Brayton's Big Bear Blog

Did you buy your first home in 2009? Home buyer credit

Form # 5405 from IRS

Above is the link to the pdf of form #5405 that all eligible homebuyers must send in with 2009 tax return. You must also include one of the following with your return.

A copy of the final settlement statement showing all parties' names and signatures, property address, sales price, and date of purchase. Also known as a  Form HUD-1, Settlement Statement.

• For mobile home purchasers who are unable to get a settlement statement, a copy of the executed retail sales contract showing all parties' names and signatures, property address, purchase price and date of purchase.
• For a newly constructed home where a settlement statement is not available, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.

As always your tax professional is a good source for tax questions

 

Stats for sold properties in Big Bear Lake

Sold properties for August, September, October, November and December 2009
for residential properties

# of listings sold
August 76 (25 are bank owned) 
September 94 (34 are bank owned)
October 94 (31 are bank owned)
November 90 (28 are bank owned)
December 77 (26 are bank owned)

Average Selling Price per Sq. Ft.
August $167.99
September $155.67
October $ 184.66
November $165.64
December $178.09

Average Number of Days on Market (How many days until accepted contract)
August 127
September 111
October 137
November 143
December 148

Average percentage of sold price compared to list price
August 94%
September 96%
October 96%
November 95%
December 95%

Kids say very funny things!

I had a buyer sitting in front of me with her young son and she was commenting on the fact that they really need a get-a-way home in Big Bear Lake. They want to be in the mountains and let the kids run around in mother nature. The words were still hanging in the air when her son said, "Look out the window mommy, I just saw a monkey outside". This gave her an opportunity to mention again that they need a get-a-way as her son thinks that the squirrels are monkey's.

Have you lost your perspective? Do you need a get-a-way?

View Get-a-way's (properties) that are for sale

Homebuyer Tax Credit Changes

This is a chart that explains the new tax credit for home purchases.

Download Tax credit chart

Big Bear Real Estate Update - Tax Credit Extension

 

The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline.  First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500.  Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years.  The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively.  The purchase price of the home is capped at $800,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit, provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

For weeks, the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R and its members have urged Congress and the U.S. Senate to extend and expand this crucial piece of legislation.

Nationwide, more than 1.4 million first-time home buyers were given the opportunity to become homeowners as a result of the Federal Tax Credit for First-time Home Buyers.  According to C.A.R. research, nearly 40 percent of first-time home buyers surveyed said they would not have purchased a home without the federal tax credit, and approximately 70 percent said the tax credit was "the most important" or a "very important" factor in their decision to buy a home.

WD-40®, Who Knew?

On my internet travels this morning, I came across the website for WD-40® and found a .pdf showing "2,000+ uses for WD-40®" and thought I would share with everyone. I think this is one for "home ownership tips"

click here for 2,000+ uses for WD-40®

August Sold Data for Big Bear Properties

You may be thinking, "why is August data coming out so late?" I have found that when I wait until about the 5th or 15th of the month to get the previous month's data, there are still some closed escrow's that have not yet been reported. Sales are supposed to be reported within 3 days of the close of escrow. With that being said, I will wait a little longer in the month so I can hope to get a truer picture of the stats.

So here is what August looks like when compared to June and July.

# of listings sold
June 79 (26 are bank owned)
July 87 (30 are bank owned)
August 76 (25 are bank owned) 

Average Selling Price per Sq. Ft.
June $183.28
July $168.30
August $167.99

Days on Market (How many days until accepted contract)
June 124
July 133
August 127

Average percentage of sold price compared to list price
June 96%
July 95%
August 94%

Homebuyer tax credit

The $8000.00 first time home buyer tax credit will end December 1st that means if you qualify for the credit you must close escrow by November 30 (about 2 1/2 months from today).

Time is running out and the interest rates are low and home prices are down. Wherever you are, if you can take advantage of it, it is time buy your own place. Ask you accountant about any other tax credits that go along with being a homeowner.

Will this tax credit be extended? There is some talk about it, but don't get caught short in case it isn't

Winter Safety in Big Bear

Many things we think about in the winter in Big Bear. We winterize our cars, our houses and ourselves. I may be a little lazy about the car winterizing thing, I will make it a New Years resolution! I have enough warm clothes, another New Years resolution, don't buy any more sweaters!

Winterizing the house... I do let everyone know how important this is. Whenever you leave your Big Bear home/cabin, make sure that; 

1.  Water is turned off at stop and waste valve. Make sure sprinkler system is off as well, and open all faucets inside to make sure no water is left in the line. Flush each toilet.

2. Heat left on at 50 degrees +/-. Make sure (if you have a thermostat that is battery operated) your batteries still have power and re-charge those batteries?

3.A capful of Biodegradable anti-freeze in the traps (ask anyone at the local hardware store what to use)

4. It is always a good idea to turn your water off EVERY time you leave, yes, even in the summer. No need to leave water in the pipes.

5. When the cold season begins, and the doors and windows are shut tight and the heater is on and fireplace is going, it is time to make sure your carbon monoxide detector and smoke alarms are working properly!

Purchasing your first home in within the next year?

 Housing and Economic Recovery Act of 2008 has a number of items to help people buy homes, stay in their homes how about this tax credit...

- $7,500 TAX CREDIT FOR FIRST-TIME HOMEBUYERS: With certain exceptions, a first-time homebuyer will receive a tax credit of 10% of the purchase price up to $7,500 maximum, for the tax year in which the buyer purchases a principal residence. The tax credit, however, must be repaid like an interest-free loan in equal installments over the next 15 years or in full if the homebuyer sells the property for a gain. A buyer qualifies as a "first-time" homebuyer as long as the buyer (and spouse if any) has not owned a principal residence in the U.S. for the last three years. The tax credit phases out for a taxpayer with a modified adjusted gross income over $75,000 (or $150,000 for joint returns). This tax credit is available for qualifying homes purchased from April 9, 2008 through June 30, 2009.