About Belfair's Hood Canal

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Congress to extend the tax credit
Nearly 5000 REALTORS® in Washington (more
than 27% of our members) helped convince
Congress that the home buyer tax credit is
critical to the nation's economic recovery.
Washington REALTORS® was recognized by the
National Association of REALTORS® because it
had the fifth largest state association
response rate to the Call for Action in the
country.

This victory helps the economy, helps put
more Washington residents into homes and
helps generate transactions for our members.
This is a major benefit of being a member
of the REALTOR organization.

Great job and more work to come.

Congress has extended and expanded the homebuyer tax credit. The modifications in the column labeled
"December 1 - April 30, 2010" become effective when President Obama signs the bill. All changes made
to the current credit become effective on that date, as well.
FEATURE Jan 1 - November 30, 2009
Rules as enacted
February 2009
December 1 - April 30,
2010 Rules as enacted
November 2009
Firsttime
Buyer -
Amount of Credit
$8000
($4000 married
filing separate)
$8000
($4000 married
filing separate)
Firsttime
Buyer -
Definition for Eligibility
May not have had an interest
in a principal residence for 3
years prior to purchase
Same
Current Homeowner -
Amount of Credit
No Provision $6500
($3250 married
filing separate)
Effective Date -
Current Owner
No Provision
Date of Enactment
Current Homeowner -
Definition for Eligibility
No Provision Must have used the home
sold or being sold as a
principal residence
consecutively for 5 of the
previous 8 years
Termination of Credit Purchases after
November 30, 2009.
(Becomes April 30, 2010 on
Date of Enactment.)
Purchases after
April 30, 2010
Binding Contract Rule None So long as a written binding
contract to purchase is in
effect on April 30, 2010, the
purchaser will have until
July 1, 2010 to close.
Income Limits
(Note: Increased income
limits are effective as of
date of enactment of bill)
$75,000 - single
$150,000 - married
Additional $20,000 phase out
$125,000 - single
$225,000 - married
Additional $20,000 phase
out
Limitation on Cost of
Purchased Home
None $800,000
Effective Date of Enactment
Purchase by a Dependent No Provision Ineligible
Effective Date of Enactment
Antifraud
Rule None Purchaser must attach
documentation of purchase
to tax return

Looks like Congress will be extending that homebuyer tax credit afterall. First time homebuyers, known to the IRS as people who haven't owned a home in the last three years, have been frantcly trying to get into contract on a house in time to get an $8,000 federal tax credit due to expire on Nov. 30. But some of them have had such a hard time outbidding cash buyers that they despaired of making the deadline.

Well, they're in luck. The Senate just passed a cloture motion to end debate on this bill, 85-2. that will extend the tax credit to April 30, 2010. The bill should find it's way through floor votes in both Senate and the House by the end of tomorrow, if Senate Majority Leader Harry Reid has his way.

But the bill will not just be extended, it will also be expanded.

Get this-

Homebuyers who have lived in their prior residences for at least five years could receive a credit of $6,500 under the plan. Couples earning as much as much as $225,000 and individuals earning up to $125,000 would also qualify. That's up from the current $75,000 limit for individuals and $150,000 for couples.

Also, anyone taking the credit from a home purchased in 2010 would be able to take the credit in 2009. Wow what a deal!

Hood Canal & Puget Sound Waterfront Homes for Sale~Market Report for October 31, 2009

What a beautiful summer it was along the Hood Canal & Puget Sound! And even though we have turned the corner into fall and approaching winter, the crisp days are spectacular with the leaves in full color.

A drive along the South Shore of Hood Canal and the North Shore of Hood Canal will refresh your memory of the beauty and pristine waters and homes for sale along the waterway.

The waters and area of Puget Sound are also just as beautiful. The grapes have been harvested on Stretch Island, the salmon have been jumping. Life along the shores of Puget Sound is settling into the winter pattern which offers a calmer, slower pace as we move into the holidays and the festivities.

Let's take a look at what has been happening with homes for sale along the Hood Canal and Puget Sound Waterfront for the month of September and October.

There has actually been some good activity in the last few months on waterfront homes for sale:

Between all three shores, South Shore Hood Canal, North Shore Hood Canal and the Puget Sound/Case Inlet area, there are a total of 38 homes for sale along the Hood Canal & Puget Sound/Case Inlet. That is a substantial decrease from the summer months. But even with the lower inventory, there are still some really good values on Hood Canal & Puget Sound Waterfront homes for sale.

Homes currently for sale along the Hood Canal and Puget Sound as active listings : 38

• The average median price of these homes : $828,389 (there are so many choices in so many price ranges this number is high because of (4) million $ plus homes for sale). There are 16 waterfront homes for sale under $500,000 and the rest vary on up to $5,995,000.00
• Average dollars per square foot : $362.62
• Average Days on the market : 334

So as you can see there are a lot of choices in a lot of price ranges!

Homes for sale that are currently Pending along the Hood Canal and Puget Sound : 7

These are waterfront homes that currently have offers on them and are going through the closing process. 4 of the 7 pendings were offers written in the month of October. That's a pretty good amount of activity for the waterfront homes

• The average median price for the pending waterfront homes for sale is : $501,597.50 with an
• Average dollar per square foot of $371.59
• Average days on the market : $185.55

Waterfront Homes for sale that sold during the month of October : 4

• Average median price: $448,475
• Averate Days on the market : 199
• Average dollars per square foot : $348.21
• Selling Price % to List Price : 94.77% (Representative of a buyers market).

Looking back almost a year at the waterfront homes for sale along the Hood Canal and Puget Sound/Case Inlet area, the statistics show the following numbers:

Hood Canal and Puget Sound waterfront homes sold : 23

• Average Days on the market : 249
• Average Median Price : $495,232
• Average dollars per square foot : $325.70
• Selling Price % to List Price : 96.01%

That's it for now! We're looking forward to keeping a steady pace for waterfront home sales through the year as buyers realize - the market could and will change (it's just a matter of time) and they can find some great values on Hood Canal and Puget SOund/Case Inlet Waterfront homes for sale.

Previous months' market reports for the Hood Canal and Puget Sound/Case Inlet area.

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If you would like more information regarding the homes for sale, drop me a line, or give me a call. I would love to help you achieve your real estate goals. Remember real estate is LOCAL.

I also offer a FREE comparative market analysis for sellers tailored specifically for your home or property. If you would like more information on selling your home in this market, please give me a call, drop me a line, or stop on in! I believe in building relationships for life... YOUR SUCCESS IS MY SUCCESS!

We believe homes are where memories are made and living takes place!

~~Valerie~~

Associate Broker

Windermere Peninsula Properties : My Belfair WA Real Estate Blog : www.BelfairWARealEstate.com

My Website : www.valspaulding.mywindermere.com Email : vlsallyn@windermere.com

Direct Cell : 360-710-5622 Fax # 360-277-5006