Xceligent brings commercial listing service to Springfield

Database features area commercial sites with at least 5,000 square feet
Trent Jackson of Murney Associates is one of several commercial real estate agents using Xceligent's data exchange service. Jackson lists his commercial and income-producing residential properties.

With Kansas City-based Xceligent Inc.'s summer entry into the Springfield area, commercial real estate agents have access to a listing service that functions similarly to the multilist service their residential counterparts have used for several years.

Xceligent, which essentially functions as a marketing tool for commercial agents, compiles and lists information on all commercial properties that are at least 5,000 square feet in 30 Midwest markets, including Springfield.

Already, Xceligent has researched 5,800 southwest Missouri properties. Of those, about 1,500 are listed on Xceligent, said David O'Rell, vice president of corporate development. About 830 of those are in Springfield, 170 are in Branson, and the      balance is divided among Ozark, Nixa and Joplin.

About 30 Ozarks commercial agencies are participating in the exchange, he said. Xceligent's business model is built on the belief that each market must have a governing board of local exchange members, according to www.xceligent.com. The board is charged with making sure that the information exchange provides ongoing benefits to the local real estate community. The Springfield governing board comprises representatives of Sperry Van Ness/Rankin Co., CJR Commercial, Murney Commercial, Bill Beall Co., Wilhoit Properties, Davis Properties and McLoud & Co., O'Rell said.

When Xceligent enters new markets, the company also attempts to partner with a media outlet. In Springfield, feedback from management representatives of local commercial firms led Xceligent to select Springfield Business Journal as its preferred media partner.

Local property lineup

The company gathers information on commercial properties in a number of ways, O'Rell said, including culling records from county assessors' and recorders' files. A group of researchers is then physically deployed in an area of expansion, armed with laptops loaded with the data and aerial photos.

The driving teams then scour a territory street by street, observing as much as possible about a given location - the number of loading docks, parking spaces, "anything we can visually observe from outside," O'Rell said. The teams try to gather information on 42 separate data points to be fed into the Xceligent site.

"We can at least tell you the buyers and sellers for properties in the last three years, what's out there, what's sold ... sale price, lease price," O'Rell said. "You can get a historical look at how the building's performed in the market."

The company then follows up with property owners each quarter, checking to see if a property has sold or if its lease price has changed. "It's real-time marketing intelligence," O'Rell said.

The results are made available to commercial real estate professionals, who pay $125 per month to access the information.

Available properties

Trent Jackson, a broker associate at Murney Associates Realtors, (picture at left)said he's used the service for about three months.

"If you get one lead on a million-dollar apartment complex, it more than pays for itself," Jackson said.

He's used Xceligent's Commercial Data Exchange e-mail blast service to tell other agents within the Xceligent network about commercial properties he has available, including a 52-unit apartment complex at 1400-1414 S. Campbell Ave., listed for $1.75 million.

Deb Scott, commercial real estate agent at Wilhoit Properties, also uses Xceligent to spread the word about her own listings, including the former Carson's Nurseries location at 3184 E. Sunshine St., which is listed for $1.6 million.

But Scott also has found Xceligent helpful in guiding clients with specific needs to properties she might otherwise not have known were available.

She cites a recent attempt to find space for Oklahoma-based Thomas Metals Group. Its needs were specific: 10,000 square feet to 20,000 square feet of warehouse space and up to five acres of outside storage. After searching Xceligent, she identified a property at 1012 N. FR 123 in northwest Springfield that would suit the company's needs. She said Xceligent was essential in helping her find the location, which was listed by Joe Roberts & Associates.

"They don't have a Web site for me to go to, nor would I have thought of them off the cuff," Scott said.

Scott said there is a limitation to the service, in that many of her clients are small-business owners who need smaller footprints. Because the cut-off point for market research by Xceligent is 5,000 square feet, many of the properties in which her clients might be interested are not included.

"We have to set the threshold somewhere or we'd continuously be driving the market," O'Rell said.

Eventually, smaller properties will be included in the database, but he said the difference is that agents will supply the information for the listings.

"I think when it gets to be fully operational, it should be great," Jackson said.

Xceligent's expansion into southwest Missouri is part of the company's initiative to cover the entire state. Xceligent already covers Kansas City and St. Louis.

Ultimately, the company - which also this year launched services in Tulsa, Okla., Little Rock, Memphis and Nashville, Tenn., and Dallas - hopes to blanket the nation.

"We want to have coverage in all the main metropolitan areas," O'Rell said.

Springfield Business Journal

Preparation is the Key to Selling your Home

Before you start making repairs, before selling your home or marking dates on your calendar for an open house, it's smart to prepare a home selling plan. Of course, you want top dollar, but you could make costly home selling mistakes along the way if your enthusiasm for quickly selling causes you to run out and stick a for sale sign in the yard before you're fully prepared to sell.

Motivation for Selling

Explore your reasons for selling. Everybody has a reason to sell. If you aren't truly motivated or committed to selling -- if it just struck you one morning that you should move to the other side of town and you haven't completely thought through the process -- you could be setting yourself up for disappointment.

Buying a New Home

Most people who sell do so to buy another home. Put together a list of neighborhoods where you may want to live and drive them. Go to open houses. Check out pricing between newer homes vs. older homes. Weigh your options. You might find you prefer to stay where you are.


Ask the agent to prepare a comparative market analysis for you and ask for advice about:

* Preparing Your Home for Sale
Compare suggestions and consider accepting the most sound advice. Generally, you will want to move out bulky and excess furniture.

* Repairs Before Selling
Not all resale repairs will pay off. You don't want to spend a lot of money making improvements but you do want to repair obvious maintenance issues, if any have been neglected.

* Home Staging
You can hire a professional stager, ask your agent to help stage or stage it yourself. You will get more for your home if it is staged.

* Home Pricing
Do not select an agent based on suggested sales price. Some will overbid each other to get the listing. But do not overprice. Homes that are overpriced often sell for less than market value.

* Net Profits from Selling
I always prepare two net sheets for sellers, each with a low price and a high price. This way, sellers can be prepared for the worst and hope for the best. If the lowest net price will let you buy the home you want, it's time to find financing.

Find a Lender

First, call your existing lender to find out exactly how much you need to pay off. You should order a beneficiary statement. Then check out new financing offers from your own lending institutions and credit unions. Ask for a Good Faith Estimate - GFE. Compare rates and fees. Also, ask for referrals to mortgage brokers from agents. Often, mortgage brokers have more flexibility to discount rates and are more competitive.

* Get a loan preapproval letter, so you know how much of a mortgage you will qualify to obtain.

* You don't need to apply for the maximum mortgage, and a lower mortgage payment might make you more comfortable in the long run.

* Compare mortgage loan types and choose wisely.

Sell Before Buying

The moment your home goes on the market, you might be tempted to bounce around online looking at homes on the web. Next thing you know, you'll want to make an appointment to view a few homes. Don't get carried away by virtual tours and beautiful photographs of your dream home. It is almost always more profitable to sell before buying.

Housing plan reaches 1 in 5

http://www.google.com/hostednews/ap/article/ALeqM5gOGPH5tuY5PvE2_kbh0FBQPiqnUQD9BSTTMG1

President Obama To Sign Bill Extending Homebuyers Credit | WJBF

President Obama To Sign Bill Extending Homebuyers Credit | WJBF

6 Signs Your Home Will Increase in Value

6 Signs Your Home Will Increase in Value

Following Patrick Murney and Murney Associates, Realtors on Twitter!

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Facing Tax Credit Deadline, Homebuyers Pounce on Deals

Facing Tax Credit Deadline, Homebuyers Pounce on Deals

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20 Ways to Add Curb Appeal

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Patrick Murney suggest to check out this article: Your Home: Is "going green worth" the cost?

Patrick Murney suggest to check out the article: Your Home: Is 'going green' worth the cost?
The eco-friendly house (and renovation) has gone mainstream. But is it really worth the cost?
By Sarah Max, Money Magazine contributing writer



(Money Magazine) -- Jason and Kelly Joseph don't drive a hybrid car. They don't shop exclusively in the natural foods aisle. And they don't lose sleep worrying about global warming.

But their house, a 2,800-square-foot Craftsman near Grand Rapids, would make the Environmental Defense Fund proud.


Jason and Kelly Joseph, with son Alex, love the money-saving benefits of their new 'green' house.

The walls are insulated with draft-stopping foam; the floors are covered in wood from a sustainable forest; and the rooms are decked out with nontoxic paint, just to name a few of its earth-friendly features.

The Josephs weren't planning to go green. But when their builder described the benefits - lower heating and cooling bills and better indoor-air quality - they agreed that it was worth adding $10,000 to their total tab.

"If you're building a house as a lifelong investment, it just seems like the right thing to do," says Jason, 32. And only a year after the house was completed, many of the upgrades are already beginning to pay for themselves, he notes. "Our friends' energy bills were almost double ours last winter."

4 families 'go green': See how they did it

A decade ago most people associated environmentally-sound home building with unsightly solar panels and bad water pressure. That's no longer a worry.

Today the majority of houses that meet the U.S. Green Building Council definition of a "green" home - one that uses less energy, less natural resources and fewer toxic chemicals - are indistinguishable from their traditionally constructed neighbors. And any counter cultural philosophical baggage is long gone as well.

As with hybrid cars and organic food, interest in eco-friendly building and renovating has spilled over to the mainstream. "We're seeing a lot of demand, particularly on the high end of the market," says Jerry Howard, CEO of the National Association of Home Builders (NAHB).

And some 90 percent of people surveyed by the American Institute of Architects in 2006 said they'd be willing to pay $5,000 more to build or buy a house that would use less energy or protect the earth.

"Green is the new black," quips Maggie Wood, an environmental designer in Jamesport, N.Y.

Of course, environmental consciousness comes at a premium. Green construction techniques and sustainable building materials can add anywhere from a few hundred dollars to a few hundred thousand dollars.

Whether that extra cost makes sense for you in the long run depends in large part on what you hope to get out of a green home in the first place.

Why go green?
Homeowners and buyers have all kinds of reasons, although these, alone and in combination, tend to be the most common:

You can save energy - and money Given the astronomical rise in fuel prices in the past few years, it's no surprise that energy efficiency is the top reason consumers choose green building these days.

Traditionally constructed homes, while far more energy-efficient than those built in past decades, can still squander a mind-boggling amount of fossil fuel. The typical house loses 15 percent to 20 percent of its heat or air-conditioning leakage from ducts alone, according to Energy Star, a joint program of the U.S. Environmental Protection Agency and the U.S. Department of Energy.

Energy-conscious construction can significantly reduce that waste. Some of the savings come from materials that provide extra thermal resistance, such as straw-bale construction and insulated concrete forms. More can come from designs that maximize exposure to winter sun and minimize summer heat.

Green builders and remodelers also favor energy-efficient appliances and water-conserving fixtures. Energy savings from all these techniques usually pay for their higher up-front costs in two to seven years, says Elliot Johnson, an Austin architect specializing in this type of design.

Solar power is a different story. Alex Wilson, author of "Your Green Home," explains that panels are expensive to install and take years to recoup their costs in electricity savings. "If you've done everything else you can to conserve energy, then it makes sense to look into generating your own power."

You can save your lungs Compared with outdoor air, indoor air can be two to five times more polluted, according to the U.S. Environmental Protection Agency.

A major cause: volatile organic compounds (VOCs) commonly found in paints, stains and glues. When these products dry, they release chemicals and continue to do so for years. This can exacerbate allergies and asthma, and cause headaches and nausea.

As a preventive measure, some homeowners opt for "low VOC" paint, natural stains and formaldehyde-free glue, which generally cost a few dollars more per container.

Providing adequate ventilation can also improve air quality. "Years ago the air would turn over naturally because houses were so poorly insulated, but today houses are so tightly sealed that you need to circulate fresh air," says Jeff Wassenaar, president of Legacy Homes, which built the Josephs' house.

One solution: adding a mechanical ventilation system, which can run between $500 and $2,000.

You can help save the planet The final reason you might choose this type of construction is less practical and more philosophical: You want to leave the smallest footprint you can on the planet.

That means planning construction to minimize the waste of building materials; reducing water consumption by adding low-volume toilets or rainwater filtration systems; and working with products that are sustainable (wool carpeting, bamboo flooring, cotton insulation) or recycled (salvaged wood, steel made with reused rebar, insulation made from paper products).

Will it pay off?
If you were to build a house as green as you possibly could, it might cost you 20 percent to 30 percent more than traditional construction. But that would imply an extreme sense of environmental duty.

"Most of our projects cost between 2 percent and 4 percent more than standard construction," says Wassenaar.

There are also some significant tax credits available on the state and federal level that may help pay for improvements. You can claim a credit of up to $500 on your 1040 for installing energy-efficient windows, insulation, doors, roofs, boilers and air conditioners, for example. (Log on to ase.org and click on Consumers for more on this.)

Before you invest in these, however, you might want to consider whether your monthly utility savings and any tax breaks will pay for the added cost in a reasonable amount of time. Assuming a $400,000 house with a 6.5 percent, 30-year fixed-rate loan and $80,000 down, your monthly payment would be $2,022. Add $10,000 of energy-efficient features to that and your payment goes to $2,085.

For you to cover the higher mortgage payment and recoup the up-front costs in seven years, your monthly energy savings would have to be $182. Add $20,000 and your payment goes to $2,149 - and you'd need to save $365 monthly.

In terms of resale value, green homes have come a long way. These days most do not telegraph their eco-friendly features; from the outside they look like any other house on the block. You won't necessarily get a huge premium for your abode's environmentalism, says John Bredemeyer, president of appraisal company Realcorp in Omaha, "but it will likely sell at the upper end of the range and quicker," as it will have something more going for it than an equivalent traditional construction.

Where to go for more information
"There are many contractors who say they do green but don't know what they're doing," says Johnson. To make sure that you're not getting a builder who's "green" on the concept:

Contact a local or regional green building group These organizations can be found at usgbc.org/leed/homes. They can connect you with environmental architects and builders and inform you about techniques that work well in your climate, as well as tax credits offered in your area.

Ask contractors about the criteria the follow Then request a copy of the guidelines to make sure you know what you're in for. The U.S. Green Building Council, whose LEED rating is the gold standard for commercial green building, plans to launch a residential rating program this summer.

Meanwhile, the NAHB publishes guidelines (available at nahb.org, under Publications) that cover everything from lot preparation to water conservation; many local organizations also rate homes on a checklist of practices.

Ask to see examples of their work And talk to the homeowners to see how happy they are with the results. Most are eager to show off their home's earth-friendly features.

Jason Joseph certainly is: "When friends and family come to our house for the first time, I take them to the basement to show them the insulation and ventilation," he says. "A lot of people don't even know this stuff exists."

4 families 'go green': See how they did it

Play Monopoly City Streets Game Online on Google Maps

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Bizjournals ranks Springfield in the Top 50 Mid-Sized Metro for Best Quality of Life


"Quality of life in the Springfield area is still ranking high" remarks Patrick Murney.
Quality of life in the Springfield area received high marks from bizjournals' "Best Quality of Life" ranking. The Springfield metropolitan area ranked #40 out of 124 mid-sized metropolitan areas on the list. The study assessed 20 statistical categories using the latest Census Bureau data. The highest scores went to well-rounded places with healthy economies, light traffic, moderate costs of living, impressive housing stocks and strong educational systems.

Patrick Murney and Springfield Chamber of Commerce

Check out patrickmurney.com and the Springfield Area Chamber of Commerce website. The Springfield metro area is a premier visitor destination and an ideal place to live, work and play. ...

Patrick Murney

Go to patrickmurney.com and see how easy it is to list your home with Patrick Murney.

$8000 Home Buyers Tax Credit

Patrick Murney, Realtor answers
Frequently Asked Questions About the Home Buyer Tax Credit

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

Who is eligible to claim the tax credit?
What is the definition of a first-time home buyer?
How is the amount of the tax credit determined?
Are there any income limits for claiming the tax credit?
What is "modified adjusted gross income"?
If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Can you give me an example of how the partial tax credit is determined?
How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
How do I claim the tax credit? Do I need to complete a form or application?
What types of homes will qualify for the tax credit?
I read that the tax credit is "refundable." What does that mean?
I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?
I am not a U.S. citizen. Can I claim the tax credit?
Is a tax credit the same as a tax deduction?
I bought a home in 2008. Do I qualify for this credit?
Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
The Secretary of Housing and Urban Development has announced that HUD will allow "monetization" of the tax credit. What does that mean?
If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?


Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner. A limited exception exists for certain contract for deed purchases and installment sale purchases. See the IRS website for more detail.


What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.


How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.


Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.


What is "modified adjusted gross income"?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.

To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.


If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.


Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.

Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.

Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.


How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous "credit" was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.


How do I claim the tax credit? Do I need to complete a form or application?
Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase.


What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.

It is important to note that you cannot purchase a home from your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse. Please consult with your tax advisor for more information. Also see IRS Form 5405.


I read that the tax credit is "refundable." What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).


I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.


Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009.

In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.


Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program.


I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?
No. You can claim only one.


I am not a U.S. citizen. Can I claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.


Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.

A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.


I bought a home in 2008. Do I qualify for this credit?
No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit. Please consult with your tax advisor for more information.


Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.

Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.

In addition, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. As a result, some state housing finance agencies have introduced programs that provide short-term second mortgage loans that may be used to fund a downpayment. Prospective home buyers should check with their state housing finance agency to see if such a program is available in their community. To date, 14 state agencies have announced tax credit assistance programs, and more are expected to follow suit. The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which can be found here.


The Secretary of Housing and Urban Development has announced that HUD will allow "monetization" of the tax credit. What does that mean?
It means that HUD will allow buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 income taxes to receive a refund. These funds may be used for certain downpayment and closing cost expenses.

Under the guidelines announced by HUD, non-profits and FHA-approved lenders will be allowed to give home buyers short-term loans of up to $8,000.

The guidelines also allow government agencies, such as state housing finance agencies, to facilitate home sales by providing longer term loans secured by second mortgages.

Housing finance agencies and other government entities may also issue tax credit loans, which home buyers may use to satisfy the FHA 3.5 percent downpayment requirement.

In addition, approved FHA lenders will also be able to purchase a home buyer’s anticipated tax credit to pay closing costs and downpayment costs above the 3.5 percent downpayment that is required for FHA-insured homes.

More information about the guidelines is available on the NAHB web site. Read the HUD mortgagee letter (pdf) and an explanation of the FHA Mortgagee Letter on Tax Credit Monetization (pdf). An FAQ about monetization (pdf) is available at the NAHB web site.


If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.


For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.

Patrick Murney

Why Murney Associates
We’re a young company with a proven track record.
Murney Associates is Springfield’s fastest-growing, most progressive real estate company.
Founded in July, 1997 with a small core group of seven, we’ve gathered 200 of the area’s top sales associates, backed by an expert management team and skilled support staff.
Today, we’re proud to be a market leader in residential listings and sales, in addition to offering specialized Commercial, Investment and Auction services.
According to Real Trends 500, an annual report of the 500 largest real estate brokers in the U.S., Murney Associates ranked #278 among more than 80,000 real estate companies nationwide and #97 among independent real estate firms, in terms of closed transaction sides during the year 2000.
Our 2001 sales volume topped $325 million — a 29% increase over the previous year.
More than 65% of our listings are sold by our own agents, who’ve achieved an average annual sales volume of more than $2 million per agent!
But more important than the recognition and numbers, Murney Associates can offer you the expertise and superlative service to gain your respect and exceed your expectations.
“Our main goal was never to be the largest real estate company, just the best.” — Patrick Murney
• Voted “Best of the Ozarks” in the Springfield News-Leader’s 1999, 2000 & 2001 annual reader surveys
• Voted “Best Real Estate Agency in the Ozarks” by readers of 417 Magazine in 1999 & 2000
• Received a Springfield Business Journal Economic Impact Award in 2000
• Member Better Business Bureau of Southwest Missouri
• Member Springfield Area, Nixa & Branson/Lakes Area Chambers of Commerce
• Member Springfield Home Builders Association • Member Greater Springfield Board of REALTORS• Member of Multi-List Service Springfield Board of REALTORS• Missouri & National Associations of REALTORS
• Member RELO national relocation network

Moving and Saying Good Bye

How to make moving and saying goodbye fun.Have a party for the specific purpose of saying goodbye to your friends and neighbours. Hold it a month or two before your actual move. Make this a strictly informal time with an atmosphere that's warm and friendly. This will probably be an emotional time, but it also helps you realize these people will remain your friends, even though you will be separated by distance.

Moving

If you are planning on moving this year Patrick Murney and his team can help. They are by the far the best in the business.!

Leading Real Estate Group Joins Patrick Murney and Murney Associates

Leading Real Estate Group Joins Murney Associates, Realtors

Murney Associates, Realtors, ranked as one of the Nation’s top 100 real estate companies, is proud to announce The Stenger Group has joined the company.

The Stenger Group brings decades of Real Estate experience, and consists of Beverly, Holly and Neil Stenger.

With 20 years Real Estate experience, Beverly Stenger is a Multi-Million Dollar Producer with an ABR Designation. The Springfield native is a graduate of SMSU and an active church and civic volunteer. Beverly will work from the Primrose Office of Murney Associates.

Also a Springfield native, Holly Stenger is an experienced Real Estate Agent with a Bachelor’s Degree from Missouri State University and an MBA from Pepperdine University. Holly will work from the Primrose office of Murney Associates.

Joining Murney Commercial, Neil Stenger brings 27 years of business ownership and 10 years of land development experience. Neil has earned a Master’s in Business Administration and holds the GRI designation with an emphasis in Commercial Real Estate. He will work from the Republic Road office of Murney Associates.

Murney Associates has five locations. Managing brokers Twila Hillme, Sherre Lane, Harry Chalfant, and Jeff Parker, lead the day-to-day operations at the company headquarters. Melinda Hayes is the branch manager for the Nixa office and Wanda McMullin manages the Ozark office.

Patrick Murney, Realtor

Patrick Murney

When choosing a realtor

Selecting Patrick Murney was the best decision I ever made when selling my home. I would recomend him highly!