Are you eligible for a tax break?

Regardless if you are a buyer (first time or repeat), seller or homeowner, you may qualify for a tax break. Consult with your tax advisor to ensure you maximize the credits and deductions that may be available to you.

Owners: The Recovery Act gives incentives to homeowners making improvements and energy-efficient upgrades to their homes. Taxpayers can get credits for 30% of the cost of qualifying doors, windows, HVAC, water heaters, roofing and insulation, up to a maximum credit of $1,500. Solar energy and wind energy systems are each 30% of cost with no maximum.

Sellers: It used to be that sellers had to pay capital gains tax unless they qualified for a one-time exemption based on age limits. That is no longer the case. Individuals don't have to pay tax on up to $250,000 profit ($500,000 for married couples) and the exemption can be taken repeatedly over a lifetime. Taxpayers have to have lived in the home for at least two of the past five years.

Buyers: Of course, there is the $8,000 tax credit available to first-time buyers who close on or before November 30. But what about repeat buyers and other tax breaks? Points paid on a mortgage are generally deductible as interest if the taxpayer paid enough of a downpayment at closing to cover points. PMI premiums can generally be included in the home mortgage interest deduction. And, if you moved due to a job change, moving expenses may be deductible.

As with all tax breaks, deductions and credits, there are exceptions and qualifications that must be met. This is not intended to provide tax advise; you should always consult with a professional tax advisor to discuss your specific circumstance in order to optimize your benefit.

Owning vs. Renting

Rochester is ranked #3 on a recently released report that ranked 20 metropolitan areas where it's almost the same cost to buy vs. renting. BusinessWeek.com and research firm Reis issued the report. There are many benefits to owning, especially if you plan on staying in Rochester long term and can build up equity. With the $8,000 tax credit and low interest rates, it is a perfect storm for first-time homebuyers. But don't delay....even though there's talk of extending the tax credit, there's no guarantee it will be available after November 30th.

How to Market Your Home

A Nothnagle agent can help you achieve your home-selling goals.

1. Preparation: Homes must be in "show" condition. Simple repairs, a fresh coat of paint, de-cluttering yoru space will help you produce the best results. Thinking of selling? Call a Nothnagle agent to provide you with tips and advice on preparing your home.

2. Pricing: Nothnagle agents have the skills for success in all types of markets. Not only is properly pricing your home key, but a Nothnagle agent can help guide you through other aspects including what terms are more favorable to you while providing an incentive to buyers.

3. Marketing: No one offers the exposure you will get when listing with a Nothnagle agent! We are everywhere...in print (over 70 publications), on TV (only company with two TV shows) and on the Internet (Nothnagle.com averages 13,000 visitors per day plus we're on over 300 local and national real estate websites).

Contact a Nothnagle agent today to get started!

Buyers Don't Delay!

To qualify for the $8,000 1st Time Buyer Tax Credit, eligible purchasers must close on or before November 30, 2009. There's talk of an extension but no guarantee. Looking to sell? We have buyers! Nearly 3,000 buyers inquired through Nothnagle.com last week alone. It's a great time to get your house on the market with the influx of buyers currently out there. Contact a Nothnagle agent today to find out how you can Get More with Nothnagle. Interested in learning more about the tax credit? Our agents have the information you are looking for.

Tips to Sell Your Home Faster

Thinking of selling? Now is a great time to list your home with a Nothnagle agent. Interest rates remain low and there is an influx of buyers in the market, especially first-time buyers looking to take advantage of the tax credit. So, what are the "secrets" to selling your home fast? Buyers gravitate to homes that feel well maintained. A little touch up paint and some minor repairs makes a big difference when you're preparing to list your home. Removing the clutter from your closets and rooms will enhancing your showings and help you prepare for the big move. During the summer months, keep your lawn mowed, shrubs trimmed and gardens weeded. Creating exterior curb appeal is critical to getting the buyers to come inside.

Price your property right! Our agents receive ongoing education about market conditions and can help you properly price your house. And remember, the more accessible your home is for showings, the more successful you are likely to be. It's important to be flexible and allow buyers to come view the property even on short notice.

Getting your home exposed to the greatest number of potential buyers it critical to getting your home sold quickly. A Nothnagle agent can give you the exposure you need -- through print ads, two TV shows and the Internet. No one advertises your home like Nothnagle! Call an agent direct or 899-MOVE to get started today.