Dora and Vincent Kwok,CNE - Chandler, Arizona Real Estate

StarBucks is offering a free coffee to everyone that votes on Tuesday, November 4. I didn't see their commercial on SNL, but saw mention of it on my Twitter feed. StarBucks will offer anyone that votes (early voting, absentee voting, etc.) a free tall 12 oz cup of brewed coffee at their participating stores and licensed stores (the ones in the supermarkets) in Chandler and other cities throughout the US on November 4. "If you live in an area without voting proof, then we'll use the honor system." Limit 1 free coffee per customer

StarBucks locations in Chandler

Have some questions about buying or selling real estate in Chandler or in the Phoenix area, let us buy you a cup of coffee and we will answer your questions.

Posted by: Dora & Vincent Kwok - Chandler AZ Real Estate Agents with
Keller Williams Legacy One Realty. We specialize in Chandler Real Estate and other
Southeast Valley homes (Ocotillo,Gilbert, Mesa, Tempe, Scottsdale).
We can be reached at: Dora@KwokProperties.com or (480) 252-3396

Proposition 100 is one of the propositions Arizona Voters will address on November 4, 2008. This proposition is sponsored by No New Home Tax(Arizona Association of Realtors)

If Proposition 100 passes it will prohibit the government from charging real estate transfer taxes when you sell your home. So what is a real estate transfer tax? A real estate transfer tax (RETT) is a state or local government imposed tax that is collected when you transfer ownership of your home, land or commercial real estate. Typically, once the tax is initiated, the rate can be increased by the state, county or city at any time. Do we need more taxes and why would the government want to impose a RETT? Well, it's a source of revenue for the government. We'll be voting YES on Proposition 100. And here's the reasons why:

1. It's Double Taxation
2. It Damages Your Home Equity.
3. It Punishes the Homeowner
4. It Slows our Economy.
5. It Impacts those with Lower Income

So, when you're out at the Chandler, Arizona polls in November, join us by voting YES to Prop 100. A Yes vote means a vote for no real estate transfer taxes

Posted by: Dora & Vincent Kwok - Chandler AZ Real Estate Agents with
Keller Williams Legacy One Realty. We specialize in Chandler Real Estate and other
Southeast Valley homes (Gilbert, Mesa, Tempe, Scottsdale).
We can be reached at: Dora@KwokProperties.com or (480) 252-3396

Could gas cost less than $3.00 a gallon? Was it possible that gas prices have dropped below $3.00? According to to http://www.phoenixgasprices.com/ on Wenesday, the Cobblestone at Alma School and German was selling gas at this low price. My car was close to empty so I needed to get gas, checking the website; $2.99 was by far the lowest price in Chandler, followed by $3.09. The great thing is that Cobblestone was on my way home.

As I approached the gas station, I could see that it was busy, and the sign did say $2.99! After waiting for 5 minutes, I was able to pull to the pump and confirm the $2.99/gallon price for Regular. I happily filled up! It seems that Cobblestone was running some promotion, which included the reduced price for gasoline....however, it was suppose to have ended at 4pm...It was about 6pm...I was lucky to get this price...when I pulled out of the gas station, the sign showed $3.24/gal!

Gas prices in the Phoenix area have been trending down. Hopefully, we'll see less than $3.00/gal consistently before the end of the year!

Posted By Dora and Vincent Kwok, Chandler AZ Real Estate Agents
with Keller Williams Legacy One Realty. We specialize in Chandler Real Estate and other
Southeast Valley homes (Gilbert, Mesa, Tempe, Scottsdale).
We can be reached at: Dora@KwokProperties.com or (480) 252-3396

Today the Chandler Arizona hotsheets show us that in the last 24 hours:

24 new homes went on the market

11 Cancelled their listing agreement

2 Expired their listing agreement (market rejected them)

15 went Pending (accepted an offer)

6 Closed

We will be sharing market stats to give you a view of what is happening in the Chandler Real Estate Market.

For more information on Homes for Sale in Chandler, AZ or the Greater Phoenix Area, please contact Dora at Dora@KwokProperties.com or 480-252-3396.

Posted by: Dora & Vincent Kwok - Chandler AZ Real Estate Agents with
Keller Williams Legacy One Realty. We specialize in Chandler Real Estate and other Southeast Valley homes (Gilbert, Mesa, Tempe, Scottsdale). We can be reached at: Dora@KwokProperties.com or
(480) 252-3396

Chandler Real Estate Mortgage and Finance Solutions with David Reed: US Congress comes through with relief, but tax credit is really a loan.

The Chandler Real Estate Blog is happy to feature a great article on the Housing and Economic Recovery Act of 2008 signed by President George Bush on July 30^th, 2008 from the David Reed - the author of Mortgages 101 and Mortgage Confidential:

The Housing and Economic Recovery Act of 2008, the most sweeping housing legislation since the Depression era, was passed by the U.S. Senate and House of Representatives at the end of last month and was signed into law by President Bush. The new law addresses various aspects of the housing downturn, including assistance for homeowners who are behind on their mortgages, federal oversight of Fannie Mae and Freddie Mac, and funding for cities to buy and fix up foreclosed properties. Many of the provisions of the new law go into effect October 1, 2008 but for first-time home buyers who bought, or will buy, their home between April 9th of this year and July 1, 2009, there's an immediate bonus - a tax credit of up to 10 percent of the sales price, up to $7,500. Note that this is a tax credit, not a tax deduction. A deduction is an item that is subtracted from your annual income before income taxes are calculated. A tax credit is subtracted from the amount of taxes you owe.

"First-time home buyer" is specifically defined in the new law, and includes those who may have owned a home in the past, but not within the last three years. To qualify, be prepared to show your last three years' worth of income tax returns to prove that you did not pay mortgage interest during that period. There are also income limitations on the tax credit - $75,000 per year if you're single and $150,000 if filing a joint return to qualify for the full credit, but the credit does phase out beyond those amounts up to $95,000 for singles and $170,000 for joint filers.

By the way, the tax credit isn't a gift - you have to pay it back. Nevertheless, it provides an initial reprieve, as repayment doesn't begin until two years after purchase, and is payable over a 15 year period. If you sell the property before the tax credit has been fully repaid, any remaining amounts owed are due to the IRS upon closing.

Applying for the tax credit isn't mandatory, but for many, it will make home ownership feasible in the coming year - and that's exactly what the tax credit is intended to accomplish.

Written by David Reed, Texas-based mortgage banker with more than 20 years experience
and author of Mortgages 101 and Mortgage Confidential.
Have a question? Contact David Reed.

For more information on buying or selling a home in Chandler, please contact Dora and Vincent Kwok at Dora@KwokProperties.com

Posted by Dora and Vincent Kwok - Chandler Real Estate Agents - KwokProperites
KwokProperties is a power team of Keller Williams Legacy One Realty,
specializing in Chandler Real Estate and SouthEast Phoenix Area Real Estate
(480)252-3396