|
Buy your First Home and Get a Tax Credit
In the midst of the doom and gloom spread
by the media, there was a bright spot at the end of July. President Bush signed a housing bill (HR 3221) into
law on July 30, 2008. This bill offers a TEMPORARY tax credit for first time homebuyers of up to $7500 on the purchase of their
principal residence between April 9, 2008 and July 1, 2009. WOW! Now I wish I was a first time home
buyer!!
Boomers, tell your kids,
in fact tell everyone you know, this is a great opportunity. Let me answer a few of what I think might be
your questions:
1. Who is a first time
homebuyer?
This is a buyer who has not owned a home as his/her principle
residence for a 3 year period before the date of purchase. If you are married, both must be first time buyers.
2. What is a tax credit and how does it work?
A tax credit directly reduces the amount of tax you
owe. Whatever tax you owe to the IRS at the end of the year could be reduced by up to $7500! Now that’s a
deal.
3. How do you determine the amount of the
credit?
It is 10% of the purchase price up to $7500.
In our area that is almost guaranteed that it will be $7500.
4. Is there an income
restriction?
Yes, but it is $75,000 for a single person and $150,000 for a
married couple. If you make more than this you will still qualify for a tax credit but you may not get the entire
$7500. Call your tax consultant on this, the formula for calculating this is more than I can print
here.
5. Why are some calling it an interest free
government loan?
Over the next 15 years, this tax credit is actually paid back
to the government. Each year 6.67% of the $7500 is paid back. The good news is that there is no interest on that
money and the payment each year would be about $502.50, which should more than pay for itself from owning a home
and deducting the interest from your income----a benefit not available to a renter.
6. Can I call you if I want to take
advantage of this program?
Yes, please call us at 687-1531 if you would like more
information and are ready to buy your first home (in the last 3 years). We would love to help you, your friends and family
members.
*******This information is accurate based on
information available as of July 30, 2008. As with any tax law change, check with a tax advisor is there are questions about using
this provision. **********
Back to Top
Teller County
Statistics
July 2008 |
Residential Solds in Divide, Florissant & Woodland Park
|
|
| |
|
|
Area |
Flr |
Br/Ba/Gar |
SqFt |
Price |
| 454 Fern RD |
DIV |
1.5 |
2,1,0 |
680 |
$70,000 |
| 149 Deer Ridge TR |
DIV |
RAN |
3,2,0 |
1,404 |
$78,377 |
| 26 Maid Marian DR |
DIV |
TRL |
3,2,0 |
1,742 |
$130,000 |
| 61 Maid Marian DR |
DIV |
RAN |
3,2,2 |
1,648 |
$149,900 |
| 76 Kayfa CT |
DIV |
2 |
2,2,0 |
1,568 |
$165,000 |
| 61 Saguache DR |
DIV |
RRH |
3,2,2 |
1,352 |
$195,500 |
| 23 Mullite LN |
DIV |
1.5 |
3,2,2 |
1,259 |
$204,900 |
| 3145 Cedar Mountain RD |
DIV |
RAN |
3,2,3 |
1,554 |
$257,900 |
| 341 Pine Bluff DR |
DIV |
RRH |
3,2,1 |
2,448 |
$262,900 |
| 260 E Lake DR |
DIV |
2 |
3,3,2 |
2,389 |
$328,000 |
| 115 Beaver Lake PL |
DIV |
RAN |
5,3,2 |
3,430 |
$375,000 |
| 30 Grosbeak CR |
DIV |
RAN |
3,4,5 |
3,600 |
$375,000 |
| 141 Broken Wheel PL |
DIV |
RRH |
3,3,3 |
3,057 |
$500,000 |
| 2068 County 512 RD |
DIV |
RRH |
3,4,3 |
5,441 |
$507,550 |
| 537 S Deer Mountain RD |
FLO |
RAN |
0,1,0 |
750 |
$62,000 |
| 49 Hub CR |
FLO |
RRH |
2,1,0 |
1,904 |
$85,000 |
| 384 Columbine RD |
FLO |
RAN |
3,2,0 |
1,512 |
$130,000 |
| 36 Junction WY |
FLO |
RAN |
3,2,1 |
1,456 |
$187,500 |
| 272 Matterhorn DR |
FLO |
RRH |
3,2,4 |
1,967 |
$212,500 |
| 1301 Fossil Creek RD |
FLO |
RAN |
3,2,4 |
1,805 |
$275,000 |
| 517 Drees DR |
FLO |
RRH |
3,3,0 |
2,764 |
$279,999 |
| 55 Elk Creek DR |
FLO |
RRH |
4,3,4 |
2,640 |
$295,000 |
| 345 Klitowya TR |
WPK |
RAN |
1,1,0 |
640 |
$116,236 |
| 791 Columbine Village DR C |
WPK |
TRL |
3,2,0 |
1,347 |
$140,000 |
| 410 N Baldwin ST |
WPK |
RAN |
3,1,0 |
1,032 |
$168,900 |
| 500 Greenway CT |
WPK |
RRH |
2,1,2 |
1,140 |
$167,000 |
| 1755 Columbine Village DR |
WPK |
1.5 |
3,2,2 |
1,484 |
$177,450 |
| 1705 Columbine Village DR |
WPK |
2 |
4,2,2 |
1,450 |
$179,500 |
| 250 Laura LN |
WPK |
RAN |
2,1,2 |
1,040 |
$186,600 |
| 1321 W Browning AV |
WPK |
BIL |
5,2,2 |
2,254 |
$165,000 |
| 2649 Sunnywood AV |
WPK |
RAN |
3,2,2 |
1,713 |
$260,000 |
| 1220 Telemark DR |
WPK |
RRH |
3,3,2 |
2,090 |
$250,000 |
| 220 Pennsylvania AV |
WPK |
RAN |
3,2,2 |
2,600 |
$279,900 |
| 808 N Walnut ST |
WPK |
BIL |
3,3,2 |
2,199 |
$286,000 |
| 1210 Telemark DR |
WPK |
2 |
4,4,2 |
2,576 |
$283,500 |
|
|
|
|
|
|
| 1120 Ptarmigan DR |
WPK |
RAN |
3,2,2 |
2,658 |
$323,000 |
| 1231 W Bowman AV |
WPK |
BIL |
4,3,2 |
2,345 |
$298,000 |
| 207 W Lovell Gulch RD |
WPK |
RRH |
5,4,2 |
3,464 |
$289,500 |
| 35 Valley LN |
WPK |
RAN |
3,3,3 |
3,405 |
$275,000 |
| 130 Elk Grove LN |
WPK |
1.5 |
3,3,2 |
2,274 |
$329,900 |
| 2002 Crest CT |
WPK |
RAN |
3,3,2 |
3,013 |
$335,000 |
| 1233 Spruce Ridge LN |
WPK |
RRH |
3,3,2 |
3,113 |
$395,000 |
| 1211 Woodland Valley Ranch DR |
WPK |
RAN |
4,5,3 |
5,297 |
$750,000 |
Area Statistics
|
Woodland Park |
Divide |
Florissant |
All 3 |
All 3 May 07 |
| # Sold |
19 |
4 |
13 |
36 |
48 |
| Low |
$50,000 |
$120,000 |
$129,500 |
$50,000 |
$83,000 |
| High |
$480,000 |
$329,900 |
$315,000 |
$480,000 |
$790,000 |
| Average |
$269,168 |
$209,225 |
$232,553 |
$249,286 |
$290,742 |
| Median |
$295,000 |
$210,000 |
$139,000 |
$211,250 |
$300,000 |
| % Price |
99% |
98% |
97% |
98% |
98% |
| # Active |
265 |
162 |
155 |
582 |
511 |
| # U/C |
33 |
19 |
17 |
69 |
62 |
| % U/C to Active |
12% |
11% |
11% |
11% |
12% |
Back to Top |
El Paso County
Statistics
| Active - 6358 |
| |
Beds |
Bths |
Gar |
Tot SF |
Fin SF |
Acres |
List Price |
Sold Price |
CDOM |
| Min |
0 |
0 |
0 |
0 |
0 |
0 |
$39,900 |
$ |
0 |
| Avg |
3 |
2 |
2 |
2,706 |
2,450 |
2.84 |
$344,318 |
$ |
142 |
| Max |
9 |
11 |
20 |
17,226 |
15,906 |
5663 |
$6,500,000 |
$ |
1395 |
| Under Contract - 1060 |
| |
Beds |
Bths |
Gar |
Tot SF |
Fin SF |
Acres |
List Price |
Sold Price |
CDOM |
| Min |
0 |
1 |
0 |
624 |
624 |
0 |
$25,000 |
$ |
0 |
| Avg |
3 |
2 |
1 |
2,460 |
2,432 |
1.08 |
$256,395 |
$ |
126 |
| Max |
8 |
7 |
10 |
8,826 |
8,826 |
41.14 |
$3,093,000 |
$ |
838 |
| Sold - 866 |
| |
Beds |
Bths |
Gar |
Tot SF |
Fin SF |
Acres |
List Price |
Sold Price |
CDOM |
| Min |
1 |
1 |
0 |
606 |
606 |
0 |
$40,000 |
$5,000 |
0 |
| Avg |
3 |
2 |
1 |
2,421 |
2,206 |
0.61 |
$249,530 |
$241,610 |
104 |
| Max |
7 |
8 |
8 |
7,167 |
7,167 |
40 |
$1,275,000 |
$1,150,000 |
788 |
 Software Copyright © MarketLinx, Inc.
1997-2008 All Rights Reserved
CONTENT IS DEEMED RELIABLE BUT NOT GUARANTEED. CONTENT IS PROVIDED "AS IS" WITHOUT WARRANTY. USER
IS SOLELY RESPONSIBLE FOR INDEPENDENTLY VERIFYING THE RELIABILITY, ACCURACY AND TIMELINESS OF CONTENT. CONTENT MAY NOT BE USED, COPIED, DISCLOSED,
BROADCAST, SOLD, RE-LICENSED OR DISTRIBUTED WITHOUT THE EXPRESS WRITTEN CONSENT OF THE PIKES PEAK REALTOR® SERVICES CORP.
Copyright ©,
2008, PIKES PEAK REALTOR® Services Corp. All Rights Reserved. Support: ppmls@ppar.org
Back to
Top
For more information don't forget to check out our website
at
www.pikespeakregion.com
|
|
|
|
|
|
|
|
|
August's Featured Home of the Month
64 Skyline Drive
Woodland Park, CO 80863
Offered at $389,900
Set your sights on this BRAND NEW custom home on 1 acre in beautiful mountain
setting. You'll experience high quality construction & design with many impressive features like ceramic tile countertops, vaulted ceilings,
great room, red oak hardwood floors & spacious master suite w/luxurious 5-piece bath. All this, and just a few minutes to downtown Woodland
Park! Once you see this incredible home, you won't want to leave. |
|
|
|
|
|
|
|
Living Room with
Fireplace |
|
|
|
|
|
|
