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Portland Oregon #9 For 2011 Best Place To Buy A Home

filed under: Item of Value, Making the Papers, Market Moments, Oregon Real Estate posted on January 4th, 2011

 

2011 Portland Oregon #9 Best Place To Buy A Home

2011 Portland Oregon #9 Best Place To Buy A Home

Compliments of wallet.pop.com,  look how Portland, Oregon ranks for one of the best places to buy a home for 2011.

Cheers and Happy New Year From The McCabe Real Estate Group, your #1 real estate team  to use when you are ready to buy a Portland, Oregon home in 2011 (or home in any of the Portland Tri-County areas: Washington, Clackamas and Multnomah). Call us first at 503.880.9865 and find out what makes us the best real estate team choice when you are ready to buy a home.  

http://www.walletpop.com/2010/12/31/10-best-places-to-buy-a-home-in-2011/?a_dgi=aolshare_facebook

Contact Todd and Leslie McCabe
McCabe Real Estate Group
503.880.9866

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Tax Credit Extended Not Only To First Time Homebuyers!

filed under: Making the Papers, Market Moments, Oregon Real Estate posted on November 6th, 2009

Homebuyer Tax Credit Update!

On November 6, 2009, President Obama signed a bill to extend the tax credit for first-time homebuyers (FTHBs) through June 30, 2010. The bill also opens up opportunities for others who are not buying a home for the first time.
To learn what the new tax credit means to you and your clients, take a look at the concise overview below.

TAX CREDIT OVERVIEW
Who Gets What?

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

What are the Income Caps?
The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

What is the Maximum Purchase Price?
Qualifying buyers may purchase a property with a maximum sale price of $800,000.

What is a Tax Credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.

How Much are First-Time Homebuyers (FTHB) Eligible to Receive?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

Who is Eligible fort FTHB Tax Credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible.
This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

How Much are Current Home Owners Eligible to Receive?
The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed.

According to the IRS, factors that would demonstrate the ownership of the property would include:
1. Right of possession, 2. Right to obtain legal title upon full payment of the purchase price, 3. Right to construct improvements, 4. Obligation to pay property taxes, 5. Risk of loss, 6. Responsibility to insure the property, and 7. Duty to maintain the property.

Are There Other Restrictions to Taking the FTHB Credit?
Yes. According to the IRS, if any of the following describe a homebuyer’s situation, a credit would not be due:

They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from “step-relatives.”)
They do not use the home as your principal residence.
They sell their home before the end of the year.
They are a nonresident alien.
They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?
Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.

If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?
Yes, provided that the child meets the other requirements for the tax credit.

Information provided by Mortgage Market Guide sent from Jason Rump from Northwest Mortgage Advisors, 503 597.3500.

For all your real estate needs in and around Sherwood, Oregon (Portland Oregon Tri-County Areas), please call the McCabe Real Estate Group at 503.880.9865

Want more information about the tax credit? Click Here to go directly to CNN’s article.

Contact Todd and Leslie McCabe
McCabe Real Estate Group
503.880.9866

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Oregon Real Estate: $8,000 Tax Credit Seminar, Time is Running Out!

filed under: Community Events, Market Moments, Oregon Real Estate, Sherwood Oregon Real Estate posted on August 22nd, 2009

Presented By Todd McCabe of The McCabe Real Estate Group and Larry Morris, American Nationwide Mortgage Company, please call today for seminar dates and to reserve your spot: 503.925.2428

Time is running out and if you are a first time homebuyer, don’t wait! There is still time for you to close and be in your new home by December 1st!
Remember our advice is always free. Contact your local area real estate experts, Todd & Leslie McCabe, 503.880.9865.

Contact Todd and Leslie McCabe
McCabe Real Estate Group
503.880.9866

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Sherwood Oregon Real Estate: August Market Updates

filed under: Market Moments, Oregon Real Estate, Sherwood Oregon Real Estate posted on August 17th, 2009

Please click on the picture below to see the report for Sherwood Oregon’s Real Estate Market, compliments of Fidelity Title Company.

(report is compliments of Justin Tucker from Fidelity Title Company…thanks Justin for sending us these reports to our business in July. We appreciate being able to share the data with our readers,customers and other realtor friends who read our blog. We have been busy selling homes and are finally getting one posted!)

If you would like to receive a market report in your area that is near Sherwood, Oregon, please contact the McCabe Real Estate Group at 503.880.9865 or click here to contact us.

For all your real estate needs, contact The McCabe Real Estate Group, top producers and one of the areas most recognized real estate teams.

Contact Todd and Leslie McCabe
McCabe Real Estate Group
503.880.9866

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The McCabe Real Estate Group Is One of the Top 10 John L. Scott Agent Teams for Oregon/SW Washington

filed under: Market Moments, Real Stories posted on April 3rd, 2009

We are really excited to learn that as of March 31st 2009,

the McCabe Real Estate Group is currently in the Top 10 for sales production for John L. Scott agents in Oregon & SW Washington. Providing exceptional customer service to our clients has always been our #1 priority. We pride ourselves on being a professional group that does not have to constantly remind our clients or the general public of our sales numbers or rankings. Instead as experienced brokers, we hope that our exceptional customer service and our community involvement speaks for itself. It’s about you the customer and not us, even though we work hard at being a top producing broker team that provides above and beyond customer service to our real estate clients in and around Sherwood, Oregon (Washington & Yamhill Counties and the Portland Tri-County areas).

With our tough real estate market, we are thankful for our buyers and sellers and for being able to help them through the market challenges they are facing.

With house prices declining dramatically, last year alone we encouraged 7 of our sellers to rent their homes instead of continuing to try to sell them. Even though we did not get paid any commissions or get the numbers for our sales production goals, this was the best and right choice for our customers. Our philosophy has always been to put our client’s needs 1st and to continue to establish long and lasting relationships.

Our advice is always free and the McCabe Real Estate Group is here to answer your tough real estate questions or concerns. And if we can’t, we will always refer you to a resource that can.

So a sincere “thank you” from the McCabe Real Estate Group for helping us be ranked this 1st quarter of 2009 as being one of the TOP 10 John L. Scott agents for Oregon and SW Washington. We are grateful for your trust and continued business. Help us be #1 for 2009!

Remember,
“When you use the McCabe Real Estate Group, you strengthen your community.”

For your real estate questions, please email todd@toddmccabe.com or call 503.880.9865.

Contact Todd and Leslie McCabe
McCabe Real Estate Group
503.880.9866

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Sherwood Oregon Real Estate: Update on Tax Credit For First-Time Homebuyers

filed under: Market Moments posted on March 8th, 2009

First-Time Home Buyers Are Eligible For An $8,000 Tax Credit

There have been some additional positive changes to the tax credit for home -buyers since the McCabe Real Estate Group posted the information about the tax credit back in January of 2009.

Here you will find the revised 1st time home-buyer tax credit plan
As Modified in the American Recovery and Reinvestment Act.

  • This credit does not have to be repaid! (that’s right!!)
  • Credit is available to individuals with an adjusted gross income of no more than $75,000 or joint filers making no more than $150,000
  • The credit is good for home purchases made now through November 30, 2009.
  • There has never been a better time to buy with interest rates at historic lows, a great selection of affordable homes to choose from, and a tax credit for first-time buyers, don’t miss this opportunity!

If you know of someone that is looking at making their 1st home purchase, please email the McCabe Real Estate Group, your preferred real estate team at mailto:todd@toddmccabe.com Remember, over 90% of our business is by referral so we welcome you to forward our blog site to them to watch our video brochure about who we are and what we do. Our advice is always free and remember:

“When you use the McCabe Real Estate Group, you strengthen our community”

Contact Todd and Leslie McCabe
McCabe Real Estate Group
503.880.9866

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MARKET MOMENTS FROM TODD: JANUARY 2009

filed under: Market Moments posted on February 9th, 2009

Since the start of 2009, the McCabe Real Estate Group is seeing some long awaited “ACTION in the housing market.

A few weeks ago, I sent out an email to several of our clients talking about it being a “perfect storm” for first time home buyers, and how this is one of the greatest opportunities we have seen for them to enter the market place.

Since I sent out that original email, I have read related stories in our local newspapers and on the internet stating the same thing! It looks like people are realizing what I already knew. But, it is good to read it from other sources as well.

By the 3rd week of January, local home showings were up significantly. We saw BUYERS start to come out of the woodwork and make offers on homes already. This is a typical trend after the 1st of the year now that the focus is no longer on the holidays.

Right now, people are catching on to the fact that interest rates are at historic low levels for 30 year mortgages. Plus, BUYERS are realizing that there are so many great deals out there just sitting with desperate seller’s needing to sell their homes.

Over the next few months, I hope to see more “first time” home buyers entering the market. In addition to great deals and low interest rates, I think this is mainly due to the new Federal First Time Buyer Credit that congress put into place as an incentive to jump start the housing industry. First time home buyers can get up to a $7,500 credit! The only catch is that this fantastic opportunity expires in June of 2009!

If you know of someone who is a potential first time home buyer or investor, now is a great time to start planning and acting on making some good investments. We don’t know what the future holds. It could be more of the same for awhile, homes could potentially go down more, or they could start to see an increase due to buying competition.

With what I have seen so far in just a few weeks into the new year, my advice for first time home buyers is to start making a move to purchase now or within the next three months. For investors, I would recommend the same thing before first time buyers start buying up and taking away the great entry level investment properties. “The key is to act before the vast majority catch on.”

As I continue to carefully watch the real estate market, please check back for new updates and market moments. Each market brings great opportunities, and right now it is for the first time buyer, and the investor!

Contact Todd and Leslie McCabe
McCabe Real Estate Group
503.880.9866

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