Chapel Hill NC Real Estate

Today, the President signed historic legislation to spur growth in the housing sector.  An important part of legislation is a tax credit for first time home buyers.  Under the new law, beginning April 9, 2008 (yes this is retroactive!), first time home buyers to get up to a $7,500 tax credit from the purchase of a single family home, townhome, or condo. 

A fist time home buyer is anyone who has not owned a home during the past three years and is a U.S. citizen who files taxes.  (Some homeowners that do not file taxes may qualify.  You can find answers to questions like this and many others at www.federalhousingtaxcredit.com and www.nahb.org/mythbuster.) 

To qualify for the tax credit, buyers must close on their home purchase between April 8, 2008 and prior to July 1, 2009.  You can claim the entire tax credit if single or head-of-household tax filers have an adjusted gross income that is less than $75,000.  If you are married, this number jumps to $150,000.  Single or head-of-household tax filers who earn between $75,000 to $95,000 (or married filers earning between $150,000 to $170,000) are eligible to receive a partial first-time home tax credit.

The tax credit can be taken in 2008 or 2009.  It works as follows.  If a taxpayer pays less than $7500 in federal income tax, the government will write them a check for the difference.  Those who pay more than $7500 in federal taxes, would reduce their tax bill by the amount of the credit allowed.

There is a catch — would’nt you know it!  The catch is that there is a payback provision.  Essentially, the credit is like an interest-free loan that must be paid back over 15 years.  If you claim the $7500 credit, you would have to repay the credit at $500 per year.  If you sell your home, then the remaining credit would be due from the proceeds of the home sale.  If there is no profit, however, the remaining credit payback would be forgiven.

This is a great option for first time home buyers to consider when thinking about moving forward on the purchase of a home.  If you have any questions about this, don’t hesitate to contact Team Jodi.  We would be happy to answer any and all questions about this new legislation.

Is your dream home etched in your mind? Are you just waiting for the perfect time to bring it to reality? Now is the time! The market is slow at this time, which makes it a buyer’s market. With the interest rates low and many homes available, there is no better time than the present especially if you are looking for a home in the Chapel Hill, Durham, Orange County North Carolina areas.

Make a list of what you want your dream home to look and feel like. Involve the whole family in this project. After all, you want them to be happy too. Once you have this list, you have the advantage to take your time and look for that perfect home for you and your family. Then, when you start looking, don’t veer from the list. In other words, make sure that the homes that you are looking at have every quality that you have listed. Don’t settle for second best.

Use your senses: once you walk into a home you can feel the personality of that home. Here are some thoughts that should be going through your head:

• Does it fit your personality?
• Does the neighborhood feel right?
• Can you see your family enjoying many, many years of happiness in this home?

Another great idea would be to let me help you find your dream home. I have been inside many homes in the Chapel Hill, Durham, Orange County North Carolina area and will be able to help you narrow your search down until we find the perfect home for you and your family.

So head on over to my website at Teamjodi.com and let me help you find your “Dream Home”!

This home has an excellent and appealing floor plan in the best location in Hope Creek   Located at 4304 Forest Edge Trail, the features in this home are truly exceptional.  This home has both a first floor master suite and a first floor guest suite as well as hardwood floors  throughout the main level.  The home features 5 elegant curved archways on the main level. The open living room features a 14 ft ceiling and a gas fireplace with marble surround.  The main level has crown molding throughout and 3-piece chair rail molding and wainscoting in the living room, dining room and foyer.  The kitchen is a chef’s dream with granite countertops, under cabinet lighting, stainless steel appliances and a large island.  At the opposite end of the house is the private guest suite with its own full bath.  The second floor has 2 additional bedrooms and a large finished bonus room.  The attention to detail is not confined to the interior of this home.  Outside there is a large screened porch with an attached sun deck.  For outdoor grilling, there is a convenient gas line hook-up as well. The position of this 4 bedroom, 3 bath home within the community is perfect.  Nestled in the back of Hope Creek, the setting is both peaceful and serene. 

Hope Creek is a lovely neighborhood with custom built homes.  The neighborhood is conveniently located and is approximately 10 minutes to Duke University, 15 minutes to the University of North Carolina Chapel Hill and 15-20 minutes to Research Triangle Park and RDU Airport.  It is also within walking distance of Trinity School.

Downtown Durham INC has lauched a new website to keep the public informed of all the great things that are happening in downtown Durham.  The new site features a more user friendly interfae and new functions to allow more visitors to learn about downtown Durham.  The site features an activities calendar, the downtown master plan and a registration section where you can sign up to receive their e-newsletters. 

Some of the activites coming up this month are a home stand by our own Durham Bulls at the Durham Bulls Athletic Park from July 11-13; music on the plaza by Kim Arrington on July 17; the multi-arts extravaganza: Swap-o-rama on July 18th; The Adrian Duke Projek (New Orleans Blues) on July 18th; another Durham Bulls home stand from July 25-31 and as always, the Farmers Market is open each Wednesday from 3:30-6:30pm and each Saturday from 8am-12:00pm.  Many other things are happening downtown, so visit www.downtowndurham.com and check out all the things going on in downtown Durham.