Allen Henderson - Real Estate Sales and Solutions

First Time Home Buyer Tax Credit Extended: What Does It Do For Buyers? 11/06/09

Good News for first time home buyers and homeowners who have owned their home for five years and want to upgrade. The First Time Buyer Tax Credit has cleared the House and Senate and Mr. Obama is expected to sign it into law today.

The First Time Buyer Credit made it possible for Lacey & Aaron to get their first home!

This is what it is all about!

The First Time Buyer Tax Credit Extension allows a buyer to enter an agreement with a seller by April 30, 2010 and close on the house by the end of June 30, 2010. First time home buyers are defined as anyone who has not owned a home for the past 3 years. First time home buyers will get a tax credit of up to $8,000, similar to the tax credit for much of 2009. Other home buyers, who have owned their current home for at least five years, are eligible for a tax credit of up to $6,500. Income limitations have been increased to $125,000 for single filers and $225,000 for joint filers.

Did you note that first time buyers are defined as "anyone who has not owned a home for three years"? Most folks who had owned a home previously assumed that they were precluded from the First Time Buyer program. The reality is, if you have not owned a home for the last three years you are eliglible for the First Time Buyer Tax Credit of up to $8,000.

The Extension also opens the door for folks who have owned their home since 2004 to upgrade to a new home and receive a tax credit of up to $6,500. If you have been sitting on the fence and waiting, now is the time to jump in and make your real estate dreams come true.

Fannie Mae to Allow Borrowers to Lease Homes

The associated press reported today that “Fannie Mae to Allow Borrowers to Lease Homes." Fannie Mae announced a new Deed for Lease™ Program today which will keep more owners in their homes. With all of the attention being given the anticipated extension of the First Time Homebuyers credit this week, Fannie Mae's announcement went virtually unnoticed. The new program allows qualifying homeowners who are facing foreclosure the option of staying in their homes. The Qualifying Homeowner signs a lease in connection with the voluntary transfer the deed back to the lender. They must qualify to pay the fair market rent established by the management company. The lease term is twelve months with extensions possible. The program is also available to tenants of homeowners facing foreclosure.

"The Deed for Lease Program provides an additional option for qualifying homeowners who are facing foreclosure and are not eligible for modifications," said Jay Ryan, Vice President of Fannie Mae. "This new program helps eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities."

“To participate in the program, borrowers must live in the home as their primary residence and must be released from any subordinate liens on the property."

Warner Ranch, Tempe/Chandler, Arizona: October 2009, Real Estate Summary

October 2009 sales figures for Warner Ranch reveal that Sales are down compared with last October and prices are down.

Today: 11/03/09

Warner Ranch Active: 8 properties

Click here to see all of the Warner Ranch Active Listings (Link will expire on 12/03/2009)

Warner Ranch, Pending: 2 properties

Warner Ranch October 2009 Sold properties: 2

Avg. Sale Price: $267,500.

Avg. DOM: 27

Low Sale: $265,000.

High Sale: $270,000.

Click here to see all of the Warner October 2009 sold Listings (Link will expire on 12/03/2009)

Warner Ranch October 2008 Sold Properties: 4

Avg. Sale Price: $405,000.

Avg. DOM: 140

Low Sale: $300,000.

High Sale: $565,000.

October Average Warner Ranch Sale prices are down 33.9% compared to October last year. The number of Warner Ranch properties sold in October is down 50% over the same period last year. However, with the large number of properties in the Warner Ranch community and the wide price margin from the largest to the smallest, these results are not representative of the market as much as they are a snapshot of Warner Ranch sales in October.

Chandler, Arizona, 85248: October 2009, Real Estate Summary

October 2009 sales figures for Chandler, Arizona 85248 reveal that Sales are about even with last October and prices are down.

Today: 11/02/09

Chandler, 85248 Active: 417 properties

Chandler, 85248 Pending: 81 properties

Chandler 85248 October 2009 Sold properties: 45

Click here to see all of the 85248 October 2009 sold Listings (Link will expire on 12/02/2009)

Avg. Sale Price: $250,691.

Avg. DOM: 91

Low Sale: $85,000.

High Sale: $560,000.

Chandler 85248 October 2008 Sold Properties: 47

Avg. Sale Price: $293,535.

Avg. DOM: 140

Low Sale: $90,000.

High Sale: $775,000.

October Average Chandler, 85248 Sale prices are down 14.6% compared to October last year. The number of Chandler 85248 properties sold in October is down 4% over the same period last year.

Chandler, Arizona, 85225: October 2009, Real Estate Summary

October 2009 sales figures for Chandler, Arizona 85225 reveal that Sales are up and prices are down. This sounds like an Economics 101 axiom.

Today: 11/02/09

Chandler, 85225 Active: 305 properties

Chandler, 85225 Pending: 38 properties

Chandler 85225 October 2009 Sold properties: 111

Click here to see all of the 85225 October 2009 sold Listings (Link will expire on 12/02/2009)

Avg. Sale Price: $153,138.

Avg. DOM: 80

Low Sale: $31,500.

High Sale: $342,000.

Chandler 85225 October 2008 Sold Properties: 63

Avg. Sale Price: $188,871.

Avg. DOM: 104

Low Sale: $68,250.

High Sale: $436,500.

October Average Chandler, 85225 Sale prices are down 18.9% compared to October last year. The number of Chandler 85225 properties sold in October is up 76.2% over the same period last year.