Lancaster, CA

If you are a homeowner wanting to move up, this might help you make that decision.

What is the definition of a move-up or repeat home buyer?
The law defines a tax credit qualified move-up home buyer ("long-time resident") as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.

What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.

It is important to note that you cannot purchase a home from, among other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse's family members. Please consult with your tax advisor for more information.

I read that the tax credit is "refundable." What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $6,500 home buyer tax credit. As a result, the taxpayer would receive a check for $5,500 ($6,500 minus the $1,000 owed).

Good Luck All!

Please be very careful out there. We all know how many scams there are and they can be very clever. I hope you find this info useful.

The first phase of the 2010 U.S. Census is under way as workers have begun verifying the addresses of households across the country. Eventually, more than 140,000 U.S. Census workers will count every person in the United States and will gather information about every person living at each address including name, age, gender, race, and other relevant data.

The big question is - how do you tell the difference between a U.S. Census worker and a con artist? BBB offers the following advice:

If a U.S. Census worker knocks on your door, they will have a badge, a hand held device, a Census Bureau canvas bag, and a confidentiality notice. Ask to see their identification and their badge before answering their questions. However, you should never invite anyone you don't know into your home.

Census workers are currently only knocking on doors to verify address information. Do not give your Social Security number, credit card, or banking information to anyone, even if they claim they need it for the U.S. Census.

REMEMBER, NO MATTER WHAT THEY ASK, YOU REALLY ONLY NEED TO TELL THEM HOW MANY PEOPLE LIVE AT YOUR ADDRESS.

While the Census Bureau might ask for basic financial information, such as a salary range, YOU DON'T HAVE TO ANSWER ANYTHING AT ALL ABOUT YOUR FINANCIAL SITUATION!!

The Census Bureau will not ask for Social Security, bank account, or credit card numbers, nor will employees solicit donations. Any one asking for that information is NOT with the Census Bureau.

AND REMEMBER -- THE CENSUS BUREAU HAS DECIDED NOT TO WORK WITH ACORN ON GATHERING THIS INFORMATION. No Acorn worker should approach you saying he/she is with the Census Bureau.

Eventually, Census workers may contact you by telephone, mail, or in person at home. However, the Census Bureau will not contact you by Email, so be on the lookout for Email scams impersonating the Census. Never click on a link or open any attachments in an Email that are supposedly from the U.S. Census Bureau.

PLEASE SHARE THIS INFORMATION WITH FAMILY AND FRIENDS.

Please be very careful out there. We all know how many scams there are and they can be very clever. I hope you find this info useful.

The first phase of the 2010 U.S. Census is under way as workers have begun verifying the addresses of households across the country. Eventually, more than 140,000 U.S. Census workers will count every person in the United States and will gather information about every person living at each address including name, age, gender, race, and other relevant data.

The big question is - how do you tell the difference between a U.S. Census worker and a con artist? BBB offers the following advice:

If a U.S. Census worker knocks on your door, they will have a badge, a hand held device, a Census Bureau canvas bag, and a confidentiality notice. Ask to see their identification and their badge before answering their questions. However, you should never invite anyone you don't know into your home.

Census workers are currently only knocking on doors to verify address information. Do not give your Social Security number, credit card, or banking information to anyone, even if they claim they need it for the U.S. Census.

REMEMBER, NO MATTER WHAT THEY ASK, YOU REALLY ONLY NEED TO TELL THEM HOW MANY PEOPLE LIVE AT YOUR ADDRESS.

While the Census Bureau might ask for basic financial information, such as a salary range, YOU DON'T HAVE TO ANSWER ANYTHING AT ALL ABOUT YOUR FINANCIAL SITUATION!!

The Census Bureau will not ask for Social Security, bank account, or credit card numbers, nor will employees solicit donations. Any one asking for that information is NOT with the Census Bureau.

AND REMEMBER -- THE CENSUS BUREAU HAS DECIDED NOT TO WORK WITH ACORN ON GATHERING THIS INFORMATION. No Acorn worker should approach you saying he/she is with the Census Bureau.

Eventually, Census workers may contact you by telephone, mail, or in person at home. However, the Census Bureau will not contact you by Email, so be on the lookout for Email scams impersonating the Census. Never click on a link or open any attachments in an Email that are supposedly from the U.S. Census Bureau.

PLEASE SHARE THIS INFORMATION WITH FAMILY AND FRIENDS.

East Lancaster, California Real Estate

We here at the Gockel Group, continuously monitor local real estate statistics to keep our clients informed and ahead of the real estate trends. Below you will find East Lancaster real estate statistics for the last seven days.

Total inventory today is: 177
Of these, the number that are short pays is: 48
Number of homes entering the market in the last 7 days: 30
Of these, the number that are short pays is: 5
Number of homes entering escrow in the last 7 days: 26
Number of homes closing escrow (sold) in the last 7 days: 43
Of these, the number that are short pays is: 4
Number of homes cancelled/removed/expired/withdrawn from the market in the last 7 days: 13

See my 24 hour Market Report of the entire Antelope Valley by viewing A.V. Real Estate Trends (or paste www.gockelgroup.com/charts to your browser)

View my top 10 listing picks of the day for this area.

To find the true value of your home with a free, over-the-net home evaluation, please visit: Palmdale, Lancaster & Antelope Valley Real Estate Online (or paste www.homes-on-the-web.com to your browser).

Now you can locate homes that match your needs as you drive through the neighborhood. This custom application runs on your bluetooth enable phone and makes use of the built in GPS technology. Try this simple and free application now, just click HERE to start using this new technology to find your dream home, or text HOTW to 87778.

If you would like a free list of homes for sale in the area, would like more information about East Lancaster or would like to speak directly to a professional agent, then give me a call:

Don Gockel, GRI, Realtor®
DRE #01319651
The Gockel Group
888-455-1543

Palmdale, Lancaster & Antelope Valley Real Estate Online
(or paste www.homes-on-the-web.com to your browser)
To send me email - click here
(don@homes-on-the-web.com)

Have you noticed how much nicer Short Sale listings look in comparison to REO properties. Then why are they harder to sell? Good question. Up until recently, banks have been taking...3,4,5 or more months to get an answer. That's Nuts! Well, at least here in California, the banks are finally listening to the Real Estate Industry (except BofA) and are starting to respond. I prefer selling Short Sales more than REO's because in many instances, they are move-in ready as the people are still maintaining the property and they are prices competitively with all other homes. The key word here is maintaining the property.If you can keep the property look good, you have a much better chance of selling it over the REO competition. I am always asked the difference between Short Sales and Foreclosures. Probably the main reason to do it is because it will affect your credit 2-3 years as a foreclosure 5-7 years. That's a big reason! I have been selling and listing Short Sales for the past year and I can tell you that most of the time people do not want to move but they have no choice. Many people have taken an income hit and the banks, for whatever reason have decided to not do a loan mocification. It is up to us to counsel them and help them get through this. We all need to make a living but COMPASSION should be a priority.

Good Luck