Little Knows Features of the Expanded Homebuyer Tax Credit Help Members of the Military Serving Our Great Country

Most people are aware of the fact that the first time home buyer tax credit has been extended through April of 2010, and has been expanded to include a $6,500 credit to existing homeowners who qualify. But did you know that qualifying members of the military, and their spouses, may qualify for an EXTRA YEAR to take advantage of the credit? This is one of the little-known provisions of the Worker, Home Ownership and Business Assistance Act of 2009, signed into law in November, which extended and expanded the tax credit. Under the new law, servicemen & women who serve on qualified official extended duty service outside the country for at least 90 days between 1/1/2009 and 4/30/2010 would qualify. They would have until 4/30/2011 to sign a binding contract, and must close the transaction no more than 90 days later. Only one spouse is required to be overseas to qualify.

Some of the other features of the new law which benefit members of the military:

• Most buyers would have to repay the credit if the house is sold or otherwise ceases to be their principal residence within three (3) years of the initial purchase. But when a home belongs to a qualifying member of the armed services, Foreign Service or intelligence community, this provision is waived, as long as the home is sold in connection with orders sending the taxpayer to a new duty station more than 50 miles away.
  
• Members of the military may also be eligible for financial assistance if forced to sell their home for less than what is owed on the mortgage, due to a mandatory, permanent duty transfer.

For more information on the benefits to military members in connection with the extended and expanded tax credit, visit the following link: http://www.irs.gov/newsroom/article/0,,id=215594,00.html

In addition, general information on the Act can be found here: http://www.irs.gov/newsroom/article/0,,id=204335,00.html


Visit my website: www.JBKnowsTheValley.com

A Beautiful Day in Southern California!

A beautiful, picture perfect day in Southern California, looking just like the pic above!!!

Today I am going to be previewing some properties for a client in the Mount Washington area north of downtown Los Angeles. Looking forward to seeing some of the spectacular views and hopefully some spectacular properties as well...

I am excited that 2010 is here and starting off with a flourish! The real estate market looks very exciting and promising in the year to come, as the residential housing market leads the country out of the recession, and we continue to see double-digit increases in sales figures from month to month. Many people (the smart ones) see the incredible value in todays market, and the extention of the first time homebuyer tax credit, as well as the addition of the expanded credit to include ALL homeowners, looks to make it a promising year, and one where many many people will realize their dream of owning a home for the first time...




Photos of my day to follow...

***************** Update ********************

Had quite an adventure with my daughter.. Unfortunately, not all of the places we saw looked all that promising, such as the house in the photo below... What you are looking at below is the window to the front bedroom of one of the places. Don't think I would feel all that safe here...

But, after seeing a few other places, the next place we saw, located in the community of Mount Washington north of Downtown Los Angeles, had some SPECTACULAR views! Unfortunately, it was not the kind of place my client was looking for as far as the house goes (although better than the one above!!!) - it was a little too small, but it was worth making the trip for the views alone..

First, we had to negotiate the precarious hilltop road leading to the property:

But once we made it, we negotiated a narrow staircase built into the hill, to arrive at the back porch area of the house:

...where the views were SPECTACULAR!!! Here is my daughter enjoying the incredible views of the San Gabriel mountains:








Anyhow, it turned out to be a strikeout for my client as far as the properties I saw that day, and and I am continuing my search.. But that is why I like to preview homes for my clients. I know their time is valuable, and I don't want to waste it until I find something worthwhile for them to see!! Onward and upward!!!

Forbes' List of Top Best Cities to Buy a Home - Do You Agree??

Forbes.com has recently come out with a list of the best cities in the United States to buy a home. Their results are based on an analysis of the March 2009 RPX Monthly Housing Market Report issued by Radar Logic Incorporated, which examines market fundamentals in the 25 most populated metropolitan areas of the US. Topping their list was Denver followed by Phoenix and Boston. The two major Southern California metropolitan markets, San Diego and Los Angeles, ranked 4th and 5th respectively. At the bottom of the list of the areas ranked by desirability was Las Vegas, followed by Cleveland and Seattle. According to Dan DeNuccio, a local agent with Prudental in Las Vegas, there are a large number of investors out snapping up properties, many with cash and many from foreign countries. "And what's happened here is a lot of those first-time homebuyers that were excluded from the market because of the price range are now in the market and taking advantage of the tax credit", says DeNuccio. Once the investors start coming out, you know there MUST be some good deals out there..

The full text of the article can be found HERE.

Do you agree or disagree with their analysis? Is it possible that areas that are bad for sellers are just as bad for buyers, or does that create even more opportunity??

Finally Closing the Deal.....

Congratulations to the Snyders, and congratulations to the new buyers and new owners of the home at 5162 Windermere Avenue!! Escrow successfully closed on April 23, 2009... A great experience from start to finish, a very smooth closing, and absolutely wonderful buyers, sellers and agents to work with - a top notch transaction all around!! Congratulations and a big thank you to everyone who helped make it happen!!



Less than 45 days from listing in the MLS to the close of escrow and the sellers receiving 5% ABOVE the asking price - I have been blessed with an incredibly smooth deal and my clients couldn't be happier... (Unless of course, they have their offer accepted on their new home!!!!).

Now its time to push on and go forward... Plenty of houses out there for everyone!!!

And with the $8,000.00 first time homebuyers tax credit, along with low home prices and historically low interest rates, it is a fantastic time for buyers to realize their dream of owning a home for the first time. Home ownership is now within reach and an actual reality for people to whom just a few years ago, it was only a dream....

$8,000.00 TAX CREDIT FOR FIRST TIME BUYERS AS STIMULUS BILL BECOMES LAW!!!!

With the signing into law on Tuesday by President Obama of the American Recovery and Reinvestment Act of 2009, the rumors swirling regarding the details of tax credit for first-time home buyers, and the differences int he amounts and terms between the House and Senate versions, can finally be put to rest - a compromise has been made, and the credit has now become the law.

Here are the main details regarding the credit:

• Amount of the credit is $8,000.00 (or 10% of home value, whichever is less) ;
• Available to first-time home buyers only;
• Home must be purchased (close escrow) between January 1, 2009 and November 30, 2009.
• Income restrictions: $75,000.00 for single filers and $150,000.00 for married couples;
• Credit DOES NOT have to be paid back, as long as buyer occupies home as primary residence for at least three (3) years (otherwise, buyer obligated to repay amount).
  

Of course, it is highly recommended and strongly suggested that you discuss with and seek the advice and guidance of your tax advisor regarding this credit or any other tax related questions or issues...

With low interest rates, incredible value in the Los Angeles housing market, and now EIGHT THOUSAND MORE DOLLARS in your pocket, the time may never have been better for first time home buyers to realize their dream of owning a home...

DON'T MISS OUT ON THE INCREDIBLE OPPORTUNITIES AVAILABLE IN THIS BUYER'S MARKET!!!!!

Call me at (323) 810-7976, or EMAIL ME for a no obligation chat to see if I can help you FIND YOUR DREAM HOME!!!!!

Could Be the Opportunity of a Lifetime for First-Time Buyers!!!

For first-time buyers who are debating whether or not now is a good time to buy, recently enacted Federal legislation may now offer the needed incentive, providing up to a $7,500.00 tax credit for first-time home buyers, for homes purchased on or after April 9, 2008 and before July 1, 2009. Note that for purposes of the credit, "purchased" means that the actual CLOSING must occur by July 1st. Assuming a typical 45-day escrow, it is in any first-time home buyers best interest to act as quickly as possible, in order to have an ACCEPTED OFFER and be ready to go into escrow by mid-May at the latest, so as not to possibly lose out on this INCREDIBLE OPPORTUNITY!!

Currently it is established as a zero-interest loan, which must be repaid to the government over a 15-year period, but I understand that there are provisions in the current economic stimulus package to make this credit PERMANENT, and one that NEVER HAS TO BE PAID BACK! Now that's what I call a TRUE tax credit!!! We will follow this stimulus bill very closely.

Please see this site for more information regarding the credit: **

Federal Tax Credit

Feel free to call me at (323) 810-7976, or email me at: jb@jbknowsthevalley.com if you are interested in finding out any more information on available properties in the Eagle Rock/Glendale/San Fernando Valley areas, and if you would like my assistance in making an offer in order to take advantage of this great opportunity.

** For specific questions regarding the tax credit and how it would apply to your particular tax situation, I strongly recommend you consult with your tax advisor or accountant.