This is an actual check from one of my First Time Buyers who bought a home last month, and immediately filed his 2008 tax return - which he had already filed an extension for - and this week received the above check !
... before his home purchase, his return was going to give him a refund of approximately $4,000 !!!!... as you can see, he qualified for the tax credit, and received $8,000 additional dollars from the government for buying his home.
@@@ FOR FURTHER INFORMATION - BE SURE TO CONSULT YOUR ACCOUNTANT TO SEE IF YOU CAN RECEIVE THIS YOURSELF @@@
Per the IRS.gov website, you may qualify to receive this credit if you meet the following qualifications:
"... qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.
The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase."
The credit itself:
Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
Applies only to homes used as a taxpayer's principal residence.
Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
So if you were considering buying a home this year - be sure to talk to your accountant as you may also qualify to get $8,000 extra dollars for buying your first home !
ALSO: Be sure to check out a post from respected Loan Officer Jeff Belonger explaining how you may be able to receive an 'up front loan' for this credit to use towards closing costs or additional downpayment over your mandatory 3.5% payment on your FHA loan !
@@@PLEASE NOTE: ALL INFORMATION ABOVE DEEMED RELIABLE PER THE IRS.GOV WEBSITE, HOWEVER IS SUBJECT TO CHANGE AT ANY POINT ON ANY DAY ! - CONSULT YOUR TAX ACCOUNTANT BEFORE EXPECTING ANY PORTION OF THIS CREDIT.
@@@@ UPDATED: BELOW IS THE FORM NEEDED TO FILE FOR THIS CREDIT IF YOU QUALIFY - YOUR ACCOUNTANT SHOULD HAVE IT AND WALK YOU THOUGH IT ! GOOD LUCK !
My principal broker, Randy McCreith is quite eloquent with words. Below he has summarized the RMLS Market Report for March 2009, I've used it with his permission. It's too big to download here, but feel free to email me if you'd like a copy.
The good news locally:
Anecdotally, we continue to experience heightened buyer activity both in expressed interest (internet activity, showings, and inquiries) and in offers actually being made. There seems to be universal agreement among local brokers (Yamhill County and Portland metro) that the buyer mindset is very different than last year. Although buyers are aggressively value shopping, there is a snowballing confidence that this is the right time to buy; almost an “It is safe to go back into the water” consensus.
Factually, two excellent developments are notable:
1.Portland housing inventory has dropped by 7 months in the first quarter (from January’s 19.2 months at the current rate of sales, to March’s 12 months). This is happening at a time of the year when new listings escalate and normally increase the inventory.
2.Pending sales (accepted offers) are up 28.3% over February. Compared with the same period for the past two years, this is something to write home about. In 2008 the increase was just 5.5%, and 8.3% in 2007 (before the crisis hit). This means that something significant is happening.
There is also good reason to maintain hope:
1.Interest rates are historically low. Buyers are routinely getting below 5% on a 30 year fixed loan. Two recent closing clients got 4.5%! In my entire life, I never thought we would see anything like this. Nothing affects buying power and future profitability like the interest rate. Good Investments are made in the buying, not the selling. You can buy now and enjoy the rewards for 30 years!
2.There are amazing offers, incentives, and deals to take advantage of. Banner Bank’s 3.875% interest for 30 yr fixed, INCLUDING JUMBO MONEY UP TO A $ MILLION for their inventory of 200 new construction homes, is just like getting free money (ask us about this). The First Time Buyers Creditfrom the Stimulus Plan offers $8,000 as a gift if you have not owned a home in the past 3 years. Our daughter bought her first home last month, filed her taxes, and got $8,000 direct deposited into her checking account within 2 days! Not only are there great deals, but there are ‘steals’ now available as people must unload properties. The National Association of Realtors® Affordability Index already reached a record high in February (see attached). Let us help you buy well…
3.Confidence is up. Although there is still plenty of bad news about the economy (most notably unemployment), there is a growing consensus that the bad news about the housing market is either ‘spent’ or factored in (there will still be plenty of foreclosures). Economists and specialists believe it is an exceptional time to buy and that the housing market is at the very least bouncing along the bottom. Recently two local, well-respected, economists announced they believe both the housing market and the stock market have already hit their bottoms.
What is the Bottom?
The bottom of the housing market is really about two dynamics:
1.A change in direction. I believe the change in direction began in January following the disastrous 4th quarter of 2008 (which in hindsight will be seen as the bottom). 2008 was a year of decline as we were hit with one blow after another after another. This paralyzed more of the market with each event (recession, oil prices, financial sector meltdown, etc). Although our numbers, by definition of a ‘bottom’, are worse than a year ago, the trajectory of the market is moving forward now and improving. Recovery has begun.
2.The stabilizing and reversing of pricing. This cannot happen until inventory (supply) is reduced and demand (the number of buyers) is increased. This dynamic has been at work for 3 months now and supports the thesis that the bottom is behind us. Does this mean prices are firm and appreciation is occurring? Not yet. Sellers continue to lower prices because many must sell now. Time pressures on others are leading many more to sell at short sale prices, and foreclosures continue to grow. Seller fatigue is forcing some to take very low offers. All of this affects appraisals, which will continue to put downward pressure on pricing for months to come. Still, many times in the first quarter we have seen multiple offers on properties, or buyers getting surprised that when they do decide to offer but the property is already pending. The current buyers have never seen this before and it will stimulate them to be more decisive and timely. This will contribute to stabilizing the market.
Foster Church, writes Oregon Offtrack, a special segment for the Oregonian.
Below is the story he wrote about the Willamina/Sheridan area:
Oregon Offtrack: Willamina
by Foster Church, Special to The Oregonian Friday January 16, 2009, 8:00 AM
Beth Nakamura/The Oregonian
A view of Coyote Joe's, a restaurant that anchors a corner of the downtown area of Willamina, as seen through the front of the Galloping Goose, a train car that used to run through the town.
Millworkers, crab puffs and waterfalls
Willamina sits at the conjunction of Oregon's past, present and future. It's an old timber town, the prototype of towns around the country that get hit hard when mills close and prosper when they open. It's still thick with the flavor of the mills, and it has managed to hang on to two or three of them.
To get there, take Oregon 18 past McMinnville and veer off on a branch of 18 that loops past Sheridan. Velvety green fields roll to the horizon and bunch up in forested hills. The land here is some of the finest in Oregon, and the rich loam of freshly plowed fields looks like you would grow a couple of inches if you stepped in it.
The town got its start in the 1870s with the building of a grist mill and a sawmill. In 1907, a brick plant was built to take advantage of deposits of clay in the vicinity. The plant operated until 1974, and it's said to have produced much of the cream-colored brick in Portland's downtown.
The Willamina Museum of Local History occupies one of the oldest buildings in the city, originally the town's first church. It's packed with local artifacts and lore. Gary Brooks, a local dentist, may be there when you visit. When he's not pulling teeth, he creates miniature buildings and sometimes entire factories at a 1:87 scale, which is the scale for model railroads. Some of them -- including a model of the old brick plant -- are on display, and he will explain how he crafts these remarkable works of concentration and patience.
At some time during its economic heyday, the town got the enviable nickname "The Little Town With the Big Payroll," the result of jobs there in lumber and brick. After many ups and downs, the town can still boast that the local mills -- a sawmill and a veneer plant -- as well as the Spirit Mountain Casino a few miles away issue hundreds of weekly paychecks.
Willamina's main street still looks like a place where millworkers can buy everyday necessities and stop for a late afternoon beer. There's a bar, a couple of antiques shops, a market and a well-stocked hardware store all housed in plain, flat buildings.
In 2003, sisters Katie Vinson and Meredith Kendall, born and raised on a farm near Willamina, bought the hotel and named it Wildwood. At night, it's an amber lantern in the shadows. On the second floor are six small hotel rooms with bath. A restaurant and a backroom bar take up the downstairs. Rooms at the Sheridan Country Inn a few miles away are larger and more comfortable, but there's something to be said for being in the middle of things.
Friday nights, the thump and jive from the bar echoes upstairs when the weekly jam sessions begin at 8 p.m. On one night, it was an impromptu rock trio, Joi Bailey-Saucy, Michael Beckley and Steve Hudson. Bailey-Saucy divides her time singing various gigs and working with her husband, Matt, on their business, Willamina Portable Sawmill.
"I have been known to be covered in sawdust," she says, then dust myself off and get up there and sing."
If nightlife is your thing, you also could visit Benny Huie's Restaurant and Lounge in Sheridan, five miles away. It's a Chinese restaurant grafted onto a scruffy bar that's heavy with the vibes of millworkers blowing off steam.
When the jukebox plays Tom Petty's "Free Fallin'," pool players chime in with their own riff on the song. "I'm Tree Fallin'!" they howl.
Foster Church/Special to The Oregonian
Pheasant Falls is one of a pair of dramatic waterfalls reached by a milelong hike near Willamina. Nearby is Niagara Falls, named for Niagara Point.
If the bar is rowdy, its bar food is refined. Crab puffs brought in from the restaurant are worth a stop on the way to the coast.
Waking up in the hotel on a gray morning after a night of crab puffs and downstairs music, try filling a Thermos with coffee and picking up a local map at a kiosk near the hotel. The map is a guide to the local forest scene and also gives directions to a scenic backdoor route to Pacific City on the Oregon coast, but be sure to look over the map with a local who can explain it and add some tips.
One of the finest attractions in this vicinity is Niagara Falls, named for the local Niagara Point and not the thunderous falls in upstate New York on the Canadian border. This is a gorgeous trip past hills where clouds catch in the trees and into deep forest.
Dirt roads, though steep and pitted, are well-maintained. A word to the wise: Signage on these roads is inscribed on unassuming white sticks, and you'll miss important turnoffs if you don't keep a sharp eye out for them.
At the trailhead, pick your way down a milelong trail along a stream through dense forest to two 100-foot-plus waterfalls, Niagara and Pheasant Creek. Niagara is the most impressive, plunging 115 feet over a basalt escarpment. Like crab puffs at Benny Huie's and the music jam in Willamina, it's both hidden and in plain sight.
Getting there: Willamina is about 60 miles from Portland. Take Oregon 99 West and then Oregon 18. A local loop of Oregon 18 leads to Sheridan and Willamina.
Where to stay: Wildwood Hotel, 150 Main St., rates from $55 to $65; reservations: 971-241-3173. Sheridan Country Inn, 1330 Main St., Sheridan, 503-843-3151, rates from $59 to $155.
Where to eat: Wildwood Hotel restaurant, 503-876-7100; closed Monday-Tuesday, open Wednesday-Sunday for dinner and Friday for lunch and Sunday for breakfast. Coyote Joe's Restaurant, 142 Main St., 503-876-3003; open 5 a.m.-9 p.m. Monday-Saturday, 7 a.m.-4 p.m. Sunday.
Visit: Willamina Museum of Local History, 188 D St., open 1-4 p.m. Saturdays and Sundays and by appointment; 503-876-7853 or 503-876-4664; tour Niagara and other nearby waterfalls. Brochure, "Willamina Recreation," available in a kiosk across the street from Wildwood Hotel.
Carlton Together Cares is a "locally staffed non-profit organization dedicated to providing outstanding youth and community services to the greater Carlton and Yamhill areas."
The Flavors of Carlton is their annual fundraising event and it is coming up on Saturday, March 7th from 5-9pm at Ken Wright Cellars. Admission is $50 per person.
Here is the invitation for the event as a pdf with directions and details. I am one of the artists to have donated to the event; my piece, called "Fly South," will be available in the silent auction.
This is a piece I made recently in honor of my old dog, Vera, who I had to put down a couple of weeks ago. It is called "Hole In my Heart."
Here is a picture of the big dog, friend to rescued kittens everywhere.
Those kittens just crawled up there and snuggled right in! I miss her, I took a walk to the back of the property today and I felt sad to not have her with me.
This week I was featured on Oregon Public Broadcasting's renowned Oregon Art Beat! It's a terrific show dedicated to featuring established and up and coming artsits from all over Oregon. I am honored to be a feature!
They filmed last October during the annual Art Harvest Studio Tour of Yamhill County. We will be participating again this year and are already starting to organize behind the scenes. Very exciting!
I was cutting the trees for this piece during the filming, it's called 'Fly Away.'
Most people around here get nervous when the waters of the river approach flood stage, but not Corey Adams, a client and friend of mine. (I know, I have the coolest clients!) He gets excited like a little kid on Christmas Eve. These images were taken on January 2nd, 2009.
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According to The Sun, our local newspaper, "at 2:30 pm that Friday the river was at 13.37 cubic feet or 11,400 cubic feet per second. The 1964 record was 17.1 feet. The South Yamhill crested early Friday morning at 16.14 feet." These waves only appear when the river is in flood stage, so the window of opportunity is narrow.
Yes, it can be dangerous, Corey has an airpack on his chest and a helmet for safety. The big threat seems to be logs and trees; when the river gets this high, it takes a lot of material with it. The Yamhill County Sheriff's deputies, a group of friends and curious onlookers were watching in awe from the bank as these brave (and a little crazy) men surfed the river!
You can really get a feel for the size and speed in this shot!
The USDA Rural Development Loans are geared towards helping lower income people buy houses in rural communities. The only town that doesn't qualify for this loan in Yamhill County is McMinnville.
This home in Sheridan, Oregon qualifies for the rural development loan. This is only one of many homes that could qualify in the area. To learn about more area homes, contact me.
It is 1290 square feet with 3 bedrooms an 1 bath. It sits on almost 1/4 of an acre on the Yamhill River. It has many amenities including an oversized garage and brand new stainless steel appliances. A great deal at $139,900!
With a rural develoment loan at a rate of 5.25% your payment would be approximately $913/month. This home also requires flood insurance, which is estimated at $70/month. (Loans are subject to buyer/property qualification. Rates/fees are subject to change) I work with some terrific mortgage lenders who can let you know if you qualify.
Last Year I volunteered, and I plan to again this year. This has quickly become one of my favorite annual local events. As an extra bonus, proceeds help to benefit the Miller Woods. You'll find the best deals on native trees, shrubs and ornamentals in the whole valley- don't miss it!
Margaret Oscilia is a Home Stager in the Salem, Oregon area. Not only is she a talented stager, but she has good advice too! She has helped many sellers get their homes ready for the market and has some great insight into this buyer's market.
How are you planning to market your home for the best price and quickest sale?You’ve heard over and over again that it’s a buyer’s market right now.Achieving success in the selling game requires some preparation and knowing your buyers is an important step!
There are two types of buyers right now – one that wants to squeeze every last dime out of the price and options – a bargain hunter, whether they are looking for an investment or residence.They are less emotional about the process – just out for the best deal.
The other buyer is looking for their home – perhaps a place to raise their family, have friends over for an evening -- to be a safe haven themselves and for their loved ones.When you think of such phrases as “home sweet home”, “there’s no place like home” and “home is where the heart is” you began to realize what a huge emotional decision home buying can be.
To get top dollar, we must market to the buyer who wants an emotional connection and “falls in love” with a home.The facts are confirmed repeatedly – Price brings them in, but staging gets the offers.Buyers shop with logic, but buy with emotion.There will be perhaps dozens of homes that meet their criteria, but only when one tugs on their heart strings will they be compelled to make an offer.If you wish to get offers – good offers, you have to cater to the emotion of the buyers.
Houses that have been on the market for an extended period of time, have deferred maintenance issues, or are vacantas easy prey for a bargain hunter! Because they don't offer a good ambiance or widespread market appeal, they may be subject to low ball offers - taking advantage of their poor marketability.
Your home must present an image of a desirable lifestyle, ready to move into and of the best quality available for the price. How do you set your home apart and appeal to the broadest market of home buyers? We can help.
We want buyers to fall in love with your house.It all starts with a staging consultation where we can give you the recommendations you need, and the tools to successfully preparing your home for sale. Now that you know who you want to market your home to - the rest is easy!
Creative Concepts and Contracting are The Prepare to Sell Experts.
Call us to learn how a staging consultation can give you the tools you need to compete in a buyer's market. From occupied and vacant staging redesign, repairs or updaing -- Our expertise will give you the results you desire in any market!
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.
This week I was featured on 
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Creative Concepts and Contracting are The Prepare to Sell Experts. ;)
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