The Clock is Ticking…
Arizona Homeowner September / 2009
ON THE FIRST-TIME HOME BUYER TAX CREDIT You, a co-purchaser (excluding spouse) or someone you know may qualify for this unprecedented tax credit, but the deadline to purchase that home is closing in on us. You must purchase before and close by December 1, 2009. If you are planning to purchase a home with a new mortgage you need to count on 45 to 60 days to close on the property. The lenders are anticipating a mad dash prior to the expiration of this tax credit. This will increase the time for them to process your loan. Based on this you should identify your property and make your offers before the end of September so you don’t get caught in the last minute rush. How do you know if you qualify? • Did you purchase a home that closed after April 8, 2008 or before December 1, 2009? • Is this home your principal residence and not a second home or investment property?
Residential Home Sales
The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. The credit: • Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar. • Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed. As of June 1, FHA lenders can loan first-time buyers up to $8,000 on a short-term basis for use on closing and some down payment costs. When buyers get their tax credit checks from the IRS, they pay back the lender. FHA buyers will still need to make down payments of at least three and a half percent of the purchase price of the house from their own resources or gifts from relatives. But they can use the cash advances from the lenders on closing costs, mortgage insurance premiums and to buy down their interest rates.
Metropolitan Phoenix
Organic • Regional • Modern 4,742
5,476
7,628
8,552
9,290
9,348
9,107
Jan. 09
Feb. 09
Mar. 09
Apr. 09
May 09
Jun. 09
July 09
Source: ARMLS. Information is deemed reliable but not guaranteed.
January-July 2009 Sales Statistics Single-Family Homes / Metro Phoenix
For more information on the tax credit call Wendy today at (480) 215-0959.
WENDY KIRTLAND
If your home is currently listed, this is not a solicitation for that listing.
Avg. Days on Market
January...................... $130,000............................112 February..................... $127,900............................121 March......................... $120,000............................125 April........................... $118,000............................120 May............................ $121,500............................117 June........................... $130,000............................113 July............................ $130,000............................108 Source: ARMLS. Information is deemed reliable but not guaranteed.
Top Ten Months for Residential Sales
Wendy is a REALTOR®, CDPE (Certified Distressed Property Expert), a Foreclosure, Short Sale and REO Specialist and an ABR (Accredited Buyer’s Representative).
Office: 480.473.5427 • Fax: 480.624.3654 Wendy.Kirtland@RussLyon.com 23733 N. Scottsdale Rd. #200 • Scottsdale, AZ 85255
Median Home Price
Do you know about YOUR WAY HOME AZ available to Arizona residents? The Arizona Department of Housing (ADOH) will offer 22 percent in purchase assistance to qualified homebuyers purchasing an eligible foreclosed home in the state. ADOH provides help in the form of a deferred second mortgage loan for purchase assistance. There are eligibility qualifications of the borrower such as income, debt-to-income ratios and home purchase price limits on the home. Call Wendy at (480)215-0959 for additional details of these programs or for any of your real estate questions.
contemporary southwest design
Metropolitan Phoenix
Rank 1 2 3 4 5
Month June 2005 Aug. 2005 June 2004 March 2005 May 2005
Sales 10,252 10,031 10,019 9,987 9,890
Rank 6 7 8 9 10
Month April 2005 July 2005 June 2009 May 2009 Sept. 2005
Sales 9,600 9,394 9,348 9,290 9,213
Statistics gathered from ARMLS.
Produced by Desert Lifestyle Publishing • 480.460.0996
gardening in cooler temps Transition Your Yard for Fall/Winter
sushi scottsdale style
Geisha A Go Go’s Tuna & Crab Tartar