Archive for Economic news

Corvallis, Oregon | Absorption Rates through November 2009

Includes all single-family residential properties on less than two acres
as reported by WVMLS.
Data taken from WVMLS 12/9/2009

Price Range Active Listings as of 12/9/2009 Sold Listings Last 6 Mos. Average Sold Per Month Months of Inventory Av. Days on Market Solds
$0 – $99,999 * * 0 * *
$100,000 – $149,999 8 8 1 6 100
$150,000 – $199,999  34 40 7 5 101
$200,000 – $249,999 45 84 14 3 112
$250,000 – $299,999 39 62 10 4 160
$300,000 – $349,999 21 33 6 4 136
$350,000 – $399,999 24 16 3 9 170
$400,000 – $449,999 20 10 2 12 149
$450,000 – $499,999 7 4 1 11 166
$500,000 – $599,999 17 10 2 10 195
$600,000 – $699,999 5 2 0 15 108
$700,000 + 7 3 1 14 198
  227 272   8 145

Albany, Oregon | Absorption Rates through November 2009

Includes all single-family residential properties on less than two acres
as reported by WVMLS.
Data taken from WVMLS 12/9/2009

Price Range Active Listings as of 12/9/2009 Sold Listings Last 6 Months Average Sold Per Month Months of Inventory Av. Days on Market Solds
$0 – $99,999 18 17 3 6 104
$100,000 – $149,999 60 73 12 5 116
$150,000 – $199,999  123 129 22 6 121
$200,000 – $249,999 83 63 11 8 165
$250,000 – $299,999 45 35 6 8 180
$300,000 – $349,999 28 10 2 17 116
$350,000 – $399,999 19 8 1 14 240
$400,000 – $449,999 3 * 0 * *
$450,000 – $499,999 1 1 0 6 78
$500,000 – $599,999 3 1 0 18 157
$600,000 – $699,999 1 1 0 6 337
$700,000 + * * 0 * *
  384 338   9 161

Expanded and Extended Tax Credit Information–From the Expert

Questions and Answers from the Expert about the Expanded and Extended Tax Credit

Sellers and Buyers in and around the Corvallis and Albany, Oregon real estate markets can benefit from a clear understanding of the opportunities the Expanded/Extended Home Buyer Tax Credit provides.

An excellent source for answers to questions you may have about the expanded and extended tax credit for First Time Home Buyers and Long Time Home Owners that are thinking of making a change can be found at the Q & A page for the I.R.S.  The ultimate resource for information about taxes, tax credits and all other information that relates to the Expanded and Extended Tax Credit for buying a home.

It is possible to have parent (or other family members) assist in the purchase and still be eligible for credits.

If you are currently a homeowner and meet the other requirements, you do not have to sell your existing home (you could rent it out), but you do have to occupy the newly acquired home and meet all the other requirements.

You do not have to “buy up” or, in other words pay more for the new house.

Read the Questions and Answers about the tax credit for Home Buyers. This is truly a limited time opportunity.

I.R.S. Information about the Expanded and Extended Tax Credit

As always, seek the advice of a qualified tax advisor if you have questions about tax laws and how they pertain to personal circumstances.

Philomath, Oregon | Absorption Rates through October 2009

Includes all single-family residential properties on less than two acres
as reported by WVMLS.
Data taken from WVMLS 11/10/2009

Price Range Active Listings as of 11/10/2009 Sold Listings Last 6 Mos. Average Sold Per Month Months of Inventory Av. Days on Market Solds
$0 – $99,999 * 1 0 * 55
$100,000 – $149,999 4 8 1 3 177
$150,000 – $199,999  9 5 1 11 122
$200,000 – $249,999 9 8 1 7 198
$250,000 – $299,999 5 3 1 10 301
$300,000 – $349,999 3 2 0 9 117
$350,000 – $399,999 3 2 0 9 143
$400,000 – $449,999 2 1 0 12 106
$450,000 – $499,999 1 * * * *
$500,000 – $599,999 1 * * * *
$600,000 – $699,999 * * * * *
$700,000 + 1 1 0 6 14
  38 31   8 137

Lebanon, Oregon | Absorption Rates through October 2009

Includes all single-family residential properties on less than two acres
as reported by WVMLS.
Data taken from WVMLS 11/10/2009

Price Range Active Listings as of 11/10/2009 Sold Listings Last 6 Months Average Sold Per Month Months of Inventory Av. Days on Market Solds
$0 – $99,999 10 22 3.67 2.73 84
$100,000 – $149,999 41 45 7.50 5.47 126
$150,000 – $199,999  43 28 4.67 9.21 147
$200,000 – $249,999 18 12 2.00 9.00 249
$250,000 – $299,999 12 4 0.67 18.00 248
$300,000 – $349,999 3 * 0.00 * *
$350,000 – $399,999 * 1 0.17 * 67
$400,000 – $449,999 1 * 0.00 * *
$450,000 – $499,999 2 * 0.00 * *
$500,000 – $599,999 * * 0.00 * *
$600,000 – $699,999 * * 0.00 * *
$700,000 + * * 0.00 * *
  130 112   8.88 154

Corvallis, Oregon | Absorption Rates through October 2009

Includes all single-family residential properties on less than two acres
as reported by WVMLS.
Data taken from WVMLS 11/10/2009

Price Range Active Listings as of 11/10/2009 Sold Listings Last 6 Mos. Average Sold Per Month Months of Inventory Av. Days on Market Solds
$0 – $99,999 * 1 0.17 * 41
$100,000 – $149,999 7 11 1.83 3.82 105
$150,000 – $199,999  29 38 6.33 4.58 99
$200,000 – $249,999 46 83 13.83 3.33 115
$250,000 – $299,999 46 56 9.33 4.93 152
$300,000 – $349,999 24 32 5.33 4.50 135
$350,000 – $399,999 23 12 2.00 11.50 151
$400,000 – $449,999 23 13 2.17 10.62 158
$450,000 – $499,999 8 3 0.50 16.00 151
$500,000 – $599,999 13 11 1.83 7.09 218
$600,000 – $699,999 7 2 0.33 21.00 108
$700,000 + 9 2 0.33 27.00 93
  235 264   10.40 127

Albany, Oregon | Absorption Rates through October 2009

Includes all single-family residential properties on less than two acres
as reported by WVMLS.
Data taken from WVMLS 11/10/2009

Price Range Active Listings as of 11/10/2009 Sold Listings Last 6 Months Average Sold Per Month Months of Inventory Av. Days on Market Solds
$0 – $99,999 19 11 1.83 10.36 121
$100,000 – $149,999 59 65 10.83 5.45 117
$150,000 – $199,999  110 115 19.17 5.74 123
$200,000 – $249,999 87 62 10.33 8.42 164
$250,000 – $299,999 42 31 5.17 8.13 168
$300,000 – $349,999 29 10 1.67 17.40 165
$350,000 – $399,999 18 6 1.00 18.00 215
$400,000 – $449,999 3 * 0.00 * *
$450,000 – $499,999 1 1 0.17 6.00 78
$500,000 – $599,999 3 1 0.17 18.00 157
$600,000 – $699,999 2 1 0.17 12.00 337
$700,000 + 1 * 0.00 * *
374 303 10.95 165

Richard Smith Comments on Homebuyer Tax Credit Expansion/Extension

Richard Smith checks in with CNBC regarding the current condition of the real estate market, projections about the economy and mortgage interest rates, the condition of FHA (Federal Housing Administration). A very insightful and calm discussion about the anticipated response to the tax credit extension/expansion.


Richard Smith is CEO of Realogy (parent to Coldwell Banker Corporation and others) and the world’s largest brokerage operator.

Home Buyer Tax Credit De-Mystified

Agent with Key

The extended/expanded tax credit is getting a lot of press and a great deal of mis-information is being spread around.  Here’s a Questions and Answer Session provided by the National Association of REALTORS® that may help provide some clarity.

 

NAR Frequently Asked Questions Homebuyer Tax Credit Changes
National Association of REALTORS® Government Affairs Division
500 New Jersey Avenue, NW, Washington DC, 20001

The following are some of the most frequently asked questions on the changes to the Homebuyer Tax Credit. 

Question: Existing homeowner credit: Must the new house cost more than the old house?
Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?
Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

Question: I am a first time homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?
Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you’re within the phaseout range).

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?
Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?
Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is “consecutive.” As long as he lived in that house for 5 years straight what he did since 3 years doesn’t impact eligibility.
 
Question: I am an eligible first time homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?
Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30. 

If you are thinking of buying or selling a home in Corvallis, Oregon or the surrounding cities of Albany, Philomath or Lebanon or anywhere in the Mid-Willamette Valley.  I’m here to help.

As I’ve said before and will no-doubt say again, if you want expert advice about the 2009 Tax Credit, or the Expanded/Extended Tax Credit, consult with a qualified, tax expert.  Typcially a real estate agent and/or mortgage lender do not have that expertise.

House of Representatives Approves Tax Credit | Bill Signed by President

Update:  Bill signed into law by President Obama this morning. 11/06/2009


Now, it’s on to President Obama for signature in the next few days.

Here’s a chart of the differences between the existing tax credit and the revised (primarily there’s provisions not just for First Time Homebuyers but also for those that have owned a home and are purchasing a replacement property.)  There are many fine points to the changed tax rules.  It is in your best interest to get advice from qualified tax professionals and understanding your options in relation to these “new” tax guidelines.

The Home-buyer Credit is an amendment (S. A. 2712) to the Unemployment Compensation Extension Act (H.R. 3548)
Tax Credit Comparison Chart (Jan 1, 2009 compared to Decebmer 1, 2009)

(click on chart for a larger view or use your zoom tool on your browser)

This should prove to be very helpful for buyers and sellers in the Corvallis, Oregon and surrounding markets of Albany, Oregon; Philomath, Oregon; Lebanaon, Oregon and Linn and Benton County by creting movement throughout the market, not just in the “first time homebuyer” segment.

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