Gilbert Real Estate Blog
~ by Randy Hooker of Dreamcatcher Realty
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Queen Creek Fire Department to promote importance of water safety
August is drowning impact awareness month, and Queen Creek firefighters want to remind residents of the ABCs of water safety: adult supervision, barriers between children and water, and classes in CPR for adults and swim lessons for children.
Drowning is a top cause of injury-related death for children in Arizona, especially in the one- to five-year-old age group. Child drowning is preventable, but sometimes, little can be done for a child once he or she has fallen into the water. To date, this year there have 54 water-related incidents in Maricopa County involving water, including eight child drowning fatalities.
Drowning can be avoided by following these important and life saving rules:
- Maintain constant adult supervision at all times.
- Install barriers surrounding the pool. Fences should be five feet high and gates should be self-closing and self-latching.
- Keep items that can be used for climbing away from pool fences.
- Never keep toys in or around a pool.
- Have a phone nearby. Post the 9-1-1 emergency telephone number and the physical address of the pool on the phone.
Purple ribbons recognizing the importance of water safety and the impacts of drowning are available free-of-charge at Queen Creek Town buildings and both Queen Creek fire stations through the month of August.
For more information about the Queen Creek Fire Department or for additional safety tips, visit www.queencreek.org or www.facebook.com/qcfire.
Click the following link to search for Queen Creek Homes with Pools.
Queen Creek Crime Rates Decline
Crime statistics and response times for law enforcement calls in the Town of Queen Creek declined in 2009 despite a population increase. Total incidents, as reported by the Maricopa County Sheriff’s Office (MCSO), declined by almost 7% as the population of Queen Creek grew by 9%. Sheriff’s deputies arrived on the scene within 4 minutes, a decline from 5 minutes in 2008.
MCSO has 37 sworn deputies assigned to Queen Creek, including patrol deputies, school resource officers, detectives and a crime prevention deputy.
Queen Creek continues to strengthen its efforts in controlling crime with a shoplifting campaign and the use of bait cars in local shopping centers and residential neighborhoods.
Click on the following link if you’re interested searching for all Queen Creek Real Estate listed for sale.
Queen Creek Monsoon Madness
Splash into fun at Queen Creek’s wettest and muddiest event of the year. Monsoon Madness, presented by the Town of Queen Creek and Mercy Gilbert Medical Center and several local sponsors, will be held at Founders’ Park, 22407 S. Ellsworth Rd. in Queen Creek on Saturday, July 10 from 9 am – 1 pm. Festivities include 100 foot Soap and Slide, Mad Mud Volleyball, Wet & Wild Zone, Itty-Bitty Water Play Zone and Monsoon MudSlide.
If you’re interested in living in Queen Creek, click on the following like to search for Queen Creek Real Estate listed for sale.
Greater Phoenix Real Estate ~ May 2010 vs. May 2009
Courtesy of the Arizona Regional MLS, the below two charts offer up a quick overview of the current market conditions in the Valley of the Sun. Whether you’re into comparing consecutive month over month stats (like May 2010 vs. April 2010), or year over year (like May 2010 vs. May 2009), the charts are provided to help us grasp the overall picture.
Greater Phoenix Market Conditions
Greater Phoenix Market Conditions
I’m always extremely cautious about using real estate “averages”, as they can and do often skew the true picture of individual communities and areas. Nevertheless, there are a couple of points that are worth noting in the above charts.
It’s interesting that normally at this time of year we experience an increase in listings – and yet the past 2 months has seen a decrease in listings. Anybody care to speculate on the reason(s) for this anomaly?
The next observation is that the greater Phoenix market is holding fairly steadily in the number of Active listings as well as sales.
Additionally, at roughly 4.5 months inventory, the greater Phoenix market appears to be showing some consistent stabilization. As always, time will tell.
NOTE: The information and statistics contained in the above charts are deemed reliable, but not guaranteed. If you’re contemplating a major financial decision regarding residential real estate, please do yourself a huge favor and consult with a reputable real estate broker, attorney and/or accountant.
Greater Phoenix Real Estate ~ December 2009 vs. December 2008
Here ya go, boys and girls. Take a look at the charts below, courtesy of the Arizona Regional MLS. They provide a quick overview of the greater Phoenix real estate market for the past year, with particular interest and focus on the period of December 2009 as compared to December 2008.
I have a personal conviction that real estate should not be micro-analyzed, so I’m electing to not draw any conclusions or speculations from the latest “averages.” It’s clear that prices, on the average, are on the rise. Other than that, all indicators point to a bottoming of the residential real estate market in greater Phoenix.
As always, the information and statistics contained in the above charts are deemed reliable, but not guaranteed. If you’re contemplating a major financial decision regarding residential real estate, please do yourself a huge favor and consult with a reputable real estate broker, attorney and accountant.
Greater Phoenix Real Estate ~ Snapshot of Current Market Conditions
Most of you know that I’m not a big fan of mathematical ‘averages’, since they can really distort the truth about a specific market segment. Once in a while, however, ‘averages’ can provide a quick overview of basic trends in certain markets and areas.
Take a look at the charts below, courtesy of the Arizona Regional MLS. They provide a quick snapshot of the greater Phoenix real estate market for the past year, with particular interest placed on the period of November 2008 thru November 2009.
On this first graph, notice the upturn the past few months in Active listings. Part of that is due to the seasonal nature of the greater Phoenix market. Others would speculate that it’s an increase in bank owned listings. But notice the recent downturn in new listings, seemingly running contrary to the uptrend in total listings (inventory). What’s your take on that observation? I’m wondering if it’s not a result of the upper end of this market, particularly above $350K, where prices are continuing to decline and properties are staying on the market considerably longer than the lower end of the market.
One other note: sales have been relatively consistent and stable, on the average, for the past 8-9 months. Seasonality would predict that we’ll see a slight downturn in the next few months, so it will be interesting to watch it play out.
On the following chart, notice that total inventory just up-ticked to slightly over 5 months – coinciding with the increase in total inventory. What I’m really watching for is any hint of an avalanche of bank owed listings that many people are predicting. I have my personal doubts about this so-called ‘shadow inventory’ of bank owned homes, and even greater doubts that the banks will decide to dump them in one fell swoop. And even though I’m not EVEN a fan of banks, or their real estate acumen, I still have a very difficult time believing they will shoot themselves in the foot and dump all of their residential properties onto the market in one lump. Your thoughts?
As always, the information and statistics contained in the above charts are deemed reliable, but not guaranteed. If you’re contemplating a major financial decision regarding residential real estate, please do yourself a huge favor and consult with a reputable real estate broker, attorney and accountant.
Home Buyer Tax Credit Extension and Changes
It’s official, good people – President Obama signed it into law today, only one day after Congress finally came to a meeting of the minds and passed the home buyer tax credit extension bill. I’ve been opposed to the home buyer tax credit from the beginning, with the basic position that it feels extremely short sighted. Nevertheless, neither Congress nor the President seem to agree with me, so it is what it is, and it is now law. Here are the details.
The National Association of Realtors says the new provisions — a longer time frame for the $8,000 first-time home buyer credit, higher income limits and a $6,500 credit for certain repeat buyers — developed a handy “compare the tax credits” chart that you can find here, but I’ve also posted it below.
Here are some key aspects of the new law:
Tax Credit for Home Buyers
First-Time Home Buyers: First-time home buyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for first time home buyers 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.
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.
Tax Credit Versus Tax Deduction
It’s important to remember that the tax credit is just that… a tax credit. The benefit of a tax credit is that it’s a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time home buyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.
Better still, the tax credit is refundable, which means the home buyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time home buyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!
Higher 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.
Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sale price of $800,000.
FAQ
Question: Existing homeowner credit: Must the new house cost more than the old house?
Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.Question: 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. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?
Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (11/06/2009). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.Question: I am a first time home buyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?
Answer: Yes. The new income limitations go into effect as soon as the President has signed it – which is today, 11/06/2009. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you’re within the phaseout range).Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?
Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?
Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is “consecutive.” As long as he lived in that house for 5 years straight what he did since 3 years doesn’t impact eligibility.Question: I am an eligible first time home buyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?
Answer: You do not have to close before December 1. It will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 – or July 1, worst case – the buyer will be eligible for the credit.As always, the disclaimer must follow that I am neither an attorney or a CPA, so please consult with the appropriate experts regarding your individual situation BEFORE making any financial decisions. In other words, the foregoing information is deemed reliable, but not guaranteed.
