Downsizing

Oh-h-h! Have you ever thought you needed to get rid of "stuff." That's what downsizsing is all about. Most often I hear older couples or "empty nesters" commenting on this need. It's true that taking care of a home gets more difficult as we age or a large home may no longer seem economical. Unfortunately, downsizing is not easy. Why not? Because we become emotionally attached to our belongings and we realize "something has got to go." Faced with the reality of having a thousand or so less square feet of space the end result is to recognize "I just can't part with my formal dining room suite," or "I need ("want") all those tools; I can't do with a smaller garage and I just must have a shop." Yes, it is a reality check and hard work to downsize. So, older homeowners need to confront this issue early. If you decide to downsize you really need to get started on this project a year in advance of making your move.

Limestone County Schools

Good going! On June 26th the News Courier reported that Limestone County Schools had achieved County wide accreditation. This is a more prestigious achievment than an individual school attaining accreditation since it means the entire county school system is accredited. The accreditation was granted based on a review by an AdvancEd quality assurance team. So, how good is this accomplishment? John Wayne King, County School Board member said it may be the first county wide accreditation in the state. The News Courier quoted our County Schools Superintendent Barry Carroll saying "This is a huge accomplishment by our district." He also said, "The visiting team members were very impressed with our school system. I believe they recognized that our employees are our greatest strength. They saw evidence of our mission, goals and objectives and how we work together as a team to provide a quality education for all our students."

THE MARKET HERE

It's better than you read about in the newspaper. True, the real estate market in Athens and Limestone County is not as good as it was in 2007 and the early months of 2008, and it is best characterized as a buyer's market. That said, due to this area's employment record exceeding so many other areas, and the growth prospects of 2010 because of the BRAC, our market has held up better than most. If you are not familiar with the term "BRAC," ask me.

TAX BREAK! FIRST TIME HOME BUYERS!

First, even if you've previously owned a home Uncle Sam says you are a first time buyer if you haven't owned a home in the past three years.

If you are a first time buyer and purchase a home on or after Jan. 1, 2009 and before Dec. 1, 2009, you may qualify for this TAX CREDIT. Tax credits are better than deductions as they count dollar for dollar against income rather than being tied to an income bracket in the tax tables. A potential disqualifier might be if one partner, husband or wife has owned a home within the past three years.

Potentially, qualifying purchasers can get an $8,000 tax credit to use against either their 2008 or 2009 Federal Income Tax. This is a really good deal and can go a long way toward helping individuals or couples to reduce the costs of homeownership; however, there are qualifying income levels. Ask me about this, or talk to your tax preparer or accountant.