Forward this message to a friend
Shalizi Real Estate
 Baro, Michael, Gail Samota and their Assistant Gail Flanagan wish you all peace and prosperity in the coming new year.

CNNMoney.com reports that home sales soared in the period October to December of this year. Read the complete article here.

 
Bringing the Dream of Homeownership Within Reach
 
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
  • Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home      buyers until April 30, 2010.
  • Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
 
Who Qualifies for the Extended Credit?
  • First-time home buyers who purchase homes between November 7, 2009 and
  • April 30, 2010.
  • Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
 
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
 
How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by two additional factors:
  1. The Price of the home
    Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
  2. The Buyer's Income
    Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to$225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
  
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full credit amount will be recouped on the sale.

2012 is the Centennial celebration of New Mexico. To take part in the planning or to follow the events log on to http://www.nmcentennial.org for all the information.

Do you have friends visiting Santa Fe? Have them check out this website to help them in their planning.

  
 
 It seems like we will actually end the year on a high note. Single family sales are up both in the City of Santa Fe and the County.
 
City sales went from 31 in November of 2008 to 50 in 2009, while County sales went from 29 in ’08 to 44 in ’09. Most of the sales were in the lower end; however there were also some sales in the mid and upper ranges. The extension of the First Time Home Buyer Tax Credit along with the new $6,500 Tax Credit for anyone buying a home should help stimulate the market after the Holidays.
 
I am looking forward to a better 2010 and I hope you are too.
                                                                                              Baro
Baro Shalizi
Qualifying Broker
ABR, CIPS, CRS, e-PRO, GREEN, GRI
shalizi@aol.com
Cell: 505-670-8431
Office: 505-474-4203
Michael Smith
Associate Broker
ABR, CRS
michaels_mith@msn.com
Cell: 505-310-4220
Office: 505-474-4203
Gail Samota
Associate Broker
e-PRO, GREEN, RSPS, TRC
mailto:gail@gailsamota.com
Cell: 505-603-5450
Office: 505-474-4203
Shalizi Real Estate | 2199 Candelero Street | Santa Fe, NM 87505
(505) 474 4203 | www.ShaliziRealEstate.com


This email was sent to ruth@wired3d.com. To ensure that you continue receiving our emails, please add us to your address book or safe list.

manage your preferences | opt out using TrueRemove®.

Got this as a forward? Sign up to receive our future emails.

powered by
emma