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Archive for the 'Real Estate News and Statistics' Category
Six Surprising Facts About the Homebuyer Tax Credit
The homebuyer tax credit is not as simple or straightforward as you might think. Here are some nuances that will affect homebuyers who plan to use it.
- To qualify for the move-up tax credit, a homeowner must have occupied the same principal residence for five of the last eight years consecutively.
- Buyers can elect to claim the credit on either their 2009 or their 2010 tax return, whichever is best for them.
- Buyers who claim the credit in 2009 can’t file electronically because the Internal Revenue Service hasn’t put the required forms online. The wait for a refund is three or four months.
- The home can be a mobile home or travel trailer that is fixed to land owned or leased by the home owner. A mobile home or travel trailer that is actually mobile doesn’t qualify.
- The home can’t be purchased from a close relative, including a parent, spouse, child, grandparent or grandchild.
- A buyer who earns no taxable income or doesn’t owe any federal income tax can qualify for the tax credit and file a tax return just to claim it.
Source: Bankrate.com, Marcie Geffner (01/21/2010)
Skye Bruce Properties has a team of mortgage and home buying experts to answer your questions about the Homebuyer Tax Credit. Contact Skye Bruce Properties today!
2010 Richmond Real Estate Outlook
Great summary and outlook for the 2010 local real estate market by Lisa A. Sturtevant, PhD and John McClain, AICP from the George Mason University Center for Regional Analysis. For more detailed information and data on the Richmond real estate market contact Skye Bruce Properties.
Final 2009 Richmond Real Estate Report
2009 was a real mixed bag in the Richmond area real estate market. While the number of homes sold in the area in 2008 and 2009 were about the same the market continued to get stronger as the year went on. There was continued price degradation throughout the Richmond region and it’s questionable if the market has bottomed out with regards to pricing.
Here are the highlights from the Central Virginia Multiple Listing Service:
2009 Central Virginia Home Sales Activity
In 2009, there were 11,162 existing homes sold in the Central Virginia region, which was virtually unchanged from 2008. In the 4th quarter of 2009, there were nearly 3,000 homes sold, an increase in sales of 29% over the 4th quarter of 2008.
In the Richmond Metro Area, there were 2,392 home sales, up 38% over the 4th quarter of 2008.
In the Tri Cities Area, there were 242 home sales in the 4th quarter of 2009, an increase of 17% over the 4th quarter of 2008.
In the 4th quarter of 2009, there were 2,466 pending sales in the CVR MLS, an increase of 17% over 4th quarter 2008 sales. Many of these pending sales will translate into closed sales in early 2010. Read the rest of this entry »
Most Expensive Homes Sold in 2009
This time of year it’s always interesting to look back and review the most expensive homes sold in the Richmond area. According to data reported by the Central Virginia Multiple Listing Service there were 39 single family homes which sold for $1,000,000 or more in the Richmond area. Goochland County had the most with 16, followed by the City of Richmond (11), Henrico (6), Chesterfield (5) and Hanover (1).
The most expensive was a Read the rest of this entry »
Tacky Lights and Richmond Real Estate
It’s that time of the year! Santa Claus’ outside Walmart ringing the bell, tree’s being sold about every 1/2 mile on Broad Street, even stop lights flash a bright red and green. Wasn’t that in a song? Seriously though the holidays are upon us and are a time for family, celebration, good cheer and yes, decorating.
The decorating part can be a challenge if you are trying to sell your home. While holiday decorating is fun and festive, too much can leave buyers unable to picture themselves at home in your house. Not really the feedback you want to hear from prospective buyers. Also not everyone has the same beliefs and customs that you do. Remember when you are trying to sell a home you want to appeal to the masses, including homebuyers that do not observe Christmas. Read the rest of this entry »
Richmond Short Sales Will Get Easier!
The U.S. Treasury Department on Monday released a plan to speed up and encourage Short Sales as a means to help families avoid foreclosure. We’ve been offering Short Sale proposals to public officials for over a year, and although the new guidelines aren’t everything we were hoping for, they do represent a significant improvement over the current situation.
Short Sales have been difficult to close, and these new measures are a huge step in the right direction. One major highlight: A lender must give a yes or no answer to an offer within 10 days. Also included: a moving allowance, incentives for sellers and lenders, commission rules, and a stipulation that releases sellers from debt liabilities. Here’s an initial Reuters news story outlining the new policies. Read the rest of this entry »
Richmond, U.S. Home Sales Rising!
Good news for the Richmond area real estate market! Sales rose more than 32% in October, year over year. 992 homes were sold in October in Central Virginia compared to 749 homes in October of 2008.
Nationwide home sales surged for the second month in a row in October, climbing to the highest level in 2 1/2 years as first-time buyers rushed to take advantage of an expiring tax credit. Home sales nationwide are now up nearly 36 percent from their bottom in January, data Monday showed, though they are still 16 percent below the peak in autumn 2005. At the current sales pace, there is only a 7-month supply of homes on the market. Read the rest of this entry »
$6,500 Move-Up and Repeat Homebuyer Tax Credit at a Glance
New Tax Credits Provide Outstanding Opportunities for Repeat Homebuyers Looking To Move Up!
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $6,500 for qualified repeat home buyers purchasing a principal residence. Here are the details for the $6,500 Move-Up & Repeat Home Buyer Tax Credit at a Glance… Read the rest of this entry »
$8,000 First-Time Homebuyer Tax Credit at a Glance
New Tax Credits Provide Outstanding Opportunities for First Time Homebuyers!
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. Here are the details for the $8,000 First-time Home Buyer Tax Credit at a Glance… Read the rest of this entry »
Homebuyer Tax Credit Extended!
President and Congress Also Expand Tax Credit!
Congress and the President wants more people to buy homes, so it’s extending and expanding a tax credit program set to expire in just a few weeks. Missed out on Cash for Clunkers? Congress has another deal for you: buy a home before May 1 and cut your tax bill. It’s all part of the government effort to help the struggling housing industry. Since January, first-time home buyers have been getting tax credits of up to $8,000 as part of the economic stimulus package.
The tax credit did help boost sales, just like Cash for Clunkers got people to buy new cars. The industry estimates 350,000 buyers would not have purchased their homes without the credit. But that credit was due to expire at the end of November. Congress agreed to extend it into the spring and to expand it to many people who already own homes. Read the rest of this entry »
