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Archive for the ‘tax credit’ Category

Pended Sales Rebound

Wednesday, July 21st, 2010

TRENDGRAPHIX’s latest report shows a 38% increase in pended sales for the month of June for the four-county region of Sacramento, Placer, El Dorado and Yolo Counties. This increase was surprising; especially given the 12% decline in pended sales the previous month. Seeing such a steep increase in sales in conjunction with increasing inventory and flat prices is not common. “We can only attribute this to 50 year lows in interest rates and well priced inventory,” stated Michael Lyon, CEO - Lyon Real Estate. “Most sellers realize that only aggressively priced properties are selling now; which is giving buyers a lot of options. This latest jump in pended sales is yet another recovery step towards stable housing prices.”

The June Trendgraphix report also shows that closed sales decreased 2% during the month of June for the four-county region of Sacramento, Placer, El Dorado and Yolo Counties; and June 2010 sales were 2% lower than June 2009. June 2010 inventory of 7,529 homes for sale is 4% higher than June 2009 inventory, representing a 51% decrease from the regional inventory record high of 15,302 homes for sale set in August 2007.

COUNTY HIGHS AND LOWS

Sacramento County sales decreased 3 percent from May to June 2010. Inventory increased 8 percent during the month of June. Pending sales increased by 42 percent in the month of June. 52 percent of the homes sold for under $200,000; 41 percent of the homes sold for between $200,000 and $400,000; and 7 percent of the homes sold for over $400,000. The average price per square foot decreased 2 percent during the month of June to $125.

Placer County sales increased by 5 percent and inventory increased by 8 percent during the month of June 2010. Pending sales increased by 25 percent from May to June. 4 percent of the homes sold for under $200,000; 51 percent of the homes sold for between $200,000 and $400,000; and 45 percent of the homes sold for over $400,000. The average price per square foot decreased by 1 percent during the month of June to $146.

El Dorado County sales decreased by 1 percent from May to June, and the inventory increased by 7 percent from May to June. Pending sales have increased 43 percent during the month of June. 21 percent of the homes sold for under $200,000; 39 percent of the homes sold for between $200,000 and $400,000; and 40 percent of the homes sold for over $400,000. The average price per square foot increased 1 percent during the month of June to $153.

Yolo County sales decreased by 15 percent for June 2010 and the inventory increased by 2 percent. Pending sales increased 37 percent during the month of June. 24 percent of the homes sold for under $200,000; 48 percent of the homes sold for between $200,000 and $400,000; and 28 percent of the homes sold for over $400,000. The average price per square foot increased 6 percent during the month of June to $171.

Nevada County sales have increased by 48 percent during the month of June, and inventory increased 9 percent. Pending sales decreased by 17 percent. 5 percent of homes sold for under $200,000; 48 percent of the homes sold for between $200,000 and $400,000; and 47 percent of the homes sold for over $400,000. The average price per square foot increased by 9 percent during the month of June to $190.

San Joaquin County sales have increased by 4 percent during the month of June, and inventory increased by 9 percent in June. Pending sales increased 34 percent. 38 percent of the homes sold for under $200,000; 50 percent of the homes sold for between $200,000 and $400,000; and 12 percent of the homes sold for over $400,000. The average price per square foot decreased 2 percent during the month of June to $101.

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Posted in Streamline(k), Uncategorized, VITEK Mortgage Group, tax credit | No Comments »

$8000 Tax Credit Extended for Members of Uniformed Services

Friday, July 2nd, 2010

Many of you have heard that the federal $8,000 first-time homebuyer tax credit and the $6,500 move-up tax credit expired as of June 30, 2010. While this is true for most, the U.S. government has extended the homebuyer tax credit for members of the uniformed services, members of the Foreign Service and employees of the intelligence community.

The tax credit extension is available for those who serve or have a spouse in the Military Reserve, National Guard and Air National Guard. The serviceman or woman must be on official extended duty service outside of the United States for at least 90 days during the period after Dec. 31, 2008, and before May 1, 2010. To take advantage of the credit, the eligible taxpayer must buy, or sign a contract to buy, a principal residence on or before April 30, 2011. If a contract is entered into by that date, you have until June 30, 2011, to close on the purchase.

For more detailed information and necessary tax forms, go to www.irs.gov or contact your tax professional. Although I am always here to answer your questions, I strongly encourage you to seek qualified and legal tax counsel. Contact me today to discuss your loan options to get you into your dream home, before the tax credit expires for good!

John Easterbrook
John Easterbrook
(916) 486-6969
jeasterbrook@teamvitek.com

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Posted in Streamline(k), Uncategorized, VITEK Mortgage Group, Veteran, first time homebuyer, reverse mortgage, tax credit | No Comments »

34% Sales Spike in March

Thursday, April 15th, 2010

TRENDGRAPHIX’s latest report shows that closed sales increased 34% during the month of March for the Tri-County region of Sacramento, Placer and El Dorado Counties; representing a 6% decrease in sales compared to March 2009. The recent surge was accompanied by a 51% increase in pending-sales since last month. “This abnormal spike in sales can be credited directly to three basic factors: a shortage of inventory, a rush to utilize the soon-to-expire federal home purchase tax deduction and interest rates remaining in the low 5% range,” stated Michael Lyon, CEO, Lyon Real Estate. “In addition, the State of California is launching its new 2010 New Home Credit and First-Time Buyer Credit beginning May 1st of this year. With inventory remaining low and interest rates holding, expect April to be as hot as March was.”

March 2010 inventory of 6,551 homes for sale is 31 percent lower than March 2009 inventory. This is a 57% decrease for the regional inventory record high of 15,302 set in August 2007.

COUNTY HIGHS AND LOWS

Sacramento County sales increased 34 percent from February to March 2010. Inventory increased 6 percent during the month of March. Pending sales increased by 53 percent in the month of March. 57 percent of the homes sold for under $200,000; 37 percent of the homes sold for between $200,000 and $400,000; and 6 percent of the homes sold for over $400,000. The average price per square foot increased 2 percent during the month of March to $122.

Placer County sales increased by 32 percent and inventory increased by 9 percent during the month of March 2010. Pending sales increased by 44 percent from February to March. 5 percent of the homes sold for under $200,000; 49 percent of the homes sold for between $200,000 and $400,000; and 46 percent of the homes sold for over $400,000. The average price per square foot increased by 1 percent during the month of March to $147.

El Dorado County showed a 31 percent increase in sales from February to March, and the inventory increased by 5 percent from February to March. Pending sales have increased 64 percent during the month of March. 25 percent of the homes sold for under $200,000; 45 percent of the homes sold for between $200,000 and $400,000; and 30 percent of the homes sold for over $400,000. The average price per square foot increased 5 percent during the month of March to $152.

Yolo County sales increased by 69 percent for March 2010 and the inventory increased by 14 percent. Pending sales increased 57 percent during the month of March. 26 percent of the homes sold for under $200,000; 56 percent of the homes sold for between $200,000 and $400,000; and 18 percent of the homes sold for over $400,000. The average price per square foot increased 7 percent during the month of March to $155.

Nevada County sales have increased by 28 percent during the month of March, and inventory increased 8 percent. Pending sales increased by 7 percent. 54 percent of the homes sold for between $200,000 and $400,000; and 46 percent of the homes sold for over $400,000. The average price per square foot increased by 10 percent during the month of March to $186.

San Joaquin County sales have increased by 30 percent during the month of March, and inventory increased 4 percent from February to March. Pending sales increased 41 percent. 40 percent of the homes sold for under $200,000; 49 percent of the homes sold for between $200,000 and $400,000; and 11 percent of the homes sold for over $400,000. The average price per square foot increased 1 percent during the month of March to $99.

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Posted in FHA, VITEK Mortgage Group, tax credit | 1 Comment »

Questions, Questions, Questions…

Monday, April 5th, 2010

Below are questions often asked of me and answers to them, as found on the IRS web site. As always, since I am not a tax advisor, I will not be held liable to the accuracy of the below information, and I strongly encourage you to seek council from a tax professional.

Q. Does previously inheriting a home and living in it automatically disqualify me as a first-time homebuyer if I buy a different home on or before Nov. 6, 2009?

A. Yes, an ownership interest in a prior principal residence would bar you from being considered a first-time homebuyer. As long as you owned and used the prior home as your principal residence, you are not a first-time homebuyer. There is no exception for taxpayers who did not buy their prior residences. (11/19/09)

Q. If I claim the first-time homebuyer credit in 2009 and stop using the property as my main home before the 36 month period expires after I purchase, how is the credit repaid and how long would I have to repay it?

A. If, within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full amount of the credit is due at the time the income tax return for the year the home ceased to be your principal residence is due. The full amount of the credit is reflected as additional tax on that year’s tax return. Form 5405 and its instructions will be revised for tax year 2009 to include information about repayment of the credit. (05/06/09)

Q. If a person does not actually make the payments on a home that’s their principal residence, but the deed and mortgage documents are in their name, can they be considered a first-time homebuyer?

A. Yes. If a taxpayer purchases a home to be used as a principal residence from an unrelated person and has not owned a home within the previous 36 months, the taxpayer is eligible for the first-time homebuyer credit regardless of who makes the mortgage payment. (05/06/09

For more information please visit the IRS website.


Ingrid Pierson
(530) 885-1545
ipierson@teamvitek.com

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Posted in VITEK Mortgage Group, tax credit | 4 Comments »

Tips About the First-Time Homebuyer Tax Credit Documentation Requirements For IRS

Wednesday, March 10th, 2010

Without the proper documentation your IRS First-time Buyer Tax Credit will be delayed. Below are tips on what you need to gather before you make your claim. It is important that you provide them appropriately for your transaction. Since I am not a tax advisor though, I will not be held liable to the accuracy of the below information, and I strongly encourage you to seek council from a tax professional.

Settlement Statement: Your closing agent will send you a certified copy of your final settlement statement a from called HUD-1.

1. Properly Executed Settle Statement: Generally, a properly executed settlement statement shows all parties’ names and signatures, property address, sales price and date of purchase. However, settlement documents, including the Form HUD-1, can vary from one location to another and may not include the signatures of both the buyer and seller. In areas where signatures are not required on the settlement document, the IRS encourages buyers to sign the settlement statement when they file their tax return — even in cases where the settlement form does not include a signature line.

2. Mobile Homes: Purchasers of mobile homes who are unable to get a settlement statement must attach a copy of the executed retail sales contract showing all parties’ names and signatures, property address, purchase price and date of purchase.

3. New Construction: For a newly constructed home, where a settlement statement is not available, attach a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.

4. Long-Time Residents: If you are a longtime resident claiming the credit, the IRS recommends that you also attach documentation covering the five-consecutive-year period such as Form 1098, Mortgage Interest Statement or substitute mortgage interest statements, property tax records or homeowner’s insurance records.

For more information about the First-Time Homebuyer Tax Credit and the documentation requirements, visit IRS.gov/recovery.


Ingrid Pierson
(530) 885-1545
ipierson@teamvitek.com

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Posted in FHA, VITEK Mortgage Group, tax credit | 6 Comments »

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