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Philadelphia Real Estate - Spring Market in the Fall ?

Philadelphia Real Estate - Spring Market in the Fall ?

In Philadelphia, the real estate market is typically the busiest in the spring year after year.  This past spring, we were busy, but not super busy.  However, now, in the fall, we are super busy !  Due to the first time homebuyer tax credit expiring November 30, 2009 combined with mortgage rates at historical 30 year lows, the recent activity in our Philadelphia market has been amazing !!

As a result, we apologize if our blog content has been just a tad behind in the last couple of weeks.  You probably have Sold !noticed that the majority of it has been focused on new property listings in addition to properties that have been sold recently by The Somers Team .  On top of that, we have been gearing up moving to our new Northern Liberties location !  The fit-out of the space is going very well.  All of our furniture arrives mid-November so we have been quite busy planning the logistics of the office move as well.

Getting back to the market activity, it is is important to note that if you are a seller thinking about selling your property, the time is definitely now as there still are a couple of weeks for your property to sell to still settle prior to the November 30, 2009 deadline.  And if you are a first time homebuyer on the fence, well then, the time is now for sure !  Hurry up though as many of the better properties are being scooped up !

This is an exciting time !  We can worry about the great debate whether or not the tax credit will be extended after it expires.  More to come on that later.  For now, we are too busy selling houses !

 

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11 comments • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • October 17 2009 07:32AM

$8,000 FIRST TIME BUYER TAX CREDIT - CHECK RECEIVED !!!!

This is one of the best blogs I have seen regarding information regarding the First Time Homebuyer Tax Credit.  Thank you Sheldon Neal for such an informative blog post !  Is great to see that buyers can benefit from this now !!!

Sheldon is not only a fantastic writer and blogger but a great person - very genuine and real !  We had the opportunity to meet at a recent real estate conference in Philadelphia.  He will definitely be a contact person for buyer or seller referrals where he specializes in Bergen County, NJ !!

 

Via Sheldon Neal -- That British Agent -- (Bergen County, NJ - RE/MAX Real Estate Limited):

 

 

 

This is an actual check from one of my First Time Buyers who bought a home last month, and immediately filed his 2008 tax return - which he had already filed an extension for - and this week received the above check !

 

... before his home purchase, his return was going to give him a refund of approximately $4,000 !!!! ... as you can see, he qualified for the tax credit, and received $8,000 additional dollars from the government for buying his home.

 

@@@ FOR FURTHER INFORMATION - BE SURE TO CONSULT YOUR ACCOUNTANT TO SEE IF YOU CAN RECEIVE THIS YOURSELF @@@

 

Per the IRS.gov website, you may qualify to receive this credit if you meet the following qualifications:

"... 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.

The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase."

 The credit itself:

  • Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
  • Applies only to homes used as a taxpayer's principal residence.
  • Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
  • Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

 

So if you were considering buying a home this year - be sure to talk to your accountant as you may also qualify to get $8,000 extra dollars for buying your first home !

 

ALSO: Be sure to check out a post  from respected Loan Officer Jeff Belonger explaining how you may be able to receive an 'up front loan' for this credit to use towards closing costs or additional downpayment over your mandatory 3.5% payment on your FHA loan !

@@@PLEASE NOTE: ALL INFORMATION ABOVE DEEMED RELIABLE PER THE IRS.GOV WEBSITE, HOWEVER IS SUBJECT TO CHANGE AT ANY POINT ON ANY DAY ! - CONSULT YOUR TAX ACCOUNTANT BEFORE EXPECTING ANY PORTION OF THIS CREDIT.

@@@@ UPDATED: BELOW IS THE FORM NEEDED TO FILE FOR THIS CREDIT IF YOU QUALIFY - YOUR ACCOUNTANT SHOULD HAVE IT AND WALK YOU THOUGH IT ! GOOD LUCK !

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8 comments • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • June 02 2009 08:36PM

$7,500 First Time Homebuyer Tax Credit - Philadelphia Real Estate

Are you letting your clients know about the $7,500 tax credit ?$7,500 tax credit

There is a great opportunity for first time homebuyers to take advantage of the $7,500 first time homebuyer tax credit !!  Just in the last couple of days, when we have spoke to buyers about purchasing a property, they were so pumped up to learn about this.  This is a great way for realtors to educate their past clients and inform new clients about this opportunity !!

We think it is so great we just added a link on The Somers Team site - please check it out here !

In the meantime to highlight some of the items, our friend and colleague Patrick Lopez at Cardinal Financial in Philadelphia (who works in our Philadelphia office) put together this very informative flyer on the tax credit .

Highlights are as follows:

Amount of the Credit - 10 percent of the home not to exceed $7,500

Elgible Property - any single family residence (including condos) that will be used as a primary residence

Income Limit - up to $75,000 for inviduals and $150,000 for couples (there is a partial credit up to $94,999 for individuals and $169,999 for couples)

Recapture - is an interest free loan that is repaid over 15 years or when the property sells.

Effective dates - April 9, 2008 through July 1, 2009

Remember this is a tax CREDIT, not a deduction, so if someone would normall get a tax refund of $2,500, they would now get a refund of $10,000 !

If interested in buying or selling a home in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612.

Philadelphia Real Estate - Chris and Stephanie Somers

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8 comments • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • October 23 2008 07:56PM