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$8,000 First Time Home Buyer Tax Credit – Extended, Expanded, and Modified

November 9, 2009

(Thanks to my friend Donna Harris with RE/MAX Austin Skyline over in Austin, Texas for this GREAT explanation of the tax credit extension!)

The $8000 First Time Home Buyer Tax Credit has been extended, expanded, and modified. It is no longer just for First Time Home Buyers, but it’s also for Move-up Home Buyers.

There are many rules you need to know in order to comply with this credit, and yes, it truly is a credit as long as you’re in the house for a minimum of three years. If you sell prior to three years, you will have to pay it back.

$8000 first time home buyer tax creditFirst Time Home Buyer means someone who has not owned a primary residence in the last three years. This means you could own an investment property and still qualify, but not a homesteaded property.  If you are married and your spouse has owned a primary residence, but you have not owned one, you do not qualify for the tax credit.  However, something new is that if you have a parent who has owned property and they co-sign for you, you could still qualify.

This tax credit is mostly referred to as the $8000 First Time Home Buyer Tax Credit, however, not everyone gets $8000.  The number is the maximum number you are allotted for the tax credit and it’s based on 10% of the purchase price, not to exceed $8000.  In plain English, that means if the house you purchase is $80,000 or more, you will get the $8000. If you buy a $73,000 property, you would only qualify for $7300.  Make sense?

Move-Up Home Buyers are a new category for this tax credit, and there are more rulesYou must have owned a primary residence for five consecutive years out of the last eight years. That means, if you have owned a property that is currently being used as a rental, but you lived in it for five consecutive years prior to renting it within the last eight, you qualify.  If you bought an investment property that you rented out a few years ago, but now currently have lived in it for five years, you qualify.  Simple enough…

The Tax Credit for the Move-Up Home Buyer is limited to $6500 and not $8000. Same rules apply where it’s 10% of the sales price, not to exceed $6500.

The income requirements have changed as well, and the limits are the same whether a First Time Home Buyer or a Move-Up Home Buyer.  Single tax filers can receive the entire tax credit up to $125,000 whereas they can receive a partial credit from $125,001 to $145,000.  Joint tax filers can receive the entire tax credit up to $225,000 whereas they can receive a partial credit from $225,001 to $245,000.  Above these income limits, home buyers are not eligible for anything.

There has also been a purchase price cap added to this new law which was not part of the previous one. The cap is $800,000.   That’s a lot of house, but if you can afford that much house, you probably have bigger things to worry about than this small tax credit.

Of course there is a deadline for everything, and this new law actually has two deadlines you need to pay attention toThe first one is that you must be under contract with a property by April 30, 2010.  The second deadline is that the property must close and fund prior to June 30, 2010. That way, no one can wait until the last minute to purchase homes and then hope they close on time.  There is a two month buffer, but that actually means you only have less than six months to find a property and get an executed contract!!

The above does not cover every single rule in this new law, but the above takes care of 99% of the cases.  There is a rule that you cannot buy a house from a blood relative and receive the tax credit, but you can buy a house from a step-relative and still receive the credit… and others that are very rare circumstances.

Email or call me today for further questions, and let’s get you into a new house before six months come and go!  The time will move faster than you think!  And if you have a house to sell to be one of the Move-Up Home Buyers, we need to get that house on the market ASAP!

If you would like to buy or sell a home in  Fort Wayne Indiana or in the surrounding communities, please call us at 260-704-0842, or you may want to visit our website for more specific information on the communities we service:  Fort Wayne Real Estate, Huntington Real Estate, Columbia City, Bluffton, Roanoke, Warsaw and Winona Lake, Auburn, New Haven and North Manchester, IN.

Relocating to Fort Wayne? Contact us to see how we can help!

Fort Wayne Realtors Jared and Amanda Christiansen

FORT WAYNE HOMES FOR SALE

The Christiansen Team

WE work, YOU win!

Find us online:  Find is on Facebook!Follow us on Twitter!Google us!


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Closing gifts! Man this is getting fun!!!

November 6, 2009

I’m in my 10th month of being a Realtor here in Fort Wayne.  When I started doing showings I thought that was the most fun part!  Then I started having closings and thought that was the most fun part!  Then I started getting creative with my closing gifts and I have to tell you…

THAT IS THE MOST FUN!!!!!!!

I started off just getting gift cards for my Buyers.  Then I started taking a picture of them during our final walk through and making post cards with the picture on it and a caption that says “Dave and Emily have moved!”  The cards look something like THIS.  It has return addresses on the back and also our information.  They can send those to all their friends!

Then I really started listening to my clients…

Last Sunday during Terrell’s final walk through I heard him mumble about all the leaves in the yard.  He also talked about how he doesn’t even have a leaf blower and won’t have time to get one until the following weekend.

Well that’s a NO BRAINER!

After I took their picture Sunday night (you can see that here) I slid back over there Monday morning before closing and blew ALL their leaves into a nice big pile.  I filled their kitchen counter top with a bottle of champagne, a big can of Blue Diamond almonds, a thank you card and a framed picture of them from the night before.  Then at closing I gave them an envelope with their post cards in them plus a few of my magnets.

THAT is my favorite thing about being a Fort Wayne Realtor!

 

If you would like to buy or sell a home in  Fort Wayne Indiana (and get a creative and thoughtfull closing gift!!) or in the surrounding communities, please call us at 260-704-0842, or you may want to visit our website for more specific information on the communities we service:  Fort Wayne Real Estate, Huntington Real Estate, Columbia City, Bluffton, Roanoke, Warsaw and Winona Lake, Auburn, New Haven and North Manchester, IN.  Or if you would like to hear more about a certain subdivision in Fort Wayne or surrounding communities please let me know!  I take requests!

Relocating to Fort Wayne? Contact us to see how we can help!

Want to know a little more about us?  Check out our Facebook fan page HERE.

Fort Wayne Realtors Jared and Amanda Christiansen

FORT WAYNE HOMES FOR SALE

The Christiansen Team

WE work, YOU win!

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Senate Passes Home Buyer Tax Credit Legislation!

November 5, 2009

The Senate voted Wednesday to renew the government’s $8,000 tax credit for first-time home buyers through the first six months of next year as part of a broader bill designed to extend unemployment benefits.

For the first time, the tax credit program would also enable many homeowners who buy a new primary residence to receive a $6,500 refund.

The measure was attached to a bill that would provide 20 weeks of unemployment benefits in more than two dozen states with jobless rates above 8.5 percent and up to 14 weeks elsewhere. Another provision in the bill would allow businesses that had operating losses in 2008 and 2009 to seek refunds for taxes paid on profits over the past five years.

The bill, which passed 98 to 0, should reach the House floor by Thursday, House  Majority Leader Steny H. Hoyer (D-Md.) said in a statement. His office said the legislation would then go to the White House for the president’s signature.

The Obama administration has previously supported extending the $8,000 tax credit, and without congressional action the program would end Nov. 30.

Under the bill, first-time home buyers would receive the $8,000 tax credit if they sign a contract by April 30 and close on it by June 30. The plan would also make those who buy a new primary residence eligible for the $6,500 credit if they owned their current home for at least five consecutive years in the previous eight years.

But the measure limits the purchase price of the home to $800,000. It also imposes income caps so that people who make more than $125,000 annually and couples who make more than $225,000 would not be eligible for the program, which is estimated to cost $10 billion.

Sen. Johnny Isakson (R-Ga.), a longtime advocate of the tax credit, praised passage of the bill in his chamber but said the extension would be the last one. “Tax credits like this only work by creating the sense of urgency to take advantage of them,” Isakson said in a statement.

The tax credit and the broader bill in which it is included are part of a series of Democratic-led initiatives aimed at helping the economy and people who have lost their jobs.

The unemployment benefits of more than 1 million people would lapse without this extension, according to the National Employment Law Project, a nonpartisan group that tracks the issue. More than 15 million Americans are unemployed, more than a third of them for longer than six months.

Although the legislation gained wide bipartisan support, it had been mired in bickering for weeks as Republicans tried to attach amendments that Democrats opposed. Party leaders from both sides voiced support for the core measures, including the tax credit.

Supporters of the tax credit, including the real estate industry, say it has energized home buyers and helped increase sales. But critics say the program is too expensive and has attracted mainly people who were going to buy a home anyway.

In the Senate’s measure, taxpayers would be able to claim the credit on their 2009 income tax return for purchases made in 2010.

Staff writer Perry Bacon Jr. contributed to this report

 

If you would like to take advantage of this tax credit and buy or sell a home in Fort Wayne Indiana or in the surrounding communities, please call us at 260-704-0842, or you may want to visit our website for more specific information on the communities we service:  Fort Wayne Real Estate, Huntington Real Estate, Columbia City, Bluffton, Roanoke, Warsaw and Winona Lake, Auburn, New Haven and North Manchester, IN.  Or if you would like to hear more about a certain subdivision in Fort Wayne or surrounding communities please let me know!  I take requests!

Relocating to Fort Wayne? Contact us to see how we can help!

Want to know a little more about us?  Check out our Facebook fan page HERE.

Fort Wayne Realtors Jared and Amanda Christiansen

FORT WAYNE HOMES FOR SALE

The Christiansen Team

WE work, YOU win!

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Sunny Meadows Subdivision Fort Wayne, Indiana market report

November 3, 2009

Sunny Meadows Subdivision Fort Wayne Indiana Market Report for October 2008-October 2009

Houses SOLD5

Average LIST price:  $74,260

Average list price PER SQ FEET: $61

Average SELLING price:  $71,180

Average sale price PER SQ FEET: $58

Average SQUARE FOOTAGE of home: 1287

Average DAYS ON MARKET: 56

LOWEST sale price:  $46,000 (3 BR 1.5 Baths 1032 SQ FT House needed work)

HIGHEST sale price:  $88,000 (3 BR 2 Baths 1396 SQ FT)

 

Sunny Meadows Subdivision ACTIVE listings

Active Houses:  1

Average List Price:  $74,900

Average Square Feet:  1288

Average list price PER SQ FEET:  $58

Current Average Days on Market: 283

 

As you can see again, living in Allen County in Fort Wayne Indiana is AFFORDABLE!

 

 

If you would like to buy or sell a home in Sunny Meadows Subdivision in Fort Wayne Indiana or in the surrounding communities, please call us at 260-704-0842, or you may want to visit our website for more specific information on the communities we service:  Fort Wayne Real Estate, Huntington Real Estate, Columbia City, Bluffton, Roanoke, Warsaw and Winona Lake, Auburn, New Haven and North Manchester, IN.  Or if you would like to hear more about a certain subdivision in Fort Wayne or surrounding communities please let me know!  I take requests!

Relocating to Fort Wayne? Contact us to see how we can help!

Want to know a little more about us?  Check out our Facebook fan page HERE.

Fort Wayne Realtors Jared and Amanda Christiansen

FORT WAYNE HOMES FOR SALE

The Christiansen Team

WE work, YOU win!

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Royal Oaks Subdivision Fort Wayne, Indiana market report

November 3, 2009

Royal Oaks Subdivision Fort Wayne Indiana Market Report for October 2008-October 2009

Houses SOLD9

Average LIST price:  $186,032

Average list price PER SQ FEET: $56

Average SELLING price:  $81,761

Average sale price PER SQ FEET: $53

Average SQUARE FOOTAGE of home: 1558

Average DAYS ON MARKET: 67

LOWEST sale price:  $47,000 (3 BR 1.5 Baths 1349 SQ FT House needed a lot of work)

HIGHEST sale price:  $108,000 (3 BR 2 Baths 1728 SQ FT)

 

Royal Oaks Subdivision ACTIVE listings

Active Houses:  3

Average List Price:  $100,958

Average Square Feet:  1633

Average list price PER SQ FEET:  $63

Current Average Days on Market:  74

 

As you can see again, living in Allen County in Fort Wayne Indiana is AFFORDABLE!

 

 

If you would like to buy or sell a home in Royal Oaks Subdivision in Fort Wayne Indiana or in the surrounding communities, please call us at 260-704-0842, or you may want to visit our website for more specific information on the communities we service:  Fort Wayne Real Estate, Huntington Real Estate, Columbia City, Bluffton, Roanoke, Warsaw and Winona Lake, Auburn, New Haven and North Manchester, IN.  Or if you would like to hear more about a certain subdivision in Fort Wayne or surrounding communities please let me know!  I take requests!

Relocating to Fort Wayne? Contact us to see how we can help!

Want to know a little more about us?  Check out our Facebook fan page HERE.

Fort Wayne Realtors Jared and Amanda Christiansen

FORT WAYNE HOMES FOR SALE

The Christiansen Team

WE work, YOU win!

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Walden Subdivision Fort Wayne, Indiana market report

November 3, 2009

Walden Subdivision Fort Wayne Indiana Market Report for October 2008-October 2009

Houses SOLD17

Average LIST price:  $110,247

Average list price PER SQ FEET: $60

Average SELLING price:  $105,518

Average sale price PER SQ FEET: $58

Average SQUARE FOOTAGE of home: 1871

Average DAYS ON MARKET: 62

LOWEST sale price:  $91,500 (3 BR 2.5 Baths 1184 SQ FT HUD House, needed a lot of work)

HIGHEST sale price:  $149,000 (4 BR 2.5 Baths 2872 SQ FT)

 

Walden Subdivision ACTIVE listings

Active Houses:  3

Average List Price:  $103,233

Average Square Feet:  1732

Average list price PER SQ FEET:  $60

Current Average Days on Market:  103

 

As you can see again, living in Allen County in Fort Wayne Indiana is AFFORDABLE!

 

 

If you would like to buy or sell a home in Walden Subdivision in Fort Wayne Indiana or in the surrounding communities, please call us at 260-704-0842, or you may want to visit our website for more specific information on the communities we service:  Fort Wayne Real Estate, Huntington Real Estate, Columbia City, Bluffton, Roanoke, Warsaw and Winona Lake, Auburn, New Haven and North Manchester, IN.  Or if you would like to hear more about a certain subdivision in Fort Wayne or surrounding communities please let me know!  I take requests!

Want to know a little more about us?  Check out our Facebook fan page HERE.

Fort Wayne Realtors Jared and Amanda Christiansen

FORT WAYNE HOMES FOR SALE

The Christiansen Team

WE work, YOU win!

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Wallen Chase Subdivision Fort Wayne, Indiana market report

November 3, 2009

Wallen Chase Subdivision Fort Wayne Indiana Market Report for October 2008-October 2009

Houses SOLD11

Average LIST price:  $121,514

Average list price PER SQ FEET: $80

Average SELLING price:  $118,386

Average sale price PER SQ FEET: $78

Average SQUARE FOOTAGE of home: 1535

Average DAYS ON MARKET: 78

LOWEST sale price:  $91,000 (2 BR 2 Baths 1184 SQ FT)

HIGHEST sale price:  $175,000 (3 BR 2.5 Baths 2078 SQ FT)

 

Wallen Chase Subdivision ACTIVE listings

Active Houses:  6

Average List Price:  $125,942

Average Square Feet:  1758

Average list price PER SQ FEET:  $74

Current Average Days on Market:  42

8627 Tara Court Fort Wayne Indiana is listed by my Broker Mary Sherer.  It is a 3 bedroom 2 bathroom 1223 square foot ranch on a culdesac in Wallen Chase Subdivision.  It is offered for $99,999 and has been on the market for 1 day.

As you can see again, living in Allen County in Fort Wayne Indiana is AFFORDABLE!

 

 

If you would like to buy or sell a home in Wallen Chase Subdivision in Fort Wayne Indiana or in the surrounding communities, please call us at 260-704-0842, or you may want to visit our website for more specific information on the communities we service:  Fort Wayne Real Estate, Huntington Real Estate, Columbia City, Bluffton, Roanoke, Warsaw and Winona Lake, Auburn, New Haven and North Manchester, IN.  Or if you would like to hear more about a certain subdivision in Fort Wayne or surrounding communities please let me know!  I take requests!

Want to know a little more about us?  Check out our Facebook fan page HERE.

Fort Wayne Realtors Jared and Amanda Christiansen

FORT WAYNE HOMES FOR SALE

The Christiansen Team

WE work, YOU win!

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Arlington Park Subdivision Fort Wayne, Indiana market report

November 3, 2009

Arlington Park Subdivision Fort Wayne Indiana Market Report for October 2008-October 2009

Houses SOLD27

Average LIST price:  $145,311

Average list price PER SQ FEET: $64

Average SELLING price:  $139,307

Average sale price PER SQ FEET: $61

Average SQUARE FOOTAGE of home: 2287

Average DAYS ON MARKET: 79

LOWEST sale price:  $65,000 (4 BR 3.5 Baths 2313 SQ FT, needed work)

HIGHEST sale price:  $221,900 (4 BR 2.5 Baths 2448 SQ FT)

 

Arlington Park Subdivision ACTIVE listings

Active Houses:  14

Average List Price:  $191,557

Average Square Feet:  2,478

Average list price PER SQ FEET:  $75

Current Average Days on Market:  61

As you can see again, living in Allen County in Fort Wayne Indiana is AFFORDABLE!

 

 

If you would like to buy or sell a home in Arlington Park Subdivision in Fort Wayne Indiana or in the surrounding communities, please call us at 260-704-0842, or you may want to visit our website for more specific information on the communities we service:  Fort Wayne Real Estate, Huntington Real Estate, Columbia City, Bluffton, Roanoke, Warsaw and Winona Lake, Auburn, New Haven and North Manchester, IN.  Or if you would like to hear more about a certain subdivision in Fort Wayne or surrounding communities please let me know!  I take requests!

Want to know a little more about us?  Check out our Facebook fan page HERE.

Fort Wayne Realtors Jared and Amanda Christiansen

FORT WAYNE HOMES FOR SALE

The Christiansen Team

WE work, YOU win!

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8918 Hemphill Drive, Fort Wayne Indiana is SOLD by The Christiansen Team!!

November 3, 2009

Offered for $77,900

SOLD by The Christiansen Team for $76,000 in 18 DAYS!!!!!!!!

This is a 3 bedroom 2 bathroom home with an open concept in the kitchen, living room and dining room.  It has a lot of updates including newer flooring, newer kitchen cabinets and counter tops, and new lights and ceiling fans.  I am sure the new owners will be VERY HAPPY in their new home!!!

I am THRILLED for my new friends Terrell and Angel.  Terrell works with Big Brothers/Big Sisters here in Fort Wayne and was introduced to me by my friend and match support specialist Tina (I volunteer for BB/BS).  Thank you Tina!  Terrell and Angel ROCK!!!

Thank you two for being so much fun to work with and always keeping me on my toes.  I know you will love your new home.  Congratulations and I hope you enjoy the champagne.  :)

 

If you would like to buy or sell a home in Fort Wayne Indiana (and be as happy as Terrell and Angel!!) or in the surrounding communities, please call us at 260-704-0842, or you may want to visit our website for more specific information on the communities we service:  Fort Wayne Real Estate, Huntington Real Estate, Columbia City, Bluffton, Roanoke, Warsaw and Winona Lake, Auburn, New Haven and North Manchester, IN.

Want to know a little more about us?  Check out our Facebook fan page HERE.

Fort Wayne Realtors Jared and Amanda Christiansen

FORT WAYNE HOMES FOR SALE

The Christiansen Team

WE work, YOU win!

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Waterford Subdivision Fort Wayne, Indiana market report

October 30, 2009

Waterford Subdivision Fort Wayne Indiana Market Report for October 2008-October 2009

Houses SOLD14

Average LIST price:  $126,063

Average list price PER SQ FEET: $86

Average SELLING price:  $122,046

Average sale price PER SQ FEET: $83

Average SQUARE FOOTAGE of home: 1489

Average DAYS ON MARKET: 61

LOWEST sale price:  $98,000 (3 BR 2 Baths 1256 SQ FT)

HIGHEST sale price:  $153,000 (3 BR 2.5 Baths 1671 SQ FT)

 

 

Waterford Subdivision ACTIVE listings

Active Houses:  4

Average List Price:  $139,150

Average Square Feet:  1,649

Average list price PER SQ FEET:  $85

Current Average Days on Market:  70

As you can see again, living in Allen County in Fort Wayne Indiana is AFFORDABLE!

 

 

If you would like to buy or sell a home in Waterford Subdivision in Fort Wayne Indiana or in the surrounding communities, please call us at 260-704-0842, or you may want to visit our website for more specific information on the communities we service:  Fort Wayne Real Estate, Huntington Real Estate, Columbia City, Bluffton, Roanoke, Warsaw and Winona Lake, Auburn, New Haven and North Manchester, IN.  Or if you would like to hear more about a certain subdivision in Fort Wayne or surrounding communities please let me know!  I take requests!

Want to know a little more about us?  Check out our Facebook fan page HERE.

Fort Wayne Realtors Jared and Amanda Christiansen

FORT WAYNE HOMES FOR SALE

The Christiansen Team

WE work, YOU win!