About Greenville County, SC

Extension of 1st Time Home Buyer Tax Credit Bulletin
Posted by Miguel Berger

RISMEDIA, November 6, 2009-After the Senate gave final approval last night without a dissenting vote, the House of Representatives voted overwhelmingly this afternoon to pass legislation containing an extension and expansion of the homebuyer tax credit, completing Congressional action and sending the tax credit to President Obama for his signature, possibly as early as tomorrow.

The $8,000 homebuyer tax credit for first-time buyers, due to expire in 25 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.

For the first time, the new legislation makes buyers who already own a home eligible for a credit. A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less.

The legislation takes effect December 1 and is not retroactive. Both credits are available only for primary residences, not second homes or investment properties.

In the House debate, Speaker Nancy Pelosi (D-Calif.) took the floor to say the homebuyer tax credit was helping a new generation of Americans live out their dream of homeownership and financial independence. Debate on the homebuyer credit was overwhelmingly positive and the legislation passed 403 to 12.

However, several leading economists have voiced concern about the $16.7 billion cost of the credit and the wisdom of spending up to $400,000 per homebuyer to stimulate real estate sales and White House support for extending the credit has been lukewarm at best. However, it is virtually certain that the President will sign the legislative package, which contains an expansion of unemployment benefits as well as the tax changes.

In the Senate, the homebuyer tax credit was amended to a bill expanding unemployment benefits by 20 weeks for those who have exhausted their benefit. The latest unemployment numbers are due out tomorrow and Congressional leaders are rushing the unemployment bill to the White House so that the President can show compassion by signing on the same day more job losses are announced.

The legislation included provisions added to address complaints of fraud. The Internal Revenue Service is given greater authority to oversee the process to root out fraud, and provisions are added in response to past abuses of false sales or underage buyers. An investigation by the Treasury Department's Inspector General for Tax Administration found that more than 580 children, some as young as four years old, had received $627,000 in first-time homebuyer credits. The IRS has identified 167 suspected criminal schemes and opened nearly 107,000 examinations of potential civil violations of the first-time homebuyer tax credit.

The legislation also contains a provision supported by the National Association of Home Builders which will help larger companies strapped for cash with net operating losses (NOL). Ordinarily these companies can carry back these losses for only two years to qualify for a tax refund. The provision would make this process extend the carry-back to five years for either 2008 or 2009. The tax break will now apply to losses in either 2008 or 2009, and the income cap will come off.

Dove Tree subdivision in Greenville County:

When it's time to buy or sell real estate in Greenville, SC you need to work with a realtor who is honest, trustworthy, and knows the market. The Dave Edwards Global Team makes a strong effort to keep up with Greenville, SC market trends by analyzing market information on a daily basis. Who do you know that needs to sell? Contact us today at 864.275.7250.

Based on sales by GGAR members.

Simpsonville SC Real Estate Residential Market Conditions, Homes Sold, Home Values, Listings, and Homes for Sale - October 25th - 31st 2009 - Greenville County South Carolina

During the week of October 25th to October 31st, there were 28 residential homes (including Condos and Townhouses) sold in Simpsonville. High list price for these 28 sold homes was $329,000, Low list price was $83,900, Average list price $187,032, Median list price was $173,455, and total list price volume was $5,236,896.

High sold price for these 28 listings was $327,000, Low sold price was $80,000, Average sold price was $181,731, Median sold price was $165,000, and total sold volume was $5,088,491. High Days on Market (DOM) was 235 days, Low DOM was 0 days, Average DOM was 69 days, and Median DOM was 47 days.

There were also 3 homes that went under a Pending or Contingency contract status in Simpsonville during this period. High list price for these homes was $219,000, Low list price was $113,900, Average list price was $165,933, Median list price was $164,900, and total volume for these homes that went under Pending or Contingent contract status was $497,800. High DOM was 76 days, Low DOM was 11 days, Average DOM was 52 days, Median DOM was 68 days.

23 homes were newly listed on the market in Simpsonville during the same period. High list price for these new listings was $465,000, Low list price was $45,000, Average list price was $225,338, Median list price was $224,990, and total volume was $5,182,790.

This information is based on statistics gathered from the Greater Greenville Association of Realtors in. Multiple Listing System. Statistics may not include sales like new construction or For Sale By Owners brokered by MLS member firms.

Feel free to Contact Victor Amadi at 864-525-0201 for a complete evaluation of your home, and for all your Simpsonville SC real estate needs.

To view Simpsonville SC Subdivisions, Neighborhoods, and Communities, click this link.

SIMPSONVILLE SC REAL ESTATE & HOMES FOR SALE:

Greater Greenville County SC MLS Real Estate - Homes for Sale in the Greenville Area of South Carolina. Here you have access to the following market segments: Greater Greenville Entry Level Homes, Greater Greenville Median Homes, Greater Greenville Upscale Homes, Greater Greenville Luxury Homes, Greater Greenville Million Dollar Homes, and Greater Greenville Lots, Homesites and Land for Sale in Greenville County SC. Surrounding towns and communities include: Greenville, Simpsonville, Greer, Easley, Fountain Inn, Mauldin, Taylors, Travelers Rest, Piedmont, Landrum and Marietta South Carolina. Also includes Greenville County, Spartanburg County, Anderson County, Pickens County, Laurens County, and Oconee County real estate and homes for sale. Call Victor Amadi at (864)525-0201. EXIT Upstate Realty!

Weblink: - Simpsonville SC Real Estate Residential Market Conditions, Homes Sold, Home Values, Listings, and Homes for Sale - October 25th - 31st 2009 - Greenville County South Carolina

Local Blog: - Simpsonville SC Real Estate Residential Market Conditions, Homes Sold, Home Values, Listings, and Homes for Sale - October 25th - 31st 2009 - Greenville County South Carolina

Greer SC Real Estate Residential Market Conditions, Homes Sold, Home Values, Listings, and Homes for Sale - October 25th - 31st 2009 - Greenville County South Carolina

During the week of October 25th to October 31st, there were 24 residential homes (including Condos and Townhouses) sold in Greer South Carolina. High list price for these 24 sold homes was $529,900, Low list price was $65,000, Average list price $177,575, Median list price was $157,400, and total list price volume was $4,261,804.

High sold price for these 24 listings was $480,000, Low sold price was $57,000, Average sold price was $167,062, Median sold price was $142,000, and total sold volume was $4,009,500. High Days on Market (DOM) was 281 days, Low DOM was 4 days, Average DOM was 117 days, and Median DOM was 100 days.

There were also 5 homes that went under a Pending or Contingency contract status in Greer. High list price for these homes was $180,000, Low list price was $69,900, Average list price was $125,760, Median list price was $134,000, and total volume for these homes that went under Pending or Contingent contract status was $628,800. High DOM was 133 days, Low DOM was 8 days, Average DOM was 75 days, Median DOM was 101 days.

25 homes were newly listed on the market in Greer during the same period. High list price for these new listings was $715,500, Low list price was $77,900, Average list price was $280,819, Median list price was $219,990, and total volume was $7,020,490.

This information is based on statistics gathered from the Greater Greenville Association of Realtors in. Multiple Listing System. Statistics may not include sales like new construction or For Sale By Owners brokered by MLS member firms.

Feel free to Contact Victor Amadi at 864-525-0201 for a complete evaluation of your home, and for all you Greer SC Real Estate needs.

Greer SC Real Estate and Homes for Sale

Greater Greenville County SC MLS Real Estate - Homes for Sale in the Greenville Area of South Carolina. Here you have access to the following market segments: Greater Greenville Entry Level Homes, Greater Greenville Median Homes, Greater Greenville Upscale Homes, Greater Greenville Luxury Homes, Greater Greenville Million Dollar Homes, and Greater Greenville Lots, Homesites and Land for Sale in Greenville County SC. Surrounding towns and communities include: Greenville, Simpsonville, Greer, Easley, Fountain Inn, Mauldin, Taylors, Travelers Rest, Piedmont, and Marietta South Carolina. Also includes Greenville County, Spartanburg County, Anderson County, Pickens County, Laurens County, and Oconee County real estate and homes for sale. Call Victor Amadi at (864)525-0201. EXIT Upstate Realty!

Weblink: - Greer SC Real Estate Residential Market Conditions, Homes Sold, Home Values, Listings, and Homes for Sale - October 25th - 31st 2009 - Greenville County South Carolina

Local Blog: - Greer SC Real Estate Residential Market Conditions, Homes Sold, Home Values, Listings, and Homes for Sale - October 25th - 31st 2009 - Greenville County South Carolina

Coleman Shoals subdivision in Greenville County:

When it's time to buy or sell real estate in Greenville, SC you need to work with a realtor who is honest, trustworthy, and knows the market. The Dave Edwards Global Team makes a strong effort to keep up with Greenville, SC market trends by analyzing market information on a daily basis. Who do you know that needs to sell? Contact us today at 864.275.7250.

Based on sales by GGAR members.