Agree or Disagree, Tax credits are put in place to stimulate the economy. I personally would rather see this type of rescue than huge corporate bailouts. I do believe this will help a few people planning to close during around the thanksgiving holidays cause to sleep better. Homeowners moving up the property ladder recieve a credit too.
Ok, this is like waiting for smoke signals from the Vatican, but when it comes to the decision on the First Time Buyer's Tax Credit extension... we are all still waiting on the decision. Agree or Disagree, the decision will head to the President's desk shortly, and then we all will know. Buyers that are hoping to be closed by November 30tht will rest easy, knowing that thier 8K handout in the form of a tax credit will be safe and secure, as long as the close by what is projected to be an April 30th expiration date for the extension.
Here is the latest from the NAR:
After two weeks of delay, the Senate last night cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers. By an 85 to 2 roll call vote, the Senate voted to cut off debate on a package of measures that includes the homebuyer credit, making it virtually certain that the legislation will reach President Obama for his signature this week.
The homebuyer tax credit, due to expire in 28 days, would be extended through April 30 of next year. First-time buyers who are in process of making a purchased would not need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.
For the first time, the legislation cleared last night makes move-up buyers as well as first-time buyers would be eligible for a credit. The $8,000 maximum first-timer credit will continue and will now available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years.
The tax credit has fired the housing market, driving existing home sales to the highest level in over two years. The National Association Realtors reported sales jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September and are 9.2 percent higher than the 5.10 million-unit pace in September 2008.
Only two Republicans voted against the credit. One of them, Senator Kit Bond (R-Mo.), said, "We're kidding ourselves if we think we can prevent more fraud, more taxpayer losses," "The most effective means of preventing fraud is simply to not extend the credit."
The legislation included provisions added to address complaints of fraud. The Internal Revenue Service is given greater authority to oversee the process to root out fraud, and provisions are added in response to past abuses of false sales or underage buyers. An investigation by the Treasury Department's Inspector General for Tax Administration found that more than 580 children, some as young as four years old, had received $627,000 in first-time homebuyer credits. The IRS has identified 167 suspected criminal schemes and opened nearly 107,000 examinations of potential civil violations of the first-time homebuyer tax credit.
A number of economists have voiced concern about the $16.7 billion.cost of the credit and the wisdom of spending up to $400,000 per homebuyer to stimulate real estate sales. The White House has been lukewarm at best. However, it is virtually certain that the President will sign the legislative package, which contains an expansion of unemployment benefits as well as the tax changes.
Great home for sale in Maple Valley, Washington. Tahoma School District. RV Parking. Close to convenience stores, area parks, and in a great neighborhood. Open House 10/31/09 from 11- 2 PM.
Tacoma, Wa and Federal Way, WA... There a lots of questions to be asked about the differences between renting a home or buying a home. There are some options to factor in about what is best for you the consumer. Sometimes a person can buy a home for the same price they can rent it. Especially when rentals are hard to find in Tacoma and Federal Way... it is the simple law of supply and demand... even a new home can be more affordable.
If you are looking for new construction or an already existing starter home, I have a great list of homes and areas that might be of interest. If you are thinking about buying, let me hook you up with a leasing agent that works primarily with rentals.
Will homeowners in the Tacoma and Federal Way area be able to reap the benefits of the Tax Credit when they move up?
The US Senate is still in negotiations regarding a proposal to extend the $8000 First Time Home Buyer Tax Credit which is set to expire on December 1st. The current details reduce the credit by about $610 ... from $8000k to 10 percent of the sales price or at the $7,290 cap.
The plan may also extend tax credit to existing homeowners looking to move-up. This would open up a large resource of new buyers with established credit and put them into larger homes, freeing up their homes for more first time buyers who may qualify, but are finding a lack of starter homes available.
Colleagues and clients of mine are still pushing to close by November 30th. There are some builders working their subs overtime to get new homes built.
The clock is ticking and time is running out as we get close to the first time home buyers opportunity take advantage of the government's $8,000 tax credit, Bidding wars are back for many areas across the nation in regards to homes that are sought after by these First Time Home Buyers.
From the article..."Lower-priced homes on the market in many once-beleaguered areas from Portland, Ore., to Brookline, Mass., are seeing a flood of offers, say real estate brokers. Though the tax credit is good on homes sales completed by Nov. 30, because home deals can take months to complete, new buyers are rushing to sign contracts so they don't miss out on the credit. "More...
Via Facebook: Julianna Hind The 10 Most Affordable Metro Areas... Seattle does not make the list, but hey, we're not living here because it's affordable, right?
Looking to move to a more affordable area? Take a look at these 10 metro areas, ranked based on the percentage of affordable homes for a family making the median income in that neighborhood.
Auburn Washington Home for Sale/Open House Sat: 10/17/09 1-4 PM: Fantastic rambler in cul-de-sac location! Vaulted ceilings with skylights, gleaming hardwood floors, and generous bedrooms. Great kitchen with stone flooring and dining space. 2 car garage and more! Wonderful backyard with fruit trees and lots of open space. Features include newer 50 gal hot H20 tank, new Hardi-Plank siding on front, fresh paint, and more. Great location close to parks, easy fway access and plenty of parking space for even the largest toys. Very clean and move in ready! Tamera Camp/John L. Scott Federal Way. For more information on this Auburn Washington Open House or to reciece a current Open House List, call Julianna Hind, Real Estate Consultant at John L. Scott Federal Way - 206-679-4768 or email juliannahind@johnlscott.com Thank you!
Julianna Hind is a Real Estate and Design Professional in King and Pierce County. She is a Realtor who also stages the homes she sells. Julianna is a member of the NAR (National Association of Realtors)IRIS (Interior Redesign Industry Specialists) and RESA (Real Estate Staging Association) 206-679-4768
<!-- SpringWidgets | Home mortgage rates and real estate news - CNNMone (#30532) | HTML | Generated on 01/21/2009 -->
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
;)
Links;)
Archives
