Goodyear, AZ

Last week I posted about the good retail news, well this week the bad news hit! Westcor is asking the City of Goodyear to extend the deadline for Estrella Falls Mall to be finished as far out as 2016. The current development agreement with Goodyear; requires Westcor to finish the mall by the end of 2012. Westcor is offering to prepay the city permits and related fees to help make up a city budget shortfall. I can't imagine the City has many options but to go along with Westcor when they meet Dec. 7.

Now is the best time we have seen in decades to buy a new home, and we may not have this opportunity again. Here are three reasons to buy a home now:

•1. Incredible Value, there are many homes on the market in Goodyear, Palm Valley, Estrella Mountain Ranch, Verrado, and the Entire West Valley area that are incredible values.

•2. Record low interest rates, last week interest rates edged blow 5% on 30 year fixed mortgages.

•3. Tax Credits, the first time home buyers tax credit has been extended and expanded to include existing homeowners.

The combination of these three factors should be a huge motivator for anyone considering a home purchase to move on it now; the tax credit opportunity will pass mid 2010 and as the economy recovers interest rates will rise. Contact us at www.myPHXagents to find your new home.

HOME BUYER TAX CREDIT EXTENDED TO FIRST TIME HOME BUYERS AND EXISTING HOME OWNERS GOODYEAR, ARIZONA

President Obama signed into law the extension for first time home buyer and existing home owner tax credit. The National Association of Realtors and other leading organizations lobbied for this law to jump start the real estate industry after a heavy hit for the past two years. The real estate industry got us into this slump and it has to get us out of this rut. I know many people will be in position to purchase homes at the start of the year here in Goodyear, Arizona. We are coming up to the busiest season in real estate and I am ready for it.

A person is considered a first time home buyer when he/she has not owned a primary home in the past three years. They are eligible to receive up to an $8,000 home buyer tax credit or 10% of the value of the home which ever is less. The home must be a principal residence. The credit is refundable even if one does not owe taxes. Many people have taken full advantage of this tax credit since it has been in place.

Existing home owners who have lived in their primary house for five years or more will be eligible for a $6,500 home buyer tax credit. There are income limits to include $125,000 for single filers and $225,000 for joint filers. These are exactly the same for first time home buyers in the above paragraph. The credit will be gradually phased out for single people who make over $145,00 and married couples that make over $245,000.

This bill has been extended with the following important dates:

1. All contracts must be dated by April 30th, 2010
2. All deals must close on or before June 30th, 2010 to receive the tax credit

It is very easy to obtain your tax credit. First, you can amend your 2009 tax file or you can file it in 2010 tax return. Yes, you will need to send proof that you purchased the house. I would suggest sending in a copy of ones mortgage statement and HUD1 statement for proper documentation.

The Treasury Department has detected a lot of fraud regarding people falsifying documents to receive the tax credit. Personally, it is not worth the amount of money to create a fraud when it comes to the tax credit. I would recommend to take the high road because they will always catch you in the end.

The Real Estate and Beyond Team is ready to assist home buyers to get into their house to receive the tax credits.

SEARCH FOR HOMES IN GOODYEAR, ARIZONA AND SURROUNDING AREAS

OBTAIN A HOME MORTAGE RIGHT NOW

Good news this past week for the Goodyear retail scene, Goodyear Centerpointe has a new tenant to replace Circuit City. Home Spaces will occupy the space vacated by Circuit City next to BevMo. Home Spaces is expected to open in November and offer a higher end product line. This announcement and the re-opening of Basha’s and the recent opening of the Red Robin restaurant all in the immediate area of the future Estrella Falls Mall are encouraging signs. All of us in Goodyear and the Palm Valley area are anxiously awaiting Westcor’s announcement of when they will begin construction on the regional mall phase of Estrella Falls, which is sure to help the real estate market in the area.

Camelot Homes is going to start building homes at Cortile in Palm Valley Goodyear in the first quarter of 2010. New floor plans are going to be introduced with smaller square footage, evidently as small as 1700 sq ft starting in the low 200's. I can't wait to see what they are going to introduce, with their reputation of building stylish high quality designs a new smaller lower priced series of homes could be a big hit. I'll post more news when I have it.