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First Time Home Buyers

Washington Report: Expansion of Tax Credit Las Vegas, Henderson

Monday, November 9th, 2009

 

Washington Report: Expansion of Tax Credit Las Vegas, Henderson

 

Congress’s extension and expansion of the $8,000 tax credit through next June 30 should take the pressure off Las Vegas first time homebuyers who have been rushing to close deals before the November 30 deadline. 702-307-4070

That deadline is now gone. Everybody is got until next June 30 to settle on his or her purchases.

Nevertheless, here is something in the expanded program that has not gotten much attention: The new $6,500 federal tax credit for so-called “move up” buyers took effect immediately upon enactment.

That means that potentially hundreds of thousands of Americans who fit the key ownership and income criteria for the new credit are eligible for it … right now.

What are those tests?

Number one: You have to have owned and used your current Henderson or Las Vegas home as your principal residence for five consecutive years out the past eight;

Number two: Your adjusted household annual income cannot exceed $125,000 if you file taxes as a single, or $225,000 if you are married filing jointly.

To qualify, you’ve got to sign a contract to purchase a replacement residence before next April 30, and go to closing on it by June 30, 2010.

Steve & Gerri Wadkins® Realtors-Advanced CDPE

702-307-4070

To Buy A Las Vegas, Henderson Home: www.WadkinsHomeTeam.com

To Short Sale Las Vegas Home or Short Sale Henderson Home www.VegasShortSaleHomes.com

 

 

 

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Home Buyer Tax Credit Expanded, Passed, Awaiting Signature, Las Vegas, Nevada

Wednesday, November 4th, 2009

Senate Extends Aid For Jobless, Homebuyers

Jobless To Get Additional 20 Weeks Of Benefits

 

WASHINGTON — The Senate has voted to give the jobless up to 20 weeks of additional unemployment benefits and significantly expand a tax credit program aimed at getting buyers back into the dormant housing market.

 

The strong Senate vote for the legislation is a recognition that the government still needs to do more to keep the economic recovery from faltering. If enacted, workers in some of the harder-hit states would be eligible for nearly two years of benefits, a record.

 

The bill also provides tax relief for businesses that have been losing money. It now goes back to the House, which is expected to quickly approve it and send it to President Barack Obama for his signature.

 

Steve & Gerri Wadkins® Realtors-Advanced CDPE

702-307-4070

 

To Buy A Las Vegas Home: www.WadkinsHomeTeam.com

 

To Short Sale a Las Vegas Home: www.VegasShortSaleHomes.com

 

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Pending Las Vegas Home Sales Rise for Eighth Straight Month

Tuesday, November 3rd, 2009

Pending Las Vegas Home Sales Rise for Eighth Straight Month

 

Pending home sales rose again, marking eight consecutive monthly gains for the National Association of Realtors’ (NAR) forward-looking sales indicator – the longest streak since measurement began in 2001.

NAR’s Pending Home Sales Index, based on contracts signed in September, rose 6.1 percent compared to August’s reading, and is 21.2 percent higher than September 2008. The gain from a year ago is the largest annual increase on record, raising the index to its highest level since December 2006, NAR said.

 

Lawrence Yun, NAR’s chief economist, said the momentum comes from the government’s homebuyer tax incentive. “What we’re witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month,” Yun said.

 

Proponents lobbying for an extension of the homebuyer tax credit say the accelerated pace of sales transactions could continue if Congress moves to extend and expand the housing tax break this week, as promised.

 

According to Yun, if the increased home-purchase demand can be sustained, home values will stabilize sooner rather than over-correcting.

 

NAR estimates that approximately three million renters are now financially well-qualified to buy a median-priced home – a sizable, pent-up demand that Yun says is just waiting to be tapped.

 

 

Yun added, though, that strong near-term reports should not be overstated. “We’re clearly not out of the woods because an excess of homes remains on the market despite recent improvements,” he said. “Although current inventory is getting closer to price equilibrium, foreclosures will continue to enter the pipeline. An extended and expanded tax credit would help absorb this incoming inventory.”

 

Steve & Gerri Wadkins® Realtors-Advanced CDPE

www.WadkinsHomeTeam.com To Buy a Home

 

702-307-4070

 

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Washington Report: Homebuyers Tax Credit Extending, Las Vegas, Nevada

Monday, November 2nd, 2009

 

Washington Report: Homebuyers Tax Credit Extending Las Vegas, Nevada

Hello Everyone! It looks more and more likely that Congress will extend the housing tax credit beyond its scheduled termination date – and maybe even open it up to people who already own homes Late last week a bipartisan plan emerged in the Senate that would continue the $8,000 credit for first time purchasers beyond November 30, but would create a new, smaller credit of $6,500 for people who’ve owned and lived in their houses for five consecutive years and now want to buy another as their principal residence.Under one version of the Senate plan, which reportedly has the support of top Democrats including Majority Leader Senator Harry Reid, the current $8,000 credit for first-timers would effectively be extended through next June 30.

However, buyers would need to have their contracts signed by April 30 and closed by July 1.

The credit program would also be opened up to a restricted segment of current home owners, those with at least five years in their current residences, but with the maximum tax credit amount capped at $6,500.

That would still be enough, sponsors of the plan believe, to encourage people now on the sidelines to get into the market for new and existing homes in early 2010 — and thereby help stimulate the economy and create jobs.

The Senate plan would also raise household incomes limits for the credit to $125,000 for single buyers and $250,000 for married couples – far more generous than the current $75,000 and $150,000 maximums.

On the other hand, limiting any extension to six months would be less expensive than a full-year extension, as advocated by major housing lobbies, including the National Association of Realtors and the National Association of Home Builders.

So the issue on Capitol Hill appears to boil down to this: It’s not so much a question of whether to extend the credit. Absent a political train wreck, the credit should survive beyond November 30

We’ll keep you up to date. In our Opinion,

Steve & Gerri Wadkins® Realtors-Advanced CDPE

To Short Sale You Home: http://www.wadkinshometeam.com/vegasShortSale.html To Buy a Las Vegas Investment Home: www.WadkinsHomeTeam.com

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First Time Home Buyer Tax Credit Las Vegas

Wednesday, October 28th, 2009

 

Senators Agree To Extend Homebuyer Tax Credit

Proposed Plan Would Give Repeat Buyers Reduced Tax Credit

 

WASHINGTON — Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.

Senators were still negotiating the expansion of a separate tax credit that lets money-losing businesses get refunds for taxes paid in previous years, providing them with an immediate source of cash.

Senators in both political parties were hoping to add both tax provisions to a bill that would give people running out of unemployment insurance benefits up to 20 more weeks of federal aid. The Senate could vote on the overall bill as early as Thursday. House leaders have also said they support extending the tax credit for homebuyers.

Sen. Chris Dodd, D-Conn., has been negotiating for several weeks with Sen. Johnny Isakson, R-Ga., to craft an extended tax credit for homebuyers that would pass the Senate.

It takes 45 days to 60 days to close on a house, making it unlikely a sale made today would be consummated by the end of November, said Lucien Salvant, spokesman for the National Association of Realtors.

“Buyers right now have an incentive to hold off, not knowing whether the credit will be extended,” Salvant said.

About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit. Read more…

 

http://www.fox5vegas.com/tu/5KS4JcqhC.html

 

To Start looking for a Las Vegas Home www.WadkinsHomeTeam.com

Steve & Gerri Wadkins 702-307-4070  

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  • Avg. Days on Market: 69

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