The Colorado Springs Real Estate Connection is happy to announce that the $8,000 Home Buyer Tax Credit HAS been extended! It passed Congress and was signed into law by President Obama last Friday!

To qualify for this First Time Home Buyer Tax Credit extension, you must not have owned a home in the last 3 years. Income limits for this tax credit have been raised and now are:

• $125,000 per individual (previously was $70k) or
• $225,000 per family (previously was $150,000)

In addition to that,this new law offers $6,500 tax credit to EXISTING home owners who have lived in their current home for 5 consecutive years of the last 8 years, and want to “move up” and buy a different home (up to $800,000)!

However …

“Just because the $6,500 tax credit feature has been “labeled the move-up credit”, it  does not mean that you must purchase a bigger or costlier home.  You could always downsize & still take advantage of the credit.” – Move Up $6,500 Tax Credit – Can I Downsize Now? [Nannette Saunders - Lynchburg VA Real Estate agent]

Whether you are a first time home buyer or an existing home owner looking to move please remember, the home must go under contract by April 30, 2010 and close by June 30, 2010.

Not only does the extension help first time home buyers get a home, but it also helps reward current home owners who have stuck it out through this shifting market.

Remember: If you qualify, this tax credit goes against any taxes that you may owe, and any difference will be refunded to you!  *Please talk with your tax attorney or accountant to see if and how this tax credit could apply to you.

For more information on how we can help you take advantage of the extended and expanded tax credit, please give us a call: 719.434.7525

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525

The Colorado Springs home buyers may see an extension of the $8,000 First Time Home Buyer tax credit (extended both to a later date AND to more home buyers) … Which would be awesome.

Although it is not “official” yet, it HAS already passed the house and senate.

According to my friend and home buyer tax credit news guru, and Phoenix real estate expert, Jay Thompson:

“The bill now moves to President Obama’s desk for his signature into law. Some mainstream media is reporting the President will sign this on Friday, November 6. THEN, and only then, will the tax credit truly be extended and expanded (regardless of whatever you may read on Twitter, on blogs, and in the press).”
Read the Full Report: Home Buyer Tax Credit Passes Both House and Senate

If you are thinking of buying a Colorado Springs home in the near future, keep your ears and eyes open for the official announcement.

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525

The Colorado Springs Real Estate Connection would like to introduce Vicki Moore – a San Mateo CA Real Estate Agent, and friend of ours. She has shared this great post on the emotions of buying a home …

Got A Pocket Protector?
Are you a bean counter?  If the glove fits?  Completely analytical?  Or is Feng Shui more your style?  Go with the flow?  If it feels right, it’s a fit?

Storm Chasers?
Whatever your style, you bring it to your home buying experience – magnified a hundred times.  If you’re out there house hunting there’s probably an F5 life change whirling around just to make the whole experience a wee bit more interesting.

Up Sizing?  Down Sizing?
More space for a growing family – got hormones?  Downsizing – college – worried about the cost?  Empty nest without those little bumpkins running around? Getting married – two houses to deal with?  Wedding plans?  Mother in law?  Or divorced?  No tension there.  Well, it all gets wrapped into vortex.

Watch Out!
Then there’s the market.  What the heck is going on there?  Watch out!  Learning curve ahead!

Take A Breath
You’ll get through this.  It’s not the worst you’ve ever been through.  And sorry to be the bearer of bad news but it won’t be the last.  Buying a house doesn’t have to be stressful but whatever you’re going through is coming along for the ride.  Remember the cow?  So take a breath, do yoga, go out to your car and scream – whatever.  Tomorrow will be better.

• Other Posts by Vicki: A Few Words From Bella and   What’s HVCC Done For You?
• Check Out Her Writings on Agent Genius, too.

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525

As a licensed Colorado Springs Realtor®, I ALWAYS recommend that potential home buyers and sellers interview several different agents before deciding who they will work with. This gives them the security of knowing that they made the right choice when working with an agent.

Read Also: What is a Realtor®?

However, there some times when the line is fuzzy … Some times when a home buyer or seller may want to work with more than one agent. Here are some guidelines for figuring out when and HOW to work with more than one Colorado Springs real estate agent.

Home Sellers

In most cases, if you are looking to sell your home, you will interview several agents and then choose the agent who is a best fit for you and your needs. In most cases, you will sign “An Exclusive Right to Sell” and only work with ONE agent for the duration of the contract or until the home sells.
Read Also: The Difference Between Exclusive Right to Sell and Exclusive Agency [Colorado]

Home Buyers

Many first time home buyers (and several “seasoned” home buyers) will call on signs and advertisements and talk with MANY real estate agents until they find a home that they want to buy … and then just work with the listing agent to buy the home. Honestly, this is not a good idea, as the home buyer will NEVER get a “better deal” than if they had their own representation (Buyer Agent). Remember … the listing agent is only looking out for the best interest of the seller … not the buyer.

Sometimes, a home buyer understands this and decides to “work” with several different Buyer Agents to see who will find them the best deal. This is ALSO not a very good idea for a couple reasons …

1. All Buyer Agents have the exact same access to the exact same homes for sale via the local MLS. No one has “special” knowledge or access to homes that others do not, so they all have the potential of finding the “best deal”.
2. Buyer Agents only get paid when they successfully find a home for a home buyer … and it closes. All the up front work of finding the home is done without pay and in good faith that the home buyer that they are working with is using them to represent them. If a home buyer is not disclosing that they are potentially working with other agents, then the Buyer Agent does not have the ability to fairly weigh out the situation and determine whether or not they want to work with that home buyer.
3. If a home buyer has signed a “Buyer Agency Agreement” with ONE agent, then they are breaching a contract to work with another agent. This can get ugly … and no one wants “ugly” …

Read Also:

• Top 5 Ways to Choose the BEST Real Estate Agent When Buying a Home in Colorado Springs
• 3 Easy Ways to Find a Buyers Agent to Represent You
• Top 7 Questions to Ask Your Buyer’s Agent

However, there ARE some exceptions.

1. If a home buyer wants to work with more than one agent (for whatever reason), the proper etiquette is to NOT sign a Buyer Agency Agreement and to notify each agent of this decision.
2. If a home buyer is considering buying different types of property or different areas, they may consider hiring an “expert” for each area. Example: Sally and Sam don’t know if they want a downtown condo or horse property, so they hire a “ranch” expert to help them find horse property and a “condo” expert to help them find a condo. This is actually a GREAT idea, as it ensures the home buyers that they are getting the best possible representation in their home search and purchase.
3. This is kind of an exception, but more of an FYI … Some people work with more than one agent because they don’t know if they are going to “like” being “married” to just one agent. In this case, a home buyer should consider just signing a week long Buyer Agency agreement – If after that week, the agent is not a good fit, then the home buyer can move on and find a new agent.

Realtors® are professionals and should be always looking out for a home buyer and seller’s best interests. Finding ONE agent to work with is generally going to be your best bet.

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525

In the latter part of September 2001, Derek came home from an afternoon showing homes to his very first buyer client, as a Realtor® in Colorado Springs (we’ll call her Ms. P) and sits at the computer in obvious bewilderment. He logged onto the local MLS and then paused for a few minutes.

“Honey. What’s up? How did your day go?” I was excited about his first time out showing homes, as well as interested in why he was so bewildered.

“Well, it went ok. But I need to narrow down her search to homes on streets with no mature trees and a lot of street lamps.”

“Huh?” I now joined him in his bewilderment. There are not search-able fields for either of those requests. How were we going to search for homes in Colorado Springs with those guidelines?

This was going to be interesting.

We decided to pull up all homes that fit her previous requests and then we spent the better part of 2 days driving around each street in each neighborhood making notes about the trees, foliage and street lamp placement. We found some great, well-lit homes. Man! Ms. P was going to be proud when they met up the next weekend!

Well, the next weekend arrived, and after several hours of showing homes, Derek came home quite irritated. What was wrong? How could she NOT like any of the homes that Derek picked out! They were perfect! Derek then called his managing broker. Maybe he could help him figure this out.

After a few seconds on the phone, Derek’s face fell. He got off the phone and let me know what the “problem” was.

Let’s just say that we learned the hard way what “I don’t want to live in a dark neighborhood” means. Yeah, Ms. P didn’t care about trees and street lamps.

Derek got on the phone immediately and called her. First, he let her know that he had no idea that her requests were discriminatory in nature. He told her that it made no sense and that he did not understand why she would think in those terms.

Second, he educated her on how there is NO WAY that he can or would ever narrow down a home search based on discrimination. Finally, he said that she can either a.) Find a new agent to represent her, or b.) Narrow down the search herself. He would have no part in a discrimination-based home search.

After a brief silence and a short good-bye, Derek hung up the phone.

We waited a couple days, not knowing what Ms. P was going to decide on. Those were a tough couple of days, as Ms. P was Derek’s first client … ever. And, we never thought that we would actually have to deal with the discrimination that we learned about in real estate school. Well, she called back, and for reasons that we will never really know she decided to buy one of the homes that Derek had shown her originally.

We do not make decisions based on discrimination and I guess it never occurred to us that others still do. It is a sad thing. Our ignorance of the presence of existing discrimination clashed with her ignorance of the absence of discrimination.

… At least we now know where all the well-lit streets in Colorado Springs are.

*Originally Posted By Mariana Wagner on Active Rain on 1/24/07  Two Sides of Ignorance *

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525