Saturday, August 4, 2012

Common Questions: When Do I Have to Pay Back My First-Time Homebuyer Credit?

I was asked this question recently by a home owner and thought that this would start to be a more and more common question as we near the 36 month deadline established by the government when they instituted the  Housing and Economic Recovery Act. More specifically, they asked, "What happens to my tax credit if I buy a bigger house and rent out my first home?"

Important question: When did you buy your home? If you purchased your home in 2008 as part of the Housing and Economic Recovery Act of 2008, you  have to pay the entire amount back (up to $7500) in 15 installments of $500 as part of your tax returns, starting with your tax return for the year 2010. If you sell your home or it ceases to be your "main" home (i.e. you rent it out), you have to pay the remaining balance back when you file your tax return for the year in which you convert the house from your "main" home.

If you bought your home with the First-Time Homebuyer Credit under the Housing and Economic Recovery Act of 2009 or 2010, then the rules are a little different. You do not have to repay any the tax credit you received (up to $8000) if your house remains your "main" home for 36 months. However, if you sell your house or convert it entirely to a business or rental property, you must repay the full amount of the credit. 

Please let me know if you have any questions or there is anything I can help you with in regards to this topic! For much more detailed information on this topic, please see the IRS's website on the First-Time Homebuyer Credit

Disclaimer: I am not a CPA and am not offering tax advice. I am not liable for your interpretation of IRS tax law based on this summary. Please consult your CPA for answers and applications for your specific situations. 

Kyle Pfaffe, REALTOR      512-636-9707

Thursday, July 26, 2012

In-N-Out Burger Cleared for Round Rock

Good news for Round Rock residents - on Wednesday, the City of Round Rock's Planning
and Zoning commission approved zoning changes near the Round Rock Premium Outlets that will allow for In-N-Out to build a drive-thru restaurant. If everything goes as planned, the California-based burger chain will open its first Central Texas store early next year. In-N-Out has already opened 15 stores in the Dallas area and now looks to expand to Central Texas.

I personally know a number of people who will be excited to hear this news. Do you have a favorite restuarant that has yet to opened a store in Central Texas? Please share!

For more info, see the store on KXAN

Kyle Pfaffe, REALTOR      512-636-9707

Tuesday, July 17, 2012

Customer Review - Buyer Representation

A review from Justin & Natalie, two clients of mine that I represented in buying their first home!

“We would completely recommend Kyle to anybody looking for a home. He is on top of his stuff – implicitly trustworthy and has walked us through a tumultuous process. He is a really stand-up guy to work with, a great family man and a complete professional.”

“It was our first home buying experience and what could have been a very stressful situation, Kyle made a very smooth transition and we would absolutely recommend him to anyone else looking to buy a home.”

Monday, July 16, 2012

June 2012 Market Report for Austin Real Estate

The Austin Board of Realtors just released the finalized statistics for June and the numbers showed the Austin had another great month! In June, there was a +13.5% increase in sold listings vs. June 2011. That makes June the 6th consecutive month in 2012 that we have had an increase in sold units over 2011 – we have had a positive swing in EVERY month in 2012!

A few other numbers of interest… the average sale price in Austin is up 6.1% in June over 2011 to $278,720 and the average days on market shrunk to 55, a 25% decrease! Also, the percentage of sales price to list price is up to 97.8%. In short, homeowners are selling their homes more quickly and for closer to their asking price than last year! In total volume, over $745 million in real estate transactions were closed in June, a 20.5% increase.

Year-to-date, Austin is up 17% in number of units sold and up 21% in total sales volume. Austin’s market is HOT! Please contact me if you are interested in receiving a free market analysis of your home or interested in buying a home. With historic interest rates available, now is a great time to buy a home!

Kyle Pfaffe, REALTOR®
Keller Williams Realty

Saturday, July 14, 2012

Northwest Austin Real Estate Update - June 2012

The Austin Board of Realtors recently released the statistics for the month of June for Austin. This report is going to focus on the recent activity in northwest Austin (NW) which includes but is not limited to the neighborhoods of Milwood, Rattan Creek, Anderson Mill, Jollyville and Balcones. 

In June, there was one less sold listing in NW (89 vs. 90) but the average sold price increased 7.3% to $263,812.  The average days on market for a home sold in June in the northwest were 43 compared to 51 in 2011. Also, homes are selling for 98.3% of their list price, an increase from 97.4% in 2011. In summary, while about the same number of homes sold in 2012 as 2011, those home are selling on average for a higher price and more quickly than they did in 2011. The higher sale prices drove the total volume up 6% in 2012 to $23.5 million.

Year-to-date, 10% more homes have sold in the NW with over $93.2 million in real estate transactions being finalized. Austin’s market is HOT! Please contact me if you are interested in receiving a free market analysis of your home or interested in buying a home. With historic interest rates available, now is a great time to buy a home!

Kyle Pfaffe, REALTOR®
Keller Williams Realty

Saturday, May 19, 2012

Keller Williams Name in Top Ten Places to Work!

Keller Williams has been recognized as one of America’s Top 10 Workplaces, according to the first annual National Top Workplaces list compiled by Workplace Dynamics.  

The list of National Top Workplaces is based solely on employee feedback surveyed from 805 companies of more than 1,000 employees, which included over half a million survey responses. According to survey results, Keller Williams’ ranking was based on its overall culture and high levels of organizational health including training, benefits, compensation, and work-life balance. “Put simply, the most successful companies appear to be the ones that employees believe in," said Doug Claffey, CEO at WorkplaceDynamics (excerpt from Keller Williams press release).

Keller Williams mission is building careers worth having, businesses worth owning and lives worth living. I can personally attest to the strong culture KW has. KW is very deserving of this recognition and I am grateful to be a part of this great company!

For the full article, see

Monday, March 12, 2012

Neighborhood Information for Austin, TX 78757

  • Number of Homes: 10,487
  • Active Listings: 91
  • Distressed Listings (Foreclosures & Short Sales): 1.3%
Home Ownership
  • Owned: 47.78%
  • Rent: 45.65%
  • Vacant: 6.57%
  • Median Age: 35
  • 35% Married
  • Homes with Children: 2405
Household Income Levels

Highest Education Level Attained

Data from Market Insider; deemed reliable but not guaranteed.

Kyle Pfaffe, REALTOR®
Keller Williams Realty
m: 512-636-9707
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