Jim Willis knows Virginia Beach Area Real Estate

Hooray!!!!! The $8,000 Homebuyers Federal Tax Credit has been extended and much, much, much more!! President Obama signed the bill that includes extension and expansion of the Homebuyer's Federal Tax Credit on November 7th, 2009.

In this Homebuyer Federal Tax Credit part of the bill, funding will be available for Home purchases up to May 1, 2010. Home Buyers who have ratified/binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction. The Homebuyers Federal Tax Credit remains at $8,000 for first-time Homebuyers and Homebuyers who have not owned a Home in the past 3 years.

In addition their is a new $6,500 tax credit for repeat Homebuyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their Homes consecutively for five of the previous eight years. Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.

Also, good news for members of the Armed Forces who are called on for overseas extended duty. These members of our military and uniformed services, who are out of the country for at least 90 days, will also be eligible to use the Homebuyer's Federal Tax Credit upon their return through April 30th, 2011. That's April 30th, 2011, not April 30th 2010.

Va Beach Jim

Visit my Real Estate site www.googlejim.com where All Homes for Sale in Virginia Beach, Norfolk, Chesapeake, Portsmouth, Suffolk and All Surrounding areas of Va are available! My site is easy to navigate, updated daily and no registration is required. Take a look around and start searching for your new Home! Details, Addresses, Photos, Maps, Calculators at each Home.

Yes, yes, and yes!!!! The Bill that includes The Homebuyers Federal Tax Credit has been passed by the Senate and the House and, as the MBA ( Mortgage Bankers Association) indicated in a release today that "we anticipate that President Obama will sign the bill in very short order"!! Great news for many many Homebuyers and definitely this bill includes more Homebuyer's then ever before.

See below for information on this part of the bill that was included in a Blog I sent out on 11/05/09.

"In this Homebuyer Federal Tax Credit part of the bill, funding will be available for Home purchases up to May 1, 2010. Home Buyers who have ratified/binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.

The Homebuyers Federal Tax Credit remains at $8,000 for first-time Homebuyers and Homebuyers who have not owned a Home in the past 3 years.

In addition their is a new $6,500 tax credit for repeat Homebuyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their Homes consecutively for five of the previous eight years.

Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.

As a result of a significant amount of fradulent reporting with the initial Homebuyers Federal Tax Credit new anti-fraud limitations are imposed in the new bill. The White House has signaled that the President will sign the legislation."

Also, good news for members of the armed forces who are called on extended duty. These members of our military and uniformed services, who are out of the country for at least 90 days, will also be eligible to use the tax credit upon their return through April 30th, 2011. That's April 30th, 2011, not April 30th 2010.

Va Beach Jim

Visit my real estate site www.googlejim.com where All Homes for Sale in Virginia Beach, Norfolk, Chesapeake, Portsmouth, Suffolk and All Surrounding areas of Va are available! My site is easy to navigate, updated daily and no registration is required. Take a look around and start searching for your new Home! Details, Addresses, Photos, Maps, Calculators at each Home.

The extension of the Homebuyer Tax Credit is seeming more and more probable. The Senate has been in negotiation on an agreement regarding the expansion and extension of this important issue and an agreement has been reached!. The extension is part of a larger bill that has not yet gone to a vote, however.

A Senate vote on the larger bill will happen in the Senate during the 1st week of November, 2009. The package will then go back to the House. The House is expected to accept the Senate amendments, vote on the package and send it to the President for signature. The underlying bill is an extension of unemployment benefits and other issues.


In this Homebuyer Federal Tax Credit part of the bill, funding will be available for Home purchases up to May 1, 2010. Home Buyers who have ratified/binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.

The Homebuyers Federal Tax Credit remains at $8,000 for first-time Homebuyers and Homebuyers who have not owned a Home in the past 3 years.

In addition their is a new $6,500 tax credit for repeat Homebuyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their Homes consecutively for five of the previous eight years.

Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.

As a result of a significant amount of fradulent reporting with the initial Homebuyers Federal Tax Credit new anti-fraud limitations are imposed in the new bill. The White House has signaled that the President will sign the legislation.

It is not official official yet but it looks like this will pass into law in November!

Va Beach Jim

Visit my real estate site www.googlejim.com where All Homes for Sale in Virginia Beach, Norfolk, Chesapeake, Portsmouth, Suffolk and All Surrounding areas of Va are available! My site is easy to navigate, updated daily and no registration is required. Take a look around and start searching for your new Home! Details, Addresses, Photos, Maps, Calculators at each Home.

Well, it's September of '09 and we all have a little bit different idea of where we are as far as hitting bottom in Home Pricing. We know what happens when inventory of Homes for sale go down (which it's doing now--less homes for sale in *S Hampton Roads currently then in 2008 by 3.8%.) AND the gap continues to close between median Sales Prices of Homes in '08 vs '09 (from -12.1% in January of this year to -2.6% in August of '09) AND, Hey, Interest Rates continue to hang around in the 5% range, a little higher but not much. That's good news.

Still time left to purchase a primary or 2nd Home at a great price before Home prices hit bottom and start going up along with increases in interest rates. Also, if your a 1st Time Homebuyer or haven't owned a Home in 3 years you are eligible for an $8,000 Federal Tax Credit with no payback requirements. The catch is this program expires on December 1, 2009. Something to think about. (Some income limits apply--$75,000 for single tax payer in a family and $150,000 for a 2 income family.)

*NOTE: S Hampton Roads includes Virginia Beach, Chesapeake, Norfolk, Suffolk and Portsmouth.

I now have a couple of Clients that are waiting for the bottom in pricing to purchase and they are losing out on Homes they have had their eye on because the Homes have gone under contract. Something to think about.

jim from va beach

Visit my Real Estate Site www.googlejim.com where All Homes for Sale in Va Beach, Chesapeake, Norfolk, Portsmouth, Suffolk and All Surrounding Areas of Virginia are available--Updated Daily! Also lots of information on Schools, City Guides, Bases, and much more!

A lot of people are sending me this information below that was on Good Morning America on 8/12/09 concerning the Virginia Beach, Va Area being the best place to buy a Home in this market. The interview was with a representative from Zillow, a national real estate organization.

"The struggling housing market has buyers searching for the best regions to get a great deal. Nationwide, home values are down 12 percent, compared with the same time a year ago, according to real estate website Zillow.com.

The Best Cities to Buy a Home

When you go to buy a house, low-priced markets is not the only factor you should consider. "The No. 1 factor for a market holding its value over time has to do with what types of jobs are fueling the local economy," said Amy Bohuntinsky, of Zillow.com Look for communities with a strong job market and stable housing values. Some common threads: cities with military bases, state capitals and college towns all fare well because they are more "recession proof," according to Zillow. A strong tourism industry helps too.

Virginia Beach, Va.

For that reason Virginia Beach, Va., is one of the top picks for buyers. The city has a beautiful beach, and three military bases with steady jobs that make it one of the best places to buy. And right now, there are bargains: 30 percent of homes there sell for less than the asking price. "Virginia Beach is an area where home values have fallen, but they appear to have bottomed out," Bohuntinsky said. "If you're a buyer, this is your real, real opportune time to get in there and buy when home prices are at the bottom before they start going up again.'"

virginia beach jim

Visit my real estate site www.googlejim.com where All Homes for Sale in Virginia Beach, Chesapeake, Norfolk, Suffolk, Portsmouth and All Surrounding Areas of Va are available--updated daily! No other site has more Homes for sale in this area; I have All the Homes listed for sale! Also lots of info about Schools, City Guides, Military Bases and much much more!! Call me anytime 757 287 6345