$8000 1st time home buyers tax credit :: SoundBiteBlog.com

The following is a brief analysis of the combined single-family home and condo market within Kitsap County, Washington for December 2009, provided by Rich Jacobson of Windermere Real Estate, in Silverdale, WA (this includes data for Bainbridge Island WA)

• Properties currently active on the market:  1771
• Properties closed in the last 180 days:  1527
• Average Sales Price:  $287,829
• Average List Price:  $298,147
• Ratio of List Price to Sales Price: 97%
• Average Days on Market: 92
• Sales Pending this Week: 40

West Bremerton WA statistics separately: (Area 148)

• Properties currently Active on the market:  215
• Properties closed in last 180 days:  174
• Average Sales Price:  $194,294
• Average List Price:  $202,626
• Ratio of List Price to Sales Price: 96%
• Average Days on Market: 79
• Sales Pending this week: 7

For additional area specific market statistics, go to www.KitsapLife.com

WHAT’S HAPPENING NOW?

According to a recent Kitsap Sun articlewritten by Business Reporter, Rachel Pritchett, our local real-estate market has slowly slipped into its usual seasonal slowdown, beginning in November.

However, compared to last years figures, we’re certainly in much better condition overall.

Pending sales in November were 36 percent higher than in November 2008. The 267 sales that closed in November, while steady in the short term, was far higher than the 166 that closed in November 2008.

As I had shared in a previous post, the popular $8000 1st-Time Home Buyers Tax Credit was officially extended by members of Congress, along with some similar tax credits for Repeat Home Buyers.

For more information, go to First-Time Home Buyer Tax Credit – The Full Scoop.

Local Business Review: “The Aloha Kitchen”

All I can say is it’s about time!’  Finally, a decent ‘Da Kine’ plate lunch comes to Kitsap County WA with the opening of  The Aloha Kitchen!

I’m a HUGE fan of good Teriyaki, but I’ve missed the traditional plate lunch you can only seem to find on the Islands. My favorite used to be The Kim Chee II over in Kaimuki on Oahu. Now, I don’t have to drive so far!

With most traditional plate lunches, you get 2 scoops of rice, macaroni salad, and whatever main dish/entree your Hawaiian heart desires!

On my first visit, I got the Kalbi Ribs. The food was great, the service Island-friendly! The only thing missing was shaved ice!

Make sure for your next business lunch or dinner date, to head over to The Aloha Kitchen and experience true Ohana!

The Aloha Kitchen – 10516 Silverdale Way, Silverdale WA 98383

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

Posted in Kitsap Market Reports | 4 Comments »

Tags: $8000 1st time home buyers tax credit, aloha kitchen, december 2009, kitsap county wa market report, kitsap county wa restaurants, repeat buyers tax credit, Silverdale WA Real Estate

An article in today’s Wall Street Journal casts a dark cloud over recent optimism that the housing market, and US economy in general, is in recovery (to read the full article, go HERE).

According to the article, authored by James Hagerty and Sara Murray, new home starts were down 10.6% compared to last month. They also quote current foreclosure statistics from LPS Applied Analytics, a research firm in Denver that 3.4% of US households (or about 1.9 million homeowners) are 120 days or more overdue on their mortgage payments, but are not yet in foreclosure.

What this means is that even more bank-owned homes and short sales will be flooding the market over the next year, adding homes to many areas that already suffer from over-supply.

How this will affect the Kitsap County WA real estate market is any one’s guess. The past few months have seen a significant drop in the number of foreclosed homes, compared to numbers posted mid-Summer. In July, nearly 190 homes fell into foreclosure versus just over 60 in October.

With the recent extension of the $8000 1st-Time Home Buyers Federal Tax Credit until July 1, 2010, we should see continued activity and positive opportunities for this segment. In addition, a Repeat Buyers Tax Credit up to $6500 was also approved, providing added incentive for current homeowners (to read more about these recent tax credits, go HERE).

Obviously, the people most challenged will be those who need to relocate, but bought their homes at the peak of the market. With little or no equity, competing against dropping home valuations, and the pending increase of foreclosures, will make selling these homes difficult, to say the least.

If you find yourself in a difficult or challenging situation, give me a call and I’d be glad to assist you, and discuss available options (360-440-4758).

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, Crabbing in the Hood, Facebook, Twitter, or e-mail:  kitsapagent@gmail.com

Posted in Foreclosure | 1 Comment »

Tags: $8000 1st time home buyers tax credit, foreclosure rate, foreclosures in kitsap county wa, Kitsap County WA real estate, market condition, repeat buyers tax credit, short sales

As you may have heard, the $8000 Federal Tax Credit for 1st-Time Home Buyers has been extended.

In addition, several new key elements have been included  into this legislation.

The $8000 First Time Home Buyer Tax Credit was due to expire on November 30th. In my humble opinion, this has been one of the few bills our elected officials have created that has genuinely stimulated our economy and given much needed tax relief to those who can really use it!

Here’s the full scoop on the extension and what else has been added:

1st-Time Home Buyers Credit

Many aspects of this tax credit remain the same as before:

• First Time Home Buyers will still get a tax credit of 10% of the home purchase price, up to the maximum of $8000.

• It applies to both partners of a married couple who haven’t owned a principle residence for at least 3 years prior to the purchase.

• If you claim this tax credit, you must continue to live in the home as your principle residence for 3 consecutive years.

• This credit is a ‘dollar-for-dollar’ reduction of your income tax amount and can be refundable. For example, if you qualify for the full $8000 tax credit, but only owe $6000 in taxes, you could receive a refund for $2000 from the IRS.

• If you buy your home in 2009, claim it on your 2009 tax return. If you buy your home in 2010, you can claim this tax credit on either your 2009 or 2010 tax return.

• You don’t qualify if you purchase the home from a lineal ancestor or descendant, i.e., your parents, grandparents, children, or grandchildren.

What has changed:

• you must be under contract to purchase the home no later than May 1st, 2010, and the transaction must close no later than July 1st, 2010.

• There is now a cap amount being imposed. For purchases made after November 6th, 2009, the tax credit will not be allowed for homes costing more than $800,000.

Repeat Home Buyers Tax Credit

This is a new tax credit that is now available for the rest of us who have owned homes in the past.:

• If you’ve lived in the same house for 5 consecutive years, you qualify.

• The tax credit is 10% of the purchase price, up to a maximum of $6500.

• If you buy your home in 2009, claim it on your 2009 tax return. If you buy your home in 2010, you can claim this tax credit on either your 2009 or 2010 tax return.

• You don’t qualify if you purchase the home from a lineal ancestor or descendant, i.e., your parents, grandparents, children, or grandchildren.

• This new Repeat Buyers Tax Credit only applies to home purchases made after November 6th, 2009.

An added note for Active-Duty Military:

Active-duty military members who are serving overseas on official extended duty for at least 90 days during 2009 and the first four months of 2010 have an extra year to take advantage of these credits.

For additional information on these tax credits:

Consult with the Internal Revenue Services Home page; go to the Smart Money website; and CNN Money.com

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, Crabbing in the Hood, Facebook, Twitter, or e-mail:  kitsapagent@gmail.com

Posted in Buyers | 5 Comments »

Tags: $8000 1st time home buyers tax credit, first time homebuyers, IRS, Kitsap County WA real estate, repeat buyers tax credit

The following is a brief analysis of the combined single-family home and condo market within Kitsap County, Washington for November 2009, provided by Rich Jacobson of Windermere Real Estate, in Silverdale, WA (this includes data for Bainbridge Island WA)

• Properties currently active on the market:  1793
• Properties closed in the last 180 days:  1482
• Average Sales Price:  $291,137
• Average List Price:  $302,224
• Ratio of List Price to Sales Price: 96%
• Average Days on Market: 93
• Sales Pending this Week: 69

Port Orchard WA statistics separately: (Area 143)

• Properties currently Active on the market:  94
• Properties closed in last 180 days:  117
• Average Sales Price:  $204,241
• Average List Price:  $207,086
• Ratio of List Price to Sales Price: 99%
• Average Days on Market: 60
• Sales Pending this week: 9

For additional area specific market statistics, go to www.KitsapLife.com

WHAT’S HAPPENING NOW?

The biggest changes compared to last month were that the number of Active properties (homes currently available for sale) has decreased by about 7.5% or 150 homes, but the sales of pending homes over a 180 day period has increased. Most attribute the continuing positive sales growth to several factors, including lower interest rates, attractive and competitive pricing incentives offered by Sellers/Builders, and the pending expiration of the $8000 Federal Tax Credit for 1st Home Buyers.

Speaking of the $8000 1st-Time Home Buyers Tax Credit, it appears that this program is headed for an extension in the very near future. A measure for the Feds to continue offering the tax credit until April of 2010 has passed through the Senate and should be approved by sometime next week.

For more information, go to First-Time Home Buyer Tax Credit nears Extension.

FINDING YOUR SUSHI ‘FIX’ ON THE KITSAP PENINSULA

Whenever I travel or visit a new area, I’m always scoping out new places to indulge one of my favorite pastimes – eating sushi!

Here on the Kitsap Peninsula WA, there are a number of enjoyable local restaurants where you can feast to your heart’s content. However, there are times when you just want to relax at home, watch the game on TV, and pork out in private. For such occasions, I prefer ‘Sushi Ko‘ at Central Market in Poulsbo. You can choose from a wide assortment of freshly made sushi, or have them custom prepare it while you shop.

For more information, go to Good Sushi Hunting on the Kitsap Peninsula.

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Rich Jacobson is a licensed real estate professional providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

Posted in Kitsap Market Reports | No Comments »

Tags: $8000 1st time home buyers tax credit, central market, kitsap county WA real estate market report, Port Orchard Real Estate, poulsbo wa, sushi ko