Tips Blog

What The Headline Didn’t Say

April 2nd, 2009

The following article appeared in the April 2nd edition of the Austin American Statesman:

NEW HOME CONSTRUCTION DOWN 47%

New home construction in Central Texas continued to slide in the first quarter of 2009, as builders started 47 percent fewer homes than in the same period in 2008, according to a new report. But builders are selling off their supply of homes, and the dwindling supply means incentives for buyers may wane, too, local housing experts say. In addition, they say that as homebuilders scale back on developing new lots to build on, parts of the region, especially those closer to the central city such as Circle C, could face a lot shortage as the economy rebounds. Builders started 1,215 homes from January through March compared with 2,297 a year earlier, according to a report issued Wednesday from market research firm Residential Strategies Inc. Builders are focusing on selling off their inventory, said Mark Sprague, Austin partner for Residential Strategies. Builders closed 2,145 sales, 31 percent fewer than a year earlier. Late last year, as bad economic news mounted, would-be buyers began cancelling orders at a higher rate. As a result, “builders entered 2009 with more finished inventory than they wanted,” Sprague said. In 2008, new home construction in Central Texas plunged to its lowest level since 1997, with builders starting work on 8,987 houses. In 2006, they started 16,802 houses. Now, some builders have left the market, and others are winding down operations or are in bankruptcy.

Despite the national housing downturn and recession, Central Texas’ housing market has held up better than many around the country, local housing experts and regional economists say. Central Texas still is adding jobs, although at a slowing rate, as many other parts of the country are losing jobs. In addition, Sprague said there is not an oversupply of homes on the market. At the current sale pace, it would take 5.3 months to sell all the new homes on the market. A six-month supply is considered balanced. In the first quarter, the median price for a new home under construction in the Austin area was $216,448, up from $212,897 a year ago. Terry Mitchell, a local developer, said new home prices here remain stable because Austin’s economy is still healthy. Also, the market is tightening, which could cause prices to rise, Mitchell said. Builders, particularly the big national companies with significant losses in other markets, don’t have the capital to expand and aren’t developing new lots or building new subdivisions, Mitchell said. “All that means is economics 101,” Mitchell said. “When supply gets tight and demand remains the same, prices will go up.” And with the latest figures showing nearly twice as many new homes sold as started, “this market may get tighter sooner than I imagined,” Mitchell said, adding that some areas could face a shortage of lots and homes in a year to 18 months. Eldon Rude, director of the Austin office of Metrostudy, a housing research firm, said the Austin area “is moving toward some of the lowest new home inventory levels we have seen in our market in the last 10 years.” With fewer homes for buyers to choose from, Rude said, “builders are less likely to offer the kinds of concessions that were necessary to attract buyers this time last year.”

Keeping in mind historically low interest rates and the government’s $8000 tax credit, it may be a good time to consider buying.

“There are always lots of opportunities in the Austin housing market. We are always pleased to talk with you about selling or buying homes. We want you to buy or sell only when it is right for you. Call or email us if we may be of service.” Info@CarolDochenRealtors.com

Posted in Market update | No Comments »

Area home sales fall in February, but median price rises

March 23rd, 2009

The following article was printed in the Friday, March 20th edition of the Austin American Statesman:

Austin-area home sales were down 28 percent in February from a year earlier but rebounded from an unusually weak January. The Austin Board of Realtors said Thursday that 1,116 single-family homes sold last month, and the median price rose to $189,900. The number of sales was the lowest for the month since 2001. But they were up 36 percent from January’s 818 sales, which were the lowest in a decade. Austin-area real estate agents and mortgage brokers say activity has picked up in recent weeks, thanks to record-low mortgage rates and a new federal tax credit, up to $8,000, for first-time buyers. “It’s busy right now,” said Robin Curle, who runs the top-producing team of agents at JB Goodwin. Mortgage interest rates were below 5 percent on Thursday, and as word gets out about the tax credit, “it’s one more impetus to get people out there looking,” she said. John McClellan, branch manager at Supreme Lending in Austin, said he is getting eight to 10 phone calls a day from people curious about the tax credit, which went into effect this month, and government moves to bring down mortgage interest rates. “It’s on the upswing. The low interest rates and first-time homebuyers credit are actually motivating a lot of people out there,” McClellan said. “I call it your three strikes, you’re in: low home prices, historically low interest rates and the government will give you $8,000.” Buyers have plenty to choose from: The number of homes on the market rose 3 percent last month, to 9,373, though new listings fell 16 percent. It took an average of 88 days to sell a house. Other Texas cities had a similar pattern in February. Sales in the Dallas-Fort Worth area were down 28 percent and down 25.9 percent in Houston. But Austin did better on price, with the median 5 percent higher than it was a year earlier. Houston’s median has been falling for five months in a row, including a 10.5 percent drop in February, and Dallas prices were unchanged last month. Agents said the median price primarily reflects what price ranges are selling, with activity concentrated in lower and moderate-priced homes. Seventy percent of the homes that have sold so far this year were priced between $130,000 and $399,999, according to Board of Realtors figures. Curle said there are good values to be had in areas such as Steiner Ranch, the upscale subdivision in Northwest Austin. Curle is marketing a 4,600-square-foot house on a greenbelt there for $695,000. Two years ago, the price would have been closer to $1 million, she said. Beth Lozano, senior mortgage consultant at Cornerstone Mortgage Co., said loan applications are ticking up as word begins to spread about the tax credit. “There is definitely a buzz about it,” she said. “I think it’s just a matter of getting the word out.”

“There are always lots of opportunities in the Austin housing market. We are always pleased to talk with you about selling or buying homes. We want you to buy or sell only when it is right for you. Call or email us if we may be of service.” Info@CarolDochenRealtors.com

Posted in Mortgages, Market update | No Comments »

The Healthiest Housing Markets for 2009

February 27th, 2009

Builder magazine ranked the 15 best markets for housing in 2009, and guess which city came in at number 2? That’s right, Austin, Texas. See their take on the situation:

2008 Total Building Permits: 14,250

Nine years ago, during the tech bust, some builders felt that Austin was too crowded and left. The bloom is back on Austin’s yellow rose now; it moved up the leader board to become the sixth largest home building market last year. Job creation explains the move. While other markets lost employment, Austin added 17,400 jobs last year, 2.31 percent growth rate. It helps that Austin is home to both a major university, The University of Texas, and the state capital. Existing homes cost a little bit more in Austin than other Texas markets, roughly $190,900, but that’s still below the national average. Also, Austin is one of the few metro areas in the country where median prices actually rose in 2008–1.4 percent through the first three quarters of the year. Amazingly, Austin now generates more home building activity than Chicago, which has six times more people.

Austin is a wonderful place to live and still a wonderful place to buy a home. Despite the continuous stream of dire economic news, Austin will continue to be a bright beacon for the rest of the country to envy.

There are always lots of opportunities in the Austin housing market. We are always pleased to talk with you about selling or buying homes. We want you to buy or sell only when it is right for you. Call or email us if we may be of service Info@CarolDochenRealtors.com

Posted in Market update | No Comments »

Is The Austin Market Turning Around?

February 13th, 2009

The following article was published in the January 21st edition of the Austin American Statesman:

Austin-area home sales continued to decline in the last month of 2008, but there are signs that the market may be stabilizing. The number of previously owned single-family houses sold in December fell by 21 percent compared with the same month a year earlier, according to the Austin Board of Realtors. The median price declined by 4 percent to $182,000, which was only the second time the sales price has declined in the past four years. But pending sales — deals in the pipeline for the following month — rose 11 percent, the first time they have increased since April 2007. And new listings fell 4 percent from a year earlier, which kept the supply of homes for sale stable at about 8,500. “Austin tends to have strong Decembers, but the reason that December 2008 was not particularly strong was obviously because of what happened in November, when consumer confidence and pending business fell tremendously,” said Helen Edwards , president and chief operating officer for the Austin region of Coldwell Banker United . The Austin-area housing market has fared better than most areas of the country, but tighter credit, slowing job growth and spiraling consumer confidence have taken a toll. December was the 18th consecutive month that home sales have fallen, and the 20,199 sales for the year were 20 percent lower than in 2007, which was the second-best year on record. The median price for 2008 was $189,500, up 2 percent from 2007. There are signs that the market is stabilizing and possibly improving. The December sales drop was roughly half the rate reported in November, when 40 percent fewer homes sold compared to a year earlier. Additionally, mortgage interest rates have been falling for three months, with the 30-year rate now hovering around 5 percent. Tom Polk, a broker associate with Stanberry & Associates , said lower interest rates are one reason he has seen an uptick in interested buyers in the last two months. “A 1 percent change in interest rates makes a 10 percent (difference) in the house you can afford,” Polk said. “4.75 and 5.75 (percent) don’t sound that different, but if you’re buying a $200,000 house, that’s a $20,000 price difference in what you can afford to pay.” Polk said online traffic for his firm’s listings increased from a 2008 low of 600 hits in November to nearly 7,800 in December. Edwards said she has also seen an uptick, and the increase in people looking at houses has made her “cautiously optimistic.” “What’s important, I think, is that we’ve seen a tremendous increase in the traffic and the activity out there,” Edwards said. “That doesn’t mean we’ve seen a tremendous increase in closings.” Polk said that buyers are seeking bargains and that houses priced 5 to 10 percent lower than the market peak two years ago are selling. “I am just stunned by how quickly houses are going under contract if they are priced well,” Polk said. Edwards agrees. “What we have seen is that the buyers are willing to make offers if they perceive that the houses are listed at market or below-market rate,” Edwards said. “Buyers are looking for the best possible price, and some sellers are willing to offer that. Those sellers are the ones who are selling in this market.” Houses priced between $150,000 and $400,000 posted the smallest declines in sales in December. Sales of lower-end houses continue to be hit hard by tighter lending standards, and the inventory of high-end homes remains high.

“There are always lots of opportunities in the Austin housing market. We are always pleased to talk with you about selling or buying homes. We want you to buy or sell only when it is right for you. Call or email us if we may be of service.” Info@CarolDochenRealtors.com

Posted in Market update | No Comments »

Austin Ranks 10th in the Nation in Job Growth

January 18th, 2009

Tuesday, January 6, 2009
Austin Business Journal
The Austin area added 6,200 private-sector jobs in the 12-month period between November 2007 and November 2008—the 10th biggest gain in metro employment in the country—according to figures released Tuesday by the U.S. Bureau of Labor Statistics.
Texas is showing considerable resilience amid a crippled national economy. The two largest markets in the state—Houston and Dallas-Fort Worth—registered the nation’s biggest privatesector
employment gains. The Houston area added 42,400 jobs between November 2007 and November 2008, and Dallas-Fort Worth picked up 35,100. No other U.S. market gained more than 15,600 privatesector jobs during the 12-month period. All four of Texas’ major metro areas ranked among the top 10 in job creation in the last year. San Antonio was No. 4 with 11,700 new jobs. But the rest of the country isn’t faring nearly so well. Just one-fifth of the nation’s 100 largest metropolitan areas managed to add any jobs at all. Seventy-eight suffered losses, 21 posted increases, and one was unchanged. Detroit was hit with the biggest loss of private-sector jobs, 67,700 in 12 months. November 2008 brought the 38th straight monthly decline for Detroit. Four other markets lost more than 50,000 private-sector jobs during the past year: Atlanta,
Los Angeles, Miami-Fort Lauderdale and Phoenix.
The following are the 100 biggest labor markets in America, ranked according to raw change in private-sector employment between November 2007 and November 2008:
1. Houston, up 42,400 jobs
2. Dallas-Fort Worth, up 35,100 jobs
3. Washington, up 15,600 jobs
4. San Antonio, up 11,700 jobs
5. Seattle, up 9,900 jobs
6. Virginia Beach-Norfolk, up 9,100 jobs
7. Oklahoma City, up 8,100 jobs
8. New Orleans, up 7,200 jobs
9. McAllen-Edinburg, Texas, up 6,700 jobs
10. Austin, up 6,200 jobs
11. Boston, up 4,600 jobs
11. Raleigh, up 4,600 jobs
13. El Paso, Texas, up 4,100 jobs
14. Hartford, up 3,600 jobs
15. Columbus, up 2,900 jobs
16. Baton Rouge, La., up 2,800 jobs
17. Bakersfield, Calif., up 2,000 jobs
18. Omaha, up 1,100 jobs
19. Youngstown, Ohio, up 500 jobs
20. New Haven, Conn., up 300 jobs
21. Des Moines, Iowa, up 200 jobs
22. Poughkeepsie, N.Y., no change
23. Greensboro, down 100 jobs
24. Baltimore, down 200 jobs
25. Albany, down 500 jobs
25. Syracuse, N.Y., down 500 jobs
25. Tulsa, down 500 jobs
28. Little Rock, Ark., down 1,000 jobs
28. Modesto, Calif., down 1,000 jobs
28. Pittsburgh, down 1,000 jobs
31. Wichita, Kans., down 1,300 jobs
32. Greenville, S.C., down 1,600 jobs
33. Scranton-Wilkes-Barre, Pa., down 1,700 jobs
34. Portland, Maine, down 1,900 jobs
35. Bridgeport-Stamford, Conn., down 2,000 jobs
36. Chattanooga, Tenn., down 2,300 jobs
37. Birmingham, down 2,400 jobs
37. Springfield, Mass., down 2,400 jobs
39. Akron, Ohio, down 2,500 jobs
39. Jackson, Miss., down 2,500 jobs
41. Charlotte, down 2,600 jobs
41. Grand Rapids, down 2,600 jobs
41. Stockton, Calif., down 2,600 jobs
44. Ogden, Utah, down 2,800 jobs
45. Daytona Beach, Fla., down 3,000 jobs
45. Fresno, Calif., down 3,000 jobs
47. Knoxville, Tenn., down 3,200 jobs
48. Worcester, Mass., down 3,300 jobs
49. Allentown-Bethlehem, Pa., down 3,400 jobs
49. Indianapolis, down 3,400 jobs
51. Harrisburg, Pa., down 3,500 jobs
52. Madison, Wis., down 3,600 jobs
53. Albuquerque, down 3,700 jobs
54. Colorado Springs, down 4,000 jobs
55. Charleston, S.C., down 4,100 jobs
55. Richmond, down 4,100 jobs
57. Rochester, N.Y., down 4,200 jobs
58. Augusta, Ga., down 4,300 jobs
59. Lakeland, Fla., down 4,600 jobs
60. Buffalo, down 4,700 jobs
61. Palm Bay-Melbourne, Fla., down 4,800 jobs
62. Cincinnati, down 5,000 jobs
63. Honolulu, down 6,000 jobs
64. Columbia, S.C., down 6,100 jobs
64. Denver, down 6,100 jobs
66. Salt Lake City, down 6,400 jobs
67. Oxnard-Thousand Oaks, Calif., down 6,500 jobs
68. Dayton, down 6,700 jobs
69. Nashville, down 7,100 jobs
70. San Jose, down 7,300 jobs
70. Toledo, Ohio, down 7,300 jobs
72. Orlando, down 7,600 jobs
73. Cape Coral-Fort Myers, Fla., down 9,200 jobs
74. Las Vegas, down 9,600 jobs
75. Bradenton-Sarasota, Fla., down 10,100 jobs
76. Jacksonville, down 10,700 jobs
77. Kansas City, down 11,000 jobs
78. Boise, Idaho, down 11,200 jobs
79. Cleveland, down 11,300 jobs
80. Milwaukee, down 12,400 jobs
81. Louisville, down 12,800 jobs
82. Memphis, down 13,600 jobs
83. St. Louis, down 14,200 jobs
84. Sacramento, down 14,900 jobs
85. Portland, Ore., down 15,500 jobs
86. Providence, down 16,600 jobs
86. Tucson, down 16,600 jobs
88. San Diego, down 17,500 jobs
89. Philadelphia, down 18,800 jobs
90. San Francisco-Oakland, down 21,100 jobs
91. Minneapolis-St. Paul, down 31,400 jobs
92. New York City, down 33,500 jobs
93. Chicago, down 33,600 jobs
93. Tampa-St. Petersburg, down 33,600 jobs
95. Riverside-San Bernardino, Calif., down 35,800 jobs
96. Phoenix, down 58,500 jobs
97. Miami-Fort Lauderdale, down 59,700 jobs
98. Los Angeles, down 60,700 jobs
99. Atlanta, down 66,100 jobs
100. Detroit, down 67,700 jobs
All contents of this site © American City Business Journals Inc. All rights reserved.

There are always lots of opportunities in the

Austin housing market. We are always pleased to talk with you about selling or buying homes. We want you to buy or sell only when it is right for you. Call or email us if we may be of service Info@CarolDochenRealtors.com

Posted in Uncategorized | No Comments »

An uptick in the housing market?

December 10th, 2008

The following article was published in the December 9th edition on Realty Times’ website by Kenneth Harney:

If new mortgage applications are a reliable gauge of forthcoming home purchases, looks like we’ve got a bumper crop taking shape out there.
Last week the Mortgage Bankers Association’s national survey registered a record 37 percent jump in applications for new conventional loans to buy houses, and a 39 percent increase for home purchases using FHA mortgages.
The reason for the sudden surge? A half point drop in 30 year fixed mortgage interest rates to 5.47 percent — which was down from 6 percent the previous week — and to just 5.13 percent for fifteen year loans.
The rate drop happened almost overnight, after the Federal Reserve announced plans to pump up the housing sector by buying $100 billion worth of bonds issued by Fannie Mae and Freddie Mac.
The Fed also said it plans to buy about half a trillion dollars of mortgage-backed securities issued by Fannie, Freddie and Ginnie Mae beginning this month. Ginnie backs the FHA side of the market, just as Fannie and Freddie do on the conventional side.
So why did the Fed’s moves mean so much? Because mortgage rates have been higher than they should recently due to bond investors’ uncertainty about the safety of Fannie and Freddie.
Both companies racked up multi-billion dollar losses last quarter, causing investors to demand extra-high premium returns before they’d buy Fannie or Freddie debt.
But now that’s over. The government’s backing of Fannie and Freddie is explicit and big. Investors are reassured. They’ll take lower premiums, allowing consumers to get lower mortgage rates.
Although lenders report their phones were jammed with applications from people who want to refinance, the big surprise was the huge jump in applications from consumers who plan to buy houses.
With prices down in the majority of markets, more and more people are finding that the equation now works: Fixed rates in the mid-fives combined with pricing at 2003 and 2004 levels make a compelling case that this is an excellent time to buy - provided you’ve got a downpayment and reasonable credit.
The bright spot in housing finance came in a week that was otherwise pretty much an economic downer: More bad news on Wall Street; followed by the official designation that we’re now in a recession.
One additional bright spot to report: Unsold inventory — the backlog of houses that weighs down local markets — dropped by a full point and is now down 4 and a half percent for the year.
That’s a very positive sign and should only get better with lower mortgage rates.

With interest rates still near historic lows and a huge amount of inventory on the market, now is a great time to start looking for your new home.

There are always lots of opportunities in the Austin housing market. We are always pleased to talk with you about selling or buying homes. We want you to buy or sell only when it is right for you. Call or email us if we may be of service Info@CarolDochenRealtors.com

Posted in Mortgages, Market update | No Comments »

Get the Most Out of Move

November 27th, 2008

Summarized from an article by Jerrold Stern, research fellow with the Real Estate Center at Texas A&M University, in Tierra Grande, Journal of the Real Estate Center at Texas A&M University

As the end of the year approaches it’s time to start putting together information for your 2008 Income Tax Return. If you have moved during the year for employment purposes you may be eligible for a tax deduction. Three types of tests need to be met to obtain moving-related deductions-a “start of work” test, two distance test and a time test.

The taxpayer must begin working in the new location within one year of the move, but it is not necessary that employment actually be obtained before the move. For example, if you moved on January 1, 2008, you must start your new job by January 1, 2009. If you delay your move so that your child can finish the school year, the one-year rule could be waived.

In Distance Test No. 1, the distance from the new home to the new job location must be less than the distance from the previous home to the new job location. A second distance test is applied to make certain the taxpyer’s new job location actually requires relocation. The test is met if the distance from the old residence to the new job is at least 50 miles greater than the distance from the old residence to the old job.

For the time test to be satisfied the taxpayer must be employed on a full-time basis at the new workplace for 39 weeks during the first 12 months following the move. Of course, there are exceptions to each requirement and the calculations can be very complicated; therefore, you should consult with your tax adviser for your personal situation.

All moving expenses deductions are “above the line” deductions meaning they are deductible whether you itemize deductions or take the standard deduction.

There are always lots of opportunities in the Austin housing market. We are always pleased to talk with you about selling or buying homes. We want you to buy or sell only when it is right for you. Call or email us if we may be of service. Info@CarolDochenRealtors.com

Posted in Tax credits | No Comments »

Office Market in Austin Still Solid

November 19th, 2008

According to the Austin American Statesman, Thomas Properties Group, Austin’s biggest landlord, still remains very optimistic on Austin and Central Texas. Thomas Properties Group owns the Frost Bank Tower as well as 9 other Austin office buildings. CEO Jim Thomas said that occupany levels rose to 89% in the 3rd quarter, up from about 78% in the second quarter. Austin was cited as 1 of only a handful of markets that continue to be very healthy despite the economic problems.

The housing market and commercial market are directly related. Jobs are the number 1 factor in maintaining a healthy real estate market and continued strength in the office market is a good indicator for Austin riding out the current economic problems significantly better than the rest of the country.

There are always lots of opportunities in the Austin housing market. We are always pleased to talk with you about selling or buying homes. We want you to buy or sell only when it is right for you. Call or email us if we may be of service. Info@CarolDochenRealtors.com

Posted in Market update | No Comments »

Good News for Austin

November 13th, 2008

America’s Recession-Proof Cities
Excerpt Forbes.com

By Joshua Zumbrun
Nationally, home prices are falling, unemployment is on the rise and the economy is expected to grow slowly–or even contract–in the first half of the year. But some cities are doing just fine.Take Oklahoma City, Okla. With falling unemployment, one of the country’s strongest housing markets, and solid growth in agriculture, energy and manufacturing, it looks best positioned among the nation’s largest metropolitan areas to ride out the current crisis.San Antonio is right behind. It also features solid employment figures and affordable home prices that continue to rise. Its industries are growing; it can’t hurt that the new AT&T was formed when San Antonio-based SBC Communications swallowed the old AT&T Corp. and BellSouth. The others holding steady or improving include Austin, Texas; Houston; Charlotte, N.C.; Dallas; San Jose, Calif.; Raleigh, N.C.; Salt Lake City; and Seattle.
Behind The Numbers To find them, Forbes.com examined the country’s 50 largest metros and looked at several key measures.
We examined unemployment data supplied by the U.S. Bureau of Labor Statistics for the year ending in February 2008 to see which areas are most adding or subtracting jobs. Next, we looked at the BLS data on job growth in non-farm payrolls, through February 2008, for construction, education and health services, financial activities, information, leisure and hospitality, manufacturing, natural resources and mining, professional and business services, trade, transportation and utilities, and the BLS’s catch-all category, “other services.”

We also took into account median home price data from the National Association of Realtors–from the fourth quarter of 2006 to the fourth quarter of 2007–to see which areas posted the largest annual gains. Our data did not account for the impact of declining sales in the first several months of this year.

Finally, our rankings were adjusted using data from a November 2007 report, “U.S. Metro Economies: The Mortgage Crisis,” by the U.S. Conference of Mayors. It lists each city’s estimated gross metropolitan product growth by projecting how rising foreclosures and falling home prices would affect overall levels of productivity in local economies.

Sunny Southern Skies-Texas cities fared best under these measures. San Antonio, Austin, Houston and Dallas-Fort Worth have benefited from historically lower home prices, which have been affordable to a large segment of the population. The availability of land–and, in some cases, little zoning–helped keep prices in these cities low. Instead of competing for homes, Texans could move to a new subdivision a little farther out.
What’s more, all four boast falling unemployment rates, with Austin dropping from 3.8% to 3.6% and San Antonio from 4.3% to 4%.
Cities that are expected to see growth in non-farm payrolls include Raleigh, which is expected to see 7.4% growth in professional and business services and 6% growth in education and health.

If you’re tired of waiting, these might be the best places to go.

There are always lots of opportunities in the Austin housing market. We are always pleased to talk with you about selling or buying homes. We want you to buy or sell only when it is right for you. Call or email us if we may be of service Info@CarolDochenRealtors.com

Posted in Market update | No Comments »

Mortgage Insurance Tax-Deductible for Some Home Buyers

November 2nd, 2008

As down payment requirements are rising, did you know that you may qualify for a tax savings in the form of tax-deductible mortgage insurance payments? Congress created a provision in 2006 that allows some home buyers to deduct mortgage insurance payments for mortgage insurance contracts issued after Dec. 31, 2006 and for mortgage insurance payments made before Jan. 1, 2011. The deduction is allowed for premiums related to a principal residence and even a secondary non-rental residence, but not for home equity loan debt. The deduction is subject to an income phase-out. The amount allowable as a deduction is phased out for taxpayers with adjusted gross income in excess of $100,000 ($50,000 for a married taxpayer filing a separate return). Partial deductions are allowed for taxpayers with adjusted gross incomes between $100,000 and $110,000 ($50,000 and $55,000 for married filing separate). Combine this with the new first-time home buyers credit and you may find significant tax savings! This information was gathered from an article in the Nation’s Builder News.

There are always lots of opportunities in the Austin housing market. We are always pleased to talk with you about selling or buying homes. We want you to buy or sell only when it is right for you. Call or email us if we may be of service Info@CarolDochenRealtors.com

Posted in Tax credits | No Comments »

Tips Blog

What The Headline Didn’t Say

Area home sales fall in February, but median price rises

The Healthiest Housing Markets for 2009

Is The Austin Market Turning Around?

Austin Ranks 10th in the Nation in Job Growth

An uptick in the housing market?

Get the Most Out of Move

Office Market in Austin Still Solid

Good News for Austin

Mortgage Insurance Tax-Deductible for Some Home Buyers

Archives

Categories

Meta