Knoxville Tennessee Real Estate Blog

Number of units recorded week of February 15th

All the Knoxville area Realtors I’ve been talking with during this past week are saying their showing activity is up and lots of traffic coming through Sunday open houses.

I was at a closing for a sale last Thursday on a home built by Saddlebrook Homes and the site agent said they had 8 more closings by the end of February.

Here’s what you can buy in Knoxville today in the various price ranges.

In the Northshore Drive/Choto area this lakefront beauty can be yours for $2,300,000 or so.

Beautiful lakefront home in knoxville tn, $2,300,000. Brokered by Realty Executives Associates, 531-2020

Elegant 6,000 square feet, 6 bedroom, 4 bath home near West Town Mall in west Knoxville. $699,900, brokered by Realty Executives Associates, 588-3232

All brick beauty with glowing hardood flooring and over 3,000 square feet. Priced to sell at $388,500. Brokered by Realty Executives Associates, 693-3232

Reduced $20,000, 3 bedrooms, 2 baths, and all on one level. $209,900. Brokered by Realty Executives Associates, 593-3232.

Oops, this one just sold in north Knoxville. listed for $129,900, 3 bedroom, 2 baths, 2 car garage. Brokered by Realty Executives Associates, 688-3232

Delightful rancher with big, level yard is just $99,900. Brokered by Realty Executives Associates 693-3232

401K take a hit lately? Real estate remains a solid investment. $49,900 and rented for $625 a month. Brokered by Realty Executives Associates, 693-3232

President Obama is signing the new stiumulus bill into law today. Part of that bill includes a new, $8,000 tax credit for new homebuyers this year that meet the guidelines.

The guidelines are pretty simple:

1. Maximum credit amount is increased to $8,000 or 10% of the purchase price; whichever is less.
2. This is a cool part. Homebuyers who don’t intend to buy a home until the end of 2009 can legally alter their withholding to save up money for a downpayment. But if they don’t buy they have to repay the tax underwithheld
3. An eligible property is any single family residence; including condos, co-ops,  or townhouses that will be used as your principal residence. Investment or second home properties do not qualify.
4. The new law allows taxpayers/homebuyers to treat qualified 2009 home purchases as a 2008 purchase so you can claim the credit on the return you file in 2009.
5. It’s refundable unlike the former ‘credit’. That means you can reduce or eliminate your income tax liability up to the $8,000 limit for the year of purchase. Any unused amount can be refunded to you in cash in the year following your qualifying home purchase.
6. An individual with adjusted gross income of not more than $75,000 or $150,000 on a joint return are eligible.
7. Although it’s called the “First Time Homebuyer” tax credit, as long as you have not owned a home in the past 3 years that was your principal residence you probably qualify.
8. Homebuyers who use state revenue bond financing, in Tennessee that would be the Tennessee Housing Development Authority (THDA) qualify under the new, $8,000 credit; they did not under the $7,500 program.
9. The $8,000 is a true credit and does not have to be repaid.
10. If you sell the house you buy and claim credit for during the 3 years following the purchase all of the credit is subject to recapture (you have to pay it back).
11. This program begins January 1, 2009 and ends December 31, 2009.
12. Any revisions are effective as of January 1, 2009.

There you have it; a true $8,000 credit if you buy a new home during 2009. There’s a huge selection of homes out there and most buyers are willing to deal (a lot) so let’s get started finding you one.

KnoxvilleHomeCenter.com is the place to begin.