First Time Homebuyer Credit Extended - NOW It's Official !

Tax Credit for Homebuyers

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons 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.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?

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.

Tax Credit Versus Tax Deduction

It's important to remember that the tax credit is just that... a tax credit. The benefit of a tax credit is that it's a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.

Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!

Higher Income Caps

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap 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 than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price

Qualifying buyers may purchase a property with a maximum sale price of $800,000.

07/01/2009 - 09/30/2009 - Moorpark, California

Residential units Sold that were REO: 23

AVERAGES:

Days on market: 31

List: $454,897

Sold: $463,849

SP%LP: 101.97%

Sq.Ft.: 2200

$ per Sq.Ft.: $211

High: $1,225,000

Low: $145,000

Median: $350,000

Comments: Currently in Moorpark as of 10/24/2009 there are 14 listed REO's with only 2 active listings.

Prepared by:

Rudy Detgen; Troop Real Estate; DRE Lic:01770676

information deemed reliable but not guaranteed

According to DS News, that's what is about to happen.

You can read the article by following the link below.

http://www.dsnews.com/articles/new-housing-crash-looms-as-shadow-inventory-climbs-past-7-million-analysts-2009-09-25

It sounds like we're going to be hit by a "REO Tsunami", I hope we all survive!

Rudy

Moorpark, CA, Home Sales Market Report 1st Quarter 2009, REO

Month of January, REO, 
            Bank Owned
            Residential
            Sold Properties: 7
            Averages:
            Days on Market: 60
            Square Feet: 1341
            $/sq.ft.: 219.83
            Original List Price: 307,785
            List Price: 298,465
            Sale Price: 299,343
            SP%LP: 100.29
            High: 460,000
            Low: 159,100
            Median: 284,500
            Total Sales: 26 Units
            REO % Sold Units: 27
            
            

 
            Month of February, REO, 
            Bank Owned
            Residential
            Sold Properties: 2
            Averages:
            Days on Market: 67
            Square Feet: 1222
            $/sq.ft.: 207.22
            Original List Price: 332,450
            List Price: 251,950
            Sale Price: 249,000
            SP%LP: 98.83
            High: 250,000
            Low: 248,000
            Median: 249,000
            Total Sales: 22 Units
            REO % Sold Units: 9
            

  
            Month of March, REO, 
            Bank Owned
            Residential
            Sold Properties: 6
            Averages:
            Days on Market: 33
            Square Feet: 1109
            $/sq.ft.: 204.40
            Original List Price: 247,300
            List Price: 242,342
            Sale Price: 231,983
            SP%LP: 95.73
            High: 350,000
            Low: 132,000
            Median: 202,500
            Total Sales: 33 Units
            REO % Sold Units: 18
            

  
            Analysis:     Days on market remaining stable averaging 53 days.
                               Cost per square foot: $210.48 (REO)
                               Cost per square foot: $249.10 (NON-REO)
                               Selling price%List price at 98.28%
                               Percentage of units sold that were REO:19%. 
                               Total units sold: 81
            
            
            Prepared by:                                     
            Rudy Detgen
            Troop Real Estate Inc.
            3200 E Los Angeles Ave #12
            Simi Valley, CA 93065                         
            RDETGEN@SBCGLOBAL.NET
            www.rudydetgen.com
            
            all data deemed reliable but not guaranteed            
                               
            

REALTOR ® FROM MOORPARK RECEIVES NATIONAL CERTIFICATION

MOORPARK, CA 03/16/2009 - Realtor® Rudy Detgen with Troop Real Estate in Simi Valley, CA has earned the At Home with Diversity certification from the National Association of Realtors®.

Detgen joins thousands of other real estate professionals in North America who have earned the certification after completing a course to help develop new skills for working with home buyers and sellers of all backgrounds. The course addresses issues of diversity, fair housing and cultural differences.

"America is becoming an increasingly multicultural society. The At Home with Diversity certification is an excellent way to help provide more homeownership opportunities to people who might otherwise be closed out of the market," said Detgen. "Realtors® build communities one house at a time, and my goal is to help home buyers of all backgrounds achieve the American dream of homeownership."

NAR developed the At Home with Diversity course in 1998 in cooperation with the U.S. Department of Housing and Urban Development. The certification course is designed to meet the nation's fair housing commitment by educating and equipping NAR's Realtor® members with the tools they need to expand homeownership opportunities for the growing number of culturally diverse buyers entering the housing market.

Home buyers and sellers who work with a Realtor® who has earned the At Home with Diversity certification have the assistance of a professional who is trained to help meet the needs of America's increasingly diverse society. For more information on the At Home with Diversity certification, visit www.realtor.org/diversity.

Rudy Detgen can be reached at Troop Real Estate at 805-581-3200

Cell: 805-217-6706

email: rdetgen@sbcglobal.net

Visit him on the web at: www.rudydetgen.com