Federal tax credit for 1st time homebuyer's soon to expire

Buyers should commit soon if they want to get that federal's $8,000 first-time homebuyer tax credit.
November 30 is the scheduled date that this tax credit is due to expire. Since the majority of escrows are taking 45 to 60 days to complete, the window of opportunity is narrowing down fast.
Although the real estate industry is trying to get the tax credit extended, we do not know if his will happen.
The California Association of Realtors issued survey results stating that 40 percent of first-time buyers would have sat it out this year if they hadn't been promised the $8,000 credit.
So if you are one of the many who are debating whether now is a good time to buy your first home, the answer is YES!
With our teams's combined knowledge, experience and perserverance, Jeff Kaut & Associates team can find the perfect home for you.
Contact us today, jeffkautreteam@yahoo.com or
916-505-7355
DRE #01086297

New Trends in Today's Real Estate

Recently we have been seeing new trends in today’s real estate market. First time home buyers are dominating the market these days, due to the collapsed economy we have endured this last year. The ominous tell tale signs that the market will be picking back up is evident by the amount of new programs available within the mortgage and real estate world. The average selling price in El Dorado County is approximately $450,000. This is a 25%-30% drop from last year’s market watch. Another explanation for the new trends within today’s market watch, are the reasons pertaining to why people need to sell their homes. The unemployment rate is largely to blame, so people will either try to do a short sale on their home in order to downsize and save their financial status, or just let their home go into foreclosure. The short sales, which are now becoming a new trend in today’s real estate market, give the seller kind of a last ditch effort in an attempt to reclaim any money for their home to save their financial standing, and to stop it before it becomes bank owned. Then again, those people will be usually buying another property that is downsized and cheaper; again adding to the influx of this buyers market. A short sale is normally the first plan of action the owners will take; but because they are not a traditional real estate transaction it takes a lot longer to execute the procedure.
Another hot trend right now is the ‘greening’ of U.S. homes. This incentive has been booming because it offers numerous tax breaks to individuals who decide to buy a ‘green’ home, or to those who decide to make green improvements at their existing homes. According to the National Association of Home Builders, expanded tax credits for energy-efficient home improvements in the new economic stimulus package puts more money in consumers' pockets by providing financial incentive for home owners to go green on their renovation projects in 2009 and 2010. While more efficient homes save on water and energy bills, these tax credits will make such home upgrades even more affordable. (Mosca, 2009) The list for energy efficient appliances and improvements has almost tripled since last year. More and more people are being rewarded for their ‘greener’ efforts in helping not only the economy but also the environment.
So let’s keep these trends going in order to stimulate and maintain our real estate market.

Tax Credit For First Time Home Buyers!

DON’T MISS THE BOAT, OR HOUSE FOR THAT MATTER!

The First Time Home Buyers credit is here but will end soon! Buying your first home is not only an exciting and adventurous procedure, but it is also rewarding. During the 2009 calendar year, First Time Home Buyers have the opportunity to get a tax credit for their principle home purchase of up to $8,000. This is definitely the time to purchase a first home in order to receive this intriguing offer, given by the IRS. However, there are some stipulations in accordance to the credit. The end date of this credit is creeping up on us very quickly, as it ends December 1, 2009, so for those of you who are seriously interested in purchasing their new home, we highly suggest you take advantage of this remarkable credit. The IRS defines a First Time Home Buyer as someone who has not owned a principle residence during the three year period prior to the purchase of the property. Joint purchasers who are unmarried also have the ability to be eligible for the credit. For example, if a parental guardian is helping purchase the property for their child, they are able to do so and still claim the credit on their 2009 taxes, under the child’s name only. Buying from an ancestor, descendant, or spouse will automatically disable your ability to earn the First Time Home Buyers Credit. Since there can be numerous stipulations and exceptions, one is highly encouraged to consult the IRS or any legal professional to ensure their eligibility of this offer. http://www.irs.gov/newsroom/article/0,,id=186831,00.html Unlike the 2008 tax credit, an individual does not have to repay this credit. Last years’ tax credit was a little misinforming because the individual needed to repay that credit in some form or another. It was kind of viewed as an interest free loan. The tax credit for 2009 is equal to ten percent of the homes actual purchase price and not the asking price, up to $8,000. Single taxpayers must have a verified income of $75,000 per year, and married couples must earn a verified $150,000 per year in order to qualify for the 2009 tax credit. Mobile homes, attached homes, detached homes, condos and even houseboats can be considered a first time home purchase. So call one of us today, so we can help you get on board with this offer that will not last for long.