Washington

Tax Credit Extended - Whatcom County Real Estate for Sale

11-07-09

Judy Schneider

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Office: (360) 756-6500

Mobile: (360) 224-9047

Tax Credit Extended - Whatcom County Real Estate for Sale

The Tax Credit has officially been extended through April 30 th 2010. This is wonderful news for first time home buyers. This time The Tax Credit also applies to current home owners. This new Tax Credit is Extended through April 30th 2010. The purchaser will have until July 1, 2010 to close. The Cost limitation on the new home is below $800,000. These new guidelines will make it much easier to qualify for the Tax Credit.

First Time Home Buyers - Tax creditamount $8,000, (Married filing separate is $4,000.)
Current Homeowner Amount of Credit - $6500 ($3250 married filing separate)

The New income limits are effective November 7th 2009 and are $125,000 - single, $225,000 - married, Additional $20,000 phase out

This is a wonderful thing for home buyers and sellers right now! This makes it a wonderful time along with current interest rates to buy a home.

If you or someone you know is interested in Real Estate for Sale in Whatcom County, WA, feel free to call or email me. I would be honored to help you find what you are looking for!

Judy Schneider - 360-224-9047 - Exit Realty Associates

Tax Credit Extended - Whatcom County Real Estate for Sale

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Samish Neighborhood Market Report

11-07-09

Tara Camp

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Office: (360) 296-3244

Samish Neighborhood Market Statistics - Bellingham Real Estate

The Samish neighborhood market statistics for October reflect the active, pending, & sold homes in the Samish area of Bellingham Real Estate market. You can use this information to help with pricing a property you might wish to sell or to help you determine value for a home you may be looking to buy.

There are currently 13 homes for sale in the Samish neighborhood, 12 homes that are pending (under contract with mutual acceptance b/t buyer & seller), & 3 properties that have sold during the month of October 09' in the Samish neighborhood in Bellingham, WA.

Here's a breakdown of the activity in the Samish Neighborhood for the past month.

Samish Neighborhood Homes for Sale - (*link will expire in 30 days)

Median Price is $400,000
Average Market time: 141 days
Samish Area Bank Owned Real Estate for Sale
Samish Area Short Sales for Sale (1)
Samish Area Estate Sales for Sale

Samish Neighborhood Pending Sales - (*link will expire in 30 days)

Median Price is $293,000
Average Market time: 104 days
Samish Area pending bank owned real estate
Samish Area pending Short Sales
Samish Area pending Estate Sales

Samish Neighborhood Sold Homes - October 09' (*link will expire in 30 days)

Median home price is $255,000
Average Market time: 111 days
Samish Area Bank Owned Real Estate
Samish Area Short Sales
Samish Area Estate Sales

I include the Samish neighborhood distressed properties in the market reports because they have an impact on prices in the neighborhood. If a given neighborhood has 5 distressed properties out of 6 sales, you can pretty much guarantee that the sales prices are going to be lower than a in a non-distressed transaction & thus, have a declining effect on the neighborhood market, as well as, the over Bellingham real estate market.

*Below are charts showing changes in median price & number of homes in the Samish Neighborhood in the last 18 months.*

Median Price

The Chart below compares the historic median price of sold and active inventory in the Samish neighborhood.

Neighborhood Inventory

Neighborhood inventory is the number of active properties on the market and the number of homes sold in the Samish neighborhood.

Samish Neighborhood Residential Statistics

	October
Active Listings	13
Pending Sales	12
Homes sold in the last 30 days	3
Absorption Rate	4.3 Months
Activity Index	1 Month
Average SP % LP	96.46 %

Tara is a full time real estate consultant in Whatcom & Skagit Counties. As a marketing specialist she helps sellers looking for optimal exposure for their property with a competitive marketing plan. With a keen understanding of market conditions & real estate values she can also help with finding you that good deal that you're looking for. She specializes in bank owned homes & short sales and is quite familiar with the nuances of these transactions. Give her a call to chat about your real estate goals.

Learn more about the 1st time Home buyers tax credit extension & expansion for current home owners(1st time doesn't really mean 1st time)

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First Time Homebuyer Tax Credit Extended

11-06-09

Tara Camp

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Office: (360) 296-3244

This Blog is courtesy of Rich Brown, a valued member of my team & one of my preferred lenders.

First Time Homebuyer Tax Credit Extended Into 2010!
Plus...A New Tax Credit for Certain Existing Home Owners!

It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.

In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.

So Who Gets What?
The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.

Additionally, the 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.

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.

Higher Income Caps in Effect
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 sales price of $800,000.

First-Time Homebuyer Tax Credit - Frequently Asked Questions
Here are answers to some commonly asked questions about the tax credit.

What is a tax credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.

What is the tax credit for first-time homebuyers (FTHBs)?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is eligible for the FTHB tax credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How do I claim the credit?
For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).

Can you claim the tax credit in advance of purchasing a property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.

Are there other restrictions to taking the credit?
Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.

You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You do not use the home as your principal residence.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time home buyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.

Can you buy a home from a step-relative and be eligible for the credit?
Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.

Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit?
Yes.

Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years?
No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA.

If you don't have an account, I can refer you to one. If you have question concerning the 1st time tax credit or the current home owner tax credit, please give me or Rich a call.

Rich Brown
Mortgage Consultant
Network Mortgage Services
(206) 714-4018
richb@networkhomeloans.com

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Buying Your Pullman WA Home & The New Tax Credit!

11-06-09

Lori Cofer ~ REALTOR® -- Pullman WA Real Estate -- 509-330-0086

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Mobile: (509) 330-0086

Pullman WA

Now is even a better time to buy a home in Washington State! First Time home buyers now have until April 30, 2009 to have a signed around purchase and sale agreement for their first home and be eligible for up to an 8,000 dollar tax credit.

The buyer also has a 60 day grace period to complete their financing. So that means you could be in your first home anywhere between the first snowfall in Pullman to our wonderful 4th of July celebration in Sunnyside Park!

And now more first time home buyers qualify! The annual income qualifications have also risen to 75,000 to 125,000 for singles and 150,000 to 225,000 for married couples! That is great news for first time home buyers!

Pullman WA Home And don't feel left out if you currently own a home. Now with the expanded tax credit it current home owners may also qualify for a tax credit up to 6,500! They too must purchase by April 30, 2010. And to qualify they must of lived in their current home for 5 consecutive years over the 8 previous years to qualify. The home must be $800,000 or less.... and be their primary residence between November 7, 2009 and April 30, 2010. Income limits are the same as for the first time home buyers...75,000 to 125,000 for singles and 150,000 to 225,000 for married couples!

Rates are still great. I was speaking with a loan officer today and it is still possible for home buyers to get into a home for as little as 3 1/2 percent down! What a great time to buy that Washington home whether you are a first time home buyer or current home owner thinking about a new home.

Call me and let's see what we can do to get you into that your own piece of the American Dream in Pullman Washington that you can call "Home Sweet Home."

And feel free to check out my website with current listings on the MLS...Want real time updates on new listings and price reductions? Sign up for auto notifications...it takes the hassle out of looking!!!

***********************************************************************************

Click Here For Pullman Properties ~

About the Author: The above piece was provided as a community service by Lori Cofer, a local Pullman WA Real Estate Agent. Lori can be reached via email at loricofer@yahoo.com or by phone at 509-330-0086. Lori is happy to assist you in all your Pullman real estate and Moscow Real Estate needs. Lori is "Your Pullman WA Real Estate Connection

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Snow day

11-06-09

Daryl Datus

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Office: (360) 275-2868 x104

Mobile: (360) 801-6373
Secondary: (360) 277-5104

As winter is upon us, it seems we are waiting for the appraisar,or Obama to sign something,or the check in the mail, or fill out our taxes, or vacation,

I guess what I am saying is lets not forget to take care of ourselves, whether its a snow day, down time or just not answering our email and phones for a while,

We need our breaks more than ever!

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