Bandera Texas Real Estate Market
Bandera Texas and surrounding area Real Estate market
Vanderpool Texas ! - Lost Maples Park:
The Texas Parks and Wildlife Commission authorized the state to acquire 732 acres of land that made up the former Rex Kelley Ranch as part of a plan to expand the size of Lost Maples State Natural Area.
By adding the Kelley Ranch to the Lost Maples property, the state park will now total more than 2,900 acres. The ranch abuts the park’s northwest boundary line and contains the Can Creek drainage area. Texas Parks and Wildlife Department officials say the confluence of Can Creek with the Sabinal River is primarily responsible for creating Lost Maples’ Hill Country topography of canyons, hills and creeks.
Lost Maples is a popular get-away for San Antonio nature lovers, particularly in the fall when the maple leaves turn crimson and gold. The added acreage will allow the state to potentially invest in new hiking trails. The Kelley Ranch land also is home to endangered bird and plant species, including the golden-cheeked warbler. The state will conduct a thorough land surveying and investigation by natural and culture resource specialists before the newly acquired property will be opened to the public.
Lost Maples is located in Bandera County, just northwest of San Antonio in the Texas Hill Country
Frequently Asked Questions
- Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
- What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
- 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 $8,000.
- Are there any income limits for claiming the tax credit?
The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
- What is "modified adjusted gross income"?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.
To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.
- If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.
- Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.
Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.
Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.
- How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous "credit" was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.
- How do I claim the tax credit? Do I need to complete a form or application?
Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests.
- What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
- I read that the tax credit is "refundable." What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).
- I purchased a home in early 2009 and have already filed my 2008 tax returns. How can I claim the new $8,000 tax credit?
Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.
Bandera Texas and surrounding area Real Estate market has also become soft. Lenders are getting tougher, and programs that were available 1 year ago are gone. Now FHA, VA and Conventional loans must be backed with proof of ability to pay. Before you only had to tell them you could without proof! Wow what a crazy idea to tell a bank what your income was and they took your word.
1st time home buyers are struggling because many don’t have the ability to get down payment. FHA you need 3.5% down payment but what one does not see what is needed is the cost of the closing costs! And that can be quite expensive.
VA Loans I have seen quite a few 0% down payment programs but the for a closing costs on a $150,000 home you have 2% origination fees and all other fees so you are looking for about a $8000 or more up front cost.
Here are a few ways to get the most for your money. If the home that is being sold appraises for more than what the loan is, you may have the ability to use some of that equity for some of the closing costs and one way to do it upfront is have the seller of the home (up to 6% ) pay closing costs. BUT if the home comes in at or below appraisal, then you need the cash to close the deal.
A program that was available and we all hope will return for Police, Fire Fighters and Teachers is a Bond program to help assist with closing costs. Of the most important people in our country these are paid the least so these programs help somewhat. For 2008 there are none available, we hope to hear good news in January if they become available again.
For investors, 20% is the standard now for buying investment property, that is a big change from 0% down!
For people that are selling and relocating or upgrading or downsizing well these are the tough times for you. Homes that appraised for $150,000 are now appraising for $110,000 or less! The forclosured homes in your area are making this change in the change for you. Thank the lenders that put people in homes that they could not pay for in the beginning. Here are a few suggestions from me as a realtor that you should discuss with your realtor if you have one. If you don’t give me a call so I can show you my full marketing plan.
How to sell your home in 30 days!
1) have the most up-to-date home comparables.
2) What is selling or not selling in the area?
3) Why is it not selling, go look at the properties in person, compare your home as a buyer would
4) Identify your buyer – where are they coming from? What are the reasons they want to buy your home or in your area? What was your reason?
5) Create a schedule of where things are going to be priced, prepare a short financial plan of what it will cost to get the marketing done and then place the adds. But what ever you do, make sure that there are excellent pictures of the home, extended descriptions, survey or plat, seller’s disclosure and all related documents on the Internet. 80% or more of all buyers are looking on the Internet 1st even before they talk with a realtor. Also realtors have the ability to setup buyers with automatic emails when a property with the specifications input comes on the market or if the price is lowered into the price bracket the buyer is looking for.
6) Price the property to sell. DON’T price the property high so you can lower it. That used to work, but here are 3 reasons that now it does not work any more.
a. The property will not come up on the radar for the client or realtor that is looking for your home.
b. The buyer has soooooo many choices they will automatically rule out one that is at the top of their price list.
c. Realtors that show your home and feel that it is overpriced will be reluctant to show it again because it may be a waist of time and effort.
7) Have your home shine by not having clutter, keeping the home clean and dishes washed. This is the time where your home will be the cleanest condition ever. But how would you feel if you went into a home that had a bad odor or was dirty, you would not see the home, you would feel and smell the home. Here is a true story. I had a couple as a buyer and we had looked at many home. The owner had a clean home, and had just finished baking some bread. The whole showing was fun, and very uplifting! AND yes, they are in the process of buying this home.
8) IF repairs are needed find the time and money to do the repairs. When a buyer has the home inspected and the laundry list of repairs come back, buyers either want $ or want the repairs made. BUT a good buyer agent will want the $ instead so that the repairs can be done to the buyers standards. If the repairs are done before the inspection, well the seller should come out ahead of $.
9) Have a lender provide paperwork on what the mortgage payments will look like
10) Have Utility bills handy for potential buyers so they know right upfront what it will cost to live in your home.
These are a few ideas of getting your home sold quicker in today’s market.
For more detailed marketing information, please contact me at 210-413-7392. or on www.cowboycapitalrealty.com
