Monthly Archives: January 2010

Claim the First Time Buyer Tax Credit with IRS Form 5405

Posted on January 20, 2010 | Leave a comment

And hope that the estimated four-month wait period is shorter than presently indicated!

www.irs.gov/pub/irs-pdf/f5405.pdf

Right now, the IRS is requiring all who claim the credit to mail in their returns (no e-file) and to expect a 4 month delay.

More people took advantage of the credit than planned and there was also some pretty horrible fraud. There are cases of individuals who were first-time buyers over 100 times in 2009. Talk about “duh factor”… in any event, the IRS is still going ahead with the credits, you can get the credit, you can amend previous year’s returns… you just have to wait awhile since they are demanding:

  1. Prove it
  2. Earn it.

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Posted in Colorado Springs Real Estate

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2009 End of Year Market Report

Posted on January 11, 2010 | Leave a comment

Updated Market Data

The 2009 Sales Year ended dramatically different than it began.

January was the depths of doom and gloom, lots of listings, lots of fear, skyrocketing job losses, Wall Street hemorrhaging.

Now, we’re back to worrying about Simon Cowel leaving Idol and “shocked” at the admission Mark McGwire used steroids. In other words, the economy is no longer a paramount concern.

But housing is. Last year, 62% of first-time buyers purchased a home because they had strong sentiments about home ownership. The good value rationale was sited as the number one reason among only one in ten respondents to the National Association of REALTOR’s Profile of Home Buyer’s and Sellers.

Locally, this bore itself out with a dramatic shift in the marketplace. The under $250,000 market improved throughout the year, while the $250,000 to $325,000 market made headway… and above $400,000, things actually got worse. Right now, 38% of all listings are over $300,000. Yet only 16% of all sales in 2009 were over $300,000.

Read more at Colorado Springs market leader in real estate information you can use, THE STAT PACK!

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Posted in Colorado Springs Real Estate, Market Data

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