Archive for February, 2009
As some of you may have heard, the American Recovery and Reinvestment Act which is part of the recent bill that was signed by the president on February 17th now provides for an up to $8,000 tax credit for first time home buyers! There was a previous bill in place that was part of last year’s Housing and Economic Recovery Act. This credit was for $7,500. Also, with the credit from 2008, home buyers have to pay back the credit starting two years after the credit is claimed (2010). This will enable the credit to be paid back over 15 years.
The new tax credit:
* Available on purchases Jan 1, 2009- Dec 1, 2009
*Non-refundable (you don’t have to pay this back!)
* Dollar for Dollar credit on taxes- This is different from a deduction which lowers your taxable income. This credit actually lowers your tax liability. So for example if you are getting back $1500 and you qualify for the full $8000 credit, you would actually get back $9500!
*Income limits- The income limit on this bill is $75,000 for singles and $150,000 for joint. The good thing is that even if you make over these amounts you can still get a partial credit (see link below to see how this is calculated). The credit will not be extended to anyone who makes over $90,000 single and $170,000 joint.
This is great news! For detailed info from National Association of Realtors click here
If you know of anyone who is thinking of buying, please let me know. This is a great incentive for first-time buyers!
**We are not tax accountants and although information is deemed reliable, you should speak to an accountant***
Great news was released a few days ago. Fannie Mae is now allowing individuals to purchase up to 10 properties. This is great news for everyone. This will allow more of the inventory to be taken off the market by investors. Individuals must have a minimum credit score of 720, have 25% down and have 6 months cash reserves. This will take effect on March 1, 2009. For more information, please click the link below. If you would like to talk to a great lender about this in more detail, please contact me. If you know of anyone who might benefit from this news, feel free to pass this along to them. Thank you!
Hi everyone!
I’m sure you are all wondering what is going on in our real estate market and where things stand after the first of the year. 2009 has started off great and we are continuing to see some really great deals out there. Inventory decresed as the holidays passed. We are expecting to see a new influx of foreclosures in the upcoming months. Pending sales are up from last month and many people are getting some great deals out there. There are many changes going on in the lending institutions and guidlines are changing often. Also, we are starting to see short sales close which is great news. In the past it has been difficult being a buyer on a short sale home due to the time it took for a response. The response time can still take up to a few months but, banks are starting to be more cooperative. Please contact me if I can be of assistance to you or anyone you know.
Here are the files with the statistics for January. This info is from the MLS and specifically covers Sacramento county. For statistics on other areas, feel free to call or email me
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Sacramento Real Estate News, Trends, Buyer and Seller questions