Welcome to Raleigh Real Estate, North Carolina
Expert Advice From A Triangle Native!

Being a native of the Raleigh area, and watching it grow from a small town, I have a wide knowledge of the area. I certainly consider it one of the nicest places to live in the world! I have helped many people buy and sell their homes from Apex to Youngsville, and have truly enjoyed it for the past 12 years. Locally and Nationally recognized as a Top Producer, I work hard for my clients. This is reinforced by the fact that over 80% of my business is from past clients or referrals.

My association with a National Leader, Coldwell Banker, and The Triangle Leader, Howard Perry and Walston has been a great relationship and one that is impossible to beat. Feel free to contact me via e-mail or just pick up the phone and call 919-219-SOLD.

Many thanks to my past clients for all the referrals and for helping me achieve awards for Outbound Referral Agent, Listings, Listings Sold, and Sales Agent of the year.

Sincerely, Brad Hudson - Raleigh Real Estate

Selling Wake and Franklin Counties For 12 Years
GOINGS ON AROUND TOWN!


It has been a while since my last post! My goal is to update this page once a week or more. In the past week I tried a new sushi restaurant on Fayetteville Street Mall called Sona. When I first got there around 7pm it was not very croweded at all. I thought, wow, this place may not make it. When I left, after having some great food and great service the place was FULL. It was good to see more nightlife, especially on a Tuesday, in downtown Raleigh. Of course, Raleigh Times is always a great choice, I walked by there on the way to my car, and the street and bar was packed.

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Oh and of course - I'll have my Blackberry with me - to reach quickly just send me an email to Brad@BradHudson.com

$7500 First Time Homebuyer Tax Credit

Feature H.R. 3221 Housing and Economic Recovery Act of 2008

Amount of Credit
Ten Percent of the cost of home, not to exceed $7500.

Examples: 

Ø        If a home costs $65,000, the allowable credit would be $6,500.

Ø       If a home costs $120,000, then the allowable credit would be $7,500.

Eligible Property
Any single-family residence (including condos) that will be used as a primary residence.

Refundable
Reduces income tax liability for the year of purchase.  Claimed on tax return for that tax year.

Individuals should consult a professional tax advisor for exact tax calculations.

Examples:

Ø        If an individual’s actual tax liability was $5,000, then after the tax credit is applied the purchaser would receive a total refund of $2,500. The refundable amount is the difference between the $7,500 tax credit and the amount of one’s tax liability.

Ø       If an individual’s actual tax refund was $2,000, then after the tax credit is applied the purchaser would receive a total refund of $9,500.

Income Limit
Individuals whose Form 1040 filing status is single (or head of household) are eligible for the tax credit if their income is no more than $75,000. Individuals who file a joint return may have no more than $150,000 in income.  Individuals with incomes between $75,001 and 94,999 (single) or $150,001 and $169,999 (joint returns) are eligible for a partial tax credit.  Individuals with incomes greater than $95,000 (single) or $170,000 (joint return) are not eligible for this tax credit.

First-time Homebuyer Only
Purchaser (and purchaser’s spouse) may not have owned a principal residence in three years previous to purchase.

Recapture
A portion (6.67% of credit) is to be repaid each year for 15 years.  If home is sold before 15 years, then remainder of credit is due in the year of the sale. 

Ø        If a homebuyer claims the $7,500 credit in 2009 on their federal income tax return for a closing that occurred in 2008, then the credit is received in 2009, so repayment begins in 2010 with an annual repayment amount of approximately $500 a year.

Ø        If the homeowner dies, their heirs do not have to pay back the remaining balance.

Ø        If the house is sold before fifteen years have passed and the home’s appreciation is less than the amount needed to be to paid back, the loan is forgiven.

Ø       If the home is turned into a rental or investment property, the pay back balance is due in that year. 

Effective Date
Purchases on or after April 9, 2008 until July 1, 2009