On November 6th, President Obama signed into law an extension and expansion of the popular home buyer tax credit program. It extended the credit to buyers that enter contract on or before April 30, 2010 and close by July 1, 2010. A first time home buyer is considered anyone that has not owned a home in the last three years and is eligible for a credit equal to 10% of the purchase price, up to $8,000 for a couple. The credit has also been expanded to those that own or recently owned homes, as long as it has been a primary residence for five of the past eight years. The credit for home owners is still 10% with a limit of $6,500 per couple on the purchase of a new home. Credit limits are half for individual home buyers or for couples that file separately. There are many more details, please contact me if you would like more information or you may check the cited sources below.
In October, market data was skewed due to first time home buyers entering the market to take advantage of the at-time “first time home buyers tax credit” that required purchases to be closed by November 30, 2009. Pending sales increased for the month more than they had since February 2006. Total closed sales for October 2009 were higher since August 2007 with the highest same month percent increase since January 2005.
Now let’s take a look at real estate market conditions for the Portland-Metro area for the past month. November closed sales were up 72.4% over the same month as last year and pending sales rose by 19.9% as many home sellers buying new homes became eligible for the expanded tax credit.
Still, listings dropped by 7% as some home owners decided they would rather wait to sell their homes at higher prices in a stronger market than accept a lower purchase price with a tax credit. The average sale price for November 2009 was down by 11.4% as compared to last year. Median sale prices were down by 9.8%. In comparison with October 2009, average sale prices were down 3.6% and the median price had dropped by 2.5%. Active inventory, which is calculated by dividing the total number of active listings for a month and dividing it by the number of closed sales, was up to 7.1 months. In October, active inventory was at its lowest since August 2007 at 6.5 months.
Our federal government has provided incentives to buy and sell homes. A seller can now take advantage of the credit to purchase a more expensive home at a lower market value or even to reduce costs and purchase a less expensive property. Buyers have an additional five months to receive an $8,000 credit when they purchase a new home with a market continuing to experience lower real estate prices and interest rates.
Would you like to receive more detailed information about?
• Your neighborhood or neighborhood of interest?
• The extended and expanded home buyer’s tax credit?
• Realtor services?
Please contact me at:
dannyshepard@oregonfirst.com
503-267-8370
All statistics listed are quoted from the November 2009 issue of RMLS Market Action. The Regional Multiple Listing Service releases the previous month’s statistics no earlier than the 15th of the current month.
Tax credit information provided by the IRS at:
http://www.irs.gov/newsroom/article/0,,id=215791,00.html?portlet=7
Additional tax credit information provided by the National Association of Realtors FAQ on Homebuyer Tax Credit Changes, available on request.
The real-estate world is a fast paced industry where decisions need to be made in a quick and orderly fashion. Having the assistance of an honest and reliable Portland real estate agent can make all the difference.
The path to buying a home is an exciting time for you and your family, but one that can also bring additional responsibilities into your life. When buying or selling a home, consumers frequently relay questions to their agents.
Organizations in the Pacific Northwest such as Environment Oregon have been important in removal methods of asbestos and other toxic materials which serve as a threat to many people’s health. The organization is trying to legislate tax credits for people and families who generate renewable energy. There are many green, Eco-friendly materials that replace the need for asbestos and can reduce energy costs annually.
Healthy Tips
Asbestos is a fibrous mineral that was utilized in millions of building and construction applications throughout the 20th century. Due to its flame resistant, highly durable and inexpensive qualities, it became the ideal choice for manufacturers as a form of insulation, piping, brake lining and flooring.
If you suspected asbestos materials are in your home, most home inspectors and contractors advise to leave it un-disturbed as asbestos in good condition does not pose any health risks. Asbestos that is left un-disturbed will normally pose no threat. If asbestos needs to be removed, it should be performed by licensed abatement contractors. These contractors are trained in the handling and disposal of asbestos in public facilities and homes. They can perform the removal in public facilities, homes and work places.
A rare, but severe form of asbestos lung cancer known as mesothelioma is caused solely from exposure to asbestos. Due to the fact many symptoms are similar to less serious ailments, diagnosis of mesothelioma is one of the more difficult tasks physicians encounter. There are a number of factors that can impact a patient’s survival rate. These factors include latency period, age of diagnosis and cigarette smoking.
Oregon Going Green: Homes and Real Estate
Sustainability and energy guide many aspects of life in Portland. The Oregon Environmental Council protects what many citizens of Oregon want to keep: clean air, water, no pollution and healthy food. Their goal is to help individuals move to greener living, help business adapt to these new models and assist political officials in creating clear policy.
Moving to a green Eco-friendly paradigm has become an important part of Oregon’s Real Estate market. Insuring buildings, homes and apartments are up to date is vital to the success of companies and their investments. The move to a greener lifestyle will build on the change to healthier methods of building products, home remodeling and renovation.
There are now many green alternatives to asbestos insulation that can even save and reduce annual energy costs. These options include the use of cotton fiber, lcynene and cellulose.
Cotton fiber is made from recycled batted material and treated to be flame resistant. With the implementation of these recycled materials, waste is also decreasing in landfills. These Eco-friendly forms of insulation will provide a safe and healthy home, free of any damaging materials.
I am holding an open house tomorrow, Sunday, December 6th from 1:00 to 3:00 pm at 10885 SW Meadowbrook Drive, in Tigard, 97224, RMLS number 9083799. This turnkey condo is part of the Summerfield 55 and older community, which means at least 80% of the properties has at least one resident who is 55 or older; one of the rare exceptions to the Fair Housing Act. This open house is part of a community wide tour of 17 properties tomorrow, including condominiums, townhouses, and single family homes that all have access to golf, a swimming pool, a large and modern clubhouse, along with other amenities and community activities.
Zoo Lights November 27th to January 3rd, Sunday-Thursday 5:00 pm to 8:00 pm at the Oregon Zoo
Singing Christmas Tree December 3rd to 5th, Sunday-Thursday at the Pioneer Courthouse Square
Jingle Bell Run Sunday, December 6th, starting at the World Trade Center 121 SW Salmon St at 7:00 am
The Nutcracker December 12th to 27th at the Keller Auditorium, call 503-222-5538 for times
A Christmas Carol November 24th to December 27th at the Portland Center Stage
Holiday Ale Festival December 2nd to 6th at the Pioneer Courthouse Square, 11:00 am to 10:00 pm
Winter Wonderland November 26th to December 27th, Wednesday-Sunday, 5:00 pm to 9:00 pm at the Portland Raceway
Christmas Ships On the Willamette River, check website for times
A Fairytale Christmas through December 31st, 11:00 am to 4:00 pm daily at 3229 NW Pittock Dr, Portland 97220
Peacock Lane Light Show Between SE Stark and SE Belmont St, December 15th to the 31st, 6:00 pm to midnight
The IRS now has detailed information on the extended and expanded Home Buyer Tax Credit. Active Duty military members have an additional year beyond April 30, 2010 to take advantage of the credit and in most cases do not have to repay the credit if they sell their new homes.
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