Tredyffrin, PA

The first time home buyers $8000 tax credit was extended on Nov. 6. While most requirements concerning the tax credit remained the same, some changes were made. All the changes will apply to those settling on their primary residence after Nov. 6.

1. Date Extended to April 30, 2010

The first time home buyers $8000 tax credit was extended to cover primary residences that settle by April 30, 2010. With the new law, if you have a primary residence under contract by April 30, 2010 then you can still qualify as long as you settle before July 1, 2010. First time home buyers are still defined as buyers who have not owned a home within the last three years.

2. A Tax Credit is Available for Current Home Owners

If you have lived in a primary residence consecutively for the last five out of the eight years, then you can qualify for a joint $6,500 tax credit or 10% of the purchase price whichever one is less if you are closing on your new primary residence between Nov. 6 and April 30, 2010. If you are married filing separately then the credit will be $3250. The new primary residence does not have to cost more than the primary residence you sold.

3. Income Limits were Increased

For purchases after Nov. 6, 2009, single home buyers can now make $125,000 a year and married buyers can make up to $225,000 to qualify for the tax credit. However, if you do exceed the income limits, you can still get a portion of the credit. The credit amount is reduced incrementally until it is phased out completely when the income limit is exceeded by $20,000.

4. Purchase Price can’t Exceed $800,00

The purchase price of the primary residence can not exceed $800,000. While this will not affect most first time home buyers it could affect those non first time home buyers who are moving up after selling their primary residence.

5. Age Requirement

You now have to be at least 18 years of age and not a dependent on someone else’s tax return for the year of the purchase to receive the tax credit.

6. Proof of Purchase

To reduce fraud, you now have to attach proof of purchase to your tax return in order to receive a credit. With the new tax credit extension and provision allowing existing homeowners to receive a tax credit, 2010 should be a great year for real estate on the Main Line and everywhere. Another extension is not likely to happen, so take advantage of this great opportunity while it lasts. How often does the government pay you to purchase a home?

First Time Home Buyer Credit Cliff Hanger . . . To Be Continued!

The Senate is working on approving The First Time Home Buyer Tax Credit Extension. Part of the proposal is to Expand The Home Buyers Credit for existing home sellers/home buyers but so far there is no Senate Vote. Possibly next week there may be a vote ready to go to the House and from there who knows?

From Soap Operas like Days of Our Lives (”tune in tomorrow for the next exciting episode”), to Dallas, we’re drawn to cliff hangers. Who didn’t tune in to find out, Who Shot JR?

Remembering Saturday afternoon at the movies…return on deposit money pennies were saved from collecting empty Coke bottles, and then spent on Saturday afternoon movie adventures. We were transported by the story, as only children can be, until these words popped onto the screen …”To Be Continued”. They were delicious seconds of anticipation. But even before I could read, I’d cover my ears from the hoots and hollers, catapulting me back to reality as the lights came up.

See Main Line Pa Today for more discussion about the First Time Home Buyers Extension:

First Time Home Buyer Tax Credit Cliff Hanger

Mops, Sponges and The Months Supply of Inventory

The Third Quarter Tredyffrin Real Estate Absorption Rate is looking more like a normal real estate market instead of one drowning in inventory.

Some months I have felt like I needed a huge mop to soak up the excess inventory. And in some markets that’s still the image that resonates.

But here in Tredyffrin Township for the Third Quarter Real Estate Market, we’re showing signs of recovery. The months supply of inventory is down to 5.6 months.

See Main Line Pa Today to read more about the Absorption Rate and Months Supply of Inventory in Tredyffrin Township Third Quarter 2009:

Tredyffrin Third Quarter Real Estate Absorption

Good New For The Tredyffrin Real Estate Market? Should I take my Listing off the market for the holidays?

As the Market Dynamics for Tredyffrin Township show, all of the Median Price indicators are down for September 2009 as compared to September 2008 and September 2007.

While it’s painful to write that all of the Median Price indicators are down, we could view these statistics as a positive indicator.

See Main Line Pa Today for information about Tredyffrin Township third quarter September 2009 Market:

Tredyffrin Real Estate September 09 Market Report

I had the privilege today to present Candidate Sean Moir with a check from SERPAC in support of his campaign to be elected as Tredyffrin Township Supervisor. Sean has been vocal in his support in Preserving Resources, Stream Restoration at Crabby Creek, Sidewalk improvements in the Tredyffrin Township and has served on several committees. for more information visit www.SeanMoir.org and remember to vote on November 3rd 2009.