Wednesday, April 28, 2010

Unchanged interest rates - good news in Albuquerque real estate

The Federal Reserve issued their monetary policy at 12:15 mountain time today. The Federal Reserve left the Fed Funds rates unchanged at a near zero interest rate. The Fed stated that "the economy continues to improve at a modest pace." The positive comments on the economy have caused a rally in the stock market.

Unfortunately, mortgage rates typically increase on positive economic news as money flows out of safe havens like the bond market. Therefore, in an attempt to make bonds and mortgage backed securities more appealing to investors the yields are increased. This ultimately affects mortgage rates that consumers pay for their home loans. The good news is that mortgage rates remanin at near record levels.

This is great news for anyone who is considering purchasing a home. We are entering into the busiest season of the year for home buying and selling. The near record low mortgage rates should encourage people to move forward with their home buying decisions.

p.s. I hope you will call on Lisa or I if you have any real estate mortgage needs. We appreciate your friendship and support of our business.

All my best,
Scott Cummings

Scott Cummings, CMPS
President / CEO
Cummings Financial
505.884.8600 office

Lisa Cummings
COO / Mortgage Planner
505.362.1338 cell

Tuesday, April 27, 2010

Real Estate Tax Credit deadline - what to do now?

If you are in the market for an Albuquerque home and you don't know quite all of the ins/outs of the deadline and what you need to do - here are some answers:

How to Get the Extended Home Buyer Tax Credit
You’ve decided to purchase a home and take advantage of the Extended Home Buyer Tax Credit. Here's what you have to do to get your benefit:

1.Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract in place by April 30, 2010 with a closing date no later than June 30, 2010.

2. Decide whether to:
•• apply the credit to your 2009 tax return, filed on or before April 15, 2010;
•• file an amended 2009 return; or,
•• apply the credit on your 2010 return, filed on or before April 15, 2011.

3.Attach documentation of purchase to your return.
Documentation of Purchase

Details concerning the precise documents required to confirm your purchase have not yet been released. When this information becomes available, we will include instructions and links to the appropriate forms.

When to Apply the Credit

Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns.

Buyers purchasing in 2010 will have the option to:

•• Claim the credit on their 2009 return, even if the purchase is completed after December 31, 2009;
•• File an amended return for 2009 if their purchase is completed after April 15, 2010; or,
•• Claim the credit on their 2010 tax returns.
If you, or your client, purchased a home between January 1, 2009 and November 6, 2009, please see: How to Get the 2009 First-Time Home Buyer Tax Credit.

Applying the Credit to Your 2009 Taxes

You will need to do three things to claim the credit on your 2009 tax return:

1.Fill out Form 5405 to determine the amount of your available credit;
2.Apply the credit when you file your 2009 tax return or file an amended return;
3.Attach documentation of purchase to your return or amended return.


For more information about buying an Albuquerque home or selling your Albuquerque home, please get in touch with us today - or anytime - we make it easy.

Wednesday, April 14, 2010

Argyle NE

Argyle NE

Great NE Heights opportunity - 8004 Argyle NE - $229,000

Thursday, April 08, 2010

Chama New Mexico Ranch

359+ Acres of Beautiful Ranch Land, totally cross fenced, close to
Hwy, easy access, 2 mobile homes, horse barn, lean/to, private
well, horse arena, beautifully mowed, 2 spring ponds. 1 Bull Elk
permit. Bring your horse and saddle, and move on in!

For Sale for $469,000

Chama New Mexico Ranch

A gorgeous Chama Valley property

A gorgeous property in Northern New Mexico - 6.25 acres with Marina views of Heron Lake, the Brazos Mountains and Chama Valley. Simply gorgeous!
A gorgeous Chama Valley property

Contact us today for more information!

Blog Archive