What do Boston, Charlotte, Chicago, Cleveland, Dallas, Minneapolis and San Francisco have in common? They’re cities where home prices rose recently. That’s according to the Standard & Poor’s Case-Shiller Home Price Index, which shows that prices are actually starting to rise again in some parts of the country. Other recent data shows that there are some tentative signs that the real estate market may be starting to recover.
“This is the first time in almost three years that we’ve seen price increases,” says Yale University Professor Robert Shiller, who helped design the home price index. “So when we see a break in the downward trend that’s definitely encouraging news.” For a long time Shiller was known as a pessimist about the housing market. And it turned out he was absolutely right. But now, he’s striking a different tone.
“Well, I think the worst is probably behind us — the worst pace of decline,” he says. “We were going down at 2 percent a month for a number of months in a row nationally. That was really something. Now home prices relative to rents or construction costs are back at normal levels.” source: npr.org
For those with cash in hand, now is the time to buy. For investors, the Naples Real Estate market offers many options as well as luxury homes for those wanting a vacation home.
Tuesday, July 28, 2009
Real Estate Sales Increase For Three Straight Months
Real estate agents in the US are reporting another increases in residential property sales, the third monthly rise in a row, giving rise to further talk of a recovery in the beleaguered property market.
The latest figures from the National Association of Realtors show that overall sales transactions increased 3.6% in June, just slightly below the year-ago level and at a quicker rate than expected. But house prices were still down 15.4% on a year ago. The average sale price now stands at $181,000.
But the figures are injecting hope into the troubled real estate market. ‘This is another hopeful sign. The housing market is healing,’ said Lawrence Yun, the association’s chief economist. ‘The increase in existing home sales occurred in all major regions of the country,’ he added. source: nuwireinvestor.com
Three straight months of increase of sales. This is one sure sign that not only has the market reached the bottom, but recovery is on its way for the US real estate market and the worst may be behind us.
The latest figures from the National Association of Realtors show that overall sales transactions increased 3.6% in June, just slightly below the year-ago level and at a quicker rate than expected. But house prices were still down 15.4% on a year ago. The average sale price now stands at $181,000.
But the figures are injecting hope into the troubled real estate market. ‘This is another hopeful sign. The housing market is healing,’ said Lawrence Yun, the association’s chief economist. ‘The increase in existing home sales occurred in all major regions of the country,’ he added. source: nuwireinvestor.com
Three straight months of increase of sales. This is one sure sign that not only has the market reached the bottom, but recovery is on its way for the US real estate market and the worst may be behind us.
Tuesday, July 7, 2009
First Time Home Buyer $8000 Tax Credit
Tax Credit at a Glance
• The tax credit is for first time home buyers or those who have not owned a home for the past 3 years.
• The tax credit does not have to be repaid. It’s a tax credit, not a tax deduction, if you qualify for $8,000 you get $8,000.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. Those with higher incomes may qualify for a partial tax credit.
For more detailed information and an extensive list of frequently asked questions, click the following link: http://www.federalhousingtaxcredit.com/2009/faq.php
Other Considerations:
• The tax credit can be claimed on 2008 income tax forms even though the purchase took place in 2009. A buyer could close on a home today, fill out their income tax forms the next day and receive the tax credit fairly quickly. Click on the link above for more details, and consult with your accountant.
The tax credit is not a down payment, but it could be used toward a down payment if first-time homebuyers plan ahead. U.S. taxpayers have money withheld from every paycheck for income taxes. By anticipating at least an $8,000 refund in early 2010 when they file 2009 taxes, these buyers could cut down on their tax withholding this year and save the money toward a down payment. There is one caveat, however: Should they not buy a home in the qualifying period, they would still owe the IRS the money, and reducing their withholding amount could result in a high bill at tax time. Click on the link above for more information.
• If purchasing a new home, the effective date to receive the credit is the first day the homeowner actually lives in the house. If construction began in 2008, that buyer could still qualify. And if construction begins in 2009 but the owner does not take possession until 2010, the buyer would not qualify.
• The tax credit is for first time home buyers or those who have not owned a home for the past 3 years.
• The tax credit does not have to be repaid. It’s a tax credit, not a tax deduction, if you qualify for $8,000 you get $8,000.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. Those with higher incomes may qualify for a partial tax credit.
For more detailed information and an extensive list of frequently asked questions, click the following link: http://www.federalhousingtaxcredit.com/2009/faq.php
Other Considerations:
• The tax credit can be claimed on 2008 income tax forms even though the purchase took place in 2009. A buyer could close on a home today, fill out their income tax forms the next day and receive the tax credit fairly quickly. Click on the link above for more details, and consult with your accountant.
The tax credit is not a down payment, but it could be used toward a down payment if first-time homebuyers plan ahead. U.S. taxpayers have money withheld from every paycheck for income taxes. By anticipating at least an $8,000 refund in early 2010 when they file 2009 taxes, these buyers could cut down on their tax withholding this year and save the money toward a down payment. There is one caveat, however: Should they not buy a home in the qualifying period, they would still owe the IRS the money, and reducing their withholding amount could result in a high bill at tax time. Click on the link above for more information.
• If purchasing a new home, the effective date to receive the credit is the first day the homeowner actually lives in the house. If construction began in 2008, that buyer could still qualify. And if construction begins in 2009 but the owner does not take possession until 2010, the buyer would not qualify.
Monday, July 6, 2009
Featured Condo for Sale - Naples Luxury Real Estate
FALLING WATERS - 2365 Hidden Lake Dr 4307 - Tour Now
View Naples Luxury Real Estate for Sale
Relax and enjoy this immaculate condo. Many upgrades such as brand new 3 door stainless steel refrigerator, new stainless steel microwave, california closet in master bedroom to mention a few. This condo features crown molding, tile in all living areas on the diagonal, neutral carpeting in the bedrooms, mirror and column detail in dining room, plantation shutters, upgraded lighting fixtures, along with a bonus room with a summer kitchen. Master bathroom has a jacuzzi tub, walk-in shower, dual sinks with vanity/makeup area, tiled surround with noche detail and separate water closet. This unit is equipped with a reverse osmosis water system that is connected to the regrigerator, and also has a humidistat. List of furniture that will stay with the condo will be furnished upon request.
Contact Jim & Claudia Carrell, Naples Luxury Real Estate Specialists
Wednesday, July 1, 2009
SOLD! - Naples Real Estate
BERKSHIRE LAKES - 174 BENNINGTON DR #3
View Naples Luxury Real Estate for Sale
Cozy condo 2 bedroom 2 bath first floor Turnkey furnished just pack your bags as move right in. This beautifully furnished condo is in a great location, close to the white sandy beaches of Naples and also minutes from the highway. This home is in great condition, and shows little wear. An added bonus is a hide a bed located behind beautiful doors in between the front entry and living room, perfect when having company, This condo has a lovely landscaped view from the screened in lanai.
Contact Jim & Claudia Carrell, Naples Luxury Real Estate Specialists
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