CFR Market News
Volume 1 Issue 8 February 2010
Office Pic w/Logo

Buy a Home &
You Get a Tax Break
Am I Eligible?

First-time homebuyers & existing homeowners who purchase a primary residence on or after April 9, 2008 and before April30, 2010 are eligible. If you (and your spouse, if married) have not owned a primary residence for a 3-year period before your purchase, and you have never taken advantage of the DC firsttime
homebuyer credit, you qualify as a first-time
homebuyer. Starting November 7, 2009, buyers
who have lived in their primary residence for five
of the last eight years can also qualify for a tax
credit. The credit for repeat buyers also expires
April 30, 2010.*
* Current law allows potential buyers who enter into a written binding contract by April 30, 2010 to close by June 30, 2010 and still claim the credit.

How does it work?

Like all tax credits, it will directly reduce the
total amount of taxes you owe. When
you file your taxes, for the year you purchased your
home, you will be able to subtract the amount of
the credit from your Federal income tax liability,
increasing the size of your refund or reducing the
amount you owe. For example, if your ‘normal’ tax
return shows that you owe $2,000 in taxes, with
this credit, your tax liability could be lowered by
$8,000-which means, in this example, you instead
get a $6,000 tax REFUND check from the IRS.


When the credit was first passed, money was not
available until a buyer filed a tax return after the
home purchase. Several states – 18 and counting –
creatively found ways to make cash available to
buyers at closing through their state housing finance
agencies. The Federal government followed suit.
On May 29, 2009, the Department of Housing and
Urban Development announced guidelines for FHA
lenders that enable them to make the credit available
to buyers to cover closing costs or a down payment
above the 3.5 percent required for an FHA insured
loan. This means the credit can be available at
closing regardless of where you’re purchasing if your
lender participates in this program. Check with your
state housing finance agency as well as your lender
for details.

How big is the tax credit?

The tax credit is equal to 10% of the purchase
price of your home up to $8,000 for first-time
buyers and up to $6,500 for MOST OTHER buyers.

Want more information? Click below:
Expanded Homebuyer Tax Credit-Chase Away Winter Blues

Live Where You Play NOW with Tax Credit

If you’re looking for a place to call your own, we can help. Call us for more information.

All Connestee Falls Realty’s agents are members of NAR. Go to to learn more about the area, see our featured homes and search the Western North Carolina MLS.

3rd Annual Valentine’s Weekend Getaway

Friday, February 12th – Monday, February 15th

Follow your heart to the mountains or…spend the LOVE-liest STAYCATION right here in Transylvania County. “Sweetheart Dance” and “Dancing with our Stars,” dance to the rhythms played by ballroom DJ – Roger Buckner. Vote for your favorite “Dancing with our Stars” including this year: Isaac Allen, Kody Kinsley, Marty & Glenn Ingraham, Phil Kitchen, Sonia Arnold, & Dade Sapp. Pros: Gillian Hillman, Carol Henderson, Kristen Pangle, Amanda Robillon, & Lee Starr. More coming on other 2010 weekend activities..

Friday – February 12, 2010

10:00am-7:00pm  Body & Soul Art Show (Transylvania Community Arts Council)

10:00am-5:00pm  Sweetheart of a Sale (downtown)

5:00pm-8:00pm   Wine & Chocolate Tasting (Main Street Ltd.)

5:00pm-7:00pm    Cupid’s Gallery Walk

7:00pm-8:00pm   “Red Gold” film about salmon struggling to mate (Headwater Outfitters)

7:30pm   Jessica Lee – The Valentine Violinist concert (Porter Center)

Saturday – February 13, 2010

10:00am-4:00pm   Body & Soul Art Show (Transylvania Community Arts Council)

10:00am-5:00pm   Sweetheart of a Sale (downtown)

10:00am   Waterfalls Link with Love (Gorges State Park)

11:00am-1:00pm  Headwaters Hugs & Fishes (fly casting & ties at Headwaters Outfitters)

11:00am-2:00pm   Frog Love in the Pink Beds (Cradle of Forestry)

2:00pm   Waterfalls Link with Love (Gorges State Park)

8:00pm-11:00pm  Sweetheart Dance & Dancing with Our Stars (Brevard Little Theatre/American Legion Hall) Admis. $10

Sunday – February 14, 2010

10:00am-5:00pm  Sweetheart of a Sale (downtown)

11:00am-3:00pm  Nature Lovers Walk (Dupont State Forest)

2:00pm   Waterfalls Link with Love (Gorges State Park)

3:00pm-4:00pm    Porter Center: Silent Screen Star Swoons in “IT” ($10 Admis.)

New original organ score. (Tickets go on sale at 2:00pm and doors open at 2:30pm)

Monday – February 15, 2010 (President’s Day)

10:00am-5:00pm  Sweetheart of a Sale

In This Issue
3rd Annual Valentine’s Weekend Getaway.
Useful Resources

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Dates of Interest

  • 12 Feb-12 March Gallery Exhibit: Body & Soul
  • 19-20 March

    BANFF Mountain Film Festival

  • 13 February Valentine’s Celebration Overlook Clubhouse
  • 6 March                Oscar Night Overlook Clubhouse evening of dinner, dancing & fun!
  • 18 February      Cooking Demo with “Busy Bee Farms” Overlook Clubhouse

Questions or Comments

Office Pic w/Logo
Connestee Falls Realty

5500 Greenville Hwy

Brevard, NC 28712

“We’ll Move Mountains to Make Your Dreams Come True!”

Contact our Team Members

Connestee Falls Realty
Team Members:

Lynda Hysong

Cell – 828-885-277

Susan Green

Cell – 828-553-9094

Dave Scott
dnescott@citcom.netBill Watson
Cell – 828-273-8377

Patti Coleman
Cell – 828-577-1509

Diane Woodard
Cell – 828-577-0405

Peggy Badger
Cell – 828-577-2122

Mike Badger
Cell – 828-577-1853

For Connestee Falls Year End Stats – Click Here

In our Next Issue:

Saying Goodbye to Winter – Hello to Spring!

Try Transylvania First – Shopping Locally Provides Many Benefits!

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