Indy Home Marketing - January 2010 Newsletter

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January, 2010 Newsletter

Volume 4, Number 1

			2009 HOMEBUYER TAX CREDIT EXTENDED AND EXPANDED Last year's popular homebuyer tax credit of up to $8,000 has been extended to first-time buyers who close on a home before April 30, 2010. The updated pro- gram has also been expanded to pro- vide a tax credit of up to $6,500 for buyers who owned their previous resi- dence for at least five consecutive years
	(in the past 96 months) preceding closing on the purchase of a new home. Income and other restrictions also apply. If you have additional questions beyond those covered in this article, please contact us, or consult a tax professional. Continued


	Home Buyers Shifting Their Focus to Quality and Value According to a recent survey by the American Institute of Architects (AIA), home design trends for 2010 and beyond will reflect an increased buyer desire for quality and value... and shift away from expansive (Mc- Mansion) floorplans and lavish
	amenities — which seemingly topped the list homebuyer aspir- ations during the previous decade. The AIA's report, echoed by many real estate and home-building professionals, indicates smaller homes with higher-end features will be the new "in thing" for the foreseeable future. Gone will be the demand for special function rooms (like ornate wine cellars and up-scale home theaters) as more-and-more homebuyers look for ways to be more frugal. However, “green” details, energy-saving mechanicals, outdoor living areas, and even home offices are expected to remain in vogue, provided they don’t over-inflate a home's cost. Continued


		RECIPE OF THE MONTH Chicken Parmesan Here's a great meal for a cold winter day that's guaranteed to get raves! Preparation time is 40 minutes or less. Courtesy: Food Network

INGREDIENTS:

•	1 cup dried bread crumbs	•	2 large eggs, lightly beaten
•	1/2 cup all-purpose flour	•	2 garlic cloves, minced
•	1 tablespoon water	•	2 bay leaves
•	1 medium onion, chopped	•	Pinch sugar
•	1/2 bunch fresh basil leaves	•	Freshly grated Parmesan
•	1/2 cup kalamata olives, pitted
•	1 pound spaghetti pasta, cooked al dente
•	Kosher salt and freshly ground black pepper
•	2 (28-ounce) cans whole peeled tomatoes, drained and hand-crushed
•	1 (8-ounce) ball fresh buffalo mozzarella, water drained
•	4 cup extra-virgin olive oil, plus 3 tablespoons
•	4 skinless, boneless, chicken breasts (about 1-1/2 pounds)

DIRECTIONS:

Coat a saute pan with olive oil and place over medium heat.
When the oil gets hazy, add the onions, garlic, and bay leaves;
cook and stir for 5 minutes until fragrant and soft. Add the
olives and some hand-torn basil. Carefully add the tomatoes,
cook and stir until the liquid is cooked down and the sauce is
thick, about 15 minutes; season with sugar, salt and pepper.
Lower the heat, cover, and keep warm. Continued

Start the New Year by Saving Energy
and Helping the Environment

If every American home replaced just one incan-
descent light bulb with a compact florescent light
(CFL), we'd save enough energy to light 2.5 mil-
lion homes for a year and prevent greenhouse
gases equivalent to the emissions of nearly 800
thousand cars. CFLs not only provide high-quality
and high-efficiency lighting, they last about 4
to 10 times longer!

2009 HOMEBUYER TAX CREDIT EXTENDED... (continued)

Here is what you need to know to determine if you can qualify
for the extended first-time homebuyer or new long-time
homebuyer tax credit:

First-time Homebuyer Credit

• The deadline for the $8,000 first-time homebuyer credit is ex-

tended past November 30, 2009.

• Buyers must enter into a binding contract to buy a home on or

before April 30, 2010 and close on the home by June 30, 2010.

• For purchases after November 6, 2009, the income ceiling to

qualify for the full credit is raised, from $75,000 to $125,000

adjusted gross income for single filers and from $150,000 to

$225,000 adjusted gross income for married couples filing

jointly.

Long-time Homebuyer Credit

• A new $6,500 credit is available for homebuyers who have

owned a home for a period of five consecutive years in the

eight years prior to purchase.

• The credit applies to purchases made after November 6, 2009.

Buyers must enter into a binding contract to buy a home on or

before April 30, 2010 and close on the home by June 30, 2010.

• The income ceiling to qualify for the full credit is $125,000 ad-

justed gross income for single filers and $225,000 adjusted

gross income for married couples filing jointly.

Some Military & Federal Employees Get Additional Year

• Military service members and certain other federal employees

serving outside the country have an extra year to to qualify for

a homebuyer credit. Eligible taxpayers must enter into a binding

contract to buy a principal residence on or before April 30, 2011.

Miscellaneous Details

The exact amount of a taxpayer's credit is based on 10% of the
purchased home's cost.

Taxpayers who claim the credit on their 2009 tax returns can not
e-file. The IRS requires that they file a paper return instead and
attach the settlement sheets showing that the home sale closed.

If you qualify for the credit when you file your regular tax return,
either your refund will be increased or your taxes reduced. You can
keep the credit, as long as you own and reside in your new home
for at least three years. The credit does not apply to any home
purchased for more than $800,000, and is not available if you buy
your home from a close relative, such as your spouse, parents,
grandparent, child or grandchild, or a close relative of your spouse.

Additionally, to qualify you must be 18 years or older on the date
of purchase. If married, at least one spouse must be 18 or older.
You can't be claimed as a dependent by another taxpayer during
the year you buy the home.

For single taxpayers, the credit decreases as modified adjusted
gross income rises above $125,000 and it disappears altogether
above $145,000. For married couples, the credit starts to de-
crease at modified adjusted gross of $225,000 and disappears
after $245,000.

A single person who buys a home with a co-signer, such as a
parent, or two or more single people who buy a home together,
only qualify for a single tax credit. If you are single and buy a
first-time home as a part owner, you can claim the full credit
as long as you qualify for the credit. If you are a single person
who qualifies for the credit and you have a co-signer or co-owner,
such as a parent who does not qualify, you can still claim 100%
of the credit. Return to Top

New Home Buyers Shifting Their Focus... (continued)

Here are some specifics of the recent AIA report:

1. Small is the new big. A shift toward “smaller, better-designed
homes” is already occurring among home buyers. AIA Chief Econ-
omist Kermit Baker observes that home sizes “have been trending
downward recently, with a significantly higher number of architects
reporting demand for smaller homes this year.” Only 4 percent of
survey respondents reported increases in home square footage
in 2009.

2. Open floor plans are still in. Homes with kitchens that open up
to the dining room, that open to the family room are very popular
with buyers. Open floorplans are especially trendy with homebuyers
who enjoy entertaining guests at home; another trend impacted
by the economy. Instead of expensive dinners out, more home-
owners are inviting friends and family in, creating demand for
living spaces that support that.

3. Thanks to two-income couples in which both individuals work
from home, there's a rise in demand for home office space. In
many metro areas, buyers now want a second bedroom, or even
three-bedroom homes, condos, or coops large enough to accom-
modate two work-at-home stations.

4. “Green” details and interest in affordable, eco-friendly home
details is continuing to increase, especially among younger home
buyers. Some recently popular "green" features include: concrete
counter tops; tankless water heaters; and recycling bins built
into kitchen cabinets. Energy-efficiency is another, related feature
buyers are looking for, according to the AIA report. Alternative
home insulation techniques and extra insulation in the attic are
among most-wanted features.

5. Extending the indoors outside. According to the AIA’s report,
buyers now want to make full use of their living space, including
outdoor areas. That means outdoor living enhancements such as
fire pits, kitchens and, in some cases, sleeping accommodations
are especially desirable, allowing buyers to enjoy as much of
their property as possible.

It seems clear that today's buyers are less willing than before
to risk investing their finances in a massive home that may not
appreciate as quickly as in years past. Instead, they want fully
functional space that is well-designed, less expensive to maintain,
and that matches how they live now — which is different than
how they were living even a year ago.

Return to Top

Chicken Parmesan Recipe (Continued)

Preheat the oven to 450 degrees F. Get the ingredients to-
gether for the chicken so you have a little assembly line. Put
the chicken breasts side by side on a cutting board and lay
a piece of plastic wrap over them. Pound the chicken breasts
with a flat meat mallet, until they are about 1/2-inch thick.
Put the flour in a shallow platter and season with a fair a-
mount of salt and pepper; mix with a fork to distribute
evenly. In a wide bowl, combine the eggs and water, beat
until frothy. Put the bread crumbs on a plate, season with
salt and pepper.

Heat 3 tablespoons of olive oil over medium-high flame in
a large oven-proof skillet. Lightly dredge both sides of the
chicken cutlets in the seasoned flour, and then dip them in
the egg wash to coat completely, letting the excess drip off,
then dredge in the bread crumbs. When the oil is nice and
hot, add the cutlets and fry for 4 minutes on each side until
golden and crusty, turning once.

Ladle the tomato-olive sauce over the chicken and sprinkle
with mozzarella, Parmesan, and basil. Bake the Chicken
Parmesan for 15 minutes or until the cheese is bubbly.
Serve hot with spaghetti.

Return to Top