Barry Ripp ~ East Bay Area Real Estate » 2009 » August http://barryripp.com Realty World-Viking Realty "Family Owned since 1971" Sat, 12 May 2012 15:07:23 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Start house-hunting now to qualify for tax credit http://barryripp.com/2009/08/28/start-house-hunting-now-to-qualify-for-tax-credit/ http://barryripp.com/2009/08/28/start-house-hunting-now-to-qualify-for-tax-credit/#comments Fri, 28 Aug 2009 17:51:22 +0000 Barry Ripp /2009/08/28/start-house-hunting-now-to-qualify-for-tax-credit/ moneyFirst-time homebuyers—those who have not owned a home for at least three years—may be eligible for the $8,000 federal tax credit, but the window of opportunity is closing rapidly. To qualify for the credit, the buyer must close escrow by midnight on Nov. 30, when the tax credit expires. Buyers hoping to take advantage of this benefit are advised to start house-hunting early, as the buying and lending processes takes time.

· Finding the right house can take some time, so REALTORS® recommend home buyers start looking for a home as soon as they are able and ready to purchase. Buyers also should build in extra time to accommodate the lending process, which is taking approximately two weeks longer to process this year compared with last year.
· The tax credit is equal to 10 percent of the purchase price, up to $8,000, subject to income limits. Single taxpayers are eligible if their modified adjusted gross income is $75,000 or less, while married taxpayers filing jointly must have a modified adjusted gross income of $150,000 or less.
· Only primary residences are eligible for the federal tax credit, including new or existing single-family homes, townhouses, condominiums, manufactured homes, custom homes, and houseboats. Vacation homes and investment properties do not qualify.

There are so many reasons to buy a house…especially in a down market. This tax credit is just one reason.
Contact me for more information and advantages of home ownership.

~ Barry

The above information was obtained from the Calif.Asso.of Realtors news on 8/20/09

]]> http://barryripp.com/2009/08/28/start-house-hunting-now-to-qualify-for-tax-credit/feed/ 0 Home Sales are Up…again !!! http://barryripp.com/2009/08/10/home-sales-are-up-again/ http://barryripp.com/2009/08/10/home-sales-are-up-again/#comments Mon, 10 Aug 2009 17:21:07 +0000 Barry Ripp /2009/08/10/home-sales-are-up-again/ The National Association of Realtors said its Pending Home Sales Index rose 3.6% during the month. That was 6.7% higher than June 2008. It was the fifth straight month of increases, the first time that has happened since July 2003..
The report followed several other recent pieces of good news for the housing industry, including a substantial rise in new home sales, a jump in existing home sales and the first home price increase in nearly three years.
“Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines,” said NAR chief economist Lawrence Yun.
Low-end sales have been the strongest segment of the market, an indication that the first-time homebuyers tax credit, worth up to $8,000, is contributing to the rise. The clock, however, is quickly running out on this offer and may have buyers stepping up their shopping to get their purchases in under the wire.
“Because it may take as long as two months to close on a home after signing a contract,” Yun said, “first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by Nov. 30.”

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