Archive for June, 2009
More On The First Time Home Buyer $8,000 Tax Credit June 4th, 2009
I recently wrote about HUD allowing the $8,000 tax credit to be used for a down payment. Read it here.. Will The IRS Make Your Downpayment?
I received another update from Howard Nugent of Wells Fargo. Here it is:
A little more information about this, provided by Jeff Mifsud, a FHA expert at Loan Toolbox:
All of this has to be implemented at a number of levels to make it truly functional, don’t expect any big lift in the short term.
Here are the 10 things you need to know about these changes:
1. The IRS tax credit refund can be made only to the taxpayer and not a third party.
2. Government agencies may offer tax credit advances with second liens.
3. The buyer cannot get cash back through the tax credit advance.
4. The 2nd lien may not exceed the down payment, closing costs, and prepaid expenses.
5. The 2nd lien may be “soft” or require payments.
6. Payments on 2nd liens must be included in ratios unless deferred for at least 36 months.
7. Balloon payments on 2nd liens may not be before 10 years.
8. FHA approved lenders and FHA approved non-profits may purchase the tax credit.
9. Tax credit purchaser may not charge more than 2.5% of the tax credit as a fee.
10. IRS may deduct from the tax credit: unpaid student loans, tax liens and garnishments.
$7,500 And Lower Utility Bills To Boot! June 3rd, 2009
We just closed on a Pacific North Construction Home yesterday. The buyer received a $7,500 energy rebate check from the State of Alaska. She also qualified for the $8,000 first time home buyer tax rebate from Uncle Sam and not only that…she got a Rural Development Loan! Talk about checking all the boxes. A rural development loan is through the US Dept of Agriculture. It lets you in for zero down and sometimes for a lower interest rate…as low as 1% in some cases. This is a subsidized interest rate that is subject to recapture if you sell for a profit. Kelly Bennett of Prudential Vista Real Estate represented her. She has Kelly to thank for pointing her in all the right directions, including the purchase of this quality home by Pacific North Construction.
The home she purchased is almost identical to the one under construction right now at 4531 S Navigators Circle. It is a 4 bedroom, 2 1/2 bath home with a two car garage, dining area, dining room, living room, and family room….all for only $219,900 on a Mat-Su Acre. That is hard to beat if you ask me. If you are interested in this home give me a call. There is still time to choose your colors.
It is a 5 star plus energy rated home with lots of other energy saving measures built into it. Everything from an on-demand water heater to a heat-recovery ventilation system to energy saving light bulbs are included. So you will qualify for a check like on the of the above, lower utitlity bills for as long as you own the home, a tax rebate if you are a first-time buyer, and maybe even a 0 down low interest rate loan if you meet the qualifications. Give me a call, I would be happy to help you find a home that meets your needs.
Monday Market Memo, May 26-June 2, 2009 June 2nd, 2009
Wasilla and Palmer real estate statistics for May 26-June 1, 2009. These statistics show the average and median sales prices for single family homes in the Matanuska-Susitna Borough. This inludes Palmer and Wasilla and all the way to Talkeetna and Trapper Creek. The vast majority of the real estate activity takes place in the core Wasilla/Palmer areas.
This has been an active week with closings, pendings and new listings all on the high side for the year. At the current rate of new listings we will go over 900 homes in the inventory by the end of summer.
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Average Price | Median Price | DOM | |
| New | 64 | $279,244 | $217,500 | . |
| Total Active | 871 | $289,949 | $241,500 | 134 |
| Pending | 35 | $218,341 | $195,000 | 63 |
| Closed | 27 | $237,984 | $239,500 | 76 |
The interest rates jumped up this week. They are now in the mid to high 5 percentage point ranges. This is still a great rate historically but not at the extremely low rates seen recently in the high 4s. It’s hard to say if they will go back down anytime soon. If you had read my memo exactly a week ago, Interest Rates Going Up?, you might have locked in then. Hopefully you did.
I should be getting the deals of the week out tonight. Let me know if you want to be on the list. We just lowered the price of one house by $10,000 that I thought was already a deal…it will be included.
This representation is based in whole or in part on data supplied by, and to, the subscribers of Alaska Multiple Listing Service, Inc. (AK MLS, Inc.). AK MLS, Inc. does not guarantee nor is it in any way responsible for its accuracy. Data maintained by AK MLS, Inc. is for its own use and may not reflect all real estate activity in the market.
Marty Van Diest, Tele 907.232.7900 / marty[at]valleymarket[dot]com
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