December Issue

Congress Extends and Expands Homebuyer Tax Credit

On Nov. 6, President Obama signed legislation that extends and expands the homebuyer tax credit. Now, for the first time, the credit is available to current homeowners as well as people purchasing for the first time.

The first-time homebuyer tax credit has been instrumental in helping the real estate market recover. The credit has brought new families into the housing market, and they in turn helped reduce the inventory of unsold homes.

The expanded credit is expected to encourage more investment in residential housing. Here are the details*:

• The $8,000 first-time homebuyer credit is extended through April 30, 2010, giving buyers who have signed a purchase contract by that date until June 30 to close on their home. The actual credit is equal to 10% of a home’s purchase price, up to a maximum of $8,000.
• A new credit of up to $6,500 is available for repeat homebuyers who purchase a principal residence if they have been living in their current home for five consecutive years out of the past eight years preceding the purchase.
• Income limits have been increased. Now, single buyers with incomes up to $125,000 or married couples earning up to $225,000 may be eligible. Partial credits may be available to homebuyers who earn more.
• The credit is extended until April 30, 2011 for certain qualified military buyers.
• The credit applies only to homes priced at $800,000 or less.
• If you’re planning to buy, act quickly. Experts say there will be no further extensions of the tax credit, so this is a once-in-a-lifetime opportunity to save money while buying a new home.
• For more information about the tax credits, or to learn about available properties in your area, contact Nancy Orlando today.

*This is not meant to be tax or legal advice. Consult a tax professional for details.

---

6 Tips for an Easy Move with Kids

Hope Gibbs thought her move from Clifton, Va. to Arlington, VA – a mere 45 minutes away-would be easy. And it was for daughter Anna, 14, who found new friends on Facebook even before she moved. But Gibbs’ 10-year-old son Dylan found it more difficult.

“You’d have thought we moved to Mars,” says Gibbs. “He still wants to go home despite having made tons of friends.”

Moving is one of the most stressful events in life-even more so for kids. But you can help ease the transition. Here are some tips:

Involve children in planning. Help them find local Web sites so they can learn about schools, sports and events in their new city. The goal is to increase familiarity and build excitement for the new area.

Communicate. Take time to speak with children about the move — and particularly about their fears or concerns.

If possible, allow children to pick their own bedrooms. This makes it fun and exciting. Let them help decorate as well.

Keep a few prized possessions out of the boxes. Familiar items, such as a blanket or stuffed animal, bring comfort to skittish kids.

Encourage children to make new friends. Introduce them to children in the neighborhood. Invite a classmate over for a play date. Or throw a kiddie housewarming party!

Seek help from professionals. A knowledgeable real estate agent can help you learn the area, give you leads on local children’s activities and make the whole move go more smoothly.

---

Neiman Marcus Reveals the 83rd Edition of Its World-Renowned Christmas Book

Neiman Marcus has released its celebrated Christmas catalog featuring the ultimate in cutting-edge gifts. This year’s cool choices: a customized Cupcake Car ($25k) or an aircraft and pilot training for two ($250k). More than your budget allows? Not to worry: 40% of the gifts are under $250.

---

---

Proud supporter of Easter Seals

License # REB 0755090
©2009 Century 21 Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Century 21© is a registered trademark licensed to Century 21 Real Estate LLC. Each CENTURY 21 office is independently owned and operated. All rights reserved.