New York to Offer Federal Income Tax Credit to First-Time Homebuyers!

Governor David A. Paterson announced that New York will offer a federal income tax credit to first-time homebuyers to encourage home sales in New York State. The New York State Mortgage Credit Certificate Program (MCC) will enable first-time homebuyers to claim a tax credit equal to 20 percent of their annual mortgage interest costs, which could save the average homebuyer around $1,500 a year. This program expands the $8,000 First-Time Homebuyer Credit, which expires on November 30, 2009.

"We applaud Governor Paterson for his vision in creating the Mortgage Credit Certificate program and for recognizing the importance of housing as a primary driver of the Empire State's economy," said Daniel J. Hartnett, president of the New York State Association of REALTORS. "The past four months of increasing home sales across the state have proven the value of buyer incentives. We expect, when coupled with the federal first-time buyer credit of $8,000, the MCC will bring additional buyers back to the market and further boost the recovery of both the state's housing market and economy." The New York State MCC can be used to reduce a homebuyer's tax burden for every year the mortgage loan remains outstanding. With an MCC, 20 percent of the amount paid in mortgage interest becomes a tax credit that can be deducted, dollar for dollar, from a homeowner's federal income tax liability. The remaining 80 percent of the mortgage interest continues to qualify as an itemized tax deduction, as long as there is sufficient federal tax liability. To read the entire State of New York press release, click here.

Open House on Hicksville Foreclosure Property

Come Join me for an Open House!
















Where:
12 Lantern Road
Hicksville, NY 11801

What:
5 Bedroom, Expanded Cape
2 Full Bath, 60x100 property
Asking $329,000

When:
Sunday, August 16, 2009 from 12:30 to 3:30 p.m.

See you on Sunday!

For additional information on this property go to:
http://www.styleagent.net/realty/listings/l1536.html

http://www.nyhomeshowcase.com/properties/index.htm

Save Water NY - And Save $$$MONEY$$$

by Cristina Callegari Kanellopoulos

The economy is tough. Everyone has $$$ Money $$$ on the brain right now - specifically how to spend less, and save more.

In a previous blog I discussed how to save costs on electricity - while also helping the environment. In this blog lets talk about water.

Water, one thing we definitely need to survive can also significantly add to the costs of running a home (especially in Queens County where water is much more expensive than in Nassau County).

Below, is a breakdown of the basics on how you can save on Water Costs.

Water enters your home under pressure measured in PSI, or Pounds Per Square Inch. The average entrance psi ranges from 35 to 100. Quite a variation. The happy medium is 40 to 50 psi. That's why a global valve that can step down high pressure to a more acceptable level could well be an advantage. If you don't have a gauge that tells you what the psi is you should consider having one installed so you can fine-tune the water pressure yourself.

If the pressure in your home is set too high you will waste gallons of water doing simple tasks like washing the dishes, taking a shower, etc.

Another great way to save water is to install a low-flow valve in the toilets in your home. This will reduce the number of gallons used every time you flush the toilet.

Of course there are other things you can do like:

1. Turning the water off while you are brushing your teeth.
2. Cutting down on your shower time.
3. Only running the dishwasher when you have a full load.
4. Only use your washing machine when you have a full load.

If you implement some of these tactics you could easily reduce your water consumption by up to 30%. In turn saving money on water usage - and helping to conserve water in the environment.

Happy Saving!

Top 10 Reasons to Purchase a Home

By Cristina Callegari Kanellopoulos

There are many reasons people purchase homes in New York. Illustrated in the list below, are the top 10 most common reasons people purchase real estate:

1. Marriage. Usually after a couple gets married they begin thinking about buying a home. Some couples desire a fresh start; others just want a bigger space. Sure young couples list security and "wasting money on rent" as reasons why they want to buy a home, but at the core, their primary driving factor is thinking about starting a family and having the space to do that. This leads me to number 2.
2. Having a baby. I think this one is self-explanatory. Babies require space, good school districts, and ideally a back-yard to play in.
3. Shelter. We all have to live somewhere, so why not own where you live.
4. Pets. When you own your own home, you are not bound by the pet restrictions of a landlord, or Co-op/Condo board. So you can have Fido and a Kitty too. Though, you might want to check on your town's regulations about exotic or farm animals before you run out and buy a pet cow or lion for your yard. ;)
5. Taxes. Or, should I say a desire not to pay so much in taxes. Homeownership offers wonderful opportunities for tax deductions. Check with your accountant about your specific tax situation.
6. Security. When you own a home you can make it as secure as you'd like. So go ahead and build your own version of Fort Knox!
7. Wealth building. While investing money in a home is not a guarantee to build wealth in the short term, it is on the other hand, one of the surest investments you can make over the long term. While everything else you might purchase like a car, or clothing depreciates, your home is sure to build wealth for you in time.
8. The American Dream. Yeah, I said it - it is true. Many people want to own a home simply because they were raised to think it is the right thing to do. And, guess what, the people who put this idea of ownership in our heads in the first place, do make a very compelling point (Read the rest of this list!). Home ownership has MANY advantages.
9. Space for Stuff. That's right - people need space to put all the stuff they buy somewhere. And, once you have outgrown your 1 bedroom apartment, unless you are willing to part with that stuff, it is time to think about upgrading.
10. Freedom. In your own home you can walk in your underwear, talk to your cat, watch TV until 5 a.m. and sing in the shower like it is no one's business. That is because, in YOUR HOUSE, it IS no one's business!

Whatever, your reason for wanting to buy a home, I can help you find the home that is right for you and your needs! Call me, Cristina Callegari Kanellopoulos, today at 917-921-5397.