Scottsdale Real Estate Blog

The First Time Buyer Tax Credit Has Been Extended

This isn't really news by the time I'm posting this and most of you probably know it has been extended.

Well, everyone figured it would get extended - right?

There was word that it would get extended but until it was signed, sealed, and delivered, it was just "talk."  I had no idea if it would be extended or not.  And I certainly had no idea what the rules would be.

Details of the "Home Buyer" Credit

Notice I did not put "First Time" Buyer Credit, because now it isn't just for first-timers!  The credit is the same for first-time buyers as before but with a maximum earnings increase (up to $125,000 for an individual, $250,000 for a couple), allowing even more to qualify for the credit.  It is still 10% of the purchase price up to $8,000.

And…

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Will the First-time Buyer Credit be Extended?

I am hearing different things about the current First-time Buyer Credit that is set to expire at the end of November.  I’ve been told that an extension is in the works but we won’t know until it is officially announced that it was accepted and in force.  Will it remain the same – $8,000 and only for first-time buyers?

If you are waiting to purchase to see if there will be an extension and if it will be better, you are taking a gamble.  However, if you don’t already have a contract in the works you might not hit the current deadline to close your sale.

Has the credit helped the sagging Scottsdale real estate market?

I have heard different opinions and I guess it depends on where an agent works and what kind of market they work in.  Some agents…

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Driving in Arizona

One of the things I envisioned about Arizona was the idea that it was flooded with senior citizens driving the streets.  Now I am one.  People have that same idea for Florida since these are two popular retirement states.  It’s funny how I was actually worried a bit after being picked up at the airport during my first visit. I figured the drive to my parent’s house would be like trying to avoid a bumper car situation.

Now that we've moved to Arizona, I've noticed that people are speedsters out here at all ages.  Even if you drive over the speed limit, most drivers want to pass you up!

Visiting Mom with my son

My Dad was already gone. Mom was alone, so it was always nice when family and friends would visit her. My oldest son was almost as…

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My Dad's Final Destination - Arizona

I just noticed that the above banner of my Dad through his life has a name below it - John Reimer, 2002. That is my brother, who created the photo collage. My Dad's name was Harold John Reimer but everyone called him Bud.

I didn’t think I could ever handle the passing of my father. I was a Daddy’s Girl. As I mentioned in a previous post, he was a dream father, all my friends loved him. He was a hard worker and maintained our home lovingly. We weren’t even allowed to cut the grass because he needed it done perfectly.

Yet as much of a hard worker and perfectionist as he was, I truly considered him to also be very laid-back, funny, gentle, kind, friendly, and a whole lotta fun. He was popular at work and among his group of friends. He was one of…

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Arizona in Top Ten Foreclosure States

As you can see from the list below, Arizona is the 2nd out of the top ten states regarding foreclosures and it affects supply and demand which then affects prices.

For the first half of 2009, here are the state foreclosure stats:

1.  Nevada (1 property in every 16 is in foreclosure)

2.  Arizona (1 in 30)

3.  Florida (1 in 33 which surprises me as I thought Florida was faring worse than Arizona, although they're very close)

4.  California (1 in 34 - again a surprise as I thought California would be first)

5.  Utah (1 in 69)

6.  Georgia (1 in 70)

7.  Michigan (1 in 74 - again, I thought this would be higher based on bad news I've heard, but since this is the entire state, we're not just talking about hard-hit Detroit)

8. …

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Four Quick Curb Appeal Tips

Whether you're trying to sell a home or not, the curb appeal of your house is something you can't hide. Spring is here and it's time to create your plan on exterior home maintenance after winter.

1. Clean It Up

Cleaning up debris and any other clutter (Christmas lights still up?) should be done as soon as you can. Store any out-of-season or holiday decor away. Clean up leftover leaves, branches, and other lawn waste.

2. Start Planting

Now is the time to start planting spring bulbs for summer flowers. You can also start trimming down certain plants that require pruning for best growth.

Now might be the time to consider adding flowers, shrubs, and/or trees or removing some that just aren't working out. Check with your town, subdivision or HOA…

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Is the Media Creating This Declining Market?

I made a post on Active Rain (a popular real estate blogging site with agents from all over the world) about Scottsdale homes for sale - current supply and demand.  I put the following chart on that post showing factual information from April of last year to April of 2009.  I did not make this chart myself - I copied it from a program that I utilize that gets the data from our MLS (multiple listing service).  It is not easy to read here since I had to shrink it down to fit in this blog.  But even without reading the numbers, you can see how many homes are up for sale (red) compared to those with contracts (blue) or that have already sold and closed (green).  As of today, there are 332 Scottsdale homes for sale and this chart was compiled a few days…

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New Appraisal Agreement - HVCC

I had heard of something new coming on May 1st to the mortgage industry.  I was trying to find out what it was, and I found out today.  It is called the Home Valuation Code of Conduct, or HVCC for short.  Do a search for either name and you will see some links explaining it, dating back to 2008.

HVCC is not a law

It is an agreement between Fannie Mae and Freddie Mac and New York's Attorney General Andrew Cuomo.  Some banks have already been following the agreement although it was slated to go into action starting today (May 1, 2009).

Supposedly, it is trying to keep banks from turning to a shortlist of preferred appraisers and to use AMC's (Appraisal Management Company) instead.  AMC's are like middlemen for appraisers and charge each appraiser a…

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There Are Great Deals In This Market

I am seeing such great deals lately that I'm actually considering selling my own home.  When we purchased our home we thought it was big enough.  But after living in it we discovered we could have used a little more space.

We should not lose money on our home, although when figuring in the work we've done on it (remodeling bathrooms, putting in hardwood floors and some new windows), we'll be lucky to break even.  But we don't care.

The math is in our favor.  Even if we don't see good appreciation on our home (that we purchased in 2003 - just before prices started to skyrocket) we will more than make up for it with our next purchase.  In fact, I've seen foreclosed properties that are larger than our home going for less money, just because it's a…

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The $8,000 Tax Credit Made Easy

Update:  Please read my latest post about The First Time Home Buyer Credit being extended as it contains some updates to this post. 

A possible short sale homeowner will be listing her Scottsdale home for sale with me soon.  She is hoping that we will be able to sell it without having to do a short sale but I am not optimistic about it (she needs more than the home is worth based on comparables and the home is located on a busy street, bringing its market value down even further).  She mentioned that the $8,000 tax credit will not really benefit her because her home is out of most first-time buyers' affordability, needs, and wants.

I told her that she might not get a first-time buyer for her home, but this credit will help her because a first-time…

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