It’s Official – 1st Time Homebuyers Receive $8,000 Tax Credit Windfall!

I want you to click on the photo of the CNN page to read the information about the new 1^st Time Homebuyer Tax Credit. This is awesome news for 1^st time homebuyers in the Kitsap County real estate market!

Are you sitting on the fence? Have you read the many horror stories across the nation? Well, remember real estate is local and here in the Kitsap County area we are in an amazing buyer’s market. It just might be the perfect time for you to purchase a home if you are a First-Time Home Buyer. Here is a nudge to get you into the housing market.

Read the article and make sure to read the scenario’s that CNN has listed

—————————————————————————————————————————

Final score: $8,000 for homebuyers

First-time purchasers get a tax credit windfall if they buy before December.

By Les Christie, CNNMoney.com staff writer

Last Updated: February 17, 2009: 12:13 PM ET

Scenario 1: Your final tax liability is normally $6,000. You’ve had taxes withheld from every paycheck and at the end of the year you’ve paid Uncle Sam $6,000. Since you’ve already paid him all you owe, you get the entire $8,000 tax credit as a refund check.

Scenario 2: Your final tax liability is $6,000, but you’ve overpaid by $1,000 through your payroll withholding. Normally you would get a $1,000 refund check. In this scenario, you get $9,000, the $8,000 credit plus the $1,000 you overpaid.

Scenario 3: Your final tax liability is $6,000, but you’ve underpaid through your payroll withholding by $1,000. Normally, you would have to write the IRS a $1,000 check. This time, the first $1,000 of the tax credit pays your bill, and you get the remaining $7,000 as a refund.

To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as “first time” buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.

————————————————————————————————————————

If this sounds interesting to you why not give me a call so we can discuss it in more detail and I can get you in touch with one of my local lenders. I do not want you to think I am an expert in this area but I do have a network of mortgage lenders that are. You might also want to discuss this with your CPA. I am not allowed to practice law or give tax advice.

Bremerton | Good Time To Sell Your Home?

What was the market like when you bought your current home? Was it a buyer’s market or a seller’s market? Most “move-up buyers” have lived in their current residence for about 5-7 years. Think of what the market was like 5-7 years ago. Here are some statistics to remind you.

Bremerton Recently Sold Homes

Bremerton Recently Sold Homes

If you bought in a buyer’s market you’re in an excellent position to sell in a buyers’ market. Not only are you in a position to still turn a profit on the sell of your current residence, but most likely you can undercut your competition that is already sitting on the market.

Remember, you will be buying in a buyer’s market so you will be able to look at homes that you might not have been able to a year or so ago because they were out of your price range. You will also be able to have control in your buying process, gone are the days of multiple offers and buyers having to settle when it comes to negotiation and terms.

Kitsap County Real Estate Market Data January 2009

Below are some market statistics for Kitsap County for the month of January 2009.  Currently there are 1830 homes available for sale in Kitsap County.  During the month of January 417 new listings became active in the NWMLS data base.  There were 197 homes that received offers and the seller and buyer came to terms and those homes are now headed to closing.  During January 114 homes that had been listed as pending closed and change of ownership was recorded at the Kitsap County Courthouse.  We do have a lot of inventory in Kitsap County.

What do these numbers mean?  Is it a good time to buy? Is it a good time to sell. It all depends on your individual situation.  I would rather buy in a buyers market and I would rather sell in a buyers market if I have to buy another home with the proceeds.  I am a fan of the NORMAL market – everyone can feel more comfortable and real estate transactions are not as stressful.

If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a FREE Market Analysis.

If you would like to purchase a home in the Kitsap County Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.

“Statistics not compiled or published by NWMLS.” Equal Opportunity Housing All information deemed reliable, but not guaranteed

NEW $15000 Tax Credit Included in STIMULUS PLAN | Before you get EXCITED – READ IT!

I have been doing a lot of reading on-line today about the housing credit that has been approved to be included in President Obama’s proposed stimulus package. Below are the articles that I gained the most information from.  If you are a 1st time home buyer you need to read this information.  You are the most affected by this legislation. Especially those of you that have made a purchase decision based on the current tax incentive plan.  I am not a CPA but I do understand the difference.  Here are some comments I have made on other blogs followed by the on-line articles I learned the most from-

http://isakson.senate.gov/Amdt_106.pdf

**New $15000 Tax Credit on Home Buyer Stimulus Package!!

Correct me if I am wrong but if I don’t owe $15,000 in tax I will not realize that credit.  If I owe $7,500 in tax in the two consecutive years I could in sense take $7,500 credit one year and then $7,500 the next to utilize the full $15,000.

If your tax liability is $5,000 in 2009 and $5,000 in 2010 you will have received $10,000 over a 2 year period. Now that isn’t bad but it isn’t what people are going to be thinking.

Am I totally off base on how I have interpreted the bill?

I agree with the “either/or” offer. This is a huge difference for many 1st time buyers. Some have made decisions based on the old bill – just does not seem right to change it in mid stream! I am off to draft a letter to send – I vote – either/or!

I have sent an email to my State Senator and my Congressman. I feel that this new bill should not “Sunrise” the first bill.  Please check the facts before you make a home buying decision based on this tax credit.

Senate’s Tax Credit Favors Higher-Income Homebuyers (Update1)

Obama Urges Action On Stimulus As Senate Vote Nears

More Details on $15,000 Tax Credit – It Does Not Have to be Repaid

Hood Canal Bridge Blog – Get Ready for the CLOSURE

Hood Canal Bridge Closure

You might want to bookmark this blog or sign up for RSS feeds or email notifications during the upcoming Hood Canal bridge closure. The State of Washington Department of Transportation is providing a way for Olympic Peninsula and Kitsap Peninsula travelers to share travel stories on the new blog.

You will find updates and strategies to help your with travel plans during the six weeks the bridge’s east half is closed during the month of May and June.

HOOD CANAL BRIDGE BLOG

Photo Credits: Author=Service Depicted: Navy Camera Operator: PH3 SHAWN HANDLEY, USN |The Ohio Class Trident Ballistic Missile S) Public Domain

New Kitsap County Home Search

Check out my new home search site. Here you can search for any home in the Puget Sound area and beyond. If you would like to see more detailed information please copy down the MLS number and email it to me. I will send you a detailed report about the home. If you would like to sign up for listing alerts please just

Sign up for a MySkyline account and receive the automated and private privileges listed below

* Immediate new listing notification.
* Price change alerts.
* Easy access to favorite homes.
* Sign up for property udates with My Skyline!

You have control over your home search online. Just let me know when you would like some help. I am just a phone call, email, text message away!

Kitsap County Home Buyer’s | Closing Costs Paid by Seller

No, I am not a Loan Officer but I do answer a variety of home loan questions.  I always make sure that my buyers are connected to a reputable Loan Officer but I also do some loan education as questions arise.  Many buyers need help with closing costs and so the subject of closing costs always comes up from time to time.  Here is some information that might come in handy in your quest to purchase a Kitsap County area home.

There is a limit on what a seller can contribute towards your closing costs.  This is dictated by the loan program that you apply for.

For conventional home loans with less than 10% down the maximum a seller may contribute is 3% of the purchase price.  If you are going to put between 10% and 25% down the seller can contribute up to 6% of your closing costs.  Putting down more than 25% the sellers can contribute 9%.

If you are going to be applying for a FHA loan the maximum seller contribution is 6% of the purchase price.

If you are using your VA Eligibility for a VA home loan the sellers contribution is a maximum of 4% of the purchase price, unless the seller agrees to contribute towards discount points.

In a buyer’s market a buyer usually will be able to negotiate some closing cost contribution from the seller.  Seller’s in Kitsap County are slowly coming around to the fact that they must be willing to contribute if they want to sell there home.

If you need assistance with more home buying loan information just give me a call and I would be more than happy to share with you my team of local lenders.

Port Orchard Real Estate Market Data 2007 vs 2008

Port Orchard :  During the year of 2008 there were 684 homes sold in Port Orchard with an Average Sales Price of $288,403.  I would rather use Median and for 2008 the Median Sales Price was $255,000.  The Average Market Time was 112 days and the Median Market Time was 82 days.

Homes sold very close to the list price during 2008.  Average list to average sale ratio for these 684 homes was 97.59% while the Median list to sale ratio was 100% and yes I checked that figure twice!  It seems that we are pricing property correctly.  So how is that pricing compared to the year 2007?

Port Orchard : During the year of 2007 there were 914 homes sold in Port Orchard with an Average Sales Price of $302,031.  The Median Sales Price was $280,949.  The Average Market Time was on average 97 days and the Median Market Time was 70 days.  Let’s look at the 2007 list to sale ratio.  the Average list to average sale ratio for the 914 homes was 98.68% while the Median list to sale ration was 98.60%.

There were 230 more homes sold in 2007 than in 2008. The Average List Price for 2008 was $17,670 lower than for the year 2007.  The Median List Price for 2008 was $29,950 lower than for the year 2007.  Those figures just don’t look too fun do they?  So what was the actual sale price differences?  The Average Sales Price for 2008 was $20,572 lower than for the year 2007.  The Median Sales Price for 2008 was $25,949 lower than 2007.

What do these numbers mean?  Is it a good time to buy? Is it a good time to sell. It all depends on your individual situation.  I would rather buy in a buyers market and I would rather sell in a buyers market if I have to buy another home with the proceeds.  I am a fan of the NORMAL market – everyone can feel more comfortable and real estate transactions are not as stressful.

If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a FREE Market Analysis .

If you would like to purchase a home in the Kitsap County Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.

Similar Posts:

• Kitsap County Real Estate Market Data 2007 vs 2008
• Bremerton Real Estate Market Data 2007 vs 2008
• Silverdale Real Estate Market Data 2007 vs 2008

“Statistics not compiled or published by NWMLS.” Equal Opportunity Housing All information deemed reliable, but not guaranteed

Silverdale Real Estate Market Data 2007 vs 2008

Silverdale :  During the year of 2008 there were 152 homes sold in Silverdale with an Average Sales Price of $316,859.  I would rather use Median and for 2008 the Median Sales Price was $277,750.  The Average Market Time was 110 days and the Median Market Time was 82 days.

Homes sold fairly close to the list price during 2008.  Average list to average sale ratio for these 152 homes was 96.19% while the Median list to sale ratio was 95.80%. It seems that we are pricing property correctly.  So how is that pricing compared to the year 2007?

Silverdale : During the year of 2007 there were 215 homes sold in Silverdale with an Average Sales Price of $333,303.  The Median Sales Price was $315,000.  The Average Market Time was on average 87 days and the Median Market Time was 69 days.  Let’s look at the 2007 list to sale ratio.  the Average list to average sale ratio for the 215 homes was 98.17% while the Median list to sale ration was 98.43%.

There were 63 more homes sold in 2007 than in 2008. The Average List Price for 2008 was $10,110 lower than for the year 2007.  The Median List Price for 2008 was $30,l100 lower than for the year 2007.  Those figures just don’t look too fun do they?  So what was the actual sale price differences?  The Average Sales Price for 2008 was $16,444 lower than for the year 2007.  The Median Sales Price for 2008 was $37,250 lower than 2007.

What do these numbers mean?  Is it a good time to buy? Is it a good time to sell. It all depends on your individual situation.  I would rather buy in a buyers market and I would rather sell in a buyers market if I have to buy another home with the proceeds.  I am a fan of the NORMAL market – everyone can feel more comfortable and real estate transactions are not as stressful.

If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a FREE Market Analysis.

If you would like to purchase a home in the Kitsap County Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.

Similar Posts:

• Kitsap County Real Estate Market Data 2007 vs 2008
• Bremerton Real Estate Market Data 2007 vs 2008
• Port Orchard Real Estate Market Data 2007 vs 2008

“Statistics not compiled or published by NWMLS.” Equal Opportunity Housing All information deemed reliable, but not guaranteed

Bremerton Real Estate Market Data 2007 vs 2008

Bremerton :  During the year of 2008 there were 794 homes sold in Bremerton with an Average Sales Price of $243,507.  I would rather use Median and for 2008 the Median Sales Price was $229,950.  The Average Market Time was 88 days and the Median Market Time was 63 days.

Homes sold really close to the list price during 2008.  Average list to average sale ratio for these 794 homes was 97.77% while the Median list to sale ratio was 99.98%. It seems that we are pricing property correctly.  So how is that pricing compared to the year 2007?

Bremerton : During the year of 2007 there were 1003 homes sold in Bremerton with an Average Sales Price of $260,465.  The Median Sales Price was $242,950.  The Average Market Time was on average 74 days and the Median Market Time was 56 days.  Let’s look at the 2007 list to sale ratio.  the Average list to average sale ratio for the 1003 homes was 98.95% while the Median list to sale ration was 99.16%.

There were 209 more homes sold in 2007 than in 2008. The Average List Price for 2008 was $14,174 lower than for the year 2007.  The Median List Price for 2008 was $15,000 lower than for the year 2007.  So what was the actual sale price differences?  The Average Sales Price for 2008 was $16,958 lower than for the year 2007.  The Median Sales Price for 2008 was $13,000 lower than 2007.

What do these numbers mean?  Is it a good time to buy? Is it a good time to sell. It all depends on your individual situation.  I would rather buy in a buyers market and I would rather sell in a buyers market if I have to buy another home with the proceeds.  I am a fan of the NORMAL market – everyone can feel more comfortable and real estate transactions are not as stressful.

If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a FREE Market Analysis.

If you would like to purchase a home in the Kitsap County Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.

Similar Posts:

• Kitsap County Real Estate Market Data 2007 vs 2008
• Silverdale Real Estate Market Data 2007 vs 2008
• Port Orchard Real Estate Market Data 2007 vs 2008

“Statistics not compiled or published by NWMLS.” Equal Opportunity Housing All information deemed reliable, but not guaranteed