Thursday, November 19, 2009
Tri-Cities, Washington Real Estate Market Statistics as of 11/18/2009
Tri-Cities, Washington real estate market statistics as of 11/18/2009. Great numbers continue....active listings currently at 984 - last year at this time there were 1395. Total contracts written year-to-date are 3219 - last year at this time 2741.
Upside Down? You Can Refinance Up to 125% of Your Home's Value
You can refinance up to 125% of your home's value. Even if you owe up to 125% more on your mortgage than your home is worth, you may be able to refinance. For example, if your home is worth $200,000 but you owe more than that, qualifying homeowners can now refinance up to $250,000.
The Making Home Affordable program was initially structured to accommodate homeowners with a new loan to 105% of their home's value. However, that amount has been increased to 125%. There are requirements to qualify including whether your loan is currently owned by either Fannie Mae or Freddie Mac. You can find out if your loan is held by either agency by visiting http://makinghomeaffordable.gov/loan_lookup.html.
The Making Home Affordable program was initially structured to accommodate homeowners with a new loan to 105% of their home's value. However, that amount has been increased to 125%. There are requirements to qualify including whether your loan is currently owned by either Fannie Mae or Freddie Mac. You can find out if your loan is held by either agency by visiting http://makinghomeaffordable.gov/loan_lookup.html.
Homebuyer Tax Credit Extended and Expanded
Homebuyer Tax Credit Extended and Expanded! Great news for homebuyers! The Homebuyers Tax Credit has been extended into the first half of 2010...and it has been expanded to include benefits for current homeowners!
Who Qualifies? First-time homebuyers may be eligible for the tax credit worth 10% of the purchase price of the home, with a maximum available credit of $8,000.
In addition, the program now gives current homeowners an additional reason to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Eligible Incomes: Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more can receive a partial credit; however, single filers who earn $145,000 and above are ineligible.
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more can receive a partial credit; however, joint filers who earn $245,000 and above are ineligible.
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Who Qualifies? First-time homebuyers may be eligible for the tax credit worth 10% of the purchase price of the home, with a maximum available credit of $8,000.
In addition, the program now gives current homeowners an additional reason to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Eligible Incomes: Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more can receive a partial credit; however, single filers who earn $145,000 and above are ineligible.
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more can receive a partial credit; however, joint filers who earn $245,000 and above are ineligible.
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Friday, November 6, 2009
Tri-Cities has Washington state's lowest cost of living
Tri-Cities has Washington state's lowest cost of living. "Across the board, everything is less expensive here," and the latest ACCRA Cost of Living Index agrees. Of the state's top five metro areas -- Seattle-Bellevue-Everett, Spokane, Tacoma, Yakima and Kennewick-Pasco-Richland -- the Tri-Cities remains the least expensive place to live.
In the third quarter of 2009, the Tri-Cities had a composite index of 92.1, compared with 93.8 in Spokane, 96.9 in Yakima, 107.7 in Tacoma and 121.7 in Seattle-Bellevue-Everett.
The Tri-Cities' composite index jumped from 88.6 in May, when it also was the state's lowest.
Tri-City Herald 10/27/09
In the third quarter of 2009, the Tri-Cities had a composite index of 92.1, compared with 93.8 in Spokane, 96.9 in Yakima, 107.7 in Tacoma and 121.7 in Seattle-Bellevue-Everett.
The Tri-Cities' composite index jumped from 88.6 in May, when it also was the state's lowest.
Tri-City Herald 10/27/09
House votes to expand homebuyer tax credit
House votes to extend homebuyer tax credit into spring, expand it beyond first-time buyers.
First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the House voted 403-12 Thursday to extend and expand the tax credit to include many buyers who already own homes. The Senate approved the measure Wednesday, and the White House said President Barack Obama would sign it Friday.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers -- or anyone who hasn't owned a home in the last three years -- would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.
The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.
Stephen Ohlemacher, Associated Press Writer
First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the House voted 403-12 Thursday to extend and expand the tax credit to include many buyers who already own homes. The Senate approved the measure Wednesday, and the White House said President Barack Obama would sign it Friday.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers -- or anyone who hasn't owned a home in the last three years -- would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.
The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.
Stephen Ohlemacher, Associated Press Writer
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