Blog :: 2013
Thank you to all who braved the cold on Thanksgiving morning to run for this great cause! Your efforts supported the Wellesley Cancer Prevention Project and the Wellesley Education Foundation.
We at Rutledge Properties were pleased to sponsor this event and hope it added to your enjoyment of the Thanksgiving holiday. Your run helped a lot of people! And we thank YOU.
If you made your home more energy efficient in 2013, you may be eligible for up to $500 of federal tax credit! On January 1, 2013 residential tax incentives for existing home were extended through the American Taxpayer Relief Act of 2012, more commonly called the "fiscal cliff bill", until December 31, 2013. Although this credit may sound small, notice that it is a tax credit, a dollar-for-dollar reduction of your final tax bill, not just a reduction of your taxable income.
To find out if your energy-efficient changes qualify for the federal tax credit, begin by going to the Energy Star website for a detailed description of what changes and products are covered. In general the tax credit applies to:
- Biomass Stoves, up to $300 tax credit
- Heating, Ventilating and Cooling Systems, up to $300 tax credit
- Insulation, up to $500 tax credit
- Metal and Asphalt Roofs, up to $500 tax credit
- Non-Solar Water Heaters, up to $300 tax credit
- Windows Including Storm Windows, up to $200 tax credit
- Doors Including Storm Doors, up to $500 tax credit
If you are eligible, the tax credit applies to 10% of the product price and rarely includes the cost of installation. Additional limits apply to the tax credit:
- $500 is the maximum tax credit you may claim.
- There is a lifetime limit of $500 which began in 2009.
- Tax credits of qualifying improvement can be added together but cannot exceed the $500 limit or your personal lifetime limit.
- The new products must be installed into an existing home, not new construction
- The home must be your principal residence
- The products must be installed by December 31st, 2013
If your upgrades qualify for a tax credit, file IRS Form 5695 with the rest of your tax forms. Make sure you have your product receipts and manufacturer certifications, which are usually located in the product packaging or available on the manufacturer's website, in case the IRS asks for proof.
If you don't qualify for the federal incentives, see if there is a Massachusetts tax credit that you can claim.
Strong demand and still limited supply have left us stumped as to why potential sellers continue to remain on the sidelines of the market. Every month since June, we have written about the shortage of houses for sale in Wellesley, the speed at which Wellesley homes are going under agreement and the larger number of buyers combing the Wellesley market. It's a phenomenon the entire greater Boston area is experiencing - today's real estate market is clearly a seller's market. Yet we hear story after story of families hesitating to list.
The Boston Globe recently profiled three families who delayed selling their homes, becoming more and more cramped in their current houses, only to discover the selling process was quick and quite profitable. In each case, the family received multiple offers, above listing price, within days of listing. Wonderful success stories for families who could have enjoyed moving to roomier homes so much sooner.
According to the Massachusetts Association of Realtors, "Despite regular reports of multiple offers and bidding wars, new listings have risen only slightly over the past year, far from enough to keep up with surging demand." If you are considering a move, whether to accommodate your growing family or to downsize, take advantage of the surging demand. Benefit from the seller's market!
There is an art to choosing the right price at which to list your home, even in a seller's market. Contact us to talk through the best listing price for your house and the steps to put it on the market. You may be surprised at how simple and profitable moving off the sidelines may be.
30 Leighton Road Wellesley $739,000 NEW PRICE
8 Washington Street Sherborn $1,469,000 NEW PRICE
316 Walnut Street, Wellesley $1,399,000 NEW LISTING
WELLESLEY - Elegant 1925 Arts and Crafts home in Poet's Corner, sited on quiet corner, level lot. Exquisite character coupled with all the amenities today's buyers want -- oversized custom kitchen and adjacent gas fireplaced sitting area and butler's pantry, a first-floor office, well proportioned dining room, sun-filled family room and living room with french doors leading to a beautiful patio. Four bedrooms, finished third floor and basement, central air, two-car garage and walk to Warren park make this a perfect package! EXCLUSIVE $1,399,000 http://www.rutledgeproperties.com/listing/71602742/316-walnut-street-wellesley-ma-02481/
WELLESLEY - Welcome to Wellesley Hollow Condos, convenient to shops, library, walking trails and Boston. Stunning granite stainless kitchen with pantry opens to the spacious living room and dining room large enough for family gatherings. Bright and sunny adjacent den has sliding glass doors leading to the balcony for outside seating. The bedroom suites are located at opposites ends of the unit allowing for privacy. The condo comes with a one car garage as well as an additional assigned parking space. This 55+ community has a fitness center, club room and welcomes pets with restrictions. Now it's your time to enjoy life! EXCLUSIVE $489,900 http://www.rutledgeproperties.com/listing/71601383/12-russell-road-wellesley-ma-02482/
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