Outlook On Home Sales Remains Unclear

In the Wednesday, February 24th 2010 Wall Street Journal article “Outlook On Homes Remains Unclear” the authors referenced the recent S&P/Case Shiller home price index report which had “Overall, suggested that the recent positive momentum in the U.S. housing market is gaining further traction and underscores that home prices are continuing to stabilize”.

Robert Shiller, the Yale University economist who cofounded the index that bears his name, called the home-price rebound during the second half of the last year “the most dramatic turnaround” since he began charting home prices in 1987.

Posted by William T. Jebb – Partner
Jebb & Driggin is an Exclusive Buyer’s Agency

Filed under: Boston Real Estate News, Real Estate News, S&P/Case Shiller Home Price Index Report

Selecting a Broker

Who is the broker representing?

The first thing a buyer of real estate should evaluate when selecting a broker is to determine if that broker is exclusively representing your interests.  In the state of Massachusetts, a brokerage firm can legally represent the buyer and the seller under an arrangement called a “Dual Agency”. The problem is that, practically speaking, it is impossible to just represent a buyer if the firm you are working for also represents sellers. To avoid inevitable conflicts of interest, a buyer should seek out an agency that solely represents buyers and therefore is under no obligation to withhold information that may not be in the seller’s interest.

Listening

The second thing, when meeting or speaking to the buyer’s agent, is to make sure the agent is listening to you. If the agent asks appropriate questions and listens to your answers, he or she will most likely be able to determine what you want before you know what you want. This will facilitate your search and make the best use of your time.

Communication

A good broker will constantly be communicating with you via email or telephone to keep you informed of new properties coming on the market and keeping you abreast of the latest in financing opportunities, interest rates and the condition of the market.

If the any of the above key factors are missing in your relationship with the broker, you should immediately terminate the relationship and find someone else.

Posted by Bill Jebb – Partner, Broker

Filed under: Exclusive Buyers Agent, Home Buyer Advice, Dual Agencies, Exclusive Buyers Agent, Home Buyer Advice

Are You Working With An Exclusive Buyer’s Agency?

In a very unpredictable real estate market, more and more Buyers are realizing the wisdom of working with an agent that solely represents the buyer with no allegiance to the seller.

At Jebb & Driggin, our clients have benefited from the information about properties that normally would not be available from listing brokers.

Filed under: Exclusive Buyers Agent, Exclusive Buyers Agency, Exclusive Buyers Agent

Holiday Recipes From J&D: Derby Pie

Claudia Pachios, Sales Assistant has been with Jebb & Driggin Realty since the beginning.

This recipe is from her Godmother who lives in Louisville, Kentucky. Derby Pie is a southern traditional pie served on Derby Day in Kentucky and on Thanksgiving. Claudia has been serving Derby Pie during Thanksgiving at her home in Cape Elizabeth, Maine for over 30 years.

Derby Pie

This recipe makes two pies!

Ingredients
1 stick melted butter
1 cup pecans chopped
1 cup chocolate chips
1 cup corn light corn syrup
1 cup sugar
4 eggs
1 tbls Bourbon
2 shallow pie shells

Whisk together the eggs, sugar, corn syrup, and melted butter. Then stir in the chocolate chips.
Distribute the chopped pecans over the bottom of both pie shells.
Pour the filling evenly over the nuts.

Bake in oven at 350 degrees for 45 minutes.

Filed under: New England Living, Cape Elizabeth, Derby Pie, Maine, New England, Thanksgiving Recipes

Tax Credits: Not Just For First Time Home Buyers

Move-Up/Repeat Home Buyer $6,500 Tax Credit:

• How Is This Credit Different? The Tax Credit is not just for First Time Home Buyers.  If you have owned and lived in a home for at least 5 consecutive years of the last 8 years, you may be eligible to receive a tax credit of up to $6,500 if you purchase a principal residence after November 6, 2009 with a binding sales contract signed by April 30, 2010 (or if you purchase by June 30, 2010 with a binding sales contract signed by April 30, 2010).  Note: If you are married, both you and your spouse must pass the homeownership test to qualify.

• Are there income limits? Yes. The income limit for single taxpayers is $125,000; the limit for married taxpayers filing a joint return is $225,000.

• Will I be eligible for a tax credit if I make more than the income limit? Yes.  There is a $20,000 phase-out for the credit, so if you are single and make less than $145,000 or married with a household income of less than $245,000, you will receive a reduced credit.  Consult your tax adviser for information about how the reduced credit is calculated.

• How is the amount of the tax credit determined? The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.

• Are there limits on the purchase price? Yes.  For this credit the purchase price must be less than or equal to $800,000.

• Will purchase of a condo qualify? Any home that will be used as your principal residence will qualify for the credit.  This includes single-family detached homes, townhouses and condominiums, as well as mobile homes and houseboats.

• Does new home construction qualify? If you hire a contractor to construct a principal residence on a lot you already own, the date you first occupy the house is treated as the purchase date and must be after November 6, 2009 and on or before April 30, 2010.

More information about the Move-Up/Repeat Homebuyer Tax Credit

First Time Home Buyer Tax Credit: What You Need To Know

• Deadline For First Time Home Buyer Tax Credit Has Been Extended:  If you have not owned a principal residence during the last three-years and you plan to purchase a primary residence, you now have until April 30, 2010 to purchase a home and qualify for an $8,000 tax credit.  You must complete your home purchase by June 30, 2010 to qualify.

• The Income Limits Are Higher: If you are a qualifying first time home buyer purchasing a principal residence after November 6, 2009, the new income limit is $125,000 for single taxpayers and the limit for married couples filing joint returns is $225,000.

• The Income Limit for Earlier Home Purchases is Lower:  If you are a first time home buyer and you purchased a principal residence after January 1, 2009 but before November 6, 2009, the income limit is $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.

More information about the First Time Home Buyer Tax Credit Extension

If you are interested in beginning a home search, contact Jebb & Driggin Realty today at (617) 859-0300.

Always consult your tax advisor for information relating to your specific circumstances.

Filed under: First Time Home Buyer, National Real Estate News, First Time Home Buyer Tax Credit, Move-up/Repeat Home Buyer Tax Credit