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January - February 2010
Hello!
Always a great time of year. So much going on in Tucson!
Tucson real estate is seeing the number of accepted written contracts increase by approximately 22% compared to last year at this time. We have also seen an increase in new listings of approximately 34%. The increase in written business is good news for Tucson! Much needed. I have seen many low appraisals this year. Maybe that will change!
It is nice to have some good news. If you are curious about what you can buy or what your home is worth, let me know!
Tax Credit Filing Requirements!
Homeowners filing for the home buyer tax credit are not allowed to use electronic filing and must file hard copies due to special documentation requirements. The new home buyer tax credit filing rules are to ward off a repeat of 90,000 taxpayers who fraudulently claimed the credit.
Under the new and expanded home buyer tax credit rule, the credit is worth up to $8,000 for first time home buyers and up to $6,500 for qualifying existing home buyers, for a primary residence. The tax credit is refundable. A credit that is larger than the taxes owed is returned to the taxpayer in the form of a refund.
All taxpayers (first time and move up buyers) seeking a credit or refund, must use the new IRS Form 5405 “First-Time Homebuyer Credit and Repayment of the Credit” (Taxpayers must pay back the credit if they sell the home within three years).
In addition to Form 5405, also include at least one of the following documents: 1. A copy of the HUD-1 Settlement Statement showing all parties’ names and signatures, property address, sales price, and date of purchase. 2. For mobile home buyers who don’t get a settlement statement, a copy of the executed retail sales contract showing all parties’ names and signatures, property address, purchase price and date of purchase. 3. For new home buyers who don’t get a settlement statement, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.
Existing home owners applying for the $6,500 maximum tax credit must additionally prove they lived in their old home for the required period. They can provide on of the following: 1. File IRS Form 1098 “Mortgage Interest Statement.” 2. Supply mortgage interest statement or property tax records or homeowner’s insurance records.
Tucson and Vicinity Re-Sale Statistics
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January 1, 2006 - February 24, 2006
Single Family Avg. List Price: $322,367
Avg. Sales Price : $314,951
Av Mkt Time/Tot Mkt Time : 41 (56 total) days
# Sold: 1290
Townhouse/Cnd Avg. List Price: $184,791
Avg. Sales Price : $181,058
Av Mkt Time/Tot Mkt Time : 36 (41 total) days
# Sold : 306
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January 1, 2010 - February 24, 2010
Single Family Avg. List Price: $234,056
Avg. Sales Price : $222,362
Av Mkt Time/Tot Mkt Time : 63 (89 total) days
# Sold : 880
Townhouse/Cnd . List Price: $158,066
Avg. Price : $150,594
Av Mkt Time/Tot Mkt Time : 75 (108 total)days
# Sold : 154
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News, Notes, Upcoming Events…
Did You Know…
- There are more than a billion cattle in the world, about 200 million in India
- St. Patrick lived about 389-461 A.D. Known as the patron saint of Ireland, he was chiefly responsible for converting the Irish people to Christianity. He was born in Britain. His father was a wealthy alderman and a Christian. When Patrick was 16 years old, pirates captured him and sold him as a slave in Ireland. He served as a shepherd of and Irish Chieftain. During captivity, he dedicated himself to religion. He escaped after 6 years, returned home then studied in France before returning to Ireland.
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10351 E. Via Del Mar
$319,900
Elegant eastside home! 3 bedrooms plus den, remodeled kitchen, 3/4 an acre, 2160 sq.ft...
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1139 E. Edison
$221,500
Centrally located. Convenient to the U of A. 2 bedroom main house and an attached studio apt...
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If you are looking for a roofer, check your 2009 Service Directory.
If you don't have one, please call me!
(This Newsletter is for information only and is not an attempt to solicit other Broker's listings.) |