BUYER SEMINAR

The Stephanie Woods Team Presents our first ever FREE Buyer Seminar.


Today’s market can be very confusing............
"Learn how to buy a HUD home, foreclosure or other bargain priced property and avoid all of the common pitfalls"

Click on the link below for more information

Buyer Seminar Flyer

HUD Home in Chino Valley $35,000

New on the market today.  Check out this screamin deal on a HUD Home in Chino Valley.

Call our team today to request a showing of this home.  At this price.....it won't be around long.  Click on the photo to be taken to a virtual tour of the property.

THE STEPHANIE WOODS TEAM

928-237-4455

Prescott REO Homes and the New Tax Credit

Prescott Arizona REO properties are still a large part of the Prescott housing market currently accounting for about 35% of the sales with only 10% of the listings. Many bank owned properties come with perks such as home warranties or seller paid closing costs which make the deals even more attractive. On top of those, President Obama has signed a bill that extends the existing tax credit for first time homebuyers into the first half of 2010. The extension continues the existing tax credit for 10% of the purchase price up to a maximum of $8,000 for first time homebuyers (anyone who has not owned a home in the last three years).
In addition, the new bill also opens up opportunities for others who are not buying a home for the first time. For buyers who have owned a home for five of the last eight years and are purchasing a new primary residence they will receive a tax credit of 10% of the purchase price up to $6,500. They do not need to sell their existing residence to qualify, but they must move into the new home as a primary residence. This expansion of benefits to non-first time buyers is particularly helpful for a large segment of the Prescott area buyer's market. We all know what a great place Prescott is to live in and we are not alone. Most Prescott agents have an extensive list of prospective buyers who intend to move to Prescott in the future. This $6,500 incentive seems almost tailor made for this traditional Prescott buyer base.
In both cases, buyer income caps apply. There are other details of the bill that may impact individual situations. Ask me to recommend local mortgage brokers who will be happy to consult with the buyer's CPA to determine exactly what their credit is likely to be.
Both tax credits apply to purchases under contract by April 30th 2010 and they must close before June 30th 2010. This give Prescott REO buyers approximately five months to find a home and write a contract. Additionally, Federal Reserve bond purchase programs that have helped keep rates low over the last year are currently winding down. Many forecasts suggest rates in 2010 will average more than half a percentage point above current levels. Local appraisers are telling us values are stable in almost all of Yavapai County and do not show signs of continued decline. Combine the short window on the tax credit, the likely rise in rates and stabilization of prices and its hard to imagine a better opportunity for buyers than right now.

$8,000 First Time Homebuyer Tax Credit to be Extended?

Tax Credit extension likely?

Diana Olick, CNBC’s Real Estate Reporter, thinks the administration is going to extend the $8000 Home Buyer’s Credit. “I was on the fence for a while as to whether Congress would extend the $8000 first time home buyer tax credit and whether the Administration would stand behind that, but I'm getting some clues that have pushed me over the side,” Olick says. “I think it may happen.” She names a couple of insiders who deflected her questions about an extension, but cites Secretary Geithner as saying, “We're not going to make the mistake many countries made in the past of putting the brakes on too early and creating risk that we have a, you know, weaker recovery with even higher levels of unemployment going forward.” And Geithner again: “…[we are] looking at a set of programs like unemployment insurance, other sets of things that have--that are set to expire. And there's a good case for extending them. And I think a lot of support fundamentally for doing it.” Olick also cites a report by the Joint Committee on Taxation on extending and even broadening the credit that Capital's Washington Research Group says, "strongly suggests that a mere extension of the program will be much less and refutes whispers in Washington that an extension alone could cost more than $15 billion.”