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FLAGSTAFF REAL ESTATE
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More of the Stimulus Plan Benefits
Perhaps I have a little good news as it relates to Flagstaff real
estate. What's the news? As it pertains to real estate
financing, it appears that FHA will keep the former upper
limit cap of $729,750.00 for “Conforming” loans
in high cost areas. Previously, “Conforming” loans
were limited to $417,000.00 with all loans over that
amount referred to as "Jumbo" loans. Jumbo
loans typically run a percent or so higher. While
I don't know specifically how that will affect rates
in Flagstaff, my best guess is that Coconino County,
of which Flagstaff is a part, will retain the former
upper conforming loan limit of $450,000. The ability
for lender's and home buyers to obtain conforming (lower
interest rate loans) in high cost areas such as Flagstaff,
should provide a nice boost to help absorb more real
estate inventory. What are your thoughts? |
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Stimulating opportunities in the government's new
economic plan
The new economic stimulus package allocates $787 billion
to boost our multi-trillion dollar economy. Here are
some provisions individuals can take advantage of now.
1. Housing help. First time homebuyers can get up
to an $8,000 tax credit if they close by November 30,
2009. This credit does NOT have to be paid back if you
own the home three years. It phases out for single taxpayers
making over $75,000 and for married couples filing jointly
making over $150,000 (adjusted gross income).
Communities receive $2.0 billion to redevelop abandoned
and foreclosed homes.
In high-cost areas, the bill restores the $729,750 upper
conforming loan limit for Fannie Mae, Freddie Mac and
FHA loan guarantee programs.
2. Home improvement tax credits. For money spent to
make homes more energy efficient, a 30% tax credit through
2010, up to $1,500.
3. Residential renewable energy tax credits. Dollar
caps have been removed on the 30% residential credit
for solar thermal, geothermal and small wind upgrades.
4. Income tax credit. This will be up to $400 for
individuals earning up to $75,000 and up to $800 for
married couples filing jointly with up to $150,000 in
income.
5. Alternative Minimum Tax reduction. Exempts from
the AMT up to $46,700 of an individual's and $70,950
of a couple's income in 2009.
6. Earned Income Tax Credit. For 2009 and 2010, goes
from 40% to 45% of the first $12,570 earned by families
with more than three children.
7. Higher education tax credits. For
2009 and 2010, a $2,500 per year tuition tax credit
for all four years of college. It's now 40% refundable
and covers textbook costs. The credit phases out for
individuals making $80,000–$90,000
and couples earning $160,000–$180,000.
8. Hybrid vehicle tax credit. Increased to $7,500
for purchasing a plug-in hybrid vehicle.
9. Help for car buyers. In 2009, anyone purchasing
a new vehicle for up to $49,500 can deduct state, local
and excise taxes, as well as car loan interest. This
is an above-the-line deduction that can be taken even
if you don't itemize. It begins to phase out for single
taxpayers making over $125,000 and couples over $250,000.
There are many more programs for individuals,
businesses and states, as well as a future foreclosure
relief program – let's
hope they all work.
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Your Thoughts on the Economic Stimulus Proposal?
I'm guessing that by now most everyone knows that
late last night the United States Senate unanimously
passed a bipartisan amendment to the Economic Stimulus
bill creating a $15,000 tax credit to individuals who
purchase a home. Yes, there are some guidelines
such as:
1. The credit will be $15,000 or 10% of the purchase
price, whichever is less.
2. Purchases must be made within one year of
the legislation’s
enactment and the tax credit will not have to be repaid.
3. The amendment will allow taxpayers to claim
the credit on their 2008 income tax return. It also
seeks to prevent misuse by only allowing purchases of a
PRINCIPAL RESIDENCE and by recapturing the credit
if the home is sold within two years of the purchase
date.
While the final details are still being debated, I'm
curious as to your thoughts as to whether this benefit
will be a real boost to real estate or a waste of
tax payer money? Let me know your thoughts.
Gregg Munson |
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Let's talk about the Flagstaff Real Estate market and
buy opportunities for a moment. Of course it makes
sense to get a great real estate deal in this market;
however, in the Flagstaff real estate market, is the
short sale or foreclosure necessarily the best way to
go? To that I answer sometimes yes and sometimes no. As
it pertains to the short sale, more often than not, the
buyer of a short sale property will be waiting months
for an answer from the lender. In the meantime, he or
she may be missing out on a great interest rate and/or
another property which may be as good or better a buy. Often
the same applies to the foreclosure. And
don't forget this point: Not all short sales or
foreclosures are deals. From what I see in Flagstaff,
there are just as many properties that are as good
or better a buyer than the so called "distressed
property". In sum, take some time while searching
for the special property and consider location, condition,
future resale potential, current interest rates, and
other factors which are important to YOU. Remember,
the world's best buy on a Flagstaff home that you're
not that excited about, is not a deal! Thanks
for reading. You're comments are always welcome. Keep
visiting us online at www.GreggMunson.com and www.FlagstaffHomesAndLand.com
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Hi All: Bloomberg has a excellent video which
deals with housing affordability and the real estate
market in general. While Flagstaff real estate hasn't
been battered nearly as much as the Phoenix Metro
area and many other parts of the country, I think
the video provides a worthwhile perspective on the real
estate market and it's current affordability. I
hope you enjoy this short video whether the Flagstaff
real estate market or other markets are of interest
to you. You can view this video by clicking
on the following link: Housing
Affordability Index. Thanks in advance for reading
and keep the comments coming.
Gregg
Munson
Associate Broker, e~PRO, ABR, CDPE
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Hi All: I'm hearing a lot of good things about using
Microsoft Bing versus Google Virtual Earth for property
searches. While neither is perfect, I must admit
that, for Flagstaff real esstate, I like Bing better
than Google Virtual Earth. If you haven't tried
it, do so and let me know your thoughts. Thanks
for reading
Gregg Munson |
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Hi All: One of our local title companies prepare the
report noted below. As my monthly report only analyzes
single family homes in the city of Flagstaff, this report
sheds a bit more light on the overall market. Let
me know if you find it to be of value and please don't
heistate to comment. Thanks.
| Coconino County Real
Estate Snapshot |
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Another good week for the housing market. The S&P/Case
Shiller home price index was up for the third month in a row
and the rate of annual decline fell for the sixth month in
a row! Price increases were reported in 18 of 20 metro
areas measured. Many now feel this data indicates the worst
of the price declines are behind us.
Time will tell. |
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FINDING THE RIGHT FLAGSTAFF HOME |
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Gregg, Debbie, Kathy
Finding the right Flagstaff home is the
first step in finding a "Dream Home". See not all homes
are dream homes. Many times a home purchase is made
based on the wrong descisions. Buying a home in Flagstaff
is not just about the price, it is about finding and
purchasing the home of your dreams. Many realtors tend
to show Flagstaff homes and land by price, but here
at Flagstaff Homes and Land we see thing a bit differently.
By listening to our clients needs and wants we develope
a marketing strategy to find them the best fit in a
Flagstaff home. Let Gregg, Debbie, Kathy find
you a Dream Home in Flagstaff Today.
Gregg & Debbie Munson (928)
853-4289 or
Kathy Gimenez: (928) 699-9392
Our name is synonymouns with fine properties
Email:Info@FlagstaffHomesAndLand.com
Website: www.FlagstaffHomesAndLand.com
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Copyright 2008©
Russ Lyon | Sotheby's INTERNATIONAL REALTY
No reproduction of images or verbiage permitted without
written permission.
All information herein has not been verified and is
not guaranteed. All information should be verified.
Website Design by: www.azwebtours.com
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