Time to Purchase an Arizona Home, First-Time Home Buyer or NOT!!!
First-time home buyers reached the highest market share on record during the past year, according to the latest consumer survey of home buyers and sellers from National Association of Realtors.
Home Buyer Tax Credit Facts:
First-Time Arizona Home Buyer Federal Tax Credit of up to $8,000 to first-time Arizona home buyers who purchase homes between November 7, 2009 and April 30, 2010.
Expands the credit to grant up to $6,500 credit to current Arizona home owners purchasing a new or resale home between November 7, 2009 and April 30, 2010.
Current Arizona home owners purchasing a home between November 7, 2009 and April 30, 2010, who have lived the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may NOT have owned a residence during the three years prior to the purchase.
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and patio homes.
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect by April 30, 2010, the purchaser will have until July 1, 2010 to close.
The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
How is a Buyer's Credit Amount Determined?
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on Arizona homes purchased for $800,000 or less.
Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits.
Not a Deduction, but a Full Credit!!
Of course I'm no tax professional, but some think that the tax credit of $8,000 or $6,500, depending on which portion you qualify for, is not 100%. Some think it's like a deduction, as in a charitable donation. This thinking couldn't be further from the truth. Meaning, if you owe nothing on your fereral taxes, but you qualify for the tax-credit, you will get a refund of $8,000 or $6,500 depend on which portion you qualify for. So say you expect a refund of $3,000 from your normal deductions/credits and you also qualify for the $8,000 First-Time home buyer's tax credit. Then you will get a refund of $11,000. So you do the math. Then give me a call and let's go find that Arizona home while inventory is still high and interest rates are still low!!
Chandler Arizona Homes
Over 900 new residents move to Chandler Arizona homes each month, a fact that has a favorable impact on residential construction.
This positive trend is also reflected in the number of building permits issued throughout the year. A 160 percent increase in Chandler’s population since 1990 has set the stage for continued growth in the residential sector as well as the industrial, educational and retail sectors.
Even those with the most discriminating taste will find affordable, attractive, new and resale homes throughout Chandler Arizona. Types of homes include single-family homes, town homes, condominiums, apartment homes and custom-built homes.
Gilbert Arizona Homes
Gilbert’s
residents overall have maintained a high level of satisfaction with their town, its government, and the services provided than in the past. There is less concern about the Town’s leadership and a greater focus on streets and traffic as the primary service concerns in the Town. Problems like water which concerned a great many in past surveys have been satisfactorily addressed in the view of many residents.
Gilbert Arizona is still liked for its small town atmosphere, and for the quiet atmosphere and friendly people in the neighborhoods. Many residents again commented on the cleanliness of their neighborhoods and how well yards and common areas are maintained.
While commercial development continues to be a concern to Gilbert residents who worry about planning and intrusion into the neighborhoods, this year more residents than ever before commented on how accessible shopping and services for everyday needs were.
Consistent with past surveys, Gilbert’s well educated, higher income population is attentive to Town Gilbert services, policies, and development. Despite feeling that they do not know a great deal about Town policies and decisions.
Gilbert residents use multiple information sources, particularly the printed newspaper and town newsletter for information about Town policies and events. More residents than ever before say they use the Town’s Website to gain information about Gilbert.
Finally, as we have noted in previous years, demographic differences among the subgroups of the population have steadily declined. Overall, the prevailing in Gilbert is that the Town is a great place to live and that the Town government provides excellent service to the community.
Mesa Arizona Homes
Mesa is the third largest city in Arizona and 41st largest city in the nation and is currently home to over 450,000 residents. Mesa Arizona is not only home to the largest school system in the state, but also home to 16 schools for higher education. Major employers include Banner Health System and Boeing. Mesa Arizona is also home to two large air feilds, Williams Gateway Airport and Falcon Field Municipal Airport. Williams Gateway now has some commercial airlines to relieve the overwhelmed Sky Harbor International Airport in Phoenix and provides an alternative airport to a vastly growing valley of residents.
Mesa Arizona also offers two major shopping malls, Fiesta Mall in West Mesa and Superstition Springs Mall in East Mesa offering over 165 specialty store and most major department stores. On a higher scale Mesa Arizona recently raised the bar with the opening of Village Square at Dana Park. This dynamic Mesa shopping destination offers upscale shopping and is known as Mesa's urban lifestyle center. If you'd rather golf than shop Mesa residents can enjoy many golf course destinations like the Las Sendas Golf Club located in the North East hill side of Mesa Arizona.
With Mesa taking up so much Real Estate in the east valley there are many Real Estate opportunities, whether you're looking for a new home or resale home or looking for an investment home. You will find that homes in Mesa Arizona can offer something to almost all price ranges and taste. Home prices will vary significantly as you travel from West Mesa to East Mesa, or from South Mesa to North Mesa.
My name is Tracy Smith and if you're looking for a dedicated Arizona Real Estate Agent that specializes in the cities of Chandler, Gilbert, and Mesa Arizona with integrity and loyalty, give me a call directly on my cell at (602) 763-2931 or E-Mail me at tsmith215@hotmail.com with any questions. Although Chandler, Gilbert, and Mesa Arizona are my cities of focus, I can also assist you in any other city in the Phoenix Metro area.
Please enjoy looking through my website, I'm sure you will find a wealth of information regardless if I work with you or not. Thank you for visiting and I hope to hear from you soon. Contact Us.
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Mesa Arizona also offers two major shopping malls, Fiesta Mall in West Mesa and Superstition Springs Mall in East Mesa offering over 165 specialty store and most major department stores. On a higher scale Mesa Arizona recently raised the bar with the opening of Village Square at Dana Park. This dynamic Mesa shopping destination offers upscale shopping and is known as Mesa's urban lifestyle center. If you'd rather golf than shop Mesa residents can enjoy many golf course destinations like the Las Sendas Golf Club located in the North East hill side of Mesa Arizona.
