This year many people are asking how their property taxes can go up when the real market value of their homes is going down.
It seems like so long ago, but it was just a year ago that the financial markets were melting-down and our whole economy was seizing-up. People and institutions world-wide stopped everything to try to understand what was happening. Every one of our massive investment banks went bankrupt, were forcibly sold-off, or morphed into something completely… [Read More]
Scenario 1 I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. Since the new law has gone into… [Read More]
Q. Can homebuyers claim the tax credit in advance of purchasing a property? A. No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
Updated November 16, 2009 Summary: The Homebuyer Tax Credit, due to expire on November 30, has been extended and expanded in an effort to stimulate the housing sector. The new law, effective November 6, 2009, will continue to offer an $8,000 tax credit for first-time home-buyers, and now allows a $6,500 credit for many other… [Read More]
Updated November 6, 2009 Congress and the President have approved and signed a measure to continue offering a tax credit to first-time homebuyers and will offer a new tax credit to many buyers who already own homes. First-time homebuyers have been receiving tax credits of up to $8,000 since January as part of the economic… [Read More]
Attached is the current Market Action Report for the month of September, produced by the Regional Multiple Listing Service (RMLS). This is the best local hard data available on the Portland Metropolitan markets. I have also included an couple of attachments for our core area, Yamhill County. One document looks at the current contingent sales… [Read More]
I have attached the April Market Action Report from the Regional Multiple Listing Service (RMLS). The report supplies good news and supports our contention that the market has changed direction and is in recovery. This month, before we discuss the report, I want to pause and acknowledge with empathy the toll exacted on our clients… [Read More]
February’s report is more good news! But if one does not think about it critically, it might not appear to be so. Comparing Data with 2008: We all know that 2008 was a bad year, first for the housing market, and then for the overall economy. Buyers were difficult to find anywhere, inventory continued to… [Read More]