FHA financing.  This scenario is allowed even if the parent is a home owner.  Here is an example of this scenario, taken directly from the IRS website: 

• Q.   Taxpayer A is a single first-time home buyer. Taxpayer B (parent) cosigns for A and does not qualify as a first-time homebuyer. Both names are on the mortgage. Can Taxpayer A claim the credit and, if so, how much?
• A.   Yes. Taxpayer B is not a first-time homebuyer and cannot claim any portion of the credit, but A may claim the entire credit ($7,500 for purchase in 2008; $8,000 for purchase in 2009), if the home was purchased as Taxpayer A’s primary residence. 

Save Money & Donate to Radnor High School

$15 Services at Jay Michael

Sunday, May 3
10am-4pm
Jay Michael Salon & Spa at the Radnor Hotel
Lancaster Ave. & Radnor Chester Rd.
$15 cash only
No appointment necessary, walk-ins welcome.
610.964.0800

You read it right – women’s, men’s and kids haircuts, updos, manicures, blow outs, makeup applications at one of the Main Line’s most prestigious salons! Proceeds benefit the Radnor High Post Prom Party.

Tredyffrin Township Summer 2009 Basketball League Registration

Tredyffrin residents: Applications accepted beginning Apr. 20th on a space available, first come, first serve basis. Cost: $33.00.  Non-residents: Applications accepted beginning May 11th on a space available, first come, first serve basis. Cost: $49.00.
 
The Tredyffrin Township summer basketball league is a recreational program for girls and boys. The opportunity to participate is extended first to Tredyffrin Township residents; other Township residents will be given the opportunity to participate on a first-come, first-serve basis, if spots remain open after the registration deadline for Township residents.  The league is coordinated by a paid, part-time director under the supervision of the Township Recreation Coordinator and the Park and Recreation.  The emphasis of this fun, summer league is on participation.
 
League configuration:
Boys: entering grades 8-11
Girls: entering grades 7-11
 
League dates: June 29, 2009 thru August 7, 2009
 
Location: Teegarden Park, with possible expansion to other Township locations, depending on demand.
 
To register or for more information on league divisions, schedule and rules, please visit Tredyffrin.org.  Questions? Call (610) 408-3626 or email Hilliary Mallory, the Township Parks and Recreation Coordinator.

Myth vs Fact about our Local Real Estate Market

Myth – Home Values Are Falling    Fact – Not In Our Local Market Area

The Case/Shiller housing pricing index, referred to in all of the national and local media, does not include any portion of the eight county Philadelphia housing market.  Our market never experienced the unrealistic and unsustainable appreciation of markets in the southern, western and southwestern United States.  The flip side of this is that the Philadelphia market has not experienced the drop in home values of these market areas.

Myth – Now Is Not The Time To Sell      Fact – It Is The Time To Sell Your Home

1. Interest rates are at 50-year lows, representing an ideal environment to sell and purchase a home.

2. Inventories are dropping and as few homeowners list their homes, the opportunity to sell improves for those homeowners who do list their homes.

3. Homes that show well, are in good condition and are priced within 5% of their competitive market analysis will likely sell within 60 to 120 days.

10 Timely Home-Related Tax Tips

RISMEDIA, March 9, 2009-Tax season is upon us, and homeowners everywhere will reap the benefits of tax breaks and incentives. Homeowners and potential home buyers should know what expenses are deductible and the ins-and-outs of new tax laws, says FrontDoor.com.

1. Deduct the interest you pay on your home loan on your tax return. A mortgage interest deduction reduces your taxable income. And because your mortgage payments for the first few years are heavily comprised of interest, they are almost entirely deductible.

2. Deduct property taxes and points you paid to lower your loan’s interest rate. The IRS offsets the expense of your state and local property taxes by allowing you to deduct those fees from your itemized income tax return. You may also get a tax benefit if you paid “points” at closing to lower your mortgage interest rate.

3. Take advantage of new laws in a challenging market. Look into new tax laws that may allow new homebuyers to get an $8,000 tax credit, short sellers to escape penalty for forgiven mortgage debt, and homeowners to contest property taxes in a struggling market.

4. Request a property tax reassessment if your home’s market value has declined. If your property value is significantly lower now than when you bought it, show proof of your home’s current market value and recent comparable sales in your neighborhood to your local tax assessor for a tax adjustment.

5. Research past and proposed assessments that may apply to your home. Understanding property taxes and assessments in your area will give you a more accurate homeownership cost, as well as help you predict and control your monthly expenses.

6. Get a reliable estimate of your property tax bill. Don’t rely on the old tax data passed down from your home’s previous owners. Depending on the circumstances of the sale, your tax bill can differ from their bill.

7. Wrap your property taxes into your monthly mortgage payment. If you’re daunted by that huge tax bill once or twice a year, consider setting up a convenient escrow account. (As this also protects the lender, they are more than happy to do the work.)

8. Understand how capital gains tax is calculated. When you sell your home, you’re taxed on any profit over $250,000 if you are single, $500,000 if married. But in calculating your gains, the IRS takes into account the money you put into improving the home. Remember to save receipts for any repairs and upgrades.

9. Know how your tax situation changes with every real estate move you make. Whether you’re buying or selling a home, refinancing, or renting your investment property, understand how these situations affect your taxes.

10. See if homeownership lowers your tax liability. Your tax situation varies depending on your stage in life. Upon examining your payroll withholdings, opt to reduce them to be in line with your net tax liability, which will put more money in your pocket each pay period.

For more information, visit http://www.frontdoor.com.

Transform Master Bathroom Blah into Instant Spa:

 Are you going to be listing your house this Spring?  Have you been on the market and hearing negative feedback about your Master Bathroom?  Everone knows that gourmet kitchens and large spacious great rooms are at the top of most home buyer’s lists. Bathrooms however are equally important.  Updating a bathroom can be costly and time consuming and home sellers are often hesitant to invest dollars into their home before putting it on the market. Instead of remodeling the bathroom, try these budget-friendly tips from Kate Hart, Hart & Associates Staging & Design that will help you give your bathroom a mini-makeover without breaking the bank.

 

1. Reframe your existing plate-glass mirror: One of my favorite new products on the market is MirrorMate, a custom-made frame that adheres to a plate-glass mirror in merely minutes. It comes in a variety of styles and colors.

2. Update light fixtures: Did you know that most homeowners update their homes every 15-25 years? Chances are, your home still has the original builder’s grade sconces in the bathroom. To give your bathroom a more “on-trend” look, add new sconces above the vanity. Visit a big box store like Lowes or Home Depot for fixtures that look like those you see in Pottery Barn or Restoration Hardware. My favorite styles are simple chrome or brushed-nickel bath bars, for which you can purchase inexpensive glass shades. 

3. Swap out your faucets: You may be yearning for a porcelain pedestal sink, but if you’re on a budget, you can makeover the vanity you have now with new faucets. Trade in your tarnished brass faucets for new chrome or brushed nickel, and your old vanity will look better instantly.

4. Top off your vanity: Removing a vanity can be costly. Not only do you have to install a new sink, but often times, the floor has to be removed, as well. A quick and affordable solution is to keep the vanity base you have and add a new top. There are many cultured marble tops that are inexpensive, look great and can be placed on top of your existing vanity.

5. Replace the pink potty: If you live in a Main Line home that was built in the 1960s-70s, chances are you’re blessed with one of these beauties. Colorful tile can actually be quite chic in a vintage-bathroom sort of way, but the colorful commode always seems to stand in the way. Replace your pink (or turquoise, or harvest gold) potty with a new white model, and your bathroom will look years younger.

6. Add a new shower door: Nothing makes a bathroom feel older than a rusted, soap-film-covered shower door. If your existing shower is in great shape, remove the door and add a clear, glass shower door. An even less expensive alternative is a white waffle-weave shower curtain, which will create a crisp spa-like look.

7. Re-glaze your tile: If old tile has got you down and you don’t have the budget to add Carrera marble, consider re-glazing your existing tile to give it a fresh, new look. Search locally for tile and tub re-glazers, and make sure you ask to see photos of their work.

Philadelphia Flower Show

Sunday, March 1 through Sunday, March 8
Pennsylvania Convention Center
12th & Arch Streets, Philadelphia
Sundays, March 1 and March 8th: 8 am to 6 pm
Monday through Friday, March 2 to March 6: 10 am to 9:30 pm
Saturday, March 7:
8 am to 9:30 pm

Inspired by the culture and landscapes of Italy, the 2009 Philadelphia Flower Show “Bella Italia” — coming to the Pennsylvania Convention Center March 1-8 — will showcase Italian wines, foods, and recipes by Philadelphia’s best chefs. New this year, visitors can sample a selection of Italian wines in a wine tasting room and purchase their favorites at the Wine and Spirits Store, operated by the Pennsylvania Liquor Control Board. The more than 100 red, white and sparkling wines, including those made by the Bolla, Frescobaldi, Nozzole, Ruffino, Villa Antinori and Folonari wineries, will be offered at the on-site store. Popular favorites and hard-to-find specialties, priced from $7.99, will be sold.

For more event information:

Special Flower Show Events

Garden Tea Tickets

Early Morning Tours

Lectures & Demonstration Schedule

Pennsylvania Horticultural Society Makes Philadelphia Green®A program of the Pennsylvania Horticultural Society, Philadelphia Green® is the nation’s most comprehensive urban greening program. Since 1974, Philadelphia Green has supported the development and ongoing care of community gardens, neighborhood parks and high-profile public green spaces in Philadelphia. Proceeds from the annual Philadelphia Flower Show-along with support from foundations, corporations, government agencies, and individuals-help support Philadelphia Green.

Family Fun Paks are available for $65 (savings of $5 off advance admission) includes two adult and two child tickets plus a one-year membership in the Pennsylvania Horticultural Society. The Fun Pak is sold at the box office.

 
www.theflowershow.com

What the Stimulus Package Means for Homeowners in the Delaware Valley

With the passage and signing of the American Recovery and Reinvestment Act, a number of provisions are now in place to immediately help existing and potential homeowners throughout the Delaware Valley. The Stimulus Bill, coupled with ongoing efforts of the Treasury Department to help stem foreclosures, should increase the abilities of residents to buy, sell or maintain their homes, according to the Suburban West REALTORS Association.

Homeownership is one of the most important investments for the well-being of our community.  We applaud the government’s continued focus and efforts on helping to ease the burden for our residents.

The most important provision of the new Stimulus Package is the enhancement of the First Time Homebuyer Tax Credit. Initially created in August 2008, the now improved tax credit is $8,000 (instead of $7,500) and does NOT require repayment (the previous credit did, making it more of an interest-free loan).  Thus, buyers who purchase a home between January 1, 2009 and December 1, 2009 can claim a tax credit for as much as $8,000 when they file their federal income tax return. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser. 

Providing an even greater incentive to potential first time homebuyers is critical to improving our housing market in so many ways.  “A 2008 study conducted by the National Association of REALTORS shows that the percentage of total buyers that are first-timers has increased substantially throughout the Northeast (46% last year).  With the potential of more first-time homebuyers added to historically low interest rates, there can be good opportunities for both buyers and sellers.”

In addition to enhancing the First Time Homebuyer Tax Credit, the package also includes provisions to:

·         Reinstate the 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans.  Loans originated in 2009 are subject to limits of 125% of local Delaware Valley median home prices up to $420,000 for FHA, Fannie and Freddie.  These limits will expire December 31, 2009.

·         Additional funding for the Neighborhood Stabilization Program.  $2 billion dollars has been allotted to help this program continue to address the problems in communities decimated by foreclosures.  The funds can be used to purchase, manage, repair and resell foreclosed and abandoned proprieties through the Community Development Block Grant program.

Tredyffrin Township offers Adult Computer Classes

Tredyffrin Township Park and Recreation Board, in conjunction with Conestoga High School, is offering computer courses for adults who reside in Tredyffrin and Easttown Townships.  The registration fee is $35 for all classes.  Registration forms may be picked up at Tredyffrin Township Administration Building or downloaded at www.tredyffrin.org.  Please call the Township at 610-644-1400 for more information.

All classes will be held at Conestoga High School from 3:00 – 5:00 p.m.

Digital Photography - Tuesday March 3, 10, 17 and 24

Intro to Microsoft Word 2003 – Monday April 27, May 4, 11 and 18

Intro to Microsoft Excel 2003/Power Point – Monday March 2, 9, 16 and 23

 

 

Summer Camps on the Main Line

Trying to figure out what to do with the kid’s this summer?  Looking for a …

Music Camp, Sports Camp, Overnight Camp, Computer Camp, Acting Camp, Day Camp, Nature Camp, Science Camp, Special Needs Camp, Language Camp, Rock Camp, Creative Camp?

Check out all the camp listings on:  http://MainLineCamps.com