First Time Home Buyers Tax Credit

The Stimulus Plan was signed into law by President Obama today. It contains a new tax credit for first-time homebuyers. Essentially, first-time homebuyers within certain income limits who purchase a home in 2009 before December 1, 2009 will receive a tax credit of up to $8,000. The program is similar to the $7,500 tax credit which applied to home purchases made in 2008 after April 9. A comparison of the two credit programs is outlined below.

While the Stimulus Plan was still being debated, the Senate version originally included a $15,000 tax credit for all homebuyers. To lower the cost of the Stimulus Plan, the final version of the Plan contained this smaller tax credit, and this tax credit is applicable only to first-time homebuyers.

To qualify as a first-time home buyer as defined in the programs, the purchaser (and the purchaser’s spouse) may not have owned a home in the three years prior to the purchase date of the home. Single family homes qualify for the program. The home must be the primary residence.

Both tax credits are subject to the same adjusted gross income limitations (full credit for AGI less than $75,000 single/$150,000 joint, phased out for AGI up to $95,000 single/ $170,000 joint).

The amount for either credit is the lesser of 10% of the home purchase price or $7,500 or $8,000, as applicable.

While a purchaser still owns the home, the $7,500 credit must be repaid in equal payments over a period of 15 years, starting with the 2010 tax filing. The $8,000 credit will not need to be repaid. Again, the $7,500 credit needs to be repaid, while the $8,000 credit does not!

Upon sale of the home, any portion of the $7,500 credit not yet repaid is due in full. No portion of the $8,000 credit is due upon sale of the home, if the home is owned for more than three years. If the home is sold within the first three years, the full amount of the credit is due upon sale.

The $7,500 credit was not available to any purchaser utilizing state/local revenue bond money to help finance the home purchase. There is no such restriction on the $8,000 credit.

Under both the $7,500 and the $8,000 programs, the credit will be claimed on the purchaser’s income taxes. Any amount in excess of taxes owed will be refunded to the purchaser.

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The Pearl District

The Pearl is a nationally recognized, dazzling jewel of a neighborhood in northwest Portland. The community’s luxurious homes are comprised of million dollar lofts, penthouses, and brick townhouses. Pearl hosts local amenities which include a superb infrastructure (Max Light Rail and the Portland Streetcar), fantastic schools, first class restaurants, the nation’s largest bookstore, splendid art galleries, upscale boutiques, comfortable coffee houses, and an exceptional library. This stellar development enjoys Portland’s broad selection of attractions which consist of esteemed hospitals, a fabulous zoo, and a major league sports team (the Trail Blazers). Portland supplies an ample selection of employment options with manufacturing companies, high tech corporations, and retail businesses.

Hotel Lucia

What to expect: In downtown Portland, this award-winning boutique hotel combines Manhattan sophistication with Northwestern hospitality. Numerous works of art enhance the Zen-like lobby and minimalist decor. Photographs by Pulitzer Prize-winning photojournalist and former Portlander David Hume Kennerly are displayed in corridors, public spaces, and guestrooms. The hotel is entirely smoke-free.

Amenity highlights: The stylish Hotel Lucia provides gallery-like surroundings with its vast collection of paintings, sculptures, and photography. Typhoon! Restaurant showcases traditional and nouvelle Thai cuisine and provides 24-hour room service. An offshoot of Typhoon!, Bo Restobar offers small plates for lunch and dinner, and a happy hour menu evenings and Sundays. A self-serve business center and fitness center are open 24 hours a day.

Insider tip: Operating since 1974, the Portland Saturday Market offers works by local artisans, musical performances, and an international food court. The market is open from March through December 24—not just on Saturdays, but on Sundays, also—from mid-morning to late afternoon. You’ll find it under the Burnside Bridge between SW Naito Pkwy and SW 1st Ave, about 10 blocks from the hotel.

http://www.hotellucia.com/

400 SW Broadway, Portland, Oregon, 97205

Portland Saturday Market

The Portland Saturday Market  runs from the 1st weekend of March until December 24th., on Saturdays  from 10:00 – 5:00 and Sunday .-11:00 – 4 :30.  You will be able to sample International foods, and find numerous booths offering candles, bath products, photography, pottery, jewelry and clothing from local artists and vendors.

This is a great place to find that unique gift, or just spend some time browsing through the many unique booths.  It is a must-see while visiting the Portland area.

http://www.saturdaymarket.org

108 W Burnside Portland, OR

Portland Classical Chinese Gardens

The Portland Classical Chinese Garden  Also referred to as the Garden of Awakening Orchids. 

The Portland Classical Chinese Gardens location was donated by Northwest Natural. The land was originally used as a parking lot , in 1999 the groundbreaking ceremony was held and the dream of making a Suzhou-style garden began. In September 2000, it was completed.

All of the plants in the Gardens are indigenous to China but were grown in the United States.

There are 5 Elements in a Chinese Garden, Stone, Water, Plants, Architecture and Literature. These 5 Elements are used in the Portland Chinese Gardens in order to balance nature with humanity.

The Gardens take up one city block in Portlands Chinatown, making this the largest Classical Chinese Garden outside of China. 

One can easily spend  hours  strolling through the  gardens and enjoying chrysanthemum tea in the authentic tea house. 

There is a small gift shop adjacent to the ticket counter for souvenirs, books and trinkets.  Admission is $8.50- for Adults and Seniors and Students are $7.50.  The  Gardens are open daily 10am-5pm November -March and 9am-6pm April – October.

Home Buyer Tax Credit

Here is an update on the bill that just passed the senate…..

· Provide a direct tax credit to any homebuyer who purchases any home
· Amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less
· Purchases must be made within one year of the legislation’s enactment
· The tax credit would not have to be repaid
· The amendment would allow taxpayers to claim the credit on their 2008 income tax return
· Only purchases of a principal residence
· Recapturing the credit if the home is sold within two years of purchase
· Would sunset the current $7,500 housing tax credit on the date of enactment.

This has passed the Senate, but the entire bill does need to go back to the House, and be signed by the President. There could be many changes before this happens, or not pass at all. But is it a bright piece for us in the Real Estate industry and would help the housing crisis immensely as you can imagine.

What is the MLS?

The term MLS stands for “Multiple Listing Service” and is a database of properties currently on the market in the area. It’s only available to Realtors and not to the public. The MLS allows participating Realtors (which includes virtually all Realtors in the area) to list their homes for sale and agree to share in the sales commission of the properties.

The MLS feeds data to many sources including Realtor.com, most broker and agent websites, and many large franchise sites like remax.com. The exposure your FSBO home will get with our service will increase your chances of finding a buyer faster. And remember, the faster the better. Buyers are less likely to make a low offer on a newly listed home that’s price right for the current market!

This also means that if I list your property on the MLS with our Flat Fee service, and an agent finds a buyer for your house, that buyer’s broker is entitled to a commission at closing. With our MLS Flat Fee program, you set the selling commission up front, so the buyer’s agent always knows how much they are earning to sell your home.

It’s important to note that the MLS is not the same as Realtor.com. The MLS is what Realtors use to list homes and can only be accessed by licensed Realtors, while Realtor.com is the public website used by consumers to search for homes.

The big advantage to you, as the seller, is that every single broker and agent participating in the MLS has an incentive to sell your home. This effectively puts every agent in the area to work selling your home! The first place a buyers agent looks is always the MLS. There is simply no better way to gain instant and widespread exposure for your home than listing it on the MLS.

List on the MLS

Exposure is the #1 factor in selling your home. Not enough and your home will sit on the market for an extended time; and the longer it sits the lower the price. Our Flat Fee MLS Listing Service goes way beyond what all other companies offer! The minute you choose to list with us, we start working for you!

Plan Comparison 

*Seller to provide photos.
**Maximum of 12 additional months.

All of the above packages also include:

• Listing on our site with photo slideshow
• Optional Video on our site if purchased or included with plan
• All leads redirected to you within 24 hours during normal business hours (M-F 9-5 excluding holidays)
• Ability to cancel your listing anytime with no hidden fees
• You choose the buyers agent commission upfront

Optional Services

*Plus a $50 Refundable Deposit

We offer several unique upgrades for your MLS listing. The “Video Tour” and “Direct Connect” are popular choices. These marketing options will enhance your Realtor.com listing!