Golden Realty Blog

It’s OFFICIAL! This morning, President Obama signed into law legislation that extends and expands the first-time homebuyer tax credit. This enacts the legislation into law making the extension and expansion effective immediately after today, November 6, 2009.

Who Qualifies for the Extended Credit? 

·      First-time homebuyers who purchase after today and before April 30, 2010, are eligible for the extended tax credit.

·      Current homeowners purchasing a new principal residence after today and before April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

·      So 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.

Click here for more details

Or call us to discus your particular situation today…541.343.8269! We have knowledgeable and experienced Buyer’s Specialists standing by to answer any and all of your questions.

Great News! Yesterday, the Senate unanimously voted to extend the first-time homebuyer tax credit through April 30, 2010 that provides an $8,000 first-time homebuyer tax credit and creates a new $6,500 credit for homebuyers who have been in their current residence for the last five years or more. Just today, the House has passed the bill and tomorrow November 6, President Obama is expected to sign the legislation into law.

The implications for the economy and its recovery are huge. The tax credit will not only help the buyers who are frantically searching to secure a home before the original deadline, but it will also help the many sellers who have decided to wait out the market as there will be a surge of new buyers, which ultimately will increase demand, thus helping to also stabilize prices. With the creation of a new $6500 for current homeowners, who would like to purchase a new home, it is our prediction that we will see significant activity in the housing market through the Winter months, which is traditionally the slowest time of the year, and continuing into the Spring.

Click for more information about the latest provisions regarding the tax credit.

It must also be noted that the Feds have also talked about an increase in the interest rate, as much as an entire point, which most likely will take effect by March 2010. This will greatly affect the housing market because it will dramatically decrease the purchase power of a large pool of buyers.

So Good News today, but make sure to take advantage of this opportunity now.

Call us to discus your particular situation today…541.343.8269! We have knowledgeable and experienced Buyer’s Specialists standing by to answer any and all of your questions.

If you have read or heard the news today, you know that reports are circulating that the Senate has agreed to extend the tax credit for first-time homebuyers and to offer a reduced credit to qualifying repeat buyers.

The proposal according to the Senate Finance Committee Chairman, Max Baucus, is to extend the current first time homebuyer credit to purchases under contract by April 30, 2010, and must close within 60 days. In addition, the new plan will offer a $6500 credit for homebuyers who have lived in their prior residence for at least five years.

Although this is encouraging news for home buyers and sellers, according to the National Association of REALTORS, (NAR) there is no definitive agreement on how to attach this tax credit to the pending Unemployment Insurance bill, or whether to offer the tax credit agreement on another bill, or whether to bring the agreement to the Senate floor and vote upon it as a separate, stand alone bill. And after Senate action, the tax credit must go to the House of Representatives for action.

Check back for updates regarding this and other real estate news!

There is so much information swirling around the real estate world, some is good information based on fact and historical patterns, some is bad information based on hope, hearsay and rumor.

Here are the 3 most common rumors that are currently circulating:

• The 1^st Time Home buyer tax credit will be extended after the first of the year.
• The 1^st Time Home Buyer tax credit will be open to ALL buyers.
• The 1^st Time Home Buyer tax credit will increase from $8000 to $15,000. 

Let us dispel some inaccurate information and give you some additional food for thought.

The tax credit is available NOW until November 30^th. (Click here for more information) There are no guarantees this will continue or extend beyond that.

It is true that the National Association of Realtors (NAR) is urging to Congress, to extend the tax credit. However, because this is considered a “revenue measure”, it must originate in Congress. To date there is only one Congressman, who has submitted legislation to extend the credit, but it involves limited eligibility to only individuals who have served in the military, Foreign Service or in the US intelligence community outside the US for 90 days or more during 2009, and they must be first time home buyers.

As REALTORS, we would like to see this tax credit extended, unfortunately we have no indications that this will indeed happen. Therefore, first time home buyers have a limited window of opportunity. The tax credit combined with record low interest rates won’t last forever.

A house is a large investment. Many times the largest financial investment one will make during their lifetime. Yet what is frequently neglected and shocking for most buyers and sellers, is the emotional and psychological investment that goes along with the process of buying or selling a home. It is not well known, but should be noted, that the process of buying or selling a home is ranked high on life stress charts, even comparable to death or divorce. If you have ever been through the home buying or selling process, you will understand and concur that it is definitely a stressful time that essentially dominates most of your thoughts and actions.

The good news is that it does not need to be so stressful. There are strategies to help make the home buying or selling process less stressful. Start by finding a competent, knowledgeable and experienced Realtor whom you can trust. The relationship between the buyer or seller and the Realtor must be based on honesty and trust. If you don’t trust the person representing you, you will find yourself in a highly stressful situation. Trust your Realtor. This one step will eliminate a large portion of the stress and allow you to focus on the fun part of the process.

Being realistic and having reasonable expectations from the beginning stages will also reduce the stress level. Unreasonable expectations only create added and unnecessary stress for everyone while expecting the best outcome for everyone will generally result in a mutually beneficial conclusion. Another way to eliminate stress during the buying or selling process is to keep things in perspective and take one step at a time. It is easy to become overwhelmed with all that is involved, but seeing the big picture and breaking things down into smaller steps will keep things in proper perspective.

Remember to make time to eat right, get plenty of sleep and don’t take on too many added responsibilities. Buying or selling a home is time consuming and will take away from your normal routine. Prioritize, postpone or cancel other responsibilities to open up more time to handle all the additional tasks that will be necessary during the buying or selling process.

If none of these stress reducing strategies work and you are still feeling overwhelmed and stressed out, GET AWAY. Take a short trip and escape it all for awhile, even a day trip somewhere. Just take some time to relax and enjoy some down time.

The largest investment you make may not be your home after all, it may be yourself.

Make Life Golden!

Think Craig’s list is a nice online tool for finding a network of online communities, and posting free online classified advertisements? I beg you to think twice before trusting what you see on Craig’s List. We have been hit by the Craig’s List scam again! (See archived post from March 2009)

This latest scam is essentially the same scam that continues to infest this online community. Here is what is happening. A person or group of people, are posting advertisements for rental housing. Once the potential tenants make contact with the scammers, they are instructed to mail a cashier’s check as security deposit, to a location outside the Country. Prospective tenants are told that once the money is received, the keys to the house will be mailed to them. Impossible…as these scammers do not own the home and do not have authority to rent or advertise the home for rent. In fact, the houses that are being posted for rent are actually offered for sale, and listed with a local broker. In our situation the scammer took information about this property directly from the Multiple Listing Service, stole the photos and written description and created and set up an email account using the Listing Agents full name as part of the email address.

There are several things wrong with this. First of all the individual whose home is for sale, has not authorized this false posting. The scammers are stealing copyrighted material including the photographs and written property description. They are also putting the home owner in a dangerous situation, with the potential for any number of predatory crimes, with the most obvious intent to con innocent individuals out of money, security and a place to call home.

Unfortunately, Craig’s List is a magnet for predators. Just Google “scams on Craig’s list” and see all the results. It’s an epidemic across the globe. As home buyers, sellers, or renters, heed caution when utilizing sites such as this. And make sure you do not try to navigate the stormy waters of real estate with out a professional Realtor by your side.

It’s summertime and that means that many are hitting the roads in search of adventure. If you are planning on visiting Lane County or live nearby, here is a list of the Top Ten Places to visit while in Lane County (in no particular order). If you have any other suggestions to add to the list, please let us know.

Hendricks Park

Hendricks Park is Eugene’s oldest city park.  Its 78 acres include a mature forest, a world-renowned rhododendron garden, and now a new native plant garden.  Laced with trails, the park is a haven for hikers, birders, and others who enjoy retreating to the tranquility of nature.  Without leaving the city, visitors can walk among Douglas fir trees two hundred years old, ferns, and wildflowers, such as trilliums and irises, and over six thousand varieties of rhododendrons and other ornamental plants.

Wine Country

From trendy downtown tasting rooms to grand, Tuscan-inspired chateaus, sip and savor your way through Lane County’s wine country. Just a short drive from the Eugene metro area, you’ll find more than a dozen distinct, award-winning wineries tucked in the scenic, rolling landscape of the southern Willamette Valley.

Saturday Market 

Every Saturday, rain or shine, between April and Thanksgiving, vendors display their handmade or home-grown products in a park in downtown Eugene, Oregon, The sellers arrive early in the morning and set up their own individual booths. Buyers start to come around 10am, and from then on throughout the day the Market is alive with activity: browsing, buying, selling, trading, exchanging information, meeting friends, eating lunch, listening to and playing music. All these and more activities are going on simultaneously. Children and older people alike enjoy the selling and visiting at the Market. There is a true mixture of ages, incomes and lifestyles meeting with ease and pleasure.

Covered Bridges

Lane County was the first Oregon County to build covered bridges on a large scale and with 20 bridges, still maintains more than any other county west of the Mississippi. Sixteen of these bridges are listed in the National Register of Historic Places and fourteen are still open to traffic. Lane’s covered bridges attract many tourists to the area each year.

Oregon Coast

This unique landscape from the lush forests of the coastal mountains to the unique Oregon Dunes and on into the beaches of the Pacific Ocean, visitors have a stunning choice of opportunities. One can find activities to suit every taste, from hiking up to spectacular mountain views to beach combing, from whale watching to exploring the forest or dunes, the Oregon Coast offers something for everyone.

Cascade Mountains

The crest of the Cascade Mountains marks the eastern most boundary of Lane County where year-round the hilltops sparkle with azure-blue mountain lakes, a feast for the eyes whether seen from your ride up a chairlift or from the coziness of your campsite. Willamette Pass offers summer and winter activities you can enjoy skiing, riding, hiking biking or soaking up the amazing views.

McKenzie River Valley

Located less than an hour from Eugene-Springfield, the McKenzie River Valley’s communities of Leaburg, Blue River and McKenzie Bridge are blessed with old-growth forest, as well as many miles of riverfront hiking and mountain biking trails. When you’re in the McKenzie River Valley, you’re in first class fishing and river rafting territory. 

University of Oregon

Eugene’s University of Oregon is a world-class teaching and research university offering a broad spectrum of opportunities for learning. The 250 acre campus has architecturally pleasing buildings, some dating back to the 1870s, shady, tree-lined footpaths and beautiful landscaping. There are several museums to visit. The Museum of Art with an excellent collection of Asian art, African art, Russian icon paintings, Rodin sculptures and changing exhibits, and the Museum of Natural History focusing on Oregon’s ancient people and animals, as well as changing exhibits on other cultures.

Hayward Field

Hayward Field at University of Oregon is one of the best-known historic track and field stadiums in the United States. As host to 3 Olympic Trials, 9 NCAA Championships and 6 USA Championships - the most of any venue in recent history in each category, Hayward Field looms as one of the world’s most famous track and field venues. Hayward Field’s historic, covered grandstands are comparable to many famous European venues. The ‘Carnegie Hall’ for American track and field plays host annually to the nation’s finest single-day track and field contest, the Prefontaine Classic, which features the top mix of national and international talent on American soil each year.

Hult Center for the Performing Arts

Located in downtown Eugene, surrounded by wonderful galleries and restaurants, the Hult Center’s impressive theaters host world-class performances and conferences. The award-winning gallery and studio offer truly unique spaces for receptions and meetings. Built by the citizens of Eugene, the Hult Center has quite an impressive history and has been charming audiences and popular performers alike with its stunning architectural and acoustical features. The Hult Center is truly a great arts facility.

The Federal Government is giving away FREE money to first time home buyers.  Uncle Sam is paying you to buy a home! Golden Realty has represented buyers who have closed on the purchase of their new home, filed the proper paperwork, and within weeks - an $8000 check arrived in their mailbox.  Unfortunately, many consumers are still confused and misinformed about this incentive and time is running out. This tax break ends in 2009. Buyers would be foolish to not take advantage of this Golden opportunity!

FAQ’s

Am I Eligible?

If you are a First-time home buyer - a buyer who has not owned a principal residence during the three-year period prior to the purchase - purchasing a home on April 9, 2008 and before December 1, 2009…you are eligible for the tax credit.

How Big Is the Tax Credit?

The tax credit is equal to 10% of the purchase price of the home up to $8000.

Are There Any Income Limits?

To receive the maximum amount of the credit the income limit for single taxpayers is $75,000; the limit for married taxpayers is $150,000.

How Does it Work?

The tax credit will directly reduce the total amount of taxes you owe or increase the size of your refund.

Will I Have to Repay the Credit?

Only if you sell your home with in 3 years of the purchase, then the entire amount of the credit is recaptured.

~If you have more specific questions about the tax implications of the credit, please consult a tax professional. ~

~ If you have more specific questions about homeownership, please consult the experts at Golden Realty ~

Today, economists are finally reporting good news about the economy, stating that it appears to be in “recovery mode”. But, it’s going to take more than a single news story before the American consumer believes in their hearts that the “recession” is over. Based on statistical indicators the unemployment rate has slowed, housing inventory levels are decreasing and median prices are increasing. These are definitely good signs for a more stable economy and more specifically, a healthy housing market.

While this is really exciting news, the reality is it will take awhile for consumers to feel the effects, especially in areas like Eugene/Springfield. Here in Lane County, our housing market took longer to feel the affects of the “recession” and so it will take a bit longer to feel the recovery as the experts are now reporting.

However, we are experiencing an excitement in the housing market that some economists say they haven’t seen in 3 years. What is driving this excitement and engaging buyers, can be attributed to continued low mortgage interest rates, decreasing home prices and the $8,000 tax credit for first-time buyers. Does this mean prices have hit bottom? If the economic indicators are correct the housing market is stabilizing…what would you say?

We remain optimistic that these national indicators are just the beginning of the economic recovery both nationally and here in our neck of the woods.

Before hiring a REALTOR to represent your interests in the sale of your home, ask them the following questions. Although there are no right or wrong answers, how each REALTOR answers the questions will give you a good idea of the experience, professionalism, knowledge of the market, and customer service you would expect to receive from that REALTOR.

• How long have you been a licensed REALTOR?

• Do you work as a full-time REALTOR?

• Do you have assistants that work for you?

• How many homes did you list last year that sold?

• How many homes did you list last year that failed to sell?

• How many of the listings you took did you actually sell yourself?

• How many houses did you sell last year?

• What was your average list price to sale price for your listings?

• What is the RMLS average list price to sale price?

• What are the average days your listings are on the market?

• What are the RMLS average days on the market?

• Where do you advertise and how often?

• How do you communicate with seller’s and how often?

• Why should I hire you?