Schudegroup.com – Arizona Real Estate Blog

Here is the real estate statistics for June 2009 courtesy of the Cromford Report.    This report includes all sale types including homes for sale by owner, auctions and other non-MLS transactions.  I have included statistics for the entire valley plus popular east valley cities.  If you would like information on other cities not listed, please feel free to contact us at 480-201-9593.

Valley Wide Statistics

• Active Listings : 37,908
• Pending Sales : 13,465
• Sold Homes : 8,279

Bank Owned Property Statistics

• Active Listings : 5,094
• Pending Sales : 6,924
• Sold Homes : 4,977

Chandler Arizona Homes Sale Statistics

• Active Listings : 1,361
• Pending Sales : 528
• Sold Homes : 418

Gilbert Arizona Homes Sale Statistics

• Active Listings : 1,590
• Pending Sales :  687
• Sold Homes :  434

Mesa Arizona Home Sale Statistics

• Active Listings : 2,198
• Pending Sales : 1,007
• Sold Homes : 623

In 2008 congress enacted a $7,500 tax credit that was designed to help first time home buyers purchase homes.  The overall goal of the tax credit was to increase sales and reduce the high inventory of homes.  The $7,500 is required to be repaid back over 15 years.  This is like an interest free loan.

In 2009 congress  increased that amount to $8,000 to first time home buyers who purchase a home on or after January 1, 2009 and before December 1, 2009.  This is an improvement over the 2008 tax credit because they raised the amount by $500 and you will not have to repay the credit.

HOW DOES IT WORK? The buyer must purchase a home for $80,000 or more to qualify for the full tax credit.  If the home purchase  is less than $80,000 then the tax credit is based of 10% of the purchase price.    For example, if the home is $70,000, then the tax credit is $7,000.

The tax credit will reduce your income tax liability dollar for dollar on your tax return.  If you tax liability is less than $8,000 then you will be given check a from the IRS for the difference.  You should consult your tax advisor to make sure you meet all the conditions for the tax credit.

DO YOU QUALIFY? The tax credit is only for first time home buyers.  You must not have owned a property in the last 3 years to the day of your purchase.

WHAT IS THE INCOME LIMITATIONS? Buyers that file a  joint tax return must have an income no more than $150,000 to qualify for the full credit.  If you’re filing your returns individually then your income needs to be less than $75,000 to qualify for the full credit.

DO I NEED TO REPAY THE TAX CREDIT? No!  As long as you keep the home for 3 years.

Need more information?  Please call us at 480-201-9593 or send us an email at mike@SchudeGroup.com

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