Tax Credit for Existing Homeowners who want to Move Up

Hi Friends,

If you haven’t already heard, it’s official; on 11/6/09 the President signed the tax credit bill that extends the current $8,000 first time home buyer tax credit (which was set to expire Nov. 30) through April 30, 2010. The bill also includes a new, ‘move up buyers’ $6,500 tax credit for homebuyers who have previously owned a home, if that home was their primary residence for five consecutive years out of the last eight years.

Both the $8,000 credit and the $6,500 credit have expanded buyer income limits ($125,000 for individuals and $225,000 for couples), and the cost of the home being purchased is limited to $800,000.

Existing home buyers will qualify for the full credit as long as they have entered a binding contract by April 30, 2010 and they close the transaction within 60 days. The tax credit is limited to homes with a purchase price of $800,000 and below. The bill also includes anti-fraud language that gives the IRS the authority to provide greater oversight during processing of the return.

As soon as the guideline specifics are announced for the “move-up buyers” I will post that as well. Rumor has it that it doesn’t technically have to be a move-up property; a lateral move may qualify as well so maybe you want to get in to a single story and out of dealing with stairs. Not sure what “lateral” means to the government though so we’ll have to wait and find out.

Additionally, the legislation waives the recapture provision for members of the armed forces who are called on extended duty. Members of the military and uniformed services, who are out of the country for at least 90 days, will also be eligible to use the tax credit upon their return through April 30, 2011.

This is huge if you’ve been thinking about making a move up in this buyer friendly market.  Call me for a market analysis of your existing home if you want to determine if you should be taking advantage of this opportunity.  The inventory of homes for sale by ’real sellers’ (not a short sale or bank owned property) is very low, especially in the $250-400k range, and buyers are out there looking for clean, maintained properties. Inventory is a bit more plentiful above $400k so could be this government incentive hits your personal sweet spot.  

Pass this along to friends & family who might find it useful no matter where they live as this is a national program.  We’ve heard plenty about the first time home buyers credit but the fact existing home owners are getting a break for making a move up is a new twist.

Plastic Paint

A couple of weeks ago my neighbor was out painting her plastic lounge chairs.  Of course I buzzed over to find out exactly what she was up to; it looked far too interesting and I had to inquire further.

She has a set of lounge chairs that she’s had forever but were in perfect condition.  However, the white color was yellowed from the intense sun.  While perusing the paint selection at Home Depot (I’m sure you can get it at Lowe’s, too) she came across plastic spray paint, meant for exactly that type of purpose. She was spraying the entire chair as the piping of the chairs are also a heavy plastic (as opposed to metal).

The chairs were originally white so she stuck with the same color but the paint comes in a large variety of colors.  It was so easy, she just wiped them down thoroughly to get off the dust and spread out a big piece of cardboard, placed a chair on it and sprayed away.  It probably took her about 15-20 minutes to do each chair, making sure to get all the nooks and crannies.

They came out looking great!  I only took an after photo (she was on chair two before I got there) and it’s not the best angle but you’ll get the idea.  Once they dried she placed new lounge cushions in a deep rust color over them, but they looked great even without the cushions.  They remind me of the lounge chairs you see poolside at many of our local resorts.

This is just one idea for the use of plastic paint. I’m sure you can come up with plenty of uses around your home to brighten up some household item that’s in great condition but in need of a new finish.  Now if only our (faded red) wooden Adirondack chairs were as easy a fix.  Too bad we can’t buy sanding in a spray can.

They looked much better in person!

Our Phoenix Housing Market is Improving!

I know, it’s hard to believe but it’s true.  The Phoenix housing market is (and has been) on a steady course of improvement.  There are many experts who feel the Maricopa County residential resale market is at, or very close to, the bottom.  The first sign of reaching the bottom is an increase is total sales.  In our county, sales have increased monthly vs. comparable months a year ago (June – Feb.).  What happens is, prices stay at the bottom for a few months as the market begins to adjust to increased activity.  We’re seeing this in outlying areas now.

Currently most of the market activity is driven by savvy investors who are taking advantage of bargain prices.  Some of the outlying areas that were hit the hardest (think Queen Creek, Surprise & Maricopa) are starting to see multiple offers on well-priced properties.  The second indicator of an improving market is an increase in the median price of homes sold.  You’ll begin to see that shift very soon.

Record low interest rates make it a great time to buy real estate.  If you’re thinking of moving up because you need more space, now is the time to do it.  Properly pricing your existing house is the key to moving it quickly so you can take that next step.  Or perhaps you’ve wanted to break in to real estate investment but have been priced out of that market.  There are some fantastic buys out there in just about any part of the valley, many on townhomes and patio homes that make perfect, low-maintenance rental properties.  You’ve got about 6 months before the low interest rates we see now begin to rise so time is of the essence.  At the same time you will begin to see prices rise in certain areas, creating a doubly whammy. 

Don’t be like the typical real estate investor and wait until the market is in the upswing to buy.  Now is the time to invest.  To find out what you qualify for, give me a call and we’ll run the numbers.

Custom size A/C filters

We’re in the process of having to order replacement filters for our A/C unit and it’s always a challenge because of the custom size.  Although Lowe’s and Home Depot literally have hundredes of options, none of them fit our system.  We’ve also used those filters that you custom cut and then clean and re-use but with not-so-great results.  I know I should try them again and be a little more green….. 

But in the meantime, one of our neighbors turned us on to a local place that makes filters based on your specific measurements.  The name  of the company is DL Sales Corp. and their website is dlsalescorp.com.  Phone number is 602-264-5100. 

It’s most cost-effective to buy an entire box at one time, pricing obviously varies on the size of the final product.

How a short sale affects your credit.

Many of my clients have questions about the potential impact of a short sale on credit reports.  Many also wonder which one is less damaging, a short sale or foreclosure.  From a credit rating standpoint, they both have about the same negative impact.  In fact, any designation other than “Paid as Agreed” or “Current”, is going to hurt the scores. This article has more details and answers other questions about foreclosure and credit.  Click here to read more.

Content courtesy of:

Dana Coyle
Complete Credit Services LLC
120 S. Houghton, 138-195
Tucson, AZ 85748
Ph: 520.296.6167
Fx: 520.296.6187

How to keep frame-less shower glass spotless

Frame-less shower glass looks beautiful but it’s tough to keep it free of streaks and water stains, even if you have a water softener.  Here’s what we do after each shower to keep it looking crystal clear.

Buy a small squeegee from Target, Lowe’s or Walmart along with a small suction cup that you can attach to the glass or tile to hang it on.  If you don’t have an inconspicuous place to hang it, just rest it in the corner of your shower, out of the way.

After each shower, squeegee the entire glass starting top to bottom and shake off the excess water between strokes.  Then use a towel to wipe down the remaining water.  Your glass shower will stay water-stain free between regular cleanings!

Simple chandeliers add flair

About two months ago I purchased two simple chandeliers at Lowe’s for about $60 each.  (We received 20% off that day so saved a little on each one which are regularly priced at $79 apiece).    I had a vision of hanging them in the entry to add some interest when you first enter our home but wasn’t sure how it would all come together.  After painting the wall with the metallic paint it really ended up working well and the paint glistens at night when the lights reflect off of it.

Our home is decorated simply and I was a little concerned these might be too dressy.  But the basic wrought iron look and minimal crystals ended up adding just the right flair I was hoping to achieve.  So here’s proof that even in a home that doesn’t have a lot of drama in its bone structure (like soaring ceilings or expansive rooms), you can add well-placed fixtures to give you that little decorating edge!

(Now I need to relocate the Shell lamp to a new space…..)

Simple chandeliers add interest to this entry

Second Annual Tukee Home Tour

 

 

 

 

The 2009 Ahwatukee Home Tour and Remodel Expo is almost here!  Mark your calendar for Saturday, April 4, 2009 9 am – 5 pm.

Nyla Simone Home, along with the Emerald Design Center, are hosting the second annual ‘Tukee Home Tour and Remodel Expo.  You can grab something to eat, participate in the 50/50 raffle and then board the trolley to visit the selected homes!

Ollie the Trolley will take attendees on a six home tour in the Ahwatukee area and return them to the Emerald Design Center parking lot which is adjacent to Ikea.

Proceeds benefit Gabriel’s Angels, http://www.gabrielsangels.org/ , an Ahwatukee based, non-profit organization dedicated to delivering healing pet therapy to abused, neglected and at-risk children.  Check out their website for amazing stories and photos of the children who are helped by this exemplary organization.

Tickets are available in the Nyla Simone showroom or through the Chamber of Commerce at http://www.ahwatukeechamber.com/

My cozy home will be on the tour featuring BC Coatings who did the stained concrete floors, Arizona Accents who were a part of last summer’s landscape remodel & Copeland Development for the master bath remodel of a couple years ago.  If you browse through my archived posts you’ll find a write up about each of these projects.  I’ll also be on-hand to talk about plenty of do-it-yourself ideas that we’ve tried around our home.  The purpose of having a smaller home like mine in the tour is to include a variety of price points and show a home that’s focused on using all your space to create a family-centric home.

We hope you’ll join us for this year’s Tukee Home Tour!  Tickets are $15 in advance and $20 the day of the event.

Metallic Paint adds shimmer effect

OK, so  it took me a week to paint one (very small!) wall but I finally finished!  See the last post to get the full story if you didn’t yet; I was experimenting with a line of paint called “Brilliant Metals” from Valspar on the entry wall in my home. 

The goal was to add an effect of strong color as you enter our home without overdoing it.  A standard paint didn’t seem like the way to go, it all just looked so flat.  Since I needed to do it on my own (cost savings) and I’m not good with applying the cool faux effects that are out there I was hopeful when I came across the ”Brilliant Metals” line.  All said and done, I’m really pleased with the results!

The color I chose is called “Copper Gleam”.  The line requires a basecoat of a regular paint with a topcoat of the metal paint.  The basecoat for getting the Copper Gleam color is called “Tawny Bluff” and went on like any standard paint. The metal paint, however, is a little trickier to work with and I had to go over it three times to get the  right consistency and eliminate the lines between roller strokes.

When applying the metal paint you first use a brush to work around all the trim and edges.  Don’t skimp on the brush, your edges are very important.  Even when you tape off with painter’s paint, you need to be careful not to load too much paint on because the texture of most walls doesn’t allow the tape to lie perfectly flat and you can get drips behind the tape, especially on your baseboards.  The brush I use is a 2.5″ 100% dyed nylon by Purdy.  They are more expensive, I think about $12 a pop if I recall correctly, but worth the investment.  I’ve had the same two brushes for five years.  If you take good care of them and rinse them properly they’ll last that long.  And I’ve done a TON of painting with those brushes! 

After working around your trim and edges let it dry. Then use a roller to apply the rest.  I went ahead and bought the roller sold by Valspar supposedly just for metallic paint.  You may be able to use a standard texture roller but I didn’t want to chance it.  When applying the paint you need to make long strokes and never roll side-to-side, only up and down.  Try to apply with an even hand.  When I pushed harder in one area than another I ended up with big streaks between strokes and had to go back to even it out. 

Here are the after photos of the wall.  I thought there was a before shot but the only one I can find is with the original tile (before we ripped them out and went to acid stained concrete) so it’s not a fair comparison photo.    I really like the depth of the color due to the metallic effect.  Again, I would limit the places you use a finish like this but in the right spot it can really dress up a room!

Entry wall in "Copper Gleam"

Close up of brilliant metal paint in "Copper Gleam"

Shimmering paints

Today I’m trying out a new paint from the Earth Elements collection by Valspar.  They have a collection of colors they categorize under Earth, Fire, Wind and Water.

There are two applications you can choose from that add a shimmering quality to  your walls; Brilliant Metals & Granite.  The best applications for both are in an area that receives a lot of natural light so you can actually see the shimmer effect.  I’ve selected the Brilliant metals which adds what they call a ‘vibrant metallic sheen’ to wall.

I’ve selected an accent wall in the entry of our home that has a skylight above it and a color that will tie in a unique painting on the dining room wall that you can see at the same time as the accent wall when you walk in to our home.  We’re guaranteed lots of natural light due to the skylight and because the metal will add a dressy effect I figured the entry would be a good place for it; I plan to hang a couple of simple chandeliers, too. 

The color I chose is “Copper Gleam”.  First you apply a basecoat of a color in the same family then apply the Brilliant Metal color over the top of it once it’s dried thoroughly.   There is a specific application process so I’ll let you know how it goes and will be sure to include before and after photos once it’s complete!

For more on the Earth Elements collection, go to www.valspar.com The granite application looks very interesting, too but I got attached to the Copper Gleam color so opted for Brilliant Metals instead.