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Truckee Update
From The Nicholls Real Estate Group
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| Homebuyer Tax Credits Extended |
As of November 6, the rules for the homebuyer tax credit offered by the goverment, have been extended and expanded. Thanks to this legislation you, or someone you know, might qualify for a credit that you hadn't been able to get before!!
Are the rules the same? No. There are a few differences that apply to deals closed after Nov. 6, the day Obama signed the bill.
First, the similarities:
- You're considered a first-time buyer if you have not owned a home for at least three years before the date you settle on your new home.
- A credit is available only for the home you live in. It's not available for rental properties or vacation homes.
- For first-time buyers, the credit is 10% of the purchase price of the home, up to $8,000. Therefore, if your house costs $80,000 or more, you can qualify for the maximum tax credit.
- The credit does not have to be repaid, as long as you live in your house for at least three years. If you sell or move out before three years, you have to repay the money as extra tax on your tax return for the year you sell or move. (The payback can't exceed the amount of profit you make on the sale, though.)
Now for the key differences:
- Longtime homeowners can get a credit now, too, but it tops out at $6,500.
- You don't get a credit if the house you buy costs more than $800,000. (There was no price cap for deals closed before Nov. 7.)
- The new law increases how much buyers can earn and still claim a credit. For deals closed before Nov. 7, the right to the credit gradually disappeared as adjusted gross income rose between $75,000 and $95,000 on single returns and between $150,000 and $170,000 for married couples filing joint tax returns. Now the phaseout zones are $125,000 to $145,000 for singles and $225,000 to $245,000 for married couples.
Information obtained from an article posted on msn.com from Kiplinger's Personal Finance Magazine. To read the hold article, including frequently asked questions, click here
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| Check Out Our Website |
TruckeeDreamHomes.com just had a major upgrade to it's property search function, called My Property Manager.
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-Save unlimited properties to compare or show others -Free customized email updates, only receive the information you want
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Local Market Update |
Frequently we find the fall sales season (post Labor Day) plays a big role in determining whether we have a "good" or "bad" year for real estate. In the bad years, the number of transactions drops significantly from summer to fall. In the good years, activity stays strong through November. This year . . . so far so good . . .
Following are the neighborhood by neighborhood details:
October activity remained strong with 24 homes going into contract. Activity was strong once again in the lower part of the market as 6 of the homes had asking prices under $400k. Activity was also solid in the upper end, with 11 escrows on homes with asking prices of $750k or higher, including 3 with asking prices over $1 million. The other notable observation is that 9 of the 24 homes were short sales. This is the first time that any more than 3 short sale homes went into contract in any one month in Tahoe Donner. We view this as a positive trend, since short sales have a tendency to linger on the market longer than normal homes.
Here are pictures and descriptions of all the homes:
The developers goal, at the beginning of the year, was to sell 25 lots in 2009. Year to date, Martis Camp has seen 41 lot sales!! With an average sales price of $750k, needless to say, the developer is pretty happy with results.
Old Greenwood/Gray's Crossing: There was no activity to report in either of these neighborhoods.
Northstar: Acitivity continues to be quite strong with 4 homes and 4 condos going into escrow for the month. Also, the community is very excited about the fast approaching opening of the Ritz-Carlton Hotel which is located at mid mountain of the ski area. The Grand Opening is scheduled for December 9, 2009. Here are pictures and descriptions of the homes and condos which went into escrow:
Donner Summit: 2 homes went into contract, both with asking prices of $500k or lower:
Lahontan: 2 homes went into escrow for the month:
Glenshire/Sierra Meadows/Prosser/Donner Lake: During the three years from '05 through '08 it was uncommon to see a total of 20 transactions in these areas for any given month. Now the train is moving and it is becoming normal. For the seventh month in a row there were 20+ transactions in these areas. Included in this are 3 lakefront Donner Lake homes, all with asking prices over $2 million. Here are the pictures and details:
Squaw Valley/Alpine Meadows: 7 properties went into escrow with 5 of them being Squaw Valley condos with asking prices under $450k. Squaw Valley/Alpine Meadows Real Estate Activity
North Lake Tahoe: After going over a year without more than 20 new escrows in any one month, the North and West shores are suddenly very busy. We have now seen 5 straight months of activity eclipsing the 20 mark, including over 30 homes single family homes in each of the last 3 months. A spectacular August (42 new escrows) was followed up by a solid 32 new escrows in September and 34 in October. Included in the October numbers were 4 homes with asking prices over $1.5 million. Here are the pictures: North Lake Tahoe October Real Estate Activity |
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Contact us |
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Alan Nicholls
530-550-5005
Norm Nicholls
530-550-5035 | |
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