New Tax Credit Available Now for More Than Just New Homeowners

President Obama not only signed a new bill earlier this month that extended the $8,000 tax credit to new home buyers, but also passed a tax credit up to $6,500 for homeowners who are moving - up Buyers. So, that means if you purchase a new home by April 30, 2010 and are "moving up" you could get up to $6,500 in tax credit, based on income and other requirements. Ask your licensed CPA or accountant for complete details on how you could qualify.

How the Stimulus Can Help the Housing Economy

On February 17, 2009, President Obama signed a bill for 780 billion dollars to stimulate the economy, so many of us wonder what dollars are directly tied to stimulate the housing:

For starters, The bill provides for a $8,000 (or 10% of purchase price of property) tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

Secondly, the bill increased the FHA loan limits for Valley County to $462,500. This allows more room to qualify for conventional financing for homes here in Valley County verses having to get Jumbo Loan financing, which increases your interest rate another 1 - 1.5%.

Energy Efficient Housing Tax Credits: Through 2010, homeowners will be able to claim a 30% tax credit (up from 10%) for purchases of new furnaces, windows and insulation. Another $5 billion will be available to modernize the nation’s electricity grid and install smart meters on homes that help to save consumers money.

Additional housing components include:
Funds to help communities address foreclosure.
Increased funds for rural housing services.
Grants for low-income housing.
Tax-exempt housing bonds.

It appears that these are great measures to help this housing economy turn around, by providing good incentives and tax credits, we can start seeing people move forward with homeownership or building again, reduce the inventory of homes on the market and once again see home prices increase.

If you have any questions about these programs or if you have interest to learn more about homes or building in McCall, Cascade, Donnelly or New Meadows area, please don't hesitate to call or email me at cory@corbetproperty.com or 630-3283

Summer sales reports for McCall Idaho

For the last two weeks, our thoughts and hearts have been drawn towards the Summer Olympic Games and watching our favorite athletes go for gold. It has been a nice break to turn on the TV and not hear about the economic woes of America.
In this beautiful resort town of McCall Idaho real estate is often the topic of conversation as much of our industry here is based on tourism and real estate development, and it too has its shares of woes.
However, when you pull up the real estate home sales from last year and compare them to this year, it really is not too far off.
In 2007, for McCall there were 17 closed home sales in June, 5 sales in July, and 7 sales for the first two weeks of August. For 2008, in McCall there have been 4 closed home sales in June, 14 sales in July and 4 sales for the first two weeks in August.
Many feel that it is a buyers market out there, with foreclosures and short sales really pushing prices down and inventory still high - there are great prices, many great properties to choose from and interest rates still attractive.
As a new home buyers, the Housing Economic Recovery Act of 2008, offers a first time home buyer tax credit up to $7500 for anyone purchasing a home after April 9, 2008.
There still seems to be a solid real estate market in McCall; although with our high inventory numbers it just feels that things are not moving very quickly, making it tough on Sellers.
But hang in there and keep your thoughts on the gold.