East Valley Arizona Real Estate

Maintaining A Second Home From Across the Boarder

noreply@blogger.com (East-Valley-Arizona-Real-Estate) — Thu, 12 Apr 2012 15:08:00 +0000

We are commonly asked by our Canadian second home buyers about maintaining a second home while they are away. There are so many part time residents in the Phoenix area that there are many businesses to help make keeping a second home here simple. If you own a condo your condo home owner's association (HOA) will take care of the exterior of the unit, but not without a cost! HOA dues in a condo commonly range from $150 - $350/mo. If you own a single family home you will need to have a landscaper to look after the yard/weeds. Even if you have desert landscaping you will need to make sure the plants are trimmed and weeds are looked after. Expect to pay about $80/month for this service. If you have a private pool you will need to have pool care. This will cost about $80/month for weekly service including all chemicals. You can't drain a pool and leave it empty - the temperature swings here will damage the plaster or pebble tec and can lead to a costly repair! A pest service is also advised. This will cost about $40/month and normally just a spray on the outside of your home - which is sufficient to keep the critters out. It is also wise to have a home watch service check in on your home while you're away. A home watch service will ensure that the landscapers/pool service/bug service are coming and doing their jobs. They will also flush toilets, start cars, etc. This service is about $50/mo for biweekly checks.
We are happy to recommend and of the above mentioned services or to give any advice on maintaining your second home here in the Valley of the Sun!

East Valley Arizona Real Estate Video Blog, Jan 4, 2010

noreply@blogger.com (East-Valley-Arizona-Real-Estate) — Thu, 07 Jan 2010 05:42:00 +0000

First video blog - topics include Encanterra community and market conditions.
http://www.youtube.com/watch?v=7C4E0vO7F9M

Slow Arizona Real Estate?

noreply@blogger.com (East-Valley-Arizona-Real-Estate) — Wed, 23 Dec 2009 04:22:00 +0000

What happened to the traditional "slow" holiday real estate season? In winter's past, things got quiet on the Arizona real estate front as Thanksgiving past and the holidays were in full swing. Homes for sale would have to sit it out until after the new year. It seems that may not be so this year.

From my perspective, things are crazy busy. Buyers are crawling around our Gilbert, Chandler, and Queen Creek roads. They are searching their little hearts out on the internet for the gem they have been waiting for. And maybe that is just it....maybe they have been waiting on those short sales that haven't came through yet. Maybe it is the fact that the home buyer credit was expanded and extended. Maybe it is the Canadian exchange rate. I think it is a bit of all of these factors. Whatever the reason(s), this holiday season is the season of home purchases.

First Time Real Estate Buyer Statistics

noreply@blogger.com (East-Valley-Arizona-Real-Estate) — Tue, 01 Dec 2009 04:43:00 +0000

According to the latest release from the National Association of Realtors, 93% of first time home buyers use the internet to start their home search! What may be more surprising is that that in the age group of 65 or older, 62% use the internet. This is much higher than many think. 26% of first time buyers looking to purchase Real Estate still use magazines or home books and 59% will call from a yard sign. Buyers are much more savvy than ever before as so much information is available at their fingertips. However, even with all of the information out there, 88% of the first time Real Estate buyers used a Realtor. This shows that although almost all of them look at the information available, they still use a Realtor to help decipher that information and want a professional to assist them during the transaction.

Wachovia Helps Chandler Arizona Home Owners

noreply@blogger.com (East-Valley-Arizona-Real-Estate) — Mon, 23 Nov 2009 05:37:00 +0000

Finally, a bit of common sense from a lender in the short sale market! Kudos to Wachovia, who has put an effective and logical short sale process in place. Wachovia has hired a local short sale representative for the Phoenix area. This representative will be a single point of contact homeowners who are considering a short sale, as well as the single point of contact for the sellers' agent. When a homeowner has requested that Wachovia allow them to sell their home "short" of what is owed, the local representative will visit the home and homeowners, along with the home owners' listing agent, to determine if a short sale should be approved on the property. Wachovia will order an appraisal at the time of the listing. Once an offer is received on the property, approval will be obtained in 7-10 days. Anyone who has had any experiences with short sales would agree - this is an amazing turn around time! Obtaining short sale approval can often take months from most lenders. This is so refreshing - thank you Wachovia!

East Valley Arizona Real Estate · 4050 S. Az Ave., Suite 4 · Chandler, AZ 85248 · 480-722-9800 · info@eastvalleyarizonarealestate.com
http://www.eastvalleyarizonarealestate.com
Arizona Realtor Reveille Schaeffer, BS, 480.215.2659, reveille@me.com
Arizona Realtor Jodi Kevern, MBA, 602.614.2564, jkevern@gmail.com

First Time Home Buyer's Tax Credit Extended and Expanded

noreply@blogger.com (East-Valley-Arizona-Real-Estate) — Wed, 04 Nov 2009 22:29:00 +0000

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.
East Valley Arizona Real Estate · 4050 S. Az Ave., Suite 4 · Chandler, AZ 85248 · 480-722-9800 · info@eastvalleyarizonarealestate.com
Arizona Realtor Reveille Schaeffer, BS, 480.215.2659, reveille@me.com
Arizona Realtor Jodi Kevern, MBA, 602.614.2564, jkevern@gmail.com

Search for Homes in Gilbert Arizona

noreply@blogger.com (East-Valley-Arizona-Real-Estate) — Sat, 31 Oct 2009 00:12:00 +0000

http://www.eastvalleyarizonarealestate.com/search_homes_gilbert_arizona.shtml

Gilbert Arizona Real Estate Agents

In today's challenging real estate market, selecting the right Gilbert Arizona Realtor® is crucial. It can make all the difference in the world. Whether you're planning on buying, selling or you just have a question, call Reveille & Jodi - The East Valley Arizona Real Estate team.

With unparalleled experience in Casa Grande, Gilbert, Chandler, Queen Creek, Mesa, Tempe and Scottsdale real estate as well as the intimate local area knowledge obtained from being raised in the southeast valley, we work extensively to help buyers and sellers obtain their real estate goals.

East Valley Arizona Real Estate · 4050 S. Az Ave., Suite 4 · Chandler, AZ 85248 · 480-722-9800 · info@eastvalleyarizonarealestate.com
Arizona Realtor Reveille Schaeffer, BS, 480.215.2659, reveille@me.com
Arizona Realtor Jodi Kevern, MBA, 602.614.2564, jkevern@gmail.com

East Valley Arizona Real Estate Website will be live soon featuring Homes from Chandler and Gilbert

noreply@blogger.com (East-Valley-Arizona-Real-Estate) — Sun, 25 Oct 2009 20:53:00 +0000

Chandler Arizona Real Estate and Gilbert Homes For Sale.

In today's challenging real estate market, selecting the right real estate agent is crucial. It can make all the difference in the world. Whether you're planning on buying, selling or you just have a question, feel free to call Reveille & Jodi.

With great experience in Casa Grande, Gilbert, Chandler, Queen Creek, Mesa, Tempe and Scottsdale real estate as well as the intimate local area knowledge obtained from being raised in the southeast valley, we work extensively to help buyers and sellers obtain their real estate goals.

http://www.eastvalleyarizonarealestate.com

East Valley Arizona Real Estate · 4050 S. Az Ave., Suite 4 · Chandler, AZ 85248 · 480-722-9800 · info@eastvalleyarizonarealestate.com
Arizona Realtor Reveille Schaeffer, BS, 480.215.2659, reveille@me.com
Arizona Realtor Jodi Kevern, MBA, 602.614.2564, jkevern@gmail.com