Today is April 27th and these tax credits will expire at the end of the day on April 30th. When we say this is the last chance we truly mean "this is the last chance". Unlike last November when the tax credits were extended, there is no talk about that happening again. While I don't recommend buying simply because of the credits, if you are a buyer, then it would be foolish to pass them up.
Just to review, there are two tax credits available. One is a first-time home buyer tax credit worth up to $8000. The other is for a repeat homebuyer and is worth up to $6500. Our team conducted a seminar on these tax credits recently and we have the entire slide presentation posted on www.BuyDurango.com right on the home page. The presentation goes through all the rules, the income limits, and filing requirements in order to obtain the credit.
Please give us a call and one of our team members me more than happy to help you in your search for Durango real estate. The Team Lorenz phone number is 970-375-7007.
Showing posts with label $8000 first-time homebuyers tax credit. Show all posts
Showing posts with label $8000 first-time homebuyers tax credit. Show all posts
Tuesday, April 27, 2010
Friday, April 09, 2010
Open Houses This Weekend... Earn $1000?
To help you in your search for Durango real estate, the Wells Group is holding approximately 57 open houses this weekend all across La Plata County. This is all being done as part of the National Association of Realtors national open house weekend. To view the list of homes that will be open you can go to http://wellsgroupdurango.com/open_house_index.asp and get a list and view a map of all of the properties. As an extra incentive, the Wells group is offering to pay to a buyer at closing $1000 provided that you purchase one of the Wells Group properties that you actually toured and that you signed up in that property. You must go under contract on one of your registered homes by April 30 and then close on the purchase by May 31 of this year in order to receive the $1000 credit. For those of you that are interested in the first time home buyer credit provided by the federal government or the repeat buyer credit, this $1000 would be over and above that.
Team Lorenz will have a condominium priced at $175,000 available both Saturday and Sunday from noon to 3 PM. It is located at 343 E. 8th Ave. unit number 9. Just follow the red and white open house signs. This is a great location near the college and at that price is certainly a very good value.
We would love to see you at our open houses this weekend but if you are unable to make it please feel free to give Team Lorenz a call and one of our excellent buyer brokers would help you in your search for Durango real estate. That number is 970-375-7007.
Team Lorenz will have a condominium priced at $175,000 available both Saturday and Sunday from noon to 3 PM. It is located at 343 E. 8th Ave. unit number 9. Just follow the red and white open house signs. This is a great location near the college and at that price is certainly a very good value.
We would love to see you at our open houses this weekend but if you are unable to make it please feel free to give Team Lorenz a call and one of our excellent buyer brokers would help you in your search for Durango real estate. That number is 970-375-7007.
Thursday, March 18, 2010
Tax Credit Seminar Tonight
This is just a reminder that this evening from 6 PM to 7 PM Team Lorenz and Wells Fargo will be putting on a seminar regarding the federal tax credits for first time when buyers or repeat homebuyers. The seminar will be held at the Durango Public Library in Program Room 2. This is an especially timely seminar because the eligibility for these credits expires April 30 of this year. I have heard of no conversation in Washington about these credits being extended like they were last November. This appears to be the last opportunity for someone to get back $8000 if you're a first-time home buyer or $6500 if you are a repeat homebuyer. There are numerous rules and guidelines that have to be followed and that is part of what we will be covering this evening. To buyer agents will be present to discuss available properties in David Fountain from Wells Fargo will be there to explain financing and other loan related issues. There is no charge for this seminar. Hand outs will be available discussing the various guidelines.
Friday, February 19, 2010
Tax Credit Seminar March 18, 2010
In your continuing search for Durango real estate, I want to remind you that the federal government income tax credits will be expiring April 30 this year. In order to help you beat that deadline, Team Lorenz and Wells Fargo will be cosponsoring a one-hour seminar to be held on Thursday, March 18 at the Durango Public Library in Program Room 2. The seminar will run from 6 PM to 7 PM.
There are now two tax credits available. One is for first-time home buyers and that credit is up to $8000. The new tax credit that was added last November, is for existing homeowners who want to buy a new principal residence. That tax credit is up to $6500.
People have asked us many times about how the credit works, whether or not they are eligible, do they have to trade up, and so many other questions. We will go over all of these questions and many more at the seminar. There will be handouts available. In addition, both Lisa and Nicole will be there with their laptops so they could show you specific properties that might fit your needs. David Fountain from Wells Fargo will be there to answer questions regarding the loan process, getting you pre-qualified, etc.
Reservations are not required, but if you know you're going to come it would be great if you just drop us an email or a call and let us know so we can have a better idea of the number of materials to prepare. You can contact Team Lorenz at 970-375-7007. Rick@BuyDurango.com
There are now two tax credits available. One is for first-time home buyers and that credit is up to $8000. The new tax credit that was added last November, is for existing homeowners who want to buy a new principal residence. That tax credit is up to $6500.
People have asked us many times about how the credit works, whether or not they are eligible, do they have to trade up, and so many other questions. We will go over all of these questions and many more at the seminar. There will be handouts available. In addition, both Lisa and Nicole will be there with their laptops so they could show you specific properties that might fit your needs. David Fountain from Wells Fargo will be there to answer questions regarding the loan process, getting you pre-qualified, etc.
Reservations are not required, but if you know you're going to come it would be great if you just drop us an email or a call and let us know so we can have a better idea of the number of materials to prepare. You can contact Team Lorenz at 970-375-7007. Rick@BuyDurango.com
Friday, November 06, 2009
More Info On Homebuyer Tax Credits
As predicted yesterday, President Obama has signed the legislation to not only extend the $8000 First Time Home Buyer Tax Credit but has added a new tax credit of up to $6500 for what we are going to call the Move-Up Buyer Tax Credit.
Many of you are very aware of the First Time Home Buyer Tax Credit and there have been some changes in that program. Here are the important points: (1) The credit is for 10% of the purchase price of the property, but not over $8000 if you're married filing a joint return, or $4000 if you are married filing tax returns separately; (2) A first time homebuyer is defined as someone who has not had any interest in a principal residence for the past three years prior to the closing date; (3) There are income limits, namely $125,000 in annual income for a single person or $225,000 annual income for a married couple and there is a phase-out of the credit as income increases; (4) the home must be under a binding contract of sale by April 30, 2010 and the property must close on or before July 1, 2010.
The Move-Up Buyer Tax Credit is for people that have lived in their principal residence five consecutive years out of the previous eight years. That wording is a little interesting, because what that means is you could have sold the home two years ago and been renting in the meantime, and as long as you can close on another property, by the deadline date outlined below and in such time that you don't negatively impact the five-year rule, then you can go ahead and get the $6500 credit. Even though we call this the move-up buyer tax credit, the replacement property does not have to be a higher price than your previous home. We do know that the value cannot be over $800,000, however. Income levels appear to be the same as above. The time frame in which to put a property under a binding contract and close is the same as the above as well. The credit amount is a maximum of $6500 or $3250 if married filing separately.
I'm sure there will be many more questions and clarifications that will come up just like we did this last year when a first-time buyer credit came out. Buying real estate in Durango, or any other part of the country, is complex and we would certainly like to help you in your endeavors to buy Durango real estate. Over the years Durango Colorado homes have been a very good investment and Team Lorenz is here to help you whether you are buying or selling. Give us a call at 970-375-7007. If you'd like to look at all of the Durango homes for sale feel free to click this link and it will take you to my Main website buydurango.com.
Many of you are very aware of the First Time Home Buyer Tax Credit and there have been some changes in that program. Here are the important points: (1) The credit is for 10% of the purchase price of the property, but not over $8000 if you're married filing a joint return, or $4000 if you are married filing tax returns separately; (2) A first time homebuyer is defined as someone who has not had any interest in a principal residence for the past three years prior to the closing date; (3) There are income limits, namely $125,000 in annual income for a single person or $225,000 annual income for a married couple and there is a phase-out of the credit as income increases; (4) the home must be under a binding contract of sale by April 30, 2010 and the property must close on or before July 1, 2010.
The Move-Up Buyer Tax Credit is for people that have lived in their principal residence five consecutive years out of the previous eight years. That wording is a little interesting, because what that means is you could have sold the home two years ago and been renting in the meantime, and as long as you can close on another property, by the deadline date outlined below and in such time that you don't negatively impact the five-year rule, then you can go ahead and get the $6500 credit. Even though we call this the move-up buyer tax credit, the replacement property does not have to be a higher price than your previous home. We do know that the value cannot be over $800,000, however. Income levels appear to be the same as above. The time frame in which to put a property under a binding contract and close is the same as the above as well. The credit amount is a maximum of $6500 or $3250 if married filing separately.
I'm sure there will be many more questions and clarifications that will come up just like we did this last year when a first-time buyer credit came out. Buying real estate in Durango, or any other part of the country, is complex and we would certainly like to help you in your endeavors to buy Durango real estate. Over the years Durango Colorado homes have been a very good investment and Team Lorenz is here to help you whether you are buying or selling. Give us a call at 970-375-7007. If you'd like to look at all of the Durango homes for sale feel free to click this link and it will take you to my Main website buydurango.com.
Thursday, November 05, 2009
$8000 Tax Credit Extended
Late this afternoon both the Senate and the House passed the extension of the $8000 first time home buyer tax credit. It was part of an unemployment benefits extension legislation. The first time home buyer tax credit is now extended through April 30, 2010as a deadline to be under contract and the property must close by the end of June of 2010.
A new, move-up homebuyers tax credit of up to $6500 was also part of that legislation. A person would have to have lived in their home five out of the prior eight years as their primary residence and the home that they purchase must be $800,000 or less.
Both of these tax credit are only available for primary residence which can include condominiums, but it would not include second homes or vacation homes. More details will be coming out and as they are I will be sure to include them in this blog.
Please feel free to call Team Lorenz as we would be happy to help you in your Durango real estate endeavors. Our phone number is 970-375-7007. If you would like to look at homes for sale in Durango please click this link and it will take you directly to all of the homes for sale.
A new, move-up homebuyers tax credit of up to $6500 was also part of that legislation. A person would have to have lived in their home five out of the prior eight years as their primary residence and the home that they purchase must be $800,000 or less.
Both of these tax credit are only available for primary residence which can include condominiums, but it would not include second homes or vacation homes. More details will be coming out and as they are I will be sure to include them in this blog.
Please feel free to call Team Lorenz as we would be happy to help you in your Durango real estate endeavors. Our phone number is 970-375-7007. If you would like to look at homes for sale in Durango please click this link and it will take you directly to all of the homes for sale.
Tuesday, October 06, 2009
$8,000 Tax Credit..Is It Affecting Lower Priced Sales?
What affect has the $8,000 first time home buyer tax credit had on the lower priced real estate market in Durango and throughout La Plata County? As many of you know, the Durango real estate market has certainly been affected by the drop in the national economy for the last couple of years. Durango Real Estate Sales Statistics. Overall sales volume, depending on the specific area of the county and price range, has dropped roughly 40%. I recently reviewed the residential sales for the last 120 days in this County and came up with the following sales statistics. Please note this is for homes/condos only and only sales that occurred within La Plata County, so that would include Durango, Bayfield, Ignacio and the rural areas around each of those towns.
In analyzing the data it is clear that the “sweet spot” is $300,000 and under. It is interesting to note that nearly 70% of all the sales have come from homes priced at $400,000 and under. When compared to the available inventory of homes note the large difference in the percent of sales versus the number of properties available in that particular price range. The buyers are certainly gobbling up the lower end price range of homes while the higher priced properties are just sitting almost stagnant on the market. First-time homebuyers tend to buy in that lower price range, so these numbers would certainly seem to suggest that the tax credit is having an effect here for sure.
In order to truly come to a correct conclusion, I feel it would be necessary to compare the sales in 2008 versus the sales in 2009 for that same time frame and price brackets. The chart below uses all residential sales in La Plata County from June 1 through October 1 of the appropriate year.
This chart even more graphically demonstrates the impact of the tax credit on homes priced $300,000 and under. Look at the huge differences in the bottom three categories. It is clear that the product mix of what is being sold is $300,000 and under and there is very little doubt in my mind that what is driving that is the $8000 first time home buyer tax credit.
There are still opportunities out there to obtain that credit, but window of opportunity will soon be closed. Generally speaking, it takes 30 to 45 days to get a loan approval... could be done faster with A+ credit and good steady employment... so it's pretty clear that somebody needs to be under contract on a home of their choice by mid-October or they will quickly be out of luck.
Team Lorenz has two excellent buyer specialists whose only function is to work with buyers and help them find properties. If you're one of those people seeing the window of opportunity getting smaller and smaller, please give us a call today and would be tickled to get you into your first home. Buying Durango real estate can certainly be a daunting task, but with her many years of experience in successful closing of thousands of transactions, we will take you through the process and hopefully have it be into an enjoyable one. To learn a little bit about our Team, click here. Team Lorenz
In analyzing the data it is clear that the “sweet spot” is $300,000 and under. It is interesting to note that nearly 70% of all the sales have come from homes priced at $400,000 and under. When compared to the available inventory of homes note the large difference in the percent of sales versus the number of properties available in that particular price range. The buyers are certainly gobbling up the lower end price range of homes while the higher priced properties are just sitting almost stagnant on the market. First-time homebuyers tend to buy in that lower price range, so these numbers would certainly seem to suggest that the tax credit is having an effect here for sure.
In order to truly come to a correct conclusion, I feel it would be necessary to compare the sales in 2008 versus the sales in 2009 for that same time frame and price brackets. The chart below uses all residential sales in La Plata County from June 1 through October 1 of the appropriate year.
This chart even more graphically demonstrates the impact of the tax credit on homes priced $300,000 and under. Look at the huge differences in the bottom three categories. It is clear that the product mix of what is being sold is $300,000 and under and there is very little doubt in my mind that what is driving that is the $8000 first time home buyer tax credit.
There are still opportunities out there to obtain that credit, but window of opportunity will soon be closed. Generally speaking, it takes 30 to 45 days to get a loan approval... could be done faster with A+ credit and good steady employment... so it's pretty clear that somebody needs to be under contract on a home of their choice by mid-October or they will quickly be out of luck.
Team Lorenz has two excellent buyer specialists whose only function is to work with buyers and help them find properties. If you're one of those people seeing the window of opportunity getting smaller and smaller, please give us a call today and would be tickled to get you into your first home. Buying Durango real estate can certainly be a daunting task, but with her many years of experience in successful closing of thousands of transactions, we will take you through the process and hopefully have it be into an enjoyable one. To learn a little bit about our Team, click here. Team Lorenz
Saturday, August 29, 2009
Beer and Homebuyers Workshop
Having a beer and getting educated. Isn't that what every college kid tells their parents they are doing? Well Team Lorenz is going to sponsor a first-time home buyer workshop at Carver's Brewing on Thursday, September 10th. We will have beer and some appetizers from 5:00 PM to 5:30 PM in the back room at Carver's. From 5:30 PM to 6:30 PM we will put on a workshop and answer all your questions about the buying process and especially about the $8,000 first-time home buyer tax credit which will be expiring November 30th. In addition, you'll learn about an additional 20% tax credit that can be available as well. Have no money for down payment? We even have some answers for that. Nicole and Lisa from our Team as well as Suzi Loether from Vectra Bank will be there to explain the process, show you some properties online, get you set up with a banker and answer your questions. They will have a beer also.
So many first-time homebuyers are afraid and don't understand the process and that's why we are going to have the number one buyer representative team in all of Durango for the last three years there to help you. They have taken more buyers to the closing table than anybody. They know how to get the job done and will work hard for you.
There are so many great deals out there right now and money is so cheap it's just crazy not to be buying real estate assuming you can afford it. We have seen prices come down this year and in the fall of the year is traditionally the best time to get a great deal. Sellers want to be out of their property before the snow flies so they're a little better at negotiating.
No RSVP is required just come on down and visit us and bring all your real estate questions with you. We would love to help you get into a piece of Durango real estate. If you can't make this workshop, give us a call at 970-375-7007 and we would be happy to sit down with you and answer all your questions.
So many first-time homebuyers are afraid and don't understand the process and that's why we are going to have the number one buyer representative team in all of Durango for the last three years there to help you. They have taken more buyers to the closing table than anybody. They know how to get the job done and will work hard for you.
There are so many great deals out there right now and money is so cheap it's just crazy not to be buying real estate assuming you can afford it. We have seen prices come down this year and in the fall of the year is traditionally the best time to get a great deal. Sellers want to be out of their property before the snow flies so they're a little better at negotiating.
No RSVP is required just come on down and visit us and bring all your real estate questions with you. We would love to help you get into a piece of Durango real estate. If you can't make this workshop, give us a call at 970-375-7007 and we would be happy to sit down with you and answer all your questions.
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