Contact Carl

Please feel free to contact me via phone at 623-878-2737 or use this handy little contact form.

Read more

Housing & Economic Recovery Act

Lauren Rosin has been my Arizona mortgage broker for the past 4 years. She also takes care of Tonya Smith, one of our top producing agents.  I asked Lauren about the Housing Bill and how it might affect buyers. Here is her response.

How does the $7,500 Tax Credit on Housing & Economic Recovery Act help you…and what is it?

 

The Government in an effort to stimulate the housing market has passed a law giving first-time home buyers a tax credit of 10% of the sales price, up to $7,500.

 

This is a tax credit, not a deduction. It reduces the home owner’s tax bill by up to $7,500 for the tax year they purchased the home. This is a one-time credit only.

 

At first this seems too good to be true, but here is the catch. The money has to be repaid over the next 15 years and repayment begins two years after you purchase your home. So basically the government is handing out interest-free loans. If you use the entire $7,500 tax credit your income bill will be increased by $500 for 15 years. If you sell the home prior to the 15 years then you have to pay back the Government the balance at the closing. 

 

How do you qualify? The home has to be purchased between 4/9/2008 – 7/1/2009 and you have to be a first-time home buyer.  If you have more questions please contact Lauren Rosin directly at 480-734-7064

House Values 101

Finding the current value of your home takes effort. There are folks that like to take shortcuts and use the instant results on sites like Zillow, but these are seldom very accurate.

To find out your houses value call me, or for the do it yourselfers out there, follow these steps. You should find a house value close to reality. Just remember, there is no substitute for an appraiser. Even a Broker Opinion valuation only goes so far.

Here is a quick guide to try out at home.

Use my Arizona MLS - IDX to search the MLS and find homes near yours. Use the IMAPP system at Maricopa County to find data from the county assessor. Shake or stir.

Find comparables, or homes that are like yours that have sold recently. They should be as close in distance as possible from your own home. Not more than a mile, unless your home is built on a large lot. It is best is if the home is the same model as yours, in the same subdivision and build by the same builder in the same year. That is asking a lot, but I have to ask.

Recent sales in a market like ours really means 3 months or less. Finding homes that are under contract and those already listed helps determine competition. Look at the amenities of the other homes and compare them to your home. Do you have a pool or a three car garage? Did they?

Find at least 3 homes that are as close to your home as possible. The average price of these three is likely the value of your house.

There are lots of factors that impact the price of a property, so only use this information only to amuse your friends and family. When you really want to find the value of your house, give me a call. I will be happy to help you out.

FHA Anti-Flipping Rules Change

Great news for investors interested in acquiring, rehabilitating and reselling foreclosed houses: The Federal Housing Administration has temporarily waiving its “anti-flipping” rules and will now insure mortgages on properties that have been owned by the current seller for less than 90 days. Call me to learn more. 623-979-5962.