On Nov. 12, 2009, President Obama signed a bill extending the first-time buyer tax credit, worth up to $8,000 to April 30, 2010.
Active buyers who are out and looking in the Tri Valley have a bit more time to identify and purchase their new home and still be eligible for the $8000 Tax credit. With my own clients, I have not seen a lack of motivation, but rather a lack of inventory. With few properties available and multiple offers in play, it's not always possible to win the deal. There are typically fewer homes on the market during the holidays and with the previous deadline ticking away, some buyers were anxious that they would miss out. The extension is a welcome relief, as the extension through early spring gives buyers a bit of breathing room. Here are some additional details:
A new credit of up to $6,500 was approved for existing homeowners, purchasing a new primary residence.For clarification, the buyer must be in contract by April 30th, and has until June 30th to close escrow.This is available to all homebuyers who have been in their current residence for a consecutive five-year period during the past eight years.
The new rule also raises the qualifying income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000.
The maximum allowed home purchase price would be $800,000. A home buyer must have a sale agreement in hand by April 30 and close escrow by June 30, 2010.
Military personnel, deployed overseas for a minimum of 90 days in 2008 or 2009, would have until April 30, 2011 to claim the tax credit.
For frequently asked questions, click here:
The two charts below will give you an indicator of how the local real estate market has changed in a year’s time.
The first chart shows inventory levels, and uses a calculation to determine how many months that inventory would last at the going rate of sale. You can see that it is down dramatically from last October. Buyers who are out looking will let you know that there is often not much available in a given price range, and that many times they are competing with other buyers for the same property.
The second chart shows the relationship between the number of active listings on the market, and the number of properties that have gone into contract in a particular month. You’ll notice that the gap has shrunk considerably from what it was a year ago.
*The information above is based on single family detached homes.
As of Nov.3rd
Active Listings, Detached 119
Active Listings, Attached28
The two charts below will give you an indicator of how the local real estate market has changed in a year’s time.
The first chart shows inventory levels, and uses a calculation to determine how many months that inventory would last at the going rate of sale. You can see that it is down dramatically from last October. Buyers who are out looking will let you know that there is often not much available in a given price range, and that many times they are competing with other buyers for the same property.
The second chart shows the relationship between the number of active listings on the market, and the number of properties that have gone into contract in a particular month. You’ll notice that the gap has shrunk considerably from what it was a year ago.
*The information above is based on single family detached homes
As of Nov.2nd
Active Listings, Detached 159
Active Listings, Attached 38
Need to learn more about Livermore? This ten minute video will give you a quick glimpse into its past, along with some great footage about the recent downtown rennovation resulting in national recognition as a recipient of the Great American Main Street Award in 2009.
The 8th Annual ArtWalk kicks off Downtown Livermore on October 10, 2009. Livermore’s highly recognized Downtown redevelopment provides the perfect atmosphere for enjoying a leisurely stroll while viewing the work of over 150 local artists.
The event runs from 11 a.m. until 5:00 p.m. Artwork includes paintings, photography, pottery, textile art, jewelry and more. One of my personal favorites is my friend and neighbor, Katie Caulk.
You’ll have plenty of restaurants to choose from including Strizzi’s, Harry’s Hofbrau, (The Carvery), Dimitri’s and the newly opened Eddie Pappa’s. Don’t forget to stop by Blacksmith Square to taste some of Livermore’s finest wines.
At day’s end, be sure to go to the Bankhead Plaza, (on First St., right in front of the Bankhead Performing Arts Theater) for an end-of-event featuring live music and the close of the Art Banner Silent Auction.
California DRE#01732313 Residential Realtor, serving the Tri Valley - Livermore, Pleasanton, Dublin as well as parts of Contra Costa County and the East Bay.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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