Extended Tax Credit Available for 2009 First Time Home Buyers

The Internal Revenue Service announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.

Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or $4,000 for married filing separately.

For first-time homebuyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit. This important change gives qualifying homebuyers cash they do not have to pay back.

The IRS has posted a revised version of Form 5405, First-Time Homebuyer Credit, on IRS.gov. The revised form incorporates provisions from the American Recovery and Reinvestment Act of 2009. The instructions to the revised Form 5405 provide additional information on who can and cannot claim the credit, income limitations and repayment of the credit.

This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.

For All Your Real Estate Needs contact: Karen Villa Schweinfurth, ABR, CRS, SRES, e-PRO, ACRE, RE/MAX Northwest Realtors, Mill Creek WA -425-308-3669 or visit my web site

Update on Federal Economic Stimulus Plan - What It Means for Snohomish County

Fannie Mae and Freddie Mac are restricted by law to purchasing single-family mortgages with origination balances below a specific amount, known as the “conforming loan limit.” Loans above this limit are known as jumbo loans.

The national conforming loan limit for mortgages that finance single-family one-unit properties increased from $33,000 in the early 1970s to $417,000 for 2006-2008, with limits 50 percent higher for four statutorily-designated high cost areas: Alaska, Hawaii, Guam, and the U.S. Virgin Islands. In 2008, legislation was passed that temporarily increased the one-unit limit to up to $729,750 in certain high-cost areas in the continental United States. That legislation, the Economic Stimulus Act of 2008 (ESA), applied to loans originated between July 1, 2007 and December 31, 2008.

Loan limits for mortgages originated in 2009 are set under the provisions of the American Recovery and Reinvestment Act of 2009. Under that legislation, loan limits for 2009-originated loans are set at the higher of the 2008 limits and those that were originally announced for 2009 under the terms of the Housing and Economic Recovery Act of 2008. It appears that rates for Snohomish county will be increased. Please check back for updated information as it happens.

Here is a chart of what we currently have:



1 unit 2 units 3 units 4 units

Clark County WA $ 418,750 $ 536,050 $ 648,000 $ 805,300

Jefferson County WA $ 437,500 $ 560,050 $ 677,000 $ 841,350

King County WA $ 567,500 $ 726,500 $ 878,150 $ 1,091,350

Kitsap County WA $ 475,000 $ 608,100 $ 735,050 $ 913,450

Pierce County WA $ 567,500 $ 726,500 $ 878,150 $ 1,091,350

San Juan County WA $ 593,750 $ 760,100 $ 918,800 $ 1,141,850

Skamania County WA $ 418,750 $ 536,050 $ 648,000 $ 805,300

Snohomish County WA $ 567,500 $ 726,500 $ 878,150 $ 1,091,350

For ALL your real estate needs visit my web site

Beautifully Remodeled Tri Level on Private Lot

Remodeled Tri Level on Large Private Lot with RV Parking

Location: Silver Lake

Pride of ownership is evident here with a fabulous remodel. New roof in 2008, fresh decorator paint on the interior, new carpeting, tile flooring in kitchen, gas range, pergo flooring upstairs. White mill work and white doors accent the living areas.

The living room has a bayed window and there is a window wall in the kitchen for plenty of natural light. The kitchen opens to the family room on the lower level separated with a rod iron railing and half wall. Oversized kitchen to hold more than one chef, newer appliances and plenty of cupboards.

The family room has a wall of built ins for your tv and stereo system. There is a wood stove for cozy rainy nights plus a powder room and laundry room leading to the garage.

The upper level has three nice sized bedrooms. The master suite has crown molding accents and the bath has twin sinks and a tile counter. All bedrooms have built-in California closets. The main bath has tile counters.

The lot is 9583 sq. ft and is completely fenced. There is RV parking with a gate that opens to a sport court. Room to park all your toys or guest parking. A storage/garden shed remains.

This home has fabulous street appeal and is close to shopping and freeways.

Information

Contact Information

Karen Villa Schweinfurth, ABR, CRS

425-308-3669

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Pricing

Price: $385,000.00

Property Location

13114 29th Ave. S. E.
Everett, WA 98208
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Features

Bedrooms: 3

Bathrooms: 2.5

Parking Spaces: 10

Year Built: 1989

Subdivision: Evergreen Grove

Lot Size: 9583

Garage Size: 2

School District: Everett

Square Footage: 1749

Agent Name: Karen Villa Schweinfurth, ABR, CRS, SRES, e-PRO

Broker: RE/MAX Northwest Realtors

MLS #: 29016171

Attributes

Appliances

Range/Oven

Dishwasher

Sink Disposal

Interior Amenities

Fireplace

Security System

Vaulted Ceilings

California Closet Systems

Tile Floors

Pergo Flooring

Kitchen Window Wall

Exterior Amenities

Patio

Fenced Yard

Grass Lawn

Basketball Net

Secluded setting

Tool Shed

RV Parking w/Gate to yard

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VFLYER ID: 2225483

Changing Times or Not

Having just cleaned out my desk recently with my new business plan in place, I found an old newspaper, The Everett Herald, from March 1992. The headlines read: "Boeing Gives Layoff Slips to 3,000"; "Unemployment rate rises to highest level in more than six years" - 7.3%.And then I compare the headlines with a more recent post February 2009: "Boeing Gives Layoff Notices to 6,000", Unemployment rate rises to 7.1% in Snohomish County in December 2008".Catch any differences, probably not. It's the real estate cycle. We just happen to be in the "down cycle" but remember, what goes down, needs to come up. It will take awhile, but it will happen.

It's a great time to buy in the Snohomish County area. With rates at an all time low, still plenty of inventory, and seller concessions, buyers hold the upper hand. Well you say, "I need to sell to buy". OK, the key is to price your home realistically to sell and make it up on the buying end.

For expert advice in the Snohomish County area, call Karen Villa Schweinfurth 425-308-3669, or email: karen@karensvillas.com.

Also visit my web site for ALL your real estate needs. Search for properties in all of Washington, get buyer/seller tips, financing information, do your own market analysis. It's all there for the taking.

Hope you find this information helpful. Make it a great day where you are.

Karen Villa Schweinfurth, ABR, CRS, SRES, e-PRO
RE/MAX Northwest Realtors
RE/MAX Hall of Fame Member
REALTOR of the Year 2008