A FREE Home Buying Seminar

Find out everything you need to know before buying a home — from loan pre-approval to closing.
*PLUS get information about the First Time Home Buyer Tax Credit — up to $8000 in your pocket!
Wednesday, February 3, 6-8 p.m.
ECHO Lake Aquarium & Science Center
5:30 Check-in, light dinner provided
RSVP required
special guests include:
Andrew D. Mikell, Esq., State Manager, Vermont Attorneys Title Corporation
Chris Von Trapp, Realtor, Coldwell Banker Hickok & Boardman
Kelly Deforge, Loan Officer, Universal Mortgage

To RSVP click here

A Great Deal in Real Estate is Now Better

The federal income tax credit for homebuyers has been extended and expanded to now include homeowners who wish to "move on" after 5 years of living in their current property, as well as first-time homebuyers.

• First-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit
• Homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit
• There may be no future extensions, so all qualified homebuyers are urged to act and have a written, binding contract by April 30, 2010 (close by June 30, 2010)
• Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.

According to The National Association of Realtors News Release, dated 11/5/09, an estimated $22 billion has already been added to the general economy resulting from the bill and approximately 2 million people will utilize the tax credit in 2009.

The following chart provides more information:

Feature	For First-Time Homebuyers	For Current Qualifying Homeowners
Amount of Credit	$8,000 ($4,000) married filing separate)	$6,500 ($3,250 married filing separate)
Eligibility	May not have had an interest in a principal residence for 3 years prior to purchase	Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
Termination of Credit	Purchases after April 30, 2010	Purchases after April 30, 2010
Binding Contract Rule	So long as a written binding contract to purchase is in effect on April 30, 2010 the purchaser will have until June 30, 2010 to close	So long as a written binding contract to purchase is in effect on April 30, 2010 the purchaser will have until June 30, 2010 to close
Income Limits	$125,000 - Single $225,000 - Married Additional $20,000 Phase Out	$125,000 - Single $225,000 - Married Additional $20,000 Phase Out
Limitation on Cost of Home Purchased	$800,000	$800,000
Purchase Made by a Dependent	Ineligible	Ineligible
Additional Requirements	Purchaser must attach documentation of purchase to tax return	Purchaser must attach documentation of purchase to tax return

Courtsey of Coldwell Banker.com

Addison County Market Update

I do not consider myself much of a bean counter but I do keep my eye on sales statistics as a tool to measure market activity as well as to help my selling clients understand what to expect with regards to the current buying activity. So, let’s take a look at market activity in Addison County. Addison County sales year to date (11/2/09), compared to last year sales are off about 16%, the average sale price has dropped 12% and the average days on the market is up 27%. While the market is not as stagnant as it feels at times, you do have to be reminded that all of the sales figures were off when comparing last year to the year before. The two year sales comparison shows that the total drop in sales for the two year period was 22%. The statistic that I find most interesting is that we actually had about 2% fewer listings this year than last. If you asked most people on the street, they would tell you that there were many more homes on the market than in prior years. Perception is not always reality.

If you look at the Land Sales data, you’ll see much more of a dramatic drop— with total number of lots sold down 50%, average sale price down 35%, and average days on the market up 37%. Clearly, these numbers reveal the sobering fact that the slowdown in the building industry is directly effecting the marketability of building lots. Once again, in spite of the sluggish sales, there are actually 6% fewer lots currently on the market than there were during the same time last year.

In spite of the grim statistics, I do have to report an increase in both phone call volume as well as e-mail inquiries in all sectors with a marked increase in what I call discretionary real estate purchases such as lakeshore, second homes and, yes, building lots. This increase in activity has been in the last 30-45 days and it is not necessarily tied to the first time home buyer’s credit. It seems that the buyers in this category have determined that the sky is in fact not falling and they are beginning to plan for the future and getting on with whatever plans they had put on hold last August. So stay tuned. I will be doing a year end re-cap after the first of the year which might be helpful for you to plan your next real estate move.

Wishing you all a very Happy Thanksgiving. - Chris


* Graph- As Reported by VREIN for Addison County, YTD 1/1/09— 11/2/09 vs. 1/108—11/2/08.

GREAT NEWS FOR FIRST TIME BUYERS & THOSE LOOKING TO MOVE UP!

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence by April 30, 2010. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers who have owned their primary residence for 5 of the last 8 consecutive years.

Click here for more details!

$8000 Credit May Be Extended !!

I had this article sent to me by my favorite mortagage originator . Check it out!!

Nelson Says Senate to Extend, Reduce Homebuyer Credit (Update1)
By Ryan J. Donmoyer and Dawn Kopecki \

Oct. 26 (Bloomberg) -- Senate leaders are negotiating to extend and gradually reduce an $8,000 tax credit for first-time homebuyers through 2010, Senator Bill Nelson of Florida said.
“We should be able to extend that later this week,” Nelson, a Democrat, told reporters traveling today with President Barack Obama on Air Force One to a speech in Jacksonville, Florida.
Senate Majority Leader Harry Reid of Nevada and Senate Finance Committee Chairman Max Baucus of Montana, both Democrats, may seek to add the homebuyers extension to legislation extending unemployment benefits that may be debated as early as this week, according to Regan Lachapelle, an aide to Reid.
Lawmakers are under pressure from real estate agents, mortgage brokers, and homebuilders to extend the $8,000 credit before it expires Nov. 30.
Baucus and Reid made a proposal last week to Senate Republicans that would extend the homebuyer credit through 2010, Lachapelle said. First-time homebuyers who close before April 1 would get the full $8,000, and the credit’s value would be reduced by $2,000 in each successive quarter until expiring at the end of the year.
The proposal was intended to counter one by Senate Banking Committee Chairman Christopher Dodd, a Connecticut Democrat, and Senator Johnny Isakson, a Georgia Republican and former realtor, to extend the full $8,000 credit through next June, and to expand it to all couples earning $300,000 or less. The Baucus- Reid proposal would continue limiting the benefit to first-time homebuyers, Lachapelle said.
Business Tax Break
Baucus and Reid also proposed an extension of a business tax break that allows companies with losses in 2008 and 2009 to amend tax returns for any of the previous four years to get a refund of taxes paid. Without the benefit, companies would have to wait years to apply those losses against future profits.
A version of the benefit was included in last February’s economic stimulus bill, though it was limited to companies with receipts under $15 million. A lobbying effort by business groups, including the Washington-based National Association of Manufacturers, to extend the benefit to all companies failed at the time; the Obama administration has since proposed a broader benefit in its budget.
The terms for extending the homebuyer tax credit are still being negotiated, Lachapelle said.
To contact the reporters on this story: Ryan J. Donmoyer in Washington at rdonmoyer@bloomberg.netDawn Kopecki in Washington at dkopecki@bloomberg.com Last Updated: October 26, 2009 13:33 EDT

Take advantage of the tax credit. Time is running out!

Rose are Red, Violets are Blue....

I just got done trying to convince my daughter, who is a senior in college and an creative writing and poetry major , of the power of the internet. I have encouraged her to start her own blog and to share all of her great essays, poems and short stories. When you consider the age and cultural difference between a 54 year old and 21 year old you might expect these roles to be reversed.

In any event, I have decided to post some of my own poetry as an illustration of the power of the internet and how she could be using it to her advantage. So here goes a short and quick poem for you all to enjoy. Comments would be welcome and appreciated.

Gone is the day
the sun says it's last goodbyes
wisps of orange pink clouds hang
like gosimer wings
Tomorrow brings a new sun
another day