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2916 Stockton Hill Road
Kingman, AZ
928-718-7629

Archive for December 2009

Homes star in New Year’s Resolutions

Thursday, December 31st, 2009

A new survey finds that, for 37% of homeowners, improving their house will be a top priority in 2010.

It’s nearly time to put the dreary economy of 2009 behind us and embark on a new year, one that I’m sure we all wish will be full of hope and success.

So why not dream big? You wouldn’t be alone, according to a survey by Move.com, which found that real estate is among some of the top New Year’s resolutions. For those who already are homeowners, 37% plan to start a home-improvement project, while 17.7% who aren’t yet homeowners hope to take the plunge.

And what better time, with the newly extended $8,000 first-time homebuyer tax credit granting them a few extra dollars, not to mention that homes are at more affordable prices than they’ve been at for years.

Cheap home prices also are encouraging more people to consider buying property as an investment, with the survey showing that it’s a top priority for 15.7% of all those who plan to purchase a home next year. The post also includes an interesting breakdown that 18.9% of men plan to buy an investment property, compared with 12.6% for women.

Bravo to them. Even if the inventory of homes is no longer flooding the market, we’ll need all the investors we can get if too many of our nation’s delinquent homeowners end up losing their homes to foreclosure.

As evidence that we just might be learning from our mistakes, 15.4% of the survey’s respondents said saving money to buy a home is their top priority. That’s certainly a promising start to a 2010 full of hope and success. With the days when you could buy a home with no money down lost but not forgotten, saving is no longer just an option for people who want to buy a home.

Better yet, it’s not just saving that we can applaud, but also the number of people who are hoping to get a little education about the homebuying process, according to the survey. Before even shopping around, 3.2% plan to talk to a lender about what they can afford, while 5.5% want to learn more about the real-estate market in their community.

Written by: Mai Ling at MSN Real Estate

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Posted in First Time Home Buyers, Foreclosures, Housing Market, Real Estate Market | No Comments »

An Overview on the First Time Home Buyer Tax Credit

Wednesday, December 30th, 2009

Following are key points that prospective home buyers should be aware of when considering a home purchase under the tax credit program.

  • A tax credit of up to $8,000 is available for first-time home buyers purchasing on or after January 1, 2009 and on or before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
  • A tax credit of up to $6,500 is available for repeat home buyers who have owned a home for five consecutive years out of the prior eight years. The repeat home buyer tax credit applies to houses sold after November 6, 2009 and on or before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
  • Income limits of $125,000 for individuals and $225,000 for married couples filing jointly apply to all sales occurring after Nov. 6, 2009.
  • The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009 are $75,000 for individual taxpayers and $150,000 for married couples filing jointly.
  • Homes priced above $800,000 are not eligible for either the first-time home buyer tax credit or the repeat home buyer tax credit.
  • Expanded tax credit benefits apply to members of the military, the foreign service and the intelligence community.
  • Home purchases in 2010 may be claimed on an amended 2009 income tax return.
  • Persons who are claimed as dependents by a taxpayer or who are under age 18 do not qualify for a tax credit.
  • Home purchases from relatives of the taxpayer or the taxpayer’s spouse do not qualify for the tax credit. The IRS defines relatives as ancestors (parent, grandparent, etc.), lineal descendants (child, grandchildren, etc.) and spouses.
  • Married couples are not eligible to claim the first-time home buyer tax credit if either spouse has previously owned a home. They may, however, qualify for the repeat home buyer tax credit.
  • Neither the first-time home buyer tax credit nor the repeat home buyer tax credit have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
  • Taxpayers must submit a copy of the HUD-1 settlement statement and IRS Form 5405 to claim either the first-time home buyer tax credit or the repeat home buyer tax credit.

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Posted in First Time Home Buyers | No Comments »

An Overview of Short sales in Kingman, AZ

Monday, December 28th, 2009

Like much of the southwest, Kingman, AZ has experienced drastic housing price declines over the past 2 years.  The median sales price for homes in Kingman approached $200,000 in mid 2007 and is now less than $120,000.  With plummeting home prices and a worsening economy, foreclosures and short sales in Kingman, AZ are on the rise.

Presently in Kingman, AZ there are 2,229 homes listed for sale.  Of those 886 are existing homes, 4 are new construction, and 1,339 are either foreclosure or short sales, which accounts for 60% of all homes on the market.  Since many homeowners owe a significant more on their mortgage than the actual value of their home, more and more of the homeowners are electing to foreclose on their homes.

Since foreclosures are horrible for both the bank and the borrower, banks have consistently been negotiating with Kingman homeowners to attempt to hold a short sale, which is more beneficial for both the homeowner and the bank.

With many experts predicting that the bottom of the real estate market decline is either upon us or is even behind us, now may be the best time to purchase a home in Kingman, AZ.  To get the best deal on a home in Kingman, you should contact a realtor who specializes in foreclosure and short sale real estate transactions.  Realtors with foreclosure and short sale transaction experience will best know how to negotiate with the banks and avoid much of the red tape that comes with foreclosure and short sale purchases.

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Posted in Short Sales | No Comments »

Review of The Current Real Estate Market in Kingman, AZ

Tuesday, December 22nd, 2009

Kingman, AZ, well known for years due to the famous Route 66 which runs through the city for several miles, is now one of the faster growing cities in Arizona. People are looking to put their roots down in Kingman because of the warm weather and fantastic scenery.

Today in Kingman, AZ, the real estate status is the same as it is in other cities in this country. Since there are so many homes for sale, it tashkes longer to sell them than it did ten years ago. This situation is referred to as a buyer’s market, which means that sellers of properties will usually take a loss.

In Kingman, AZ, the price for a home for the past two months was approximately $97,000. This year the total number of home sales in Kingman showed an increase of close to seven percent over last year. The price of a home last year during the same time period was 12 percent higher. For single-family new houses, the construction building permits in Kingman went from the average cost of $75,000 in 1996 for 300 buildings to 99 buildings for over $170,000 each in the year 2008.

You can find a new three bedroom, one bath house in Kingman with 1600 square feet for less than $180,000. On the other end of the scale is an upgraded four bedroom, two bath house with over 3200 square feet with breathtaking views of the Hualapai Valley for around $550,000. There’s a house in Kingman for everyone.

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Posted in Real Estate Market | No Comments »

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