About Yamhill County, OR

There were a total of 43 real estate transactions sold/closed in the month of January, 2010 in Yamhill County. The following is a breakdown by town:

McMinnville: 18 Sales $ 7,500 to $555,000

Newberg: 10 Sales $115,000 to $307,542

Dundee: 3 Sales $125,000 to $199,900

Dayton: 2 Sales $250,000 to $360,000

Lafayette: 3 Sales $169,900 to $254,000

Sheridan 3 Sales $ 61,000 to $185,000

Amity: 1 Sale $254,900

Willamina: 1 Sale $135,000

Carlton: 1 Sale $199,900

Grand Ronde: 1 Sale $160,000

If a town/city is not mentioned it is because there were no closed sales for that month in that particular location.

We are seeing a slight rise in upper end activity, this is a good thing and hopefully a trend that will continue.

The first time and extended home buyer credit is about to come to an end and interest rates are expected to start rising soon so if you haven't yet taken advantage of the credit or the low interest rates, now is the time.

Homes must be pending by April 30, 2010 and closed by June 30, 2010. This is a once in a lifetime opportunity and if you miss it, you will regret it.

Wondering what to do over the Holidays? Here are a few things going on in Yamhill County you might enjoy.

December 19, 2009:

Polar Express Pajama Day: Evergreen is hosting this event which will include festive crafts, and a book reading of The Polar Express by Chris Van Allsburg. The Polar Express in IMAX, tops off the event. Doors open at 9:30am. For more information or reservations, call Erin Willison at 503-434-4185, ext 4926 or email erin.bosnjak@sprucegoose.org.

December 19, 2009:

The Family Classic "The sound of Music" at Gallery Theater: 210 N. Ford Street. A great family event for the holiday season. Curtain: Friday & Saturday 7:30pm and Sunday 3:00pm. Gallery's box office is open Tuesday through Friday; 12-6pm. Phone 503-472-2227

Allison Inn Music and Holiday Packages:

On Friday, Saturdays and Sundays in the stunning Living Room at The Allison Inn & Spa, popular jazz artists including Jonny Marin, Barbara Lusch, Belinda Underwood and Don Jansen will play in successive weeks along with groups including Tall Jazz and Key of Dreams. Fridays and Saturdays, music will be featured from 6-10pm. On Sunday Don Jansen performs on classical guitar from 10:30 am to 1:30 pm. Visit their website for more information at www.theallison.com

62 Sales Total Between November 8, 2009 and December 8, 2009

Lowest Price Highest Price

Newberg: 25 Sales $ 49,000 $630,000

Dundee: 5 Sales $ 39,000 $429,000

Dayton: 2 Sales $195,000 $252,000

Lafayette: 4 Sales $169,500 $189,900

McMinnville 19 Sales $ 6,000 $387,000

Carlton: 1 Sale $200,000

Yamhill 1 Sale $150,000

Sheridan 4 Sales $100,000 through $169,500

Willamina 1 Sale $ 99,800

*Data taken from the Regional Multiple Listing Service

10 Important Facts about the Extended First-Time Homebuyer Credit

If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. Congress recently passed The Worker, Homeownership and Business Assistance Act Of 2009, extending the First-Time Homebuyer Credit and expanding who qualifies.

Here are the top 10 things the IRS wants you to know about the expanded credit and the qualifications you must meet in order to qualify for it.

1. You must buy - or enter into a binding contract to buy a principal residence - on or before April 30, 2010.
2. If you enter into a binding contract by April 30, 2010 you must close on the home on or before June 30, 2010.
3. For qualifying purchases in 2010, you will have the option of claiming the credit on either your 2009 or 2010 return.
4. A long-time resident of the same home can now qualify for a reduced credit. You can qualify for the credit if you've lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the new home is purchased and the settlement date is after November 6, 2009.
5. The maximum credit for long-time residents is $6,500. However, married individuals filing separately are limited to $3,250.
6. People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after November 6, 2009. The full credit is available to taxpayers with modified adjusted gross incomes up to $125,000, or $225,000 for joint filers.
7. The IRS will issue a December 2009 revision of Form 5405 to claim this credit. The December 2009 form must be used for homes purchased after November 6, 2009 - whether the credit is claimed for 2008 or for 2009 - and for all home purchases that are claimed on 2009 returns.
8. No credit is available if the purchase price of the home exceeds $800,000.
9. The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
10. A dependent is not eligible to claim the credit.

For more information about the expanded First-Time Home Buyer Credit, visit IRS.gov/recovery.

Links:

• First-Time Homebuyer Credit
• IR-2009-108, First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify

YouTube Videos:

• Recovery: New Homebuyer Credit - November 2009
• Consejo Tributario: Consejos Tributarios de Fin de Año Noviembre 2009

Homebuyer Tax Credit Extended and Expanded

Great news for homebuyers! The Homebuyers Tax Credit has been extended into the first half of 2010...and it has been expanded to include benefits for current homeowners!

Who Qualifies? First-time homebuyers may be eligible for the tax credit worth 10% of the purchase price of the home, with a maximum available credit of $8,000.

In addition, the program now gives current homeowners an additional reason 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 consecutive years during the last eight years.

Eligible Incomes: Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more can receive a partial credit; however, single filers who earn $145,000 and above are ineligible.

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more can receive a partial credit; however, joint filers who earn $245,000 and above are ineligible.

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.