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245 Heathwood Drive – Spartanburg, SC SOLD

Lot of square footage for the money! Established east-side neighborhood home with 4 Bedrooms and 3.5 Baths. Many of the great features of this home include: Huge 15×31 covered screened back porch, Large wooden deck with bench, Covered concrete porch from walk out finished basement make outdoor living a breeze. Basement level has in-law/teenager suite, full bath, living area, and fireplace. Huge living room with fireplace and wet bar, formal living room, and formal dining room with huge bay window. House needs some TLC reflected in price. Great opportunity for homeowner or investor. It is a must see!

641 Branchview Drive – Boiling Springs, SC

Keller Williams Wins JD Power & Associates Award for “Highest Buyer Satisfaction” for 3rd Straight Year

Keller Williams Realty has won the JD Power and Associates “Highest Buyer Satisfaction” award for 2010.  This marks the 3rd straight year the company has won the award.  With a weekly training schedule that keeps agents on top of real estate trends and a culture that puts God first the award is not a surprise to industry insiders.  If you would like to explore a career with Keller Williams and work with one of the top ranked teams in the county call Rob at 864-621-7900.

New Construction Home Show at America’s Home Place

I have been invited by America’s Home Place to be the “Residential Land Expert” for their big event on March 27 and 28 2010 to re-introduce their updated on-site model homes and NEW floor plans.

America’s Home Place is the “Build on Your Land Specialists”.  They have made a significant commitment to the Upstate area and are here to stay.

I will be providing information on local area lots and land and answering questions.  I will also have a live search available via www.SpartanburgLandForSale.com  to identify parcels immediately.  I also personally represent some of the few remaining water front lots available in the desirable Boiling Springs SC area.

Come visit us at America;s Home Place located just off I-85 across from BMW.  Take exit 60 to East on HWY 101, Turn Right at the first traffic light and follow the signs to the model home center.

Food, Drinks, Fun, and Free Real Estate Information.

Look forward to seeing you there.

Rob

Merry Christmas Spartanburg

Merry Christmas Spartanburg from SearchRealEstateSC.com.

Linus and Charlie Brown remind us what it’s all about.  .  .

 

Keep Looking Up,

Rob

Spartanburg Area Owner Finance Home

I wanted to get this out right away just in case any of you are interested or know someone who might be. This Boiling Springs home was listed for $49,000 but is now on the market for $45,000. It is a 3 bedroom 2 Bath Single Wide mobile home in a good area with district 2 schools. Home includes all appliances, carport, and outbuilding/shed. The master bath features a garden tub, separate shower, and double vanities.

The home qualifies for the First Time Home Buyer Tax Credit and Owner Financing could be available. This is better and newer than the last one I sent out and that one is sold. It will result in a low monthly payment that an equivalent rental can not compare to.

Here are the details:

Built: 2003
Sq Feet: 1,280
Bedroom: 3 (split floor plan)
Full Bath: 2
Master Bath includes: Double Vanities, Garden Tub, Separate Shower
All Appliances Stay including the Refrigerator and Washer & Dryer!)
Security Alarm
Ceiling Fans
Smoke Alarms
Smooth Ceilings
Car Port
Storage shed
Location: Boiling Springs
Schools: District 2

Click here for pictures

Feel free to call me at 864-621-7900 with questions anytime. I don’t think this one will last long at all.

Current Home Buyer Tax Credit Information

First-Time Homebuyer Tax Credit Details There are some great incentives to buy your first home or move to another home if you currently own your home.  The below re-post should answer most if not all of your questions regarding the tax credits available through 2010.  Feel free to call us with any questions you may have.  Happy house hunting.

Updated Nov. 6, 2009, to reflect new legislation — more to be added soon New Legislation New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law: Extends deadlines for purchasing and closing on a home. Authorizes the credit for long-time homeowners buying a replacement principal residence. Raises the income limitations for homeowners claiming the credit. Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return. For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived  in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased. People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009. General Information Homebuyers who purchased a home in 2008 or 2009 may be able to take advantage of the first-time homebuyer credit. The credit: Applies only to homes used as a taxpayer’s principal residence. Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar. Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed. The credit is claimed using Form 5405, which you file with your original or amended tax return. For 2008 Home Purchases The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year. For 2009 Home Purchases The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1. However, the new Worker, Homeownership and Business Assistance Act of 2009 has extended the deadline. Now, taxpayers who have a binding contract to purchase a home before May 1, 2010, are eligible for the credit. Buyers must close on the home before July 1, 2010. [Added Nov. 12, 2009] For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer’s main residence within a three-year period following the purchase. First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return. News release 2009-27 has more information on these options. Questions and Answers More information is available in the question and answer section. Related Items IR-2009-83, First-Time Homebuyer Credit Provides Tax Benefits to 1.4 Million Fam

Spartanburg School Districts and H1N1

IMPORTANT OFF TOPIC MESSAGE

Spartanburg School Districts just sent letters to parents offering to administer the H1N1 flu vaccine to children for free.  The question is, why would any parent ever let their child be given a live virus via a vaccine that has not been tested to be safe yet.  Especially for a virus that has proven to this point to not be a significant risk to virtually anybody?  Why?

Why is our government pushing this vaccine so hard when the H1N1 has proven to be weaker than the regular seasonal flu that comes around?  Why do people who get the seasonal flu shot have such a higher incidence of getting H1N1?

It’s time to educate yourself from people that can be trusted.  The government and pharmaceutical companies that are making millions from the sale of vaccines and yet have legally ZERO liability when these possibly result in illnesses down the road are probably not our best choice.

Familiarize yourself with these sources:

Dr. Mercola

LookUpFellowship.com Flu Research (UPDATE YOURSELF ON THE UKRANE SITUATION THAT IS NOT GETTING MEDIA COVERAGE IN THE US)

YouTube Swine Flu

I pray that you take the time to educate yourself, for your child’s sake, before just following the herd.

God Bless and keep looking up!

Spartanburg Home Buyer Tax Credits

Breaking News for November 5th 2009 First-time Homebuyer Tax Credit Extended The U.S. Congress has approved a bill that extends and broadens tax credits that were set to expire this month. The bill extends the credit for contracts signed by April 30th and closing by June 30th.  Income limits are expanded to cover more affluent buyers; couples earning up to $225,000 and individuals earning up to $125,000 annually now qualify. It also creates a new $6,500 credit for buyers who have owned their current home for at least five years. Homes worth more than $800,000 wouldn’t be eligible. President Obama is expected to sign the bill as early as tomorrow. As always please contact us with any home finance questions or needs.

Spartanburg Rental for Under $375

Spartanburg SC offers rental homes for very affordable prices.  Let’s face, all of us have different levels of finances available to us.  All of us go through difficult periods of time in our lives and can afford different levels of housing.  While $3,500 a month rentals exist, the fact of the matter is much more people are interested in Spartanburg low cost rental homes than expensive, luxury rental homes.

Here are some affordable Spartanburg rentals for under $375.00.  Good clean homes where you can prepare meals for your family, sit back in the evening and relax watching some TV.

Spartanburg Rental homes

Bonito Dia 2 Mobile Home Park

2 Bedroom Homes for $330 per month

3 Bedroom Homes for $360 per month.

JoAnn Place Mobile Home Park

2 Bedroom Homes for $275 per month

Call John at 864-205-9964 for a Spartanburg rental home today

Spartanburg Foreclosure Homes

I can now offer Government Spartanburg Foreclosure homes for sale. Click this link to review homes.

SOLD – 1088 Wilkins Ford Road – Inman, SC

Click here to Search Owner Finance Homes in Boiling Springs

$8,000 Tax Credit for Spartanburg Homes

FOR UPDATED INFORMATION ON THE HOME BUYER TAX CREDITS AVAILABLE CLICK HERE: Spartanburg Home Buyer Tax Credits

Here is everything you need to know about the 10% (up to $8,000) tax credit available up to December 1, 2009.  You will get a good understanding of this program by reading the Q&A below.  Time is running out on this program.  Call us if you are considering buying a home.

Basic Information (source IRS website)

Q. What is the credit?A. The first-time homebuyer credit is a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008. For homes purchased in 2008, the credit operates like an interest-free loan because it must be repaid over a 15-year period.The credit was expanded in 2009 for homes purchased in 2009, increasing the amount of the credit and eliminating the requirement to repay the credit, unless the home ceases to be your principal residence within the 36-month period beginning on the purchase date. Q. How much is the credit? A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 ($8,000 if you purchased your home in 2009) for either a single taxpayer or a married couple filing a joint return, but only half of that amount for married persons filing separate returns. The full credit is available for homes costing $75,000 or more ($80,000 if purchased after Dec. 31, 2008, and before Dec. 1, 2009). Q. Which home purchases qualify for the first-time homebuyer credit? A. Any home purchased as the taxpayer’s principal residence and located in the United States qualifies. You must buy the home after April 8, 2008, and before Dec. 1, 2009, to qualify for the credit. For a home that you construct, the purchase date is considered to be the first date you occupy the home. Taxpayers (including spouse, if married) who owned a principal residence at any time during the three years prior to the date of purchase are not eligible for the credit. This means that you can qualify for the credit if you (and your spouse, if married) have not owned a home in the three years prior to a purchase. If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 or 2009 income tax return. Q. Can I apply for the credit if I bought a vacation home or rental property? A. No. Vacation homes and rental property do not qualify for this credit. Q. Who is considered to be a first-time homebuyer? A. Taxpayers who have not owned another principal residence at any time during the three years prior to the date of purchase. Q. When do I have to buy a new home to get the credit? A. The home must be purchased after April 8, 2008, and before Dec. 1, 2009, in order to obtain the credit. For a home you construct, the purchase date is considered to be the date you first occupy the home. Q. How do I apply for the credit? A. The credit is claimed on new IRS Form 5405, First-Time Homebuyer Credit, and filed with your 2008 or 2009 federal income tax return. Q. Are there income limits? A. Yes. The credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on your modified adjusted gross income (MAGI). For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000. This means that the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less. Q. Can a taxpayer claim the first-time homebuyer credit after entering into a contract for the purchase of a residence but before closing on the purchase? A. No. Taxpayers cannot claim the credit before there is a completed sale and purchase of the residence. The sale and purchase are generally completed at the time of closing on the purchase. (New 7/2/09) Q. Can a taxpayer claim the first-time homebuyer credit if the purchase is pursuant to a seller financing arrangement (for example, a contract for deed, installment land sale contract, or long-term land contract), and the seller retains legal title to secure the taxpayer’s payment obligations? A. If the taxpayer obtains the “benefits and burdens” of ownership of a residence in a seller financing arrangement, then the taxpayer can claim the credit even though the seller retains legal title. Factors that indicate that a taxpayer has the benefits and burdens of ownership include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property. (New 7/2/09) Q. I purchased a home that qualifies for the first-time homebuyer credit. I will be renting two of the bedrooms and reporting the rental income on Schedule E. Will I still qualify for the credit if I use the home as my principal residence? A. Yes, if you meet all first-time homebuyer eligibility requirements. See Form 5405, First-Time Homebuyer Credit, for more details. Q. If two unmarried people buy a house together, how do they determine how much each may take of the credit? A. IRS Notice 2009-12 provides guidance for allocating the first-time homebuyer credit between taxpayers who are not married. Q. I am a single co-owner of a home. How do I get this credit? A. Depending on the year of purchase, you will claim the credit on either your 2008 or 2009 federal income tax return. Q. I don’t owe taxes and/or my income is exempt from tax and I do not have a filing requirement. Do I qualify for the credit? A. The credit is fully refundable and, if you qualify as a first-time homebuyer, having tax-exempt income will not preclude eligibility. Although there are maximum income limits for qualifying first-time homebuyers, there are no minimum income criteria. Thus, someone with no taxable income who qualifies as a first-time homebuyer may file for the sole purpose of claiming the credit for a refund. Q. Does the first-time homebuyer credit apply to homes located in the U.S. Territories? A. No. Q. Would I be considered a first time homebuyer if I owned a principal residence outside of the United States within the previous three years? A. Yes. A taxpayer who owned a principal residence outside of the United States within the last three years is not disqualified from taking the credit for a purchase within the United States. Q. If qualified, are homebuyers required to claim the first-time homebuyer credit? A. No. Q. Who cannot take the credit? A. If any of the following describe you, you cannot take the credit, even if you buy a new home: Your income exceeds the phase-out range. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above. You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild. You do not use the home as your principal residence. You sell your home before the end of the year. You are a nonresident alien. You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.) Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.) You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008. Q. Does previously inheriting a home and living in the inherited home automatically disqualify an individual as a first-time homebuyer with respect to a different home that is purchased within the prescribed 2008 and 2009 time frames? A. Yes, an ownership interest in a prior principal residence would preclude the taxpayer from being considered a first-time homebuyer. As long as the taxpayer owned and used the prior home as his principal residence, then he is not a first-time homebuyer. There is no exception for taxpayers who did not buy their prior residences. (05/06/09) Q. Is a step-relative considered a related party? A. Step-relatives are neither ancestors nor lineal descendents and are therefore not related persons for purposes of the first-time homebuyer credit. (05/06/09) Q. If I claim the first-time homebuyer credit in 2009 and stop using the property as my main home before the 36 month period expires after I purchase, how is the credit repaid and how long would I have to repay it? A. If, within 36 months of the date of purchase, the property is no longer used as the taxpayer’s principal residence, the taxpayer is required to repay the credit.  Repayment of the full amount of the credit is due at that time the income tax return for the year the home ceased to be the taxpayer’s principal residence is due. The full amount of the credit is reflected as additional tax on that year’s tax return. Form 5405 and its instructions will be revised for tax year 2009 to include information about repayment of the credit. (05/06/09) Q. If a person does not actually make the payments on a home that’s their primary residence, but the deed and mortgage documents are in their name, can they be considered a first-time home buyer? A. Yes. If a taxpayer purchases a home to be used as a primary residence from an unrelated person and has not owned a home within the previous 36 months, the taxpayer is eligible for the first-time homebuyer credit regardless of who makes the mortgage payment. (05/06/09) Q. Do taxpayers affected by Hurricane Katrina or other disasters qualify as first-time homebuyers if their principal residence (i.e. main home) became uninhabitable more than three years ago and they have not formally disposed of the uninhabitable home or purchased or built a new home in the interim? A. A first-time homebuyer is an individual (and the individual’s spouse, if married) who has not had an ownership interest in a principal residence (within the meaning of Section 121 of the Internal Revenue Code) during the three years before the date a new principal residence is purchased. Applying Section 121, a taxpayer can be a first-time homebuyer if the taxpayer has not owned and used a property as a principal residence at any time during the three years before the date of purchase of the new residence. Taxpayers affected by Hurricane Katrina who have owned but not used their property as a principal residence within the last three years may be eligible for the first-time homebuyer credit when they purchase a new principal residence. (05/07/09)

Spartanburg is the #2 Housing Market in the US

Business Week Magazine just ranked the top 10 real estate markets in the country and little ol Spartanburg was #2 on the list!

Why you might ask?

The article attributes most of the reason to our area having the highest percentage of college student population per capita. Thus, providing a solid economic base. Not so fast say I. At the same time we had a lot of textile businesses that got caught up in Ross Perro’s (SP?) giant sucking sound of businesses going out of the country. (remember him??)
While the colleges do contribute to employment the biggest impact on our real estate is known to any active investor in our market. For years we all openly complained how the appreciation of homes never really effected our area. Therefore, on the down turn there just wasn’t a lot of gains to have to give back.  Combined with the steady, low tech job industry present here and things have held very stable for the most part when compared to the rest of the country.

Home buyers on the internet (~92% now) read articles about foreclosure booms and house deals for the taking yet when they look in areas that they would actually consider living in the neighborhoods are holding their prices.

I posted part of the article below. To read it in it’s entirety click here.
http://finance.yahoo.com:80/real-estate/article/107509/the-strongest-us-housing-markets.html?mod=realestate-buy

The Strongest U.S. Housing Markets
by Prashant Gopal
Tuesday, August 11, 2009
provided by

These are metro areas “where folks didn’t bake 10% to 12% increases into their financial expectations,” said Stan Humphries, chief economist at real estate site Zillow.com. “That was a good expectation to have.”

Working with data from Zillow.com, BusinessWeek came up with the strongest housing markets by ranking metro areas based on the share of single-family homes in which values rose in the second quarter compared with the second quarter of 2008. In the top-ranked metro, Boulder, an affluent Denver suburb that is home of the University of Colorado at Boulder, 59.39% of homes appreciated during the past year, and the median home value rose 2.12% on a year-over-year basis.

No. 1: Beautiful Boulder

Boulder was one of several college towns on the list, which also included a few military towns such as Fayetteville, N.C., and Jacksonville, N.C. Both government and university jobs have been relatively reliable during this recession. Affordability also seems to be a plus in this economy. Oklahoma City; Tulsa; Binghamton, N.Y.; Springfield, Ohio; Cumberland, Md.; and most other metros on the list have median home prices below $200,000 (some are under $100,000).

Boulder has several factors working in its favor. The town has controlled growth by putting limits on development and by acquiring more than 50,000 acres of open space for a greenbelt that surrounds the town. With the boundary of the Rocky Mountains to the west, the supply of new homes has been restricted.

Boulder’s economy and housing market have slowed, but the University of Colorado provides jobs and a steady flow of tenants for the area’s many rental homes. Demand for housing is also strong in part because the area is so pretty, said Tom Thibodeau, global real estate capital markets professor at the University of Colorado.

“Every year 5,000 undergraduates enter, and they don’t want to leave when they graduate,” Thibodeau said.

New Orleans Thrives on Construction

The housing market in New Orleans, which ranked third on the list, has stayed relatively strong because of the rebuilding work after Hurricane Katrina, funded in large part by government subsidies. But demand for housing is also growing as people return to areas that were flooded after the levees broke in 2005.

Employment in New Orleans was down just 0.2% in the first half of the year, said Loren C. Scott, professor emeritus of economics at Louisiana State University. But construction-related jobs are among the only bright spots in the local economy. Many corporations, fearing that the levees being rebuilt are untested, have been reluctant to move into the city, he said.

“New Orleans has avoided some of the larger problems of the national economy,” Scott said. “Normally, New Orleans would have been down much more if it didn’t have the post-hurricane construction activity.”

Metros in Upstate New York, where prices have always been affordable, have also stayed relatively strong. Binghamton, home of Binghamton University, part of the State University of New York system, came in at No. 4 on our list. The housing market here has started to slow and will likely be impacted by nearly 1,000 announced layoffs at the nearby Lockheed Martin (LMT) facility in Owego.

Since the median home value is only about $112,000 and the supply of available homes is limited, prices probably won’t plummet. Builders concentrated in more lucrative markets during the housing boom.

“We don’t have new homes just sitting empty,” said Jennifer Arbach, president of the Greater Binghamton Association of Realtors. “We always thought it was a thorn in our side that we didn’t have new construction, but it turns out to be a blessing in disguise. When other markets crashed, we kept on doing business.”

Here are the top 10 strongest housing markets in the U.S.

1 Metro: Boulder (Colo.)

Share of homes with increasing values: 59.39%
Median value: $347,200
Annual change: 2.12%
Quarterly change: 3.86%

Boulder, about 35 miles northwest of Denver, has had a relatively stable housing market, in part, because it is home to strong employers, including the University of Colorado, as well as a base of affluent residents. The supply of homes is limited in Boulder by the mountains to the west and its tens of thousands of acres of protected open space.

2 Metro: Spartanburg (S.C.)
Share of homes with increasing values: 56.81%
Median value: $106,900
Annual change: 1.81%
Quarterly change: 2.15%

Spartanburg, about 75 miles west of Charlotte, is home to the world headquarters of Denny’s restaurant chain and three colleges—Converse College, Spartanburg Methodist College, and Wofford College. It has the state’s highest per capita college student population. College towns such as Boulder, Colo., and Spartenburg have been somewhat buffered from the downturn because the schools provide solid jobs and a steady flow of apartment and home renters.

Spartanburg and Boiling Springs Real Estate Market Report

The South Carolina Realtors (SCR) recently partnered with USC’s Dr. Douglas P. Woodward, of The Center for Real Estate at the Moore School of Business. Dr. Woodward is the Director for the Division of Research at the school. Together they completed the South Carolina Housing Market Report.

The focus of this publication will be on current national- and state-level economic conditions, how these conditions affect the housing industry both nationally and in South Carolina, and what current and historical conditions imply about the outlook for the South Carolina housing industry.

In short, research from the report found that:

• The SC housing industry is doing well compared to the rest of the nation
• SC’s leading indicators are beginning to reveal that the economic slowdown is bottoming out
• A slowly recovering economy will not bring a return to the levels of housing experienced in the 2003-2008 expansion
• Relative affordability in SC will mean that the housing industry will be among the first industries to experience growth as the economy recovers

If accurate, this report is good news for Spartanburg area and Boiling Springs home owners. While we never experienced the pricing boom of other areas we also never experienced the down shift of other areas also.  Personally, I find the report very encouraging for our area.  More importantly, it is consistent with what I have seen in the market place.  Ultimately however, it will be the availability of good paying jobs that determines the future of the housing market.  Unfortunately that can only be determined by those in Washington DC at this point of their agenda.  The American spirit of innovation and hard work will remain constant.  The question is will our leaders?

Rob

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