About Whatcom County, WA

When You Can't See the Roof for the Trees

11-07-09

Steven L. Smith, Bellingham, Wa. Home Inspector

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Office: (360) 676-6908

Mobile: (360) 319-0038

One of the state standards of practice, in Washington state, is that an inspector must traverse the roof if it can be done safely and without property damage. The idea is that the inspector, in so doing, will have a better idea of the condition of the roof.

While in theory that is a good concept, sometimes Pacific Northwest reality and trees interfere with good intentions -- see photo below.

Even though I got on that roof, the organic debris was so thick that I really could not see much. I did have this to report:

The roof is heavily obscured by organic debris. This makes it impossible to assess the condition of the roof. Additionally, heavy debris keeps a roof from drying and blocks runoff water making it more prone to leakage. Recommend that qualified party, such as a roofer, remove all debris from roof and, at that time, evaluate surface and make necessary repairs or replacement as is required.

This is further proof that, sometimes, we home inspectors cannot see the roof for the trees.

Thanks for stopping by,

Steven L. Smith

GeoLogo207

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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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The New Improved Home Buyer Tax Credit is Here

11-06-09

Michael Eisenberg, Bellingham Realtor

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Mobile: (360) 739-6981

The home buyer tax credit ,which is part of a larger bill that also extends unemployment benefits. has been approved by both houses of Congress and signed by President Obama.

First-time home buyers are still eligible for tax credits of up to $8,000. Buyers will now have to sign a purchase agreement by April 30, 2010 and close by June 30.

The new program will also expand the tax credit to include existing home owners who have owned a home for at least five of the last 8 years will be able to apply for tax credits of up to $6,500 when they purchase their next home.

The maximum price on a home will be $800,000 and vacation homes are not eligible.

The National Association of Realtors says that so far, about 1.4 million first-time homebuyers have qualified for the program and they estimated that 350,000 of these buyers would not have otherwise purchased.

The tax credit will also be extended for another year for military personnel serving outside of the United States until June 30, 2011.

Senator Johnny Isakson, who heavily pushed for the extension, along with his own version that would have increased the credit to $15,000 stated, "this bill will help us boost what is the real problem in the U.S housing market today and that is what is called the move-up market."

Today we got something to help the move up buyers that should help jump start that segemet of the market as well as the first time buyer market.

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