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New Water Restrictions for Frisco Begin November 1st!

Friday, October 7, 2011
by Christie Cannon

The City of Frisco (currently at Stage 2 water restrictions) approved on October 4th the implementation of Stage 3 Water Restrictions.  The North Texas Municipal Water District (NTMWD) recommended member cities implement Stage 3 restrictions November 1. As a member city, the City of Frisco has elected to comply with the recommendation.

Stage 3 of Frisco’s ‘drought and emergency’ restrictions limit outdoor watering to one day each week on your residential trash day.  Please note that drip lines, soaker hoses, & bubblers have additional usage allowances! 

To compare our current Stage 2 restrictions to Stage 3, click here to view our Drought and Emergency Response Plan Guide.   Additional Information can be found at The City of Frisco's Public Work's website.

Don't forget that the The City of Frisco also offers free irrigation system check-ups for residents. Contact Mike Barth, licensed irrigation professional, for a free irrigation check-up at 972-292-5844 or email Waterwise@friscotexas.gov

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IRS's Top 10 Tax Tips for Home Sellers

Tuesday, August 23, 2011
by Christie Cannon

IRS's Top 10 Tax Tips for Home Sellers

As published in Inman News, August 15, 2011

1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.

2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).

3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.

4. If you can exclude all of the gain, you do not need to report the sale on your tax return.

5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.

6. You cannot deduct a loss from the sale of your main home.

7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can ex-clude.

8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.

9. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year's tax re-turn.

10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Ad-dress, to notify the IRS of your address change.

These Tips & More can be found at the IRS Website!

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Frisco Growth creates New Zip Code!

Wednesday, June 8, 2011
by Christie Cannon

The U.S. Postal Service has announced that the city of Frisco will be recieving a NEW ZIP CODE due to the city's recent growth!

Effective July 1, 2011, more than 10,000 Frisco households and 400 businesses will use a new, five-digit ZIP Code, 75033.

 
The area impacted is bordered by Main Street, State Highway 289 (Preston Road), F.M. 423 and  U.S. Highway 380.  Businesses and customers living on the north side of Main Street (even numbered addresses) will use the new ZIP Code, 75033.  Those on the south side of Main Street (odd numbered addresses) will continue to use 75034.  Businesses and customers on F.M. 423 -- between Main Street and Eldorado Parkway -- will also use ZIP Code 75033.  No changes are being made to the 75035 ZIP Code at this time.
 
Customers within the boundaries should notify any mailers or correspondents of their new five-digit ZIP Code.
 
 The Post Office can provide a postcard for you to use to notify your magazine and newspaper suppliers.  Do NOT submit a ‘Change of Address Request’ to the Postal Service.
 
Impacted postal customers may still use all of their existing stationery and mailing supplies; however, when reordering those materials, customers should use the new ZIP code, 75033.  The United States Postal Service will ensure delivery of mail with the ‘old’ ZIP Code for a period of one year to allow customers to make the transition to the 75033 ZIP Code.
 
 In 2010, the U.S. Census Bureau ranked the City of Frisco as the fastest growing city in the country, 2000 – 2009.
 
The U.S.P.O reports the current ZIP Code 75034 has grown along with the City of Frisco and is running out of the PLUS-FOUR-DIGITS assigned to five-digit ZIP Codes.  The PLUS-4s are needed to sort, ship and deliver mail directly to houses, apartments and businesses.
More information is available from the US Post Office in Frisco.
 
Have questions? Please give me a call - 469.951.9588.
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Frisco TX Real Estate Trends & Stats

Saturday, May 21, 2011
by Christie Cannon

Frisco at a Glance: 

  • The median price of existing single-family homes increased +4.3% vs Mar-2011.
  • Median price remains +9.1% higher vs Apr-2010. 
  • Existing single-family home sales increased +19.2% from Mar-2011 for a total of 161.  However, sales are -21.7% lower than Apr-2010.

Specific Sales & Housing Stats with City breakdowns available here:  www.DFWHomeTrends.com

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Latest TX Foreclosure News!

Tuesday, October 5, 2010
by Christie Cannon

Texas AG calls for statewide foreclosure freeze

AUSTIN, Texas

Texas Attorney General Greg Abbott asked loan servicing companies on Monday to suspend all foreclosure activities over concerns about the accuracy of foreclosure documents.

In a letter sent to 27 companies that service mortgage loans in Texas, Abbott's office demanded the immediate suspension of foreclosures, selling foreclosed properties and evicting people living in those properties.

The letter asks that companies obey the moratorium at least through Oct. 15 - the deadline Abbott established for companies to identify any employees who participated in unlawful practices and assure the state that the targeted companies are following Texas laws.

The attorney general's office is investigating mortgage lenders to determine the "full harm Texas homeowners have suffered," according to a letter signed by Paul D. Carmona, the chief of the state consumer protection and public health division.

"We will be pushing forward with our investigation and inquiry," attorney general spokesman Jerry Strickland said. "This is in the interest of homeowners who are feeling the effects of foreclosures."

Other states are taking similar action. Maryland Gov. Martin O'Malley supports a 60-day moratorium on foreclosures there. Delaware Attorney General Beau Biden is calling on mortgage banks to suspend all pending foreclosures until their policies are reviewed. And in Massachusetts, Attorney General Martha Coakley said her office is investigating an "apparent failure of major creditors to follow state foreclosure law."

The Texas request comes after several companies, including Bank of America Corp., suspended foreclosures following revelations of "robosigning," a practice in which bank employees sign thousands of foreclosure documents a month without verifying their accuracy or even reading them. Some of the court documents have proven to contain inaccurate information or improper notarizations or signatures.

In his letter, Carmona described possible fraudulent practices by lenders, including signing thousands of documents per months, often without reading them; signing affidavits falsely claiming personal knowledge of facts or falsely claiming the signing party reviewed attached documents; and notarizing documents prior to their signing or when the signer was not present.

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Home Buyer Tax Credit Extension for Military

Tuesday, June 1, 2010
by Christie Cannon

Congress gets this one right!

Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.  Qualified service members who are ordered on a period of official extended duty, these dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.

Men & women who serve our country deserve more than our thanks; they deserve our support!

Have questions - please give me a call - 469.951.9588

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Greater Dallas Housing Report!

Wednesday, May 19, 2010
by Christie Cannon

Apr-10 Quick Facts:

  • MLS reports median single-family home price up 6.2% in Apr-10 over Mar-10, sales continue to climb to 5,833.
  • The median price of existing single-family homes increased to $145,000 up 6.2% vs Mar-10
  • Existing single-family home sales increased 7.9% from Mar-10 for a Apr-10 total of 5,833
  • Condos decreased in price to $122,000 down -0.8% vs Mar-10
  • Existing condo sales increased 11.0% in Apr-10 over Mar-10 for a total of 323

Specific Sales & Housing Stats with City breakdowns available here:

www.DFWHomeTrends.com

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Collin County Cities among Wealthiest

Friday, February 26, 2010
by Christie Cannon

Collin County cities among wealthiest

By Kim Nguyen, knguyen@acnpapers.com

Published: Thursday, February 25, 2010 12:13 PM CST
A new report puts Frisco, Allen, Plano and McKinney among the top 100 wealthiest cities in the country.


Using census data from 2008 Portfolio.com and Bizjournals, compared cities, incorporated towns and unincorporated urban areas with populations of more than 75,000.

A six-part formula was used to determine the relative affluence – or wealth score – of each city. The factors include per-capita income, median household income, percentage of households with annual incomes of $200,000 or more, the upper 20 percent threshold for household income, median home value and the upper-25 percent threshold for home value.

Adjustments were made for the median home value and upper-25 percent threshold for home value to dampen the impact of any housing bubbles that might have overinflated property values in upper-income communities.

Places with high income levels and large inventories of expensive homes, including the four cornerstone cities in Collin County, scored higher.

Frisco scored a wealth score of 17.379 and earned the 27th spot on the list of most affluent American cities. With a median household income of nearly $104,000, Frisco was the first Texas city ranked.

Plano was 42nd overall with a wealth score of 10.492 and a median household income of $85,003. Allen ranked 75th with a wealth score of 5.579 and a median household income of $88,199 and McKinney came in at 85th with a wealth score of 4.796 and a median household income of $82,403.

Richardson and Carrollton were the only other North Texas cities on the list with positive wealth scores at 110th and 134th, respectively.

Plano Mayor Phil Dyer said the survey results not only highlight Plano, but the entire Collin County area as one that attracts well-educated and successful people.

“It’s amazing for one area to have so many cities rank highly on this survey,” he said. “It goes to show that the whole area is committed to providing its residents with the opportunity to live the American Dream.”

Dallas, Irving, Arlington, Lewisville, Fort Worth, Denton, Garland and Grand Prairie were all also ranked, but scored negative wealth scores.
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New Changes to the Expanded First Time Homebuyer Tax Credit

Friday, November 6, 2009
by Christie Cannon

Nov 2009 - First Time Homebuyer Tax Credit Expansion!

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

  • Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
  • Expands the credit to grant a $6,500 credit to current home owners purchasing a new or existing home between the date the bill is signed by President Obama and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. 

Who Qualifies for the Extended Credit?

  • First-time home buyers who purchase homes between the date the bill is signed by President Obama and April 30, 2010.
  • Current home owners purchasing a home between the date the bill is signed by President Obama and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Ellgibile?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum credit allowed for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer’s tax credit is determined by tow additional factors:

  1. The price of the home.
  2. The buyer's income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit which is effective on the date the bill is signed by President Obama single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits.

If the Buyer(s)' Income Exceeds These Limits, can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

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Stimulus Bill Affects Tax Credits for Energy Efficient Improvements

Friday, February 20, 2009
by Christie Cannon
 

How has the new Stimulus bill affected the tax credits for energy efficient home improvements?

On February 17, 2009, President Obama signed a stimulus bill (The American Recovery and Reinvestment Act of 2009) that made some significant changes to the energy efficiency tax credits. The highlights are:

  • The tax credits that were previously effective for 2009, have been extended to 2010 as well.
  • The tax credit has been raised from 10% to 30%.
  • The tax credits that were for a specific dollar amount (ex $300 for a CAC), have been converted to 30% of the cost.
  • The maximum credit has been raised from $500 to $1500 for the two years (2009–2010). However, some improvements such as geothermal heat pumps, solar water heaters, and solar panels are not subject to the $1,500 maximum.
  • The $200 cap on windows has been removed

Additional Information & Specifcs can be found here.

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Displaying blog entries 681-690 of 706

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Photo of Christie Cannon Real Estate
Christie Cannon
Keller Williams Realty
5933 Preston Road #300
Frisco TX 75034
972-215-7747
Fax: 972-215-7748
Send an Email
Keller Williams Frisco - The Christie Cannon Team - http://www.christiecannon.com

 

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