We are proud to announce and be included in the top 50 marketing technology companies in Central Indiana! DoorFly is a unique inclusion on the list because it is a true marketing vehicle for real estate agents to find new business and promote their services to individuals buying and selling real estate.

We know from personal experience that home buying and selling real estate is a tough process. It is important to have a good real estate agent, and DoorFly allows you to do that while comparing agent qualifications, services, fees, and rebate offers.

DoorFly.com helps real estate agents market themselves in our free agent directory and make offers to win business with local home buyers and sellers.

Create your DoorFly real estate agent profile today and thanks Doug Karr for including us on the list!
 

Wieland says he’s still offering 5 percent to 25 percent discounts on one more home in each of the 56 neighborhoods. And he plans to continue promoting the housing industry's role in economic recovery on his blog at www.GetHousingMoving.com.

Read the full story >>
Original announcement in March >> 
Builders teaming up to maximize purchasing power >>

I hope that Mr. Weiland is correct that home buying and the real estate industry are the key to economic recovery. At DoorFly, we would like to help too and encourage home buying and the use of our system to find a realtor and earn a home buyer rebate.

Home Selling Advice for For Sale By Owners

#1) Establishing The Value--Pricing your home to sell

The pricing of a house is a top reason why a house will or will not sell quickly. Although the pricing should not be dealt with lightly, some sellers have a tendency to put too much emphasis on the price and not enough on the condition, ending up with a house that is overpriced for its current condition and the overall market.

Why it is important to get the price right from the start

• If the house is overpriced, it won't sell, no matter if your a realtor or selling real estate yourself.
• If you overprice the house with the intention of reducing the price later just to "see what the market will bear", when the price of the house is lowered, it signals to home buyers that it was (and still may be) overpriced.
• If the house is under priced, it most likely will sell quickly--to the detriment of your net proceeds.

How to set the price

• A comparison of similar properties in the same general area that compares actual sold prices. Click here for an On-Line Home Evaluation Service so you can obtain an accurate report on the value of your home before listing it for sale. Important information to look at is the general location in comparison to your property, sale date related to the current market, price and square footage. It is recommended to review and compare up to 30 comparable properties in real time. Remember that individuals buying real real estate will be looking at similar statistics provided by their research or real estate agents and consider these facts when considering your home.
   
• A professional appraiser can also provide an estimated value on your house. An appraisal will take into account location, condition and sale prices of comparable properties in the neighborhood.

• A recent study by the U.S. Department of Justice found that people who sell their own homes can save as much as $7,500 in real estate commissions on the sale of a median-priced house.
   
• According to the For Sale By Owner web site, depending upon the metro area and region the success rates of FSBO range from about 40% to 85%.
  
  Like all real estate marketing, the most important factor is the location of your property (both from a local and regional standpoint). It's the same issue that real estate agents face. Attractive properties (good homes in good areas, that are priced correctly) sell quickly and unattractive ones don't.
  
  If anyone has more information about statistics for FSBO, please leave a comment on this post.

• It is a statistical fact that the competent agent negotiates a higher sale price than the owner does. The buyer responds differently to the agent than they typically do with the seller.
   
• The buyer of a "By Owner" expects to pay less than the fair market value because they don't expect the services of the professional.
   
• FSBOs sell at least 3% below the real estate industry sales.
   
• For Sale By Owner sales typically take longer to secure an offer and longer to get the offer to closing.
   
• If the property is on the market just one month longer than it could have been, about 1% is lost in costs to the seller.
   
• Statistics tell us that only about 3% - 4% of home buyers actually buy the home that they called on.

Were you planning to try to sell your home yourself (FSBO) because you want to save the realtor commission?
This is not a bad idea for some, but it may not always work. Oftentimes, the home seller is left watching the value of their property drop, while the mortgage ticks up. Real estate agents can provide valuable expertise to the process - especially when it comes to the complicated parts of the transaction (e.g. negotiating price, paperwork).

If you are trying to save the real estate commission and for sale by owner is not working out, we want to tell you that the real estate agent commission is negotiable! What?! Yes, the real estate agent commission is something that you can negotiate with the Realtor.

It is a hidden secret in the industry that the agent fees are set at 6%. This is not by law and you can save thousands of dollars when you sell your home, but just asking to for reduced commission.

You might be asking, can I get a full service Realtor at a discount price? The answer is yes. Negotiate for what you want.

That seems a little bit intimidating, right? It can be, especially since Realtors take pride in what they do and many do not want to offer a "discount". But, there are many agents that are willing to reduce their rates especially in this tough market.

This is where DoorFly.com comes in. DoorFly.com is a system that will allow agents to make offers and discounts on their service to home sellers in a non-intimidating way. You can compare the discount offers and review the agent qualifications all in one place before making a decision.

So what's the inside scoop -- DoorFly.com is a great alternative to For Sale By Owner when you are selling your home. Our system will help you negotiate real estate agent fees and save thousands of dollars while still getting the expert help you need.

While most home buyers will clean the home to their own standards before moving in (regardless of a sellers' efforts), below is a list of things to do in effort to leave a home reasonably clean when you sell your home:

Cleaning Inside the Home Before Moving Out

• Remove all personal property.
• Vacuum the floors.
• Clean kitchen appliances, inside the refrigerator and oven, and wipe down counters.
• Scour sinks and tubs.
• Wipe down interior cabinets and shelves.
• Wash tile and vinyl / linoleum flooring.

Cleaning the Garage

• Remove personal belongings.
• Throw away trash.
• Properly dispose of toxic chemicals.
• Sweep the floor.
• Stack items pertaining to the home such as paint cans, roofing materials or extra flooring.

What is the legal home seller requirement for cleaning?

In some states, real estate purchase contracts stipulate that the home is to be "broom clean," meaning the seller should at least sweep the floor, the walls and ceiling. The language in some of these contracts is ambiguous.

To determine the extent of cleaning that you are contractually bound to do upon vacating, you should read your purchase contract.

• Home Seller Checklist
• Home Selling Guide

Are you home buying for the first time? There is so many things to learn during this process and we know that it can be overwhelming. HGTV posted really good home buying advice from Sandra Rinomato that we wanted to share -- especially useful advice for first time home buyers. (source)

• Don't forget to set aside money for closing costs when budgeting out what you can afford. It's typically 1-1/2 to 2 percent of the purchase price. That goes toward the land transfer tax and pays a lawyer.
   
• For resale, curb appeal goes a long way. But make sure you don't over improve for the area. Some houses have a cap on them, which means it is only gonna be worth a certain amount no matter what the homeowners do to make improvements.
   
• Brand-new condos tend to be smaller, sometimes no larger than one bedroom, while older units typically have more square footage.
   
• When figuring out the price of a property, sometimes it makes more sense to look at the price of a house in terms of monthly payments instead of focusing on that big number.
   
• Real estate never sleeps. If you're trying to buy a hot property, you have to move quickly, or you could possibly lose it.
   
• Sometimes people think that by starting really low they'll end up with a better price on a house, but actually it usually works the opposite way.
   
• You don't necessarily want to buy in a building that has a high percentage of tenants because they don't take care of the property the way they would if they owned.
   
• If you're going to live in a city, you often have to sacrifice space.
   
• Before you start renovating a condo, live there for a year to make sure you're doing the right thing.
   
• Properties in good shape are rare, and they don't stay on the market for long.
   
• You can make changes to the inside of a condominium, with the proper condo board approval, but never to the exterior.
   
• You can't negotiate maintenance fees with a condo, and those fees tend to go up periodically.
   
• When you buy new, you have to put down 10 percent within six months or 15 percent within nine months. Also, until the place is registered, you can't get title. Until you get title, you can't place your mortgage, so during that time you're paying what's known as a phantom mortgage or an interim occupancy fee that goes toward nothing — it's like rent.
   
• It's better to walk away if you're not comfortable with the situation.
   
• When making an offer, you want to go as low as possible without insulting the sellers.
   
• It's the market that determines the value of a house.
   
• A simple renovation after the sale can boost the value of the investment by thousands.
   
• A middle-unit townhome is often less expensive than an end unit.
   
• Try not to fixate on the list price of a house, but rather the fair market value (an estimate of what a buyer would pay a seller for any piece of property).
   
• When it comes to investing, the best place to invest is in an up-and-coming area.
   
• It is especially important to have a home inspection if you are looking to buy an aging or older house. They look past the visible surface to the infrastructure, inspecting plumbing and looking for faulty fixtures and waste lines. They check electrical systems to make sure they aren't overloaded or a safety hazard. They also look at possible structural problems like the foundation, walls and floor joists.
   
• The old adage holds true. If it ain't broke, don't fix it.
   
• It's great to have your financing in place before you look because houses are bought and sold overnight. You could lose your dream property waiting to secure the financing.
   
• When a house is empty, buyers can see the actual size of each room and can better visualize their things in them.
   
• When a renovated house is priced low, it is a good indication that the owners are looking for a bidding war — they want to get as much money as possible out of the sale.
   
• When you're house shopping, you can't pull a number out of a hat. Find out what other homes in the area have sold for, how long ago the sale was and what amenities they have.
   
• What you want to pay for a house has nothing to do with the fair market value (an estimate of what a buyer would pay a seller for any piece of property). Also, what you can or cannot afford has nothing to do with the value of a house.
   
• The key to success when buying a home is to trust the experts.
   
• Before you begin to house shop, you need to have an idea of what kind of neighborhood you want to live in and the style of house you want.
   
• The rule of thumb is that you should be able to afford a mortgage three times your income.
   
• Lenders subtract any debt payment from your income, so if you have a big debt, you have a lot less income — and a lot less house.
   
• When you are looking at a house, you have to have a wish list, but you have to understand that no house is going to be perfect.
   
• Don't judge a book by its cover. Same goes for a house. Go inside and look around before making a decision.
   
• When you buy a property, you should always have a home inspector come through. You never know what they're going to uncover, so don't crack the champagne just yet. If the home inspector should find something, then you can use it to your advantage to renegotiate the deal. Or you might have to walk away.
   
• You have to see past the junk and see the potential. When you buy a house, it's not just a place to live in, it's an investment. Keep in mind your dollars down the road.
   
• Home staging is big business. It can add thousands of dollars to the selling price. An unstaged house that has not been properly prepared for sale will sell for much less than the asking price.
   
• Feelings often take over the first time you go through a house, but the second visit allows time to do a thorough inspection led by your head, not your heart.
   
• The three most important matters when it comes to negotiation are information, preparation and realism.
   
• Reality often outweighs fantasy when it comes to buying a home.

As spring approaches, many new homes will go on the market and buying real estate will hopefully be on the upswing. In order to sell your home and make it stand out from others on the market, it needs to be prepared properly -- often called "home staging". Below is home selling advice to get your house ready for sale.

Every one selling real estate wants their home to sell fast and bring top dollar. Careful planning and knowing how to professionally stage your home will increase home buyer interest and potential offers. Here is how to prep a house and turn it into an irresistible and marketable home (source: About.com).

1. Disassociate Yourself With Your Home.

• Say to yourself, "This is not my home; it is a house -- a product to be sold much like a box of cereal on the grocery store shelf.
• Make the mental decision to "let go" of your emotions and focus on the fact that soon this house will no longer be yours.
• Picture yourself handing over the keys and envelopes containing appliance warranties to the new owners!
• Say goodbye to every room.
  Don't look backwards -- look toward the future.

2. De-Personalize.
Pack up those personal photographs and family heirlooms. Buyers can't see past personal artifacts, and you don't want them to be distracted. You want buyers to imagine their own photos on the walls, and they can't do that if yours are there! You don't want to make any buyer ask, "I wonder what kind of people live in this home?" You want buyers to say, "I can see myself living here."

3. De-Clutter!
People collect an amazing quantity of junk. Consider this: if you haven't used it in over a year, you probably don't need it.

• If you don't need it, why not donate it or throw it away?
• Remove all books from bookcases.
• Pack up those knickknacks.
• Clean off everything on kitchen counters.
• Put essential items used daily in a small box that can be stored in a closet when not in use.
• Think of this process as a head-start on the packing you will eventually need to do anyway.

4. Rearrange Bedroom Closets and Kitchen Cabinets.
Buyers love to snoop and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if she sees everything organized. It says you probably take good care of the rest of the house as well. This means:

• Alphabetize spice jars.
• Neatly stack dishes.
• Turn coffee cup handles facing the same way.
• Hang shirts together, buttoned and facing the same direction.
• Line up shoes.

5. Rent a Storage Unit.
Almost every home shows better with less furniture. Remove pieces of furniture that block or hamper paths and walkways and put them in storage. Since your bookcases are now empty, store them. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room's purpose and plenty of room to move around. You don't want buyers scratching their heads and saying, "What is this room used for?"

6. Remove/Replace Favorite Items.
If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great grandmother, take it down. If a buyer never sees it, she won't want it. Once you tell a buyer she can't have an item, she will covet it, and it could blow your deal. Pack those items and replace them, if necessary.

7. Make Minor Repairs.

• Replace cracked floor or counter tiles.
• Patch holes in walls.
• Fix leaky faucets.
• Fix doors that don't close properly and kitchen drawers that jam.
• Consider painting your walls neutral colors, especially if you have grown accustomed to purple or pink walls.
  (Don't give buyers any reason to remember your home as "the house with the orange bathroom.")
• Replace burned-out light bulbs.
• If you've considered replacing a worn bedspread, do so now!

8. Make the House Sparkle!

• Wash windows inside and out.
• Rent a pressure washer and spray down sidewalks and exterior.
• Clean out cobwebs.
• Re-caulk tubs, showers and sinks.
• Polish chrome faucets and mirrors.
• Clean out the refrigerator.
• Vacuum daily.
• Wax floors.
• Dust furniture, ceiling fan blades and light fixtures.
• Bleach dingy grout.
• Replace worn rugs.
• Hang up fresh towels.
• Bathroom towels look great fastened with ribbon and bows.
• Clean and air out any musty smelling areas. Odors are a no-no.

9. Scrutinize.

• Go outside and open your front door. Stand there. Do you want to go inside? Does the house welcome you?
• Linger in the doorway of every single room and imagine how your house will look to a buyer.
• Examine carefully how furniture is arranged and move pieces around until it makes sense.
• Make sure window coverings hang level.
• Tune in to the room's statement and its emotional pull. Does it have impact and pizzazz?
• Does it look like nobody lives in this house? You're almost finished.

10. Check Curb Appeal.
If a buyer won't get out of her agent's car because she doesn't like the exterior of your home, you'll never get her inside.

• Keep the sidewalks cleared.
• Mow the lawn.
• Paint faded window trim.
• Plant yellow flowers or group flower pots together. Yellow evokes a buying emotion. Marigolds are inexpensive.
• Trim your bushes.
• Make sure visitors can clearly read your house number.

Spring is in the air! Daylight Savings Time begins on Sunday, so remember to set your clocks 1 hour ahead.

If you are getting ready to sell your home this Spring, read our home selling advice below.

Make your home stand out.
There are a lot of foreclosures on the market, but these homes tend to be in a state of dis-repair. You want to market your home to those that are looking to purchase a home that is ready to move into. See more specific suggestions below.

Remember to do the little things to make your house stand out.

Here are a few examples:

1. Wash the windows inside and out. Clean all the mirrors to shine.
2. Set out fresh flowers with a fresh and inviting smell.
3. Polish hard wood floors to shine and vacuum right before any showing.
4. Offer a shoe mat at the entrance and even an umbrella stand. This will encourage prospective buyers and agents to remove their shoes and help keep your floors looking great.
5. Fluff pillows and put out fresh towels in bright colors. Even consider replacing these items because they are inexpensive and can add interest to a room.

First impressions count.
Landscaping is always a good idea. With spring on the way, it should be easy to make your home look amazing on the outside.

1. Mow your yard with diagonal rows to make your yard appear larger.
2. Edge the lawn along driveways and sidewalks. This will show the buyer that you care and pay attention to detail.
3. Transplant tulips or other spring flowers near the walkway or anywhere in the front. Yellow stimulates happiness and everyone is anxious to see flowers in the Spring after a long Winter. Consider container plants also in groups of three to five and place near the entrance.

Paint your walls white.
White walls let the potential home buyers imagine their own style in the home instead of yours. It also makes every room feel bigger. Avoid dark colors which can discourage a home buyer if they do not like the color and makes the room look smaller.

If you have an open house, purchase bright colored helium balloons for in front of your home. This will help you home stand out and no one will miss it.

We also recommend you find a real estate agent using DoorFly.com and negotiate real estate agent commission. DoorFly recently opened home seller listings and allows you to compare agent offers that will help with selling real estate.
 

Buying real estate in 2009 presents challenges. Financing is difficult and who knows what will happen to your job in this economy.

If you have the money and can hang on to a home for five years or more, there's a huge inventory of homes for sale priced at levels not seen since 2004.

Of course, not everybody agrees that homes selling well below list price can be considered discounted. Maybe they were just overpriced, says Barry Nystedt, the president of the National Association of Exclusive Buyer Agents.

Redfin offers the following home buying advice to increase real estate affordability:

1) Find seller listings on the market for 90 days or more
Smart home buyers have long known that if a home doesn't sell in three months, the listing becomes stale. Redfin says the more deeply discounted homes were 83% more likely to have been listed 90 days or more.

Interestingly, the discounts didn't increase after 90 days, so it's not crucial to wait longer to make a bid.

2) Bid low on a fixer-upper
Dave Daggett's eyes lit up when he first saw his lakefront house. The yard was overgrown, plasterboard was missing in places, unfinished wiring dangled here and there, and the roof was mossy. It was ripe for a discount.

Redfin found that bargain sales were 73% more likely to have used "fixer-upper" or similar terms in listings and ads: "People who sell homes before fixing them up are usually more concerned about an easy sale than the best price."

3) Bid aggressively on a discounted property
Many discounted homes have sustained not just one or two but several price reductions.

"Heavily discounted homes are 28% more likely to have already been price-reduced," the Redfin study says, adding that with 56% of the biggest bargains, prices had been dropped at least twice before buyers made a bid.

"Once a seller lowers his asking price, he sends a signal to buyers that he is willing to accept further discounts in negotiations," Redfin speculates.

"Probably the area where we've seen the biggest change is in negotiating with builders," Kelman says. "If they can't liquidate and pay creditors, they're in a crunch."

In order to keep his official prices up, a builder may make expensive concessions by throwing in luxury amenities or reducing a buyer's mortgage terms or down payment.

4) Look for desperate flippers
Redfin found a small (9%) chance that homes purchased within five years would be discounted by more than 10% from the listing price. It could be that some people who are desperate to exit an unmanageable loan are willing to take a bit of a bath.

5) Don't expect much bargaining from banks
Banks don't negotiate as freely as you might imagine when selling foreclosed homes. They also keep a tight rein on prices in short sales, when a seller owes more on the mortgage than the house is selling for.

Don't expect much price flexibility here, Redfin points out. (Banks also tend to move very slowly in such sales.) Redfin found that 9% of the bargains it studied were short sales or houses owned by banks.

Read the full article >

A buyer or seller signs up on DoorFly.com and receives a bunch of rebate offers from various real estate agents. They review the bidding agent profiles and select the top 3 agent for the job.

So what happens next? 

To start, the buyer or seller should interview these agents to learn more about their skills and qualifications. Here are some good questions to ask an agent during the interview process. (Questions provided by MSN Real Estate)
 

1. May I see your resume?
   Since you're searching for an above-average agent, look for evidence of advanced training and designations, professional recognition and membership in professional organizations, all signals of commitment to the profession.
    
2. What makes you special?
   Don't settle for someone who just promises to show you homes or list, advertise and sell your place. What you want to know is, "What sets you apart? What will you do to go the extra mile for me?"
    
3. How often will I hear from you?
   Your agent's communication style and availability should mesh well with yours. Prepare for your agent interviews by asking yourself whether, for example, you'd need a twice-weekly check-in, even if there are no homes to visit.
    
4. What's your plan for marketing my home?
   No agent can guarantee she'll sell your home. But she can tell you what steps she'll take to bring it to the attention of buyers.
    
5. How many transactions did you complete last year?
   Some agents keep score in dollars, saying, "I sold $50 million in real estate last year." But property values vary from market to market and house to house, so what you really want to ask is, "How many deals did you complete?"
    
6. What do you know about the neighborhoods where I want to live?
   A super salesperson is no good to you if she isn't doing an active business in your target neighborhoods, so ask how many of the homes she sold last year were located where you want to buy and how many listings she has there now.
    
7. Are you a solo agent or part of a team?
   There's no right answer to this question. Teams are growing in popularity. They're good for engaging several individuals' expertise at once and for allowing high-powered salespeople to concentrate on what they do best, offloading to associates tasks like filing and tracking documents, dogging details and showing houses.

Buying real estate is one thing, but what about landscaping, gardens, and flowers? I remember our first Spring after home buying. We had no idea how to landscape or select the best flowers. A great event is coming up in Indiana that will give you ideas and introduce you to many local companies. It's the Indiana Flower and Patio Show.

The Indiana Flower & Patio Show

The 51st annual Indiana Flower & Patio Show has been redesigned! We’ve listened to show goers suggestions and have pruned our show to ensure only the ideal exhibitors are here to help fulfill your every finer outdoor living need. Getting back to what has made our show great for over 50 years – Gardens. Landscapes. Experts. Ideas.

The show features over 30 extravagant gardens/landscapes crafted by many of Indiana’s premiere landscapers, hundreds of finer outdoor living experts, and thousands of ideas to take home! You can learn more about the show navigating through our site.

When: March 14 - 22, 2009
Monday - Saturday: 10 a.m. - 8 p.m.
Sunday: 10 a.m. - 6 p.m.

Where: Indiana State Fairgrounds, West Pavilion
1202 E. 38th Street
Indianapolis, Indiana 46205

Cost: General Admission: $12
Children 12 and Under: Free

• Get a Printable Coupon to the home show
• Purchase Tickets online

Some of our favorite exhibits are:

• Brick Paving of Indianapolis, Garden #02 - Check our their Monopoly themed Show Garden.
• Gardens of Growth, Garden #08

Why isn't this home selling?

see more pwn and owned pictures

To attract home buyers, our home selling advice is to choose a non-offensive agency name. Good luck!

Realtors: Find home buyers and sellers in your area at DoorFly.com. Search by location for active clients and fill out your real estate agent profile to promote your services. There is no obligation to sign up, and we'll send you notices when someone is home buying in your area.

Selling real estate can be difficult, and we're here to help you gain new leads.

How to find a real estate agent and sell your home (source)
Interview agents and talk to at least three neighborhood specialists. Ask each listing agent to give you a marketing plan that explains what they will do to market your home. In addition, ask the agents to prepare a comparative market analysis for you and ask each for advice about:

• Preparing Your Home for Sale
• Repairs Before Selling
• Home Staging
• Home Pricing
• Net Profits from Selling

Adam and Kimberly Small, owners of Connective Mobile, offer a new communication tool for real estate agents.



What is Connective Mobile?
Connective Mobile uses the latest voice and text technologies to help real estate agents reach potential home buyers.

Their software is an innovative lead generation tool that utilizes both text messaging and hosted toll free numbers to ensure that home information is always available to prospective buyers.

How does it work?
Agents use a web-based interface to create messages that are automatically turned into text messages and voice messages (for the 800 number) when potential home buyers text the advertised number for more information about a home.

Key Features: 

• Immediate response to customer inquiries.
• Online reporting including usage statistics and contact
  information of leads.
• Automated weekly reports delivered by email.
• Easy to use online web portal providing sophisticated mobile marketing account management. 

• In June 2007, 28.8 Billion text messages were sent.
  This is 4 times the amount sent in June 2005.
• One third of all cell phone users send and receive text messages on a regular basis.
• The number of wireless subscribers in the US is now over 255 Million.

• Connective Mobile Real Estate Information
• Mobile Plans and Features
• Texting Tips for Realtors

If you are considering buying real estate for the first time, the government is hoping to provide you an incentive to buy. For those that qualify, an income tax credit up to $8,000 is available. 

The President is expected to sign into law later this week theAmerican Recovery and Reinvestment Act (ARRA). The purpose of the new legislation is to stimulate the overall economy. One of the provisions is directed at stimulating the real estate market by encouraging the purchase of houses. For first-time home buyers, an income tax credit equal to 10% of the cost of the home up to $8,000 is available. This new legislation actually extends and revises a similar credit that was available to first-time homebuyers in 2008.

The credit is not available to everyone. You must meet the following criteria to realize all or any portion of the credit.

Criteria for Eligibility

1. A first-time homebuyer includes any purchaser who has not owned a house for at least three years. The first-time home buyer credit is available to those who have never owned their primary residence as well as to anyone who has not owned a residence for at least three years prior to the purchase. For a married couple, both spouses must qualify as first-time homebuyers to receive the credit.
    
2. House must be used as principal residence. You can not receive the credit for the purchase of a second home for yourself or a primary residence for your parent or your child. You must be the owner and you must use the house as the principal residence for you and your family. Any single family residence will qualify, including condominiums, townhouses, and co-ops.
    
3. House must be purchased during the first eleven months of 2009. The tax credit is available for a residence purchased on or after January 1, 2009, and before December 1, 2009.
    
4. Income limitations for eligibility. To receive the full credit, the adjusted gross income of the purchaser can not be more than $75,000 for single tax filers or $150,000 for joint tax filers. The credit phases out between $75,000 and $95,000 for single filers and $150,000 and $170,000 for joint filers.

How Do You Get the Tax Benefit?
For eligible homebuyers, you will receive your tax credit when you file your 2009 federal income tax return due on April 15, 2010. This means that the credit will first reduce any federal income tax owed for 2009. Any amount in excess of the tax due will be returned to you as a tax refund.

It is important to note that this home buyer incentive does not provide immediate funds to assist with the purchase of the house. You will still need to accumulate sufficient money for the down payment and for the closing costs in order to complete the purchase. However, to receive benefit of the tax credit earlier than when you file your taxes, you may want to consider reducing the federal tax withheld from your paycheck during the remaining months of 2009 after the purchase. This will allow you to increase your take-home pay over the remaining paychecks for the year by the amount of the anticipated tax credit.

Warning…Recapture if Sell Too Early
If you sell your home within three years, the entire amount of the tax credit that you received is recaptured at the time of the sale. In other words, the closing documents will require the full credit amount be returned to the government from the proceeds of the house sale. 

Author:  Elaine E. Bedel, Bedel Financial Consulting, Inc. - Source
________________

Save even more money by using DoorFly to negotiate real estate agent fees with a rebate realtor. At DoorFly, real estate agent "bid" a portion of their commission back to you as an incentive for your business.

Now is a great time to consider home buying! Check back often for more home buying advice.