There are many myths right now about the first time home buyer tax credit. I wanted to pass on some valuable information. Not everyone qualifies but if you haven’t owned a home in the last 3 years or know someone that hasn’t this could help them out.
This is a tax credit that means you get this money dollar for dollar back on your taxes. Pretty much a direct check from the IRS. There is only a limited time to use this credit. You must buy a house before December 1st, 2009.
You can make an ammendment to your 2008 taxes to get this money back right away. This is an amazing deal. Please pass this on to anyone this might be of use to. If you have any additonal questions please give me a call or send me an e-mail. I would be happy to send you the IRS form to claim this on your taxes.
Click the link below for more facts.
http://www.ambercheramy.com/_24_8000_20_Home_20_Buyers_20_Tax_20_Credit.html
Wednesday, May 20, 2009
Wednesday, May 13, 2009
FHA Down Payment Assistance
Recent news from the National Association or REALTORS Midyear Confrence in Washington D.C. indicated the $8000 First Time Home Buyer Tax Credit can now be used to help make the down payment for first time home buyers using FHA loans. FHA approved lenders will not me able to monteize the the credit to be used toward the down payment and secure the funds using a bridge loan. This is an awesome acomplishment and really opens the doors even wider for first time home buyers. They can now get down payment assistance, low interest rates, and great homes at fabulous price. Now more than ever it really is the time to buy!!
Thursday, May 7, 2009
Home sales continue to look up
Home sales continue to look up
By TONY WAGGONER
Wednesday, May 6, 2009 10:11 PM MST
Home sales in Lake Havasu City continue to show signs of turnaround.
Statistics released Tuesday by the Lake Havasu Association of Realtors, indicate the number of residential homes sold in the city jumped 12 percent in April over the same time last year. There were 154 homes sold last month, as compared to 120 in April 2008.
The increase in homes sold comes after median sales prices dropped more than $65,000 from last year.
However, Realtors continue to close the gap between the total sales dollars. Dollar amounts for April were just more than $3 million less than this time last year, at $27,635,314. Last year’s figures were $30,852,999.
April’s total dollar amounts also helped Realtors gain some ground on the year totals. Through April 2008, sales dollars were more than $109 million in the city. This year, those figures are just slightly less at $91.5 million.
Pat Landry, president of the Lake Havasu Association of Realtors, says the reason continues to be the number of foreclosures on the market. In April, sales on foreclosed homes accounted for more than half the total sales in Lake Havasu City, Kingman and Bullhead City. There were 78 foreclosed homes sold in Lake Havasu City, 37 in Kingman and 59 in Bullhead City. Lake Havasu City had 208 foreclosures on the market, Kingman 123, and Bullhead City reported 115.
Landry said she expects the number of foreclosed homes sold to increase in the next month, because of the number of those homes still pending escrow.
The departure of snowbirds from Lake Havasu City is having an impact, according to Landry. Part-time residents from as far away as Montana and Wisconsin currently have homes pending escrow. Landry said this is a typical trend that occurs each year right before winter visitors go home.
One thing, she said, that has been different is prospective buyers are taking a look at more homes, making sure the one they are buying is what they want for the right price.Buyers are looking at how the home was built, including insulation, windows, air conditioning and energy efficiency to determine what utility costs they would incur with the purchase of a particular home.
The American Recovery & Reinvestment Act tax credit for first-time homebuyers has yet to impact sales, Landry said. Under the stimulus plan, first-time homebuyers would receive $8,000 tax credit next year. Landry said if the tax credit applied to every homebuyer, it might have more of an impact. With homebuyers not receiving the credit when they apply for the initial loan, Landry said she doesn’t see it making much of a difference. In fact, one first-time homebuyer she dealt with didn’t even know about the tax credit.
As the economy improves, the housing market will follow or vice versa. Landry said both are neck and neck with each other. And, with low-interest loans and low market prices on larger homes, she said things should continue to move upward. Homebuyers should be aware, though, lenders are being stricter on who they will hand out loans to.
“Before it was too easy,” she said. “Now (lenders) are saying they are going back to the basics of years ago.”
By TONY WAGGONER
Wednesday, May 6, 2009 10:11 PM MST
Home sales in Lake Havasu City continue to show signs of turnaround.
Statistics released Tuesday by the Lake Havasu Association of Realtors, indicate the number of residential homes sold in the city jumped 12 percent in April over the same time last year. There were 154 homes sold last month, as compared to 120 in April 2008.
The increase in homes sold comes after median sales prices dropped more than $65,000 from last year.
However, Realtors continue to close the gap between the total sales dollars. Dollar amounts for April were just more than $3 million less than this time last year, at $27,635,314. Last year’s figures were $30,852,999.
April’s total dollar amounts also helped Realtors gain some ground on the year totals. Through April 2008, sales dollars were more than $109 million in the city. This year, those figures are just slightly less at $91.5 million.
Pat Landry, president of the Lake Havasu Association of Realtors, says the reason continues to be the number of foreclosures on the market. In April, sales on foreclosed homes accounted for more than half the total sales in Lake Havasu City, Kingman and Bullhead City. There were 78 foreclosed homes sold in Lake Havasu City, 37 in Kingman and 59 in Bullhead City. Lake Havasu City had 208 foreclosures on the market, Kingman 123, and Bullhead City reported 115.
Landry said she expects the number of foreclosed homes sold to increase in the next month, because of the number of those homes still pending escrow.
The departure of snowbirds from Lake Havasu City is having an impact, according to Landry. Part-time residents from as far away as Montana and Wisconsin currently have homes pending escrow. Landry said this is a typical trend that occurs each year right before winter visitors go home.
One thing, she said, that has been different is prospective buyers are taking a look at more homes, making sure the one they are buying is what they want for the right price.Buyers are looking at how the home was built, including insulation, windows, air conditioning and energy efficiency to determine what utility costs they would incur with the purchase of a particular home.
The American Recovery & Reinvestment Act tax credit for first-time homebuyers has yet to impact sales, Landry said. Under the stimulus plan, first-time homebuyers would receive $8,000 tax credit next year. Landry said if the tax credit applied to every homebuyer, it might have more of an impact. With homebuyers not receiving the credit when they apply for the initial loan, Landry said she doesn’t see it making much of a difference. In fact, one first-time homebuyer she dealt with didn’t even know about the tax credit.
As the economy improves, the housing market will follow or vice versa. Landry said both are neck and neck with each other. And, with low-interest loans and low market prices on larger homes, she said things should continue to move upward. Homebuyers should be aware, though, lenders are being stricter on who they will hand out loans to.
“Before it was too easy,” she said. “Now (lenders) are saying they are going back to the basics of years ago.”
Monday, May 4, 2009
Warren Buffet Says Real Estate is Turning Around
Today on CNBC's Squak Box famed investor Warren Buffet say he is seeing a turn around in the Real Estate Market and hopes to see a full economic turn around soon.
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