• Nov. 6, 2009 - Tax Credit Extended --See Changes!
As you have probably heard by now, the tax credit has been officially approved! The President signed a bill this morning that extends the $8,000 tax credit for first time homebuyers as well as opens up an opportunity for current homeowners to get their hands on up to $6,500. Here’s the highlights:
Two Ways to Qualify for the Tax Credit
First-Time Homebuyers (FTHBs): First-time homebuyers (a person who has not owned a home for the last 3 years) may be eligible for the tax credit. The credit for FTHB’s is 10% of the purchase price of the home, with a maximum available credit of $8,000. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five years during the last eight years. Again, single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
What are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Higher Income Caps
The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. The previous tax credit limited this income to $75,000. Those who earn more than this cap can receive a partial credit. Joint filers who earn up to $225,000 are eligible for the total credit amount. Previously the income limit for married couples was $150,000. Those who earn more than this cap can receive a partial credit.
Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sale price of $800,000. The previous tax credit had no limit on the purchase price of a home.
If you have any questions about the tax credit or any other pieces of this legislation, please don’t hesitate to call or e-mail me. As always, my team will be available this weekend for any pre-approvals you might need. On a side note, Jeremy and I attended “The Future of Short Sales and the Arizona Economy” presentation this morning at the Phoenix Association of Realtors. There was a ton of great information so I will be putting our notes together to send your way in the next few days. |
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• Sep. 29, 2009 - Kirkland Market August 2009
• Sep. 19, 2009 - Fall Market
THE FALL MARKET IS ALMOST HERE—AND IT LOOKS ROBUST!
As summer begins to wind down, new opportunities loom on the horizon. Home sales are on the rise, making opportunities for the autumn season ripe for the picking.
Have you been waiting for that elusive “bottom of the market”? Or have you been waiting for rates to fall further? If you’ve been contemplating a new home purchase for any reason, but haven’t moved forward yet, you’d better move fast. Buying now -- before the fall season hits high gear -- is your best bet for saving money in the long run.
Why do I think the fall market will be so strong?
1. Low interest rates.
Nobody thought interest rates would stay as low as they have for such a long period of time. And nobody knows when they’re going to start climbing again.
That’s why it’s critical to get into the market now. When activity soars, interest rates will go up—and you will have lost your chance to take advantage of today’s historically low rates.
2. Consumer confidence is on the rise.
From “For Sale” signs to newspaper listings to open houses, the indicators are everywhere—and they’re unmistakable. In communities all across Washington, real estate transactions are on the rise.
As a result, the market is becoming more crowded with buyers. With more people clamoring to buy, prices will rise. Once this cycle begins, today’s opportunities will evaporate.
3. Housing demand is high.
Immigration, a strong job market, and scenic beauty keep Washington in the forefront of places to live in America. Housing demand remains steady for the industry leaders who live, work, and thrive here.
This means more competition for you as a home buyer. This is why it’s so important to get into the market before everyone else does. Buying now offers you more choices and lower prices.
Combine all three factors and it’s plain to see that now is the time to buy—beforethe fall market has a chance to take off. For a free report on where the market is headed, just give me a call at 425-503-8862 or sense me an email at lgoulden@comcast.net. The report will show you that now is the time to buy. |
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• Aug. 28, 2009 - Tax Credit --time is running out!
As most of you know, the government $8000 tax creit for first time homebuyers in coming to an end soon. With interest rates at all time lows, home prices now affordable, and recent zero down programs entering the market again....now is the time to get your friends or family who have always dreamed of buying a home a chance to fullfill that dream. Have them call me! Technically they can get $8000 back when they buy a home.
$8,000 Home Buyer Tax Credit at a Glance
The information on this page pertains to the American Recovery and Reinvestment Act of 2009.
· The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
· The tax credit does not have to be repaid.
· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
· The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
· Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. |
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• Jul. 24, 2009 - SOLID DATA SHOWS THE REAL ESTATE MARKET IS BEGINNING TO REBOUND
SOLID DATA SHOWS THE REAL ESTATE MARKET IS BEGINNING TO REBOUND
In their recently released “Sentiment Survey”, the Real Estate Roundtable announced that real estate experts from all around the country believe that market conditions are improving despite the current economy.
The Real Estate Roundtable is a widely respected association comprised of senior principals from America’s top public and privately owned real estate entities. These are executives and business leaders who head development companies, as well as lending and management firms.
The Roundtable is important because every quarter, they commission a “Sentiment Survey”. This is a survey conducted by the FPL Advisory Group, an unbiased third party hired to capture the opinions, thoughts, and perspectives of people who work in real estate every day.
Every question answered for the Sentiment Survey is a personal insight on what is seen and felt “in the field”. Such an approach makes the survey a very human barometer of what’s going on, with a “street level” methodology.
During the meeting for the second quarter of 2009, the Roundtable found that almost 60 percent of the survey’s 120 respondents fully believe that the real estate market will improve within a year. This surge of optimism is directly related to an uptick in the “Overall Q2 2009 Sentiment Index”.
The index, as opposed to the survey, is measured on a scale from 1-100. It combines data from recent quarters and derives an average. The current number for the second quarter of 2009 is 41. This is up from 38 in Q1, and 33 in Q4 of 2008.
The Sentiment Survey also indicated that 88 percent of respondents report loans being harder to get now than one year ago. However, a full 68 percent predict that one year from now loans will be much easier to get.
In essence, all these numbers indicate that consumer confidence is growing, and that confidence is fueling an improvement in market. The future is getting brighter—and there is now solid data to back it up.
For even more data about your local community and how it stacks up to the national numbers, give me a call at 425-503-8862. |
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• Jun. 15, 2009 - $8000 First time home buyer credit
$8,000 Home Buyer Tax Credit at a Glance
The information on this page pertains to the American Recovery and Reinvestment Act of 2009.
· The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
· The tax credit does not have to be repaid.
· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
· The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. |
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• May. 15, 2009 - SMART SELLERS LISTEN WHEN THEIR REAL ESTATE AGENT SPEAKS
SMART SELLERS LISTEN WHEN THEIR REAL ESTATE AGENT SPEAKS
Sellers often become defensive or insulted when a real estate makes recommendations for changes prior to putting their home on the market. If you find yourself working with an agent who wants you to make changes, consider yourself fortunate. He or she could be worth thousands of dollars to you.
Real estate agents walk through hundreds of homes every year. They know what works and what doesn’t. If they see something that will be a deterrent to you getting as much money as possible, it is their responsibility to suggest that you make a change or improvement.
This is by no means a reflection on your personal taste. It’s simply a professional’s opinion, based on years of experience. A good real estate agent knows what gets a buyer emotionally charged when walking in the door.
Here are some of the most common recommendations real estate agents make:
1. “Spruce up your curb.”
Curb appeal is so important. Any seller who doesn’t take a good hard look at the first impression a home makes when a stranger first pulls into the driveway is throwing away thousands of dollars. You need to get your yard in tip-top shape.
This may mean adding some “beauty bark”, trimming hedges, sweeping the front porch and sidewalks, mowing the lawn, and adding flowering plants and shrubs. A well-manicured yard puts money in your pocket.
2. “Change the entryway.”
When you first open the door, what do you see? What impact does your home present to the buyer at the first step inside? Your real estate agent may tell you to improve the entry area by removing some furniture, or by adding something that may not match your taste.
Don’t be offended. First impressions count. You want your home to make the buyer say “Wow!” as they walk in the door. Your real estate agent is an expert on how to do this.
3. “Buy some heavy-duty odor neutralizer.”
If you have a dog or cat, you may not even realize that your home has pet odors. You’ve become conditioned to them over time, but when a non-pet owner walks in they may be repulsed by the smell. Again, this is not intended as an insult. It’s just a fact of life that a good real estate agent will point out to you.
The same goes for mildew, rotting wood, or other odors that you may have grown accustomed to over the years. Listen to your real estate agent if he or she tells you there is an odor that needs to be negated.
4. “Get rid of the clutter.”
Clutter is another big mistake in terms of impact. You may have collections of trinkets or fancy decorations that your real estate agent tells you to put away. Less is more, so the sparser you can make your home, the better. A cluttered home definitely has a negative effect on buyers when they walk in the door.
5. “Redecorate and shine up your bathroom.”
If there’s one area to which you want to pay particular attention, it’s the bathroom. Make sure it’s perfect. Caulk all your tiles. Clean your toilet daily. Shine the floor.
This one room can make or break a sale. If a real estate agent tells you that you need new towels, he or she knows. Just do whatever it takes to get top dollar for your home without being insulted.
A good real estate agent isn’t afraid to tell you the truth, so don’t be afraid of hearing it. If you want top dollar for your property it’s in your best interest to do what your agent suggests.
For a free evaluation of areas that may need improvement to sell your home, give me a call at 425-503-8862 or email me at lgoulden@comcast.net. I know exactly how to present your home to help you get top dollar when you sell. |
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